期刊
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
卷 27, 期 19, 页码 23586-23601出版社
SPRINGER HEIDELBERG
DOI: 10.1007/s11356-020-08748-7
关键词
Financial development; FDI; CO2 emissions; EKC; Belt and road countries; Panel regression estimators
资金
- National Natural Science Foundation of China [71941008]
This study examines the effect of financial development (FD) and foreign direct investment (FDI) on the environmental quality for the panel of 90 belt and road countries from 1990 to 2017. This study advances the knowledge of financial development by using the new comprehensive index, which is based on access, depth, and efficiency of financial markets and financial institutions and incorporated foreign direct investment as an important determinant of environmental quality. By applying the Driscoll-Kraay standard error pooled ordinary least square method, the empirical findings reveal that FD deteriorates the environmental quality by increasing the CO2 emissions, while FDI improves environmental quality and the relationship between economic growth (EG) and CO2 emissions is inverted U-shaped, i.e., presence of EKC hypothesis. The energy consumption and urbanization pollute the environment, while trade openness enhances the quality of the environment. Furthermore, the Dumitrescu-Hurlin (DH) panel causality test result confirms that the bidirectional causality exists among FD, trade openness, energy consumption, and urbanization with CO2 emissions. The empirical results provide new insights for policymakers and also have several implications for the betterment of environmental quality.
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