Mitigations pathways towards sustainable development: Assessing the influence of fiscal and monetary policies on carbon emissions in BRICS economies
Mitigations pathways towards sustainable development: Assessing the influence of fiscal and monetary policies on carbon emissions in BRICS economies
复制标题
DOI：
10.1016/j.jclepro.2021.126035
复制
发表时间：
2021-01-28
影响因子：
11.1
通讯作者：
Khan, Muhammad Kamran
中科院分区：
文献类型：
--
作者：
Chishti, Muhammad Zubair;Ahmad, Manzoor;Khan, Muhammad Kamran
在过去的二十年里，环境经济学的文献提出了几个环境问题，并强调了它们的原因，呼吁立即对环境污染采取行动。在此背景下，本文通过开发一个新模型扩展了文献，该模型将1985年至2014年金砖国家经济体的宏观经济（财政和货币）政策、人均国内消费总额、化石燃料消费和可再生能源消费与二氧化碳排放联系起来。Kao和Westerlund协整检验的结果证实了变量之间的长期关联。面板普通最小二乘（OLS）、动态OLS、全修正OLS和汇总平均组（PMG）面板自回归分布滞后（ARDL）估计器揭示了以下主要发现。首先，扩张性财政政策加剧了二氧化碳的有害影响。然而，紧缩的财政政策是减轻二氧化碳有害影响的有效措施。其次，扩张性和紧缩性货币政策也会分别恶化和改善环境质量。第三，国内消费总额和化石燃料与污染呈正相关。第四，可再生能源通过扰乱二氧化碳排放来改善大气质量。格兰杰因果检验也被用于确认变量之间的因果关系。基于目前的研究结果，本文提出了一些显著的启示，建议当局设计有效的政策和计划，以减少二氧化碳当量。(c) 2021 Elsevier Ltd.版权所有。
For the past two decades, the body of literature on environmental economics hosts several environmental problems and highlights their causes, calling for immediate action on environmental pollution. In this context, the current article extends the literature by developing a new model that links macroeconomic (fiscal and monetary) policies, aggregate domestic consumer spending per capita, fossil fuel consumption, and renewable energy consumption with carbon dioxide emissions in BRICS economies from 1985 to 2014. The Kao and Westerlund cointegration tests' outcome confirm the long-run association among the variables. The panel ordinary least squares (OLS), dynamic OLS, fully-modified OLS, and pooled mean group (PMG) panel autoregressive distributed lag (ARDL) estimators reveal the following main findings. First, the expansionary fiscal policy intensifies the harmful repercussions of CO2e. However, contractionary fiscal policy serves as an effective measure to mitigate the detrimental effects of CO2e. Second, expansionary and contractionary monetary policies also deteriorate and ameliorate environmental quality, respectively. Third, aggregate domestic consumer spending and fossil fuels exhibit a positive association with pollution. Fourth, renewable energy enhances the atmospheric quality by disrupting CO2e. The Granger causality test is also applied to confirm the causal relationship between the variables. Based on the current results, the article suggests some salient implications for authorities to design effective policies and plans for curtailing CO2e.(c) 2021 Elsevier Ltd. All rights reserved.