Suchergebnisse

Sustainable resource consumption is important for the development of the financial system. Besides, an advanced financial system eases the transfer of revenues from production activities and export to productive investments. The influence of natural resource (NR) abundance on financial development (FD) is still an ongoing debate with conflicting results. However, this study applies a novel proxy for FD, which measures the efficiency, accessibility, and depth of the financial market and institutions. Therefore, the current study is a maiden attempt to explore the nexus between FD and NR abundance amidst globalization, human capital, and economic growth in ASEAN economies. Reliable panel econometric techniques, including second-generation unit root tests, Westerlund (2007) cointegration tests, and the Augmented Mean Group (AMG) estimator are employed on the data for the period 1990-2017. The preliminary tests affirm the existence of cross-sectional dependence, unit root, and cointegrating relationship among the variables. The findings from the study reveal that NR abundance reduces FD, while globalization, human capital and economic growth add to FD. A feedback causality exists between NR abundance and FD. Thus, this study argues that more investment in the manufacturing sector will ease the attainment of efficiency in financial sector accessibility and benefits from NR abundance.

This study explores the relationship between health financing, environmental quality, and the quality of life in Nigeria. The Bayer and Hanck cointegration test affirms cointegration. Findings further reveal that CO2 emissions have no meaningful impact on life expectancy in the short run. In the long run, urbanization significantly deteriorates the quality of life. Also, public health expenditure has not contributed meaningfully to the quality of life. The study discovers no evidence of a feedback causality, but a one‐way causality flowing from urbanization to CO2 emissions. Policies that can enhance a sustainable environment and improve the quality of life are discussed.

Since there is only one planet available for humanity, efforts are being made from different quarters to ensure its sustainability. One of such efforts is the enactment of environmental regulations (ER). The effectiveness of such regulations in mitigating pollution is shrewd in obscurity, especially in developing/emerging economies. This study focuses on the impact of ER, trade, economic growth, and energy consumption on the ecological footprint (EF) in the Middle East and North Africa (MENA) countries using advanced panel data econometric techniques that consider heterogeneity and cross‐sectional dependence. Thus, we applied second‐generation unit root tests to explore the unit root properties of the variables. To examine cointegration between the variables, we apply the Westerlund's (Westerlund, Oxford Bulletin of Economics and Statistics, 2007, 69, 709–748) approach. The empirical results show the presence of cross‐sectional dependence and cointegration between EF and its determinants. Further findings confirm that ER has no significant influence on EF. This suggests that ER in MENA is not yet at a desirable level where it can effectively enhance environmental sustainability. ER contributes to maintaining environmental quality (significantly) only in Bahrain and Israel. Trade, economic growth, and energy consumption increase EF. The causality test reveals that economic growth is actually energy dependent in MENA. The directions for future research have been proposed. The limitations of the study and relevant policy directions are highlighted.

Tourism contributes approximately one‐fifth to total global employment. However, growth in tourism can promote an increase in transportation, energy consumption, natural resource exploration, and consequential ecological distortions. This study applies a battery of second‐generation econometric techniques to investigate the influence of tourism development and natural resource on a comprehensive environmental indicator; the ecological footprint (EF), in the ten most visited destinations. The findings show that tourism receipts have an increasing effect on EF, while tourism arrivals have a reducing effect on EF. The country‐wise results reveal that tourism receipts increase the EF in China, Italy, Spain, and the UK, while the reverse holds true for France, Germany, Thailand, Turkey, Mexico, and the US. The influence of natural resource on the EF is mixed. Natural resource increases the EF in China, France, Germany, Spain, and the UK. A feedback causality exists among EF, natural resource, and tourism development. Policy directions are discussed.

The study explores the link between electricity consumption, urbanization, and economic growth in Nigeria from 1971 to 2014. The bounds test and the Bayer and Hanck (Journal of Time Series Analysis, 2013, 34(1), 83–95) cointegration tests affirm cointegrating relationship. Electricity consumption increases economic growth in both time periods, while the impact of urbanization appears to inhibit growth. The fully modified OLS, dynamic OLS, and the canonical cointegrating regression confirm the robustness of the findings. The vector error correction model Granger causality test supports the neutrality hypothesis in the short run and the feedback hypothesis among the variables in the long run. Therefore, policies to ensure efficient electricity supply, curb rapid urbanization, and promote sustainable economic growth were suggested.

This study empirically explores the linkage between urbanization and deforestation while controlling for the role of energy consumption, trade openness, and economic growth within recent data from 1971 to 2015. To do this, we employed the vector error correction‐Granger causality approach and Pesaran's autoregressive distributed lag cointegration technique. The Bayer–Hanck cointegration test establishes an equilibrium relationship among the variables. Results reveal that economic growth, energy consumption, and urbanization have a significant impact on deforestation in Nigeria, thereby reducing the quality of the environment. Short‐ and long‐run unidirectional casualty flows from urbanization to deforestation. Therefore, policies for reducing deforestation and enhancing environmental sustainability for growth and development were suggested.

AbstractGlobal warming has been a pressing issue for the past decade as various economic activities have been flagged and are expected to reduce emissions. While previous studies have examined the energy consumption-emissions-economic growth nexus in significant detail, attention is yet to be given to the role of economic policy uncertainties and human activities such as tourism in a carbon function. Thus, this study aims to investigate the long-run relationship between energy consumption, tourists' arrivals, economic policy uncertainty, and ecological footprint in the top ten earners from international tourism over the period 1995 to 2015. The fully modified ordinary least square and dynamic ordinary least square estimation techniques and the Dumitrescu and Hurlin causality tests were used in the study. Empirical results suggest that economic policy uncertainties in addition to tourism and energy consumption are drivers of environmental degradation. However, the contribution of energy consumption to ecological footprint is significantly moderated by economic policy uncertainties such that a 1% increase in the latter reduces environmental damage by 0.71%. This study suggests that policy uncertainties matter a great deal for energy and environmental policies. Also, green economic growth is possible if the proper implementation of environmental protection policies can restrict the harmful impact of economic activities on the quality of the environment. Based on the empirical findings, vital energy policy recommendations are suggested.

Energy consumption is a prerequisite for economic growth especially in developing countries, and its demand is expected to increases as population increases. The quality of institutions is also germane for tourism development, as weak institutions may discourage the arrival of tourists into a country. This study examines the asymmetric impact of energy consumption (EC) and institutional quality (IQ) on tourist arrival (TA) in Pakistan for the period 1984–2017 by employing the non‐linear autoregressive distributive lag model. The bounds test result reveals a long‐run relationship among the variables used in the model. The findings of the study suggest an asymmetric relationship among EC, IQ and TA. The results imply that an improvement in IQ will increase TA. From the results, it can be said that reducing environmental pollution by switching into clean sources of energy may have an indirect positive effect on the tourism industry. Therefore, policies for enhancing TA, quality institutions and curtailing environmental degradation were suggested.