期刊
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
卷 28, 期 37, 页码 51149-51159出版社
SPRINGER HEIDELBERG
DOI: 10.1007/s11356-021-14288-5
关键词
Financial development; Research & Development; Energy intensity; DSUR; Belt & Road
资金
- Innovative Research Group Project of the National Natural Science Foundation of China [NSFC-71972011, 71672009]
The study reveals a negative association between research and development expenditures and environmental degradation, while financial development contributes to environmental degradation. Furthermore, energy intensity exacerbates environmental quality.
Earth is in the Anthropocene era and humankind deteriorates the global environment; thus, there is a dire need for sustainable policies at all levels. This study investigates the causal and long-run association between financial development, research and development expenditures, and carbon dioxide emission including energy intensity and income level for selected West Asia and Middle East (WAME) economies along the belt and road. The long-run panel estimation findings reveal that the research and development expenditures (R&D) are negatively associated with environmental degradation, as they significantly mitigate carbon emissions. In contrast, financial development contributes to environmental degradation. The findings validated the environmental Kuznets curve (EKC) phenomenon for the WAME economies considering R&D and financial development. Further, energy intensity exacerbates environmental quality. Additionally, the findings from Dumitrescu-Hurlin (DH) causal approach reveal bidirectional causal associations between financial development and carbon emissions and between R&D and emissions. The findings have implications for policy and practice to attain environmental sustainability in the selected WAME countries.
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