Department of Banking and Finance, Near East University, Nicosia, Cyprus.
Department of Economics, Near East University, Nicosia, Cyprus.
Environ Sci Pollut Res Int. 2023 Aug;30(40):92983-93001. doi: 10.1007/s11356-023-28971-2. Epub 2023 Jul 27.
The relationship between financial development and environmental sustainability has received significant attention in academic discourse. This study explores the crucial role of financial development in addressing the challenge of increasing CO emissions. Using quantile-on-quantile and nonparametric causality-in-quantile methodologies, this research investigates the impacts and causal links between financial market and institution development and CO emissions levels in five major polluting countries from 1990 to 2019. The findings provide strong evidence regarding the impact of financial institutions and financial market development on CO emissions, demonstrating the presence of shocks and nonparametric causality from financial institutions and financial market development to CO emissions quantiles. However, the effects of financial institution shocks and nonparametric causality are diverse and asymmetric across the sample. Positive and negative shocks are observed in India, while only negative shocks are observed in China, the USA, Russia, and Japan. Moreover, the findings reveal that the influence of financial market development on CO emissions varies across countries, with both positive and negative shocks transmitted to CO emissions in the USA, Russia, and Japan, indicating higher volatility in these countries compared to China and India, where only negative shocks are observed. Therefore, our recommendation emphasizes the prioritization of environmentally conscious financial products and the enhancement of the financial system's capacity to mitigate positive shocks contributing to increased CO emissions. Implementing this strategy requires collective efforts to embrace sustainable financial practices that consider the environmental impact of financial activities.
金融发展与环境可持续性之间的关系在学术话语中受到了广泛关注。本研究探讨了金融发展在应对日益增加的二氧化碳排放挑战方面的关键作用。本研究使用分位数-分位数和非参数因果关系在分位数方法，调查了金融市场和机构发展与五个主要污染国家的二氧化碳排放水平之间的影响和因果关系 1990 年至 2019 年。研究结果提供了关于金融机构和金融市场发展对二氧化碳排放影响的有力证据，表明金融机构和金融市场发展对二氧化碳排放分位数存在冲击和非参数因果关系。然而，金融机构冲击和非参数因果关系的影响在样本中是多样化和不对称的。印度存在正冲击和负冲击，而中国、美国、俄罗斯和日本仅存在负冲击。此外，研究结果表明，金融市场发展对二氧化碳排放的影响因国家而异，美国、俄罗斯和日本的金融市场发展对二氧化碳排放有正向和负向冲击，这表明这些国家的波动性高于中国和印度，这两个国家仅观察到负向冲击。因此，我们的建议强调优先考虑环保型金融产品，并增强金融系统减轻导致二氧化碳排放增加的正向冲击的能力。实施这一战略需要共同努力，采取可持续的金融实践，考虑金融活动对环境的影响。
