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Financial Institutional and Market Deepening, and Environmental Quality Nexus: A Case Study in G-11 Economies Using
Usman Mehmood1,2, Salman Tariq3, Zia Ul Haq3
1Remote Sensing, GIS and Climatic Research Lab, National Center of GIS and Space Applications, Centre for Remote Sensing, University of the Punjab, Lahore 54590, Pakistan.
International Journal of Environmental Research and Public Health
|October 14, 2022
Summary
Financial deepening and financial market deepening reduce carbon dioxide emissions (CO2e) in G-11 economies. However, economic growth, foreign direct investment, and population increase CO2e, highlighting the need for improved financial institutions and energy efficiency policies.
Area of Science:
- Environmental Economics
- Financial Economics
- Sustainable Development
Background:
- Carbon dioxide emissions (CO2e) pose a significant threat to environmental quality.
- Understanding the drivers of CO2e is crucial for effective policy-making.
- Financial sector development's impact on environmental quality requires further investigation.
Purpose of the Study:
- To analyze the dynamic relationship between financial institutional deepening (FID), financial deepening, financial market deepening (FMD), foreign direct investment (FDI), economic growth (GDP), population, and CO2e in G-11 economies.
- To determine the short-run and long-run effects of these variables on environmental quality.
- To provide policy recommendations for mitigating CO2e.
Main Methods:
- Cross-sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) approach.
- Dynamic Common Correlated Effects Mean Group (DCCEMG) model.
- Analysis covers the period 1990-2019 for G-11 economies.
Main Results:
- Financial deepening, GDP, FDI, and population negatively impact environmental quality (increase CO2e) in both short and long runs.
- FID and FMD positively influence environmental quality (reduce CO2e).
- A strong positive correlation exists between CO2e and economic growth/population in G-11 countries.
Conclusions:
- Governments should enhance financial institutions and markets to reduce CO2e.
- Policies should focus on improving financial access, depth, and efficiency.
- Revising FDI policies and promoting energy-efficient technologies are recommended to combat CO2e.
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