The nexus between financial development, income level, and environment in Central and Eastern European Countries: a perspective on Belt and Road Initiative
The nexus between financial development, income level, and environment in Central and Eastern European Countries: a perspective on Belt and Road Initiative
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中东欧国家金融发展、收入水平与环境的关系：“一带一路”视角
DOI：
10.1007/s11356-019-05004-5
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发表时间：
2019-04
影响因子：
5.8
通讯作者：
Imran Muhammad
中科院分区：
文献类型：
--
作者：
Saud Shah;Chen Songsheng;Haseeb Abdul;Khan Khalid;Imran Muhammad
在过去几十年里，大量的实证研究探讨了金融-收入-环境的关系，旨在调查高二氧化碳排放的决定因素。先前的实证研究支持了金融和收入对环境有不同影响的观点。“一带一路”视角下中东欧国家在金融-收入-环境关系问题上缺乏共识，这一问题有待研究。因此，本研究探讨了1980-2016年期间18个中欧和东欧国家的金融发展，收入水平和环境质量之间的关系。动态看似不相关的回归，完全修正的普通最小二乘法，和Dumitrescue-Hurlin面板伤亡的方法。环境库兹涅茨曲线假设也调查了时间序列面板和国家。动态看似不相关回归长期面板结果显示，（一）金融发展指数和收入对环境质量产生负面影响;（二）能源消费是二氧化碳排放的关键决定因素，并降低环境质量;（三）城市化和贸易都通过减少碳排放来提高环境质量;（四）环境库兹涅茨曲线假设支持选定的面板国家。按国家分列的结果表明，环境质量的提高是由于金融发展（4个国家）、收入水平（5个国家）、贸易（5个国家）和城市化（8个国家）的提高。然而，由于金融发展（6个国家）、收入水平（8个国家）、能源消费（12个国家）、贸易（6个国家）和城市化（5个国家）的增加，环境质量下降。环境库兹涅茨曲线假说支持五个中欧和东欧国家。此外，因果关系的结果证实了收入和环境质量，金融发展和能源消费之间的反馈关系的存在。因此，我们得出结论，收入水平和金融发展是中东欧国家高二氧化碳排放的主要驱动力。研究结果为适当的决策提供了新的视角。
A plethora of empirical work explored finance-income-environment nexus, aims to investigate high CO2 emissions determinants, over the last few couples of decades. The prior empirical work assist the idea that finance and income have diverse impacts on the environment. The lack of consensus on finance-income-environment nexus in the Central and Eastern European Countries in theperspective of Belt and Road Initiativeneed to be examined. Therefore, the present study explores the nexus between financial development, income level, and environmental quality for a panel of eighteen Central and Eastern European Countries, over the period of 1980-2016. The Dynamic Seemingly Unrelated Regression, the Fully Modified Ordinary Least Squares, and the Dumitrescu-Hurlin panel casualty approaches are employed. The environmental Kuznets curve hypothesis also investigated for both time series panel and country-wise. The Dynamic Seemingly Unrelated Regression long-run panel results reveal that (i) financial development index and income negatively impact on environmental quality; (ii) energy consumption is the key determinant of CO2 emissions and reduces environmental quality; (iii) urbanization and trade both enhance environmental quality via reduction of carbon emissions; and (iv) the environmental Kuznets curve hypothesis supported for the selected panel countries. The country-wise results depict that increase in environmental quality occurs due to increase in financial development (in four countries), income level (in five countries), trade (in five countries), and urbanization (in eight countries). However, the environmental quality decreases due to the increase in financial development (in six countries), income level (in eight countries), energy consumption (in twelve countries), trade (in six countries), and urbanization (in five countries). The environmental Kuznets curve hypothesis supported for five Central and Eastern European Countries. Additionally, the causality results confirmed the presence of feedback relationships among income and environmental quality, and financial development and energy consumption. Thus, we conclude that income level and financial development are the main drivers behind high carbon dioxideemissions in CEECs. The finding of the study opens up new insight for appropriate policymaking.
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DOI：
10.2139/ssrn.1626117
发表时间：
2010-06
期刊：
Emerging Markets: Economics eJournal
影响因子：
--
作者：
S. Gardó;Reiner Martin
通讯作者：
S. Gardó;Reiner Martin
DOI：
10.2139/ssrn.3497425
发表时间：
2018-06
期刊：
International Political Economy: Investment & Finance eJournal
影响因子：
--
作者：
M. Brzeziński
通讯作者：
M. Brzeziński
影响因子：
4.7
作者：
M. Shahbaz;S. Solarin;Haider Mahmood;Mohamed Arouri
通讯作者：
M. Shahbaz;S. Solarin;Haider Mahmood;Mohamed Arouri
影响因子：
6.9
作者：
Ben Jebli, Mehdi;Ben Youssef, Slim;Ozturk, Ilhan
通讯作者：
Ozturk, Ilhan
影响因子：
7.2
作者：
Cherni, Abdelbaki;Jouini, Sana Essaber
通讯作者：
Jouini, Sana Essaber