Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.2020673
Strengthening climate prevention through economic globalization, clean energy, and financial development in N11 countries: evidence from advance panel estimations
Yan Long Wang
Chang Zhao
Xiao Yu Guan
Tanzeela Yaqoob
Sažetak
This study evaluates the relevancy of economic globalization,
financial development, and clean energy, in strengthening the
environmental sustainability of the next 11 economies over a
time period pertaining to 1995–2018. In order to achieve the
objective of this study, the advanced panel estimation techniques
of unit root testing, and the cointegration analysis have been
applied due to the presence of the cross-sectional-dependence
and heterogeneity of the slope parameters in the panel data. The
long-run output coefficients have been estimated through the
Cross-Sectional Autoregressive Distributive Lag Model (CS-ARDL).
Moreover, the causality test for a heterogeneous panel has also
been employed in order to determine the causal relationships
among the variables that are under study. Our empirical findings
of these tests indicate that financial development and economic
globalization tend to contribute to the deterioration of environmental quality, but clean energy is productive for its improvement. The bi-directional causal relationship is recognized to exist
between CO2 emission and all the variables. Based on these findings, the study recommends adopting economic growth policies
that are aligned with the defined environmental regulations, thus
promoting the use of more clean energy resources. These include
resources such as renewable energy and incorporating the environmental welfare goals into financial development plans in
N11 economies.
Ključne riječi
Financial development; economic globalization; clean energy; Next 11 economies
Hrčak ID:
302786
URI
Datum izdavanja:
31.3.2023.
Posjeta: 446 *