3.8 Article

The role of globalization in financial development, trade openness and sustainable environmental -economic growth: evidence from selected South Asian economies

Journal

JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT
Volume 12, Issue 4, Pages 1027-1044

Publisher

ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/20430795.2020.1861865

Keywords

Globalization; financial development; trade openness; sustainable environmental growth; south Asian countries

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The aim of this study is to examine the association between financial development, trade openness, and sustainable environmental-economic growth in South Asian countries. The results show that financial development has a positive and significant impact on the economic growth of South Asian economies in both the long and short term. Additionally, trade openness also has a positive effect on economic growth. This is the first-ever study to investigate the combined impact of financial development and trade openness on sustainable environmental-economic growth in South Asian economies using globalization effects.
The aim of this study is to examine the association of financial development, trade openness and sustainable environmental-economic growth among the South Asian countries. This study also identifies which particular country experience more sustainable economic growth in the region. This study collects panel data set range from 1980 to 2018 from World Development Indicators and uses autoregressive distributive lag method for data analysis. The results reveal with these remarks that financial development has a positive and significant impact both in long- and short-run dynamic on environment economic growth of South Asian economies. However, trade openness results regarding pooled mean group, Mean group and common correlated effect mean group are also a positive effect on economic growth. This study is the first-ever attempted for globalization effects to investigate a combined impact on financial development and trade openness on sustainable environmental economic growth regarding South Asian economies.

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