Exploring the dynamic relationship between financial development, renewable energy, and carbon emissions: A new evidence from belt and road countries.
Exploring the dynamic relationship between financial development, renewable energy, and carbon emissions: A new evidence from belt and road countries.
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探索金融发展、可再生能源和碳排放之间的动态关系：来自一带一路国家的新证据。
DOI：
10.1007/s11356-021-16641-0
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
Ullah,Atta
中科院分区：
文献类型：
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作者：
Sheraz,Muhammad;Deyi,Xu;Mumtaz,MuhammadZubair;Ullah,Atta
本文利用2003 - 2018年面板数据，采用两步系统广义矩量法（GMM）对64个“一带一路”国家的碳排放（CO2）、金融发展、可再生能源、全球化和制度质量之间的内生关系进行实证研究。此外，本研究使用（Dumitrescu & Hurlin, 2012）因果检验来估计变量的因果关系。结果表明，金融发展显著增加了“一带一路”沿线国家的二氧化碳排放，并导致环境恶化。然而，可再生能源和全球化减少了二氧化碳排放，改善了环境质量。制度质量与二氧化碳排放呈正相关，表明治理不善、腐败、官僚主义薄弱和环境法律执行不当导致环境恶化。此外，该研究还报告了金融发展、可再生能源和制度质量与二氧化碳排放之间的双向关系，以及全球化与“一带一路”国家二氧化碳排放之间的单向因果关系。本研究为政策制定者提供了在国家和区域层面重组金融体系、能源消费模式和全球一体化以及提高机构质量以实现可持续环境和经济的见解。
This empirical study examines the endogenous relationship between carbon emissions (CO2), financial development, renewable energy, globalization, and institutional quality in 64 belt and road initiative countries (BRI) using a two-step system generalized method of moments (GMM) approach with panel data over the period 2003 to 2018. Furthermore, this study used (Dumitrescu & Hurlin, 2012) causality test to estimate the variables’ causal relationship. The results indicate that financial development significantly increases CO2emissions and causes environmental degradation in BRI countries. However, renewable energy and globalization mitigate CO2emissions and improve the quality of the environment. Institutional quality was positive in correlation with CO2emission and indicates bad governance, corruption, weak bureaucracy, and improper implementation of environmental laws cause environmental degradation. Further, the study also reports a bidirectional relationship of financial development, renewable energy, and institutional quality with CO2emissions and a unidirectional causality running from globalization to CO2emissions in BRI countries. This study offers policymakers insight into restructuring the financial system, energy consumption pattern, and global integration and improving institutions’ quality for a sustainable environment and the economy at the national and regional levels.