Mehmood Jafir, Jinghan Yang, Wang Jing, Ahmad Maqsood
College of Economics and Management, Northwest A&F University, Yangling, Shaanxi, 712100, PR China.
School of Accounting and Finance, The Hong Kong Polytechnic University, Hong Kong.
Heliyon. 2024 Dec 6;10(24):e40985. doi: 10.1016/j.heliyon.2024.e40985. eCollection 2024 Dec 30.
This study examines the impact of financial inclusion (FI) and institutional quality (INSQ) on carbon dioxide (CO) emissions in South Asian Association for Regional Cooperation (SAARC) economies, using data from 2004 to 2022. The hypotheses were tested using a generalized method of moments (GMM) approach. Beside, a robust moment method quantile regression (MM-QR) static model and Granger causality tests were employed to validate the results. The findings indicate that FI indicators, such as bank branches of commercial banks (BOCB) and automated teller machines (ATMs) are positively associated with CO emissions. Similarly, the INSQ has a significant positive impact on CO emissions. Control variables, including foreign direct investment (FDI), financial development (FD), and population growth (PG), are also positively linked to CO emissions, whereas globalization (GI) has a negative impact. Robustness tests confirm that the effects of FI and INSQ on CO emissions vary across economic contexts, with unidirectional causality observed between BOCB and CO and bidirectional causality between ATMs and CO. This study highlights the need for policymakers in SAARC countries to balance their economic development and environmental sustainability. Integrating environmentally friendly technologies and practices into financial and institutional development strategies is essential. Promoting green banking, strengthening environmental regulations, and leveraging globalization for cleaner technologies can help mitigate the adverse effects of FI and INSQ on CO emissions. This study underscores the importance of incorporating environmental considerations into economic and financial policies to achieve sustainable development.
本研究利用2004年至2022年的数据，考察了金融包容性（FI）和制度质量（INSQ）对南亚区域合作联盟（SAARC）经济体二氧化碳（CO）排放的影响。使用广义矩方法（GMM）对假设进行了检验。此外，还采用了稳健矩方法分位数回归（MM-QR）静态模型和格兰杰因果检验来验证结果。研究结果表明，FI指标，如商业银行的银行分支机构（BOCB）和自动取款机（ATM）与CO排放呈正相关。同样，INSQ对CO排放有显著的正向影响。控制变量，包括外国直接投资（FDI）、金融发展（FD）和人口增长（PG），也与CO排放呈正相关，而全球化（GI）则有负面影响。稳健性检验证实，FI和INSQ对CO排放的影响因经济背景而异，BOCB与CO之间存在单向因果关系，ATM与CO之间存在双向因果关系。本研究强调了SAARC国家政策制定者平衡经济发展和环境可持续性的必要性。将环保技术和做法纳入金融和制度发展战略至关重要。推广绿色银行、加强环境法规以及利用全球化获取更清洁的技术，有助于减轻FI和INSQ对CO排放的不利影响。本研究强调了将环境因素纳入经济和金融政策以实现可持续发展的重要性。
