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Transmission channels between financial development and CO 2 emissions: A global perspective
1School of Public Finance, University of Economics Ho Chi Minh City, 279 Nguyen Tri Phuong, Phuong 5, Quan 10, Ho Chi Minh City, Viet Nam.
Heliyon
|December 9, 2020
Summary
Financial development directly increases carbon dioxide (CO2) emissions by boosting energy demand. While it can reduce income inequality, high living standards eventually strain environmental conservation efforts.
Area of Science:
- Environmental Economics
- Financial Development Studies
- Climate Change Research
Background:
- Growing concerns over the environmental impact of economic activities.
- The complex relationship between financial sector growth and ecological sustainability.
- Need to understand transmission mechanisms linking financial development to emissions.
Purpose of the Study:
- To investigate the direct and indirect effects of financial development on CO2 emissions.
- To identify and explain the transmission channels through which financial development impacts environmental quality.
- To explore the nonlinear effects of financial development on carbon emission rates.
Main Methods:
- Utilized a global sample of 100 countries spanning 1990-2012.
- Employed Two-Stage Least Squares (2SLS) and Three-Stage Least Squares (3SLS) estimators.
- Analyzed both direct and indirect pathways influencing environmental degradation.
Main Results:
- Confirmed a significant positive direct effect of financial development on environmental degradation.
- Financial development increases energy demand, leading to higher pollutant emissions.
- Evidence suggests a trade-off between income inequality and environmental quality, with financial development potentially mitigating inequality but increasing pressure on conservation due to higher living standards.
Conclusions:
- Financial development has a detrimental direct impact on environmental quality through increased energy consumption and emissions.
- The benefits of financial development on income inequality are not immediate and can be offset by increased environmental pressures.
- Policy interventions are needed to manage the environmental consequences of financial development and promote sustainable growth.
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