Modeling the dynamic linkage between financial development, energy innovation, and environmental quality: Does globalization matter?

Baloch, Muhammad Awais; Öztürk, İlhan; Bekun, Festus Vıctor; Khan, Danish

doi:10.1002/bse.2615

Cited by 360 publications

(152 citation statements)

References 48 publications

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“…According to Zaman and Abd-el Moemen (2017), economic growth is the main contributor to degrade environmental quality. Some recent studies also suggest that economic growth is the key determinant of emissions (Dogan and Ozturk 2017;Baloch et al 2020;Majeed and Tauqir 2020;Adedoyin et al 2020b). Hence, we can say that economic development in Pakistan is not sustainable and coming at the cost of environmental degradation.…”

Section: Resultsmentioning

confidence: 99%

Pakistan management of green transportation and environmental pollution: a nonlinear ARDL analysis

Sohail

Ullah

Majeed

et al. 2021

Environ Sci Pollut Res

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Modern advances in nonlinear modeling have exposed that nonlinear models yield more robust results compared with linear models. Research on the effect of air-railway transportation on environmental pollution has now arrived into a new way of asymmetry analysis and captured the real issue among the nexus. This study aims to inspect the asymmetric impact of air-railway transportation on environmental pollution in Pakistan by using annual time series data from 1991 to 2019. The findings show that positive shock in air passenger carried and railway passenger carried increases carbon emissions, which implies that 1% increase in air passenger carried (railway passenger carried) enhances environmental pollution by 0.21% (0.32%) in long run in Pakistan. While positive shock in railway passengers carried increases environmental pollution and negative shock in railway passengers carried decreases the environmental pollution in the short run. The outcomes have also confirmed the short- and long-run asymmetries in Wald statistics. The findings are country-specific and it would be regionally specific.

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Section: Resultsmentioning

confidence: 99%

Pakistan management of green transportation and environmental pollution: a nonlinear ARDL analysis

Sohail

Ullah

Majeed

et al. 2021

Environ Sci Pollut Res

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“…In developing countries, empirical analyzes of relationship between FDI and environment quality remains very modest (Smarzynska and Wei, 2001;Eskeland and Harrison, 2003;He (2006) and Baek and Koo, 2009;Le and Ozturk;Khan and Ozturk, 2020;Salahuddin et al, 2018;Ozturk et al, 2019;Baloch et al, 2021). Xing and Kolstad (2002) examine the impact of US FDI on the environment quality in developed and developing countries.…”

Section: Review Of the Literaturementioning

confidence: 99%

Does Fdi and Corruption Affect Environmental Quality in Tunisia?

Hfaiedh¹,

Bardi²

2021

IJEEP

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This paper investigates the impact of foreign direct investment (FDI) and corruption on the environmental pollution in Tunisia over the period 1984-2014 by applying an autoregressive distributed lag model. Our results revealed the existence of Environmental Kuznets Curve in Tunisian case. The pollution haven hypothesis postulates that polluting industrial activity in developed countries is shifting to developing countries with less stringent environmental regulations. This hypothesis has been proved. Hence, this study advises to make more aware to the negative effect of corruption. Overall, to improve environmental quality, the findings suggest that Tunisia should promote energy efficiency with sustainable growth. Therefore, results show that Tunisia should encourage more FDI inflows particularly in technology-intensive and environment-friendly industries.

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“…The few developed and developing countries with resource abundance countries would optimally utilize their scarce resources to achieve economies of scale. Thus, it exhibits the “resource blessing” hypothesis (see Van der Ploeg 2011 ; Konte 2013 ; Osaghae 2015 ; Zubikova 2018 ; Nawaz et al 2019 ; Wei et al 2020 ; Baloch et al 2021 ). (iii) A hump-shaped relationship: The few research scholars confined their findings in support of a hump-shaped relationship between oil resources and economic/financial development.…”

Section: Introductionmentioning

confidence: 99%

Financial development, oil resources, and environmental degradation in pandemic recession: to go down in flames

Anser

Khan

Zaman

et al. 2021

Environ Sci Pollut Res

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The novel coronavirus disease-2019 (COVID-19) is a deadly disease that increases global healthcare sufferings. Further, it affects the financial and natural resource market simultaneously, as both are considered complementary goods. The volatility in the oil prices deteriorates the global financial market to substantiate the “financial resource (oil) curse” hypothesis primarily filled with earlier studies. In contrast, this study moved forward and extended the given relationship during the COVID-19 pandemic in a panel of 81 different countries. The study’s main objective is to examine the volatility in the domestic credit provided to the private sector due to oil shocks and the COVID-19 pandemic across countries. The study is essential to assess the healthcare vulnerability in the COVID-19 pandemic, leading to the damage of financial stability, causing deterioration in the oil rents to affect the global sustainability agenda. The study employed statistical techniques to get sound inferences of the parameter estimates, including robust least squares regression, seemingly unrelated regression, and innovation accounting matrix to get a variable estimate at the level and inter-temporal framework. The results confirmed the U-shaped relationship between oil rents and financial development during the COVID-19 pandemic. Thus, it verifies the “financial resource (oil) curse” hypothesis at the initial stage of the COVID-19 pandemic. Later down, it supports the capital market when economies are resuming their economic activities and maintaining the SOPs to restrain coronavirus at a global scale. The qualitative assessment confirmed the negative effect of financial development and oil shocks on environmental quality during the pandemic crisis. The innovation accounting matrix shows that the COVID-19 pandemic will primarily be the main factor that intervenes in the relationship between oil rents and financial development, which proceed towards the “resource curse” hypothesis during the following years’ time period. Therefore, the need for long-term economic policies is highly desirable to support the financial and resource market under the suggested guidelines of restraining coronavirus worldwide.

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Modeling the dynamic linkage between financial development, energy innovation, and environmental quality: Does globalization matter?

Cited by 360 publications

References 48 publications

Pakistan management of green transportation and environmental pollution: a nonlinear ARDL analysis

Pakistan management of green transportation and environmental pollution: a nonlinear ARDL analysis

Does Fdi and Corruption Affect Environmental Quality in Tunisia?

Financial development, oil resources, and environmental degradation in pandemic recession: to go down in flames

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