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Does financial development reinforce environmental footprints? Evidence from emerging Asian countries
Rajesh Sharma1, Avik Sinha2, Pradeep Kautish3
1Department of Economics, School of Business, Mody University of Science and Technology, Lakshmangarh, Sikar, Rajasthan, India. professor.rajeshsharma@gmail.com.
Environmental Science and Pollution Research International
|October 30, 2020
Summary
Financial sector development in developing Asian nations intensifies ecological, carbon, and land footprints. It also significantly moderates the relationship between energy use and environmental quality.
Area of Science:
- Environmental Economics
- Sustainable Development
- Financial Sector Analysis
Background:
- Financial services expansion is crucial for economic growth in developing Asia but negatively impacts environmental quality.
- Understanding the interplay between financial development and environmental degradation is vital for sustainable policies.
Purpose of the Study:
- To investigate the moderating role of financial sector development on ecological, carbon, and land footprints in South and Southeast Asian developing nations (1990-2015).
- To analyze the influence of per capita income, energy solutions, and trade expansion on environmental indicators.
Main Methods:
- Employed second-generation unit root tests and Westerlund's cointegration test for long-run stability and cointegration.
- Utilized the cross-sectional augmented autoregressive distributed lag (CS-ARDL) approach to account for cross-country dependencies.
Main Results:
- Per capita income, energy solutions, trade expansion, and financial sector development were found to significantly increase ecological, carbon, and land footprints in the long run.
- Financial sector development significantly moderates the link between energy use and environmental footprints, driving the association between environmental quality and energy solutions.
- Financial sector development also acts as a significant mediator between environmental proxies and trade expansion.
Conclusions:
- Financial sector growth in developing Asian nations contributes to increased environmental footprints.
- Financial sector development plays a crucial role in mediating the environmental impacts of energy consumption and trade expansion.
- A novel scheme is proposed to mitigate the adverse environmental effects of financial sector development in the region.
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