The 2030 United Nations Sustainable Development Goal (SDG) 13 agenda hinges on attaining a sustainable environment with the need to “take urgent action to combat climate change and its impacts”. Hence, this study empirically revisits the debate on the effect of nonrenewable energy and globalization on carbon emissions within the framework of the Kuznets hypothesis using an unbalanced panel data from seven South Asian countries (Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) covering 1980–2019. The variables of interest are carbon emissions measured in metric tons per capita, energy use measured as kg of oil equivalent per capita, and globalization index. To address five main objectives, we deploy four techniques: panel-corrected standard errors (PCSE), feasible generalized least squares (FGLS), quantile regression (QR), and fully modified ordinary least squares (FMOLS). For the most part, the findings reveal that the (1) inverted U-shaped energy-Kuznets curve holds; (2) U-shaped globalization-Kuznets curve is evident; (3) inverted U-shaped turning points for nonrenewable energy are 496.03 and 640.84, while for globalization are 38.83 and 39.04, respectively; (4) globalization-emission relationship indicates a U-shaped relationship at the median and 75th quantile; and (5) inverted U-shaped energy-Kuznets holds in Pakistan but a U-shaped nexus prevails in Nepal and Sri Lanka; inverted U-shaped globalization-Kuznets holds in Bangladesh and Sri Lanka, but U-shaped nexus is evident in Bhutan, Maldives, and Nepal. Deductively, our results show that South Asia countries (at early stage of development) are faced with the hazardous substance that deteriorates human health. Moreover, the non-linear square term of the nonrenewable energy-emissions relationship is negative, which validates the inverted U-shaped EKC theory. Overall, the effect of energy and globalization on carbon emissions is opposite while the consistency at the 75th quantile result indicates that countries with intense globalization are prone to environmental degradation.
The corruption in Nigeria is generating concern around the globe and among its citizens. This concern is because corruption has continued undermining the country's socio-economic development. Thus, this study empirically investigates the impact of corruption on economic growth in the Nigerian economy using annual data from 1980 to 2018. The study employed the autoregressive distributed lag (ARDL) model as its estimation technique. In this study, economic growth was proxied by gross domestic product growth rate (GDPGR), while corruption was proxied by the corruption perception index. The result revealed that corruption has a negative and significant impact on economic growth in Nigeria in the long run. This finding implies that corruption has impeded the economic development process in Nigeria within the period of this study. Thus, it was recommended that anti-corruption agencies in Nigeria, such as the Economic and Financial Crime Commission (EFCC) should be strengthened by enacting laws that will empower them to investigate, arrest and prosecute offenders.
This study examined the impact of monetary policy on financial stability in the Nigerian banking industry for the period 2008Q1 to 2016Q2, using an error correction model. Banking industry financial stability index (BIFSI) was computed within the study and was used as a measure of financial stability in the Nigerian banking industry. The study discovered that the impact of monetary policy on financial stability in the Nigerian banking industry was weak. It also revealed a significant long run equilibrium relationship between monetary policy and financial stability in the Nigerian banking industry with a speed of adjustment to long run equilibrium of 66.54%. It was concluded that open market operation and exchange rate channels are more effective channels of transmitting monetary policy to financial stability in the banking industry, than interest rate channel.
In the past two decades, the effort toward reducing poverty and its dimensions has increased in middle and low-income countries by introducing diverse social protection programmes. In Nigeria, for instance, various successive regimes have experimented with myriads of programmes targeted at poverty alleviation. Yet, in 2018, Nigeria was named the world's poverty capital, with about 87 million citizens living in extreme poverty. This data could be because economists, the World Bank, and other development organizations have stereotyped the concept of poverty as income, consumption, and wealth without paying attention to the "poverty mentality". As a result, governments often instinctively neglect the influence of the "poverty mentality" on the part of beneficiaries of poverty alleviation programmes when initiating social protection policy framework for the country. However, from the literature reviewed, a "poverty mentality" often leads to poor financial decisions and deadweight spending. Accordingly, this research article recommends a new international poverty order (NIPO) by dealing with multidimensional poverty and "poverty mentality" through investment education and value reorientation.
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