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The Impact Of Financial Development On Economic Growth
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The impact of energy consumption and economic growth on environmental sustainability in the Gulf Cooperation Council countries: does economic development matter?
By Hala BaydounHala Baydoun SciProfiles Scilit Preprints.org Google Scholar 1, 2, 3, * and Mehmet AgaMehmet Aga SciProfiles Scilit Preprints.org Google Scholar 1
Department of Accounting and Finance, Faculty of Economics and Management, Cyprus International University, Northern Cyprus, Mersin 10, Haspolat 99040, Turkey
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Submission received: 22/07/2021 / Revised: 6/09/2021 / Approved: 10/09/2021 / Published: 17/09/2021
Achieving environmental sustainability while minimizing the impact of climate change has become a global endeavor. For this reason, this study examined the impact of energy consumption, economic growth, financial development and globalization on carbon dioxide
Emissions in the Gulf Cooperation Council (GCC) countries. The research used material that spanned the years 1995–2018. To investigate these associations, the study applied cross-sectional dependence (CSD), slope heterogeneity (SH), Pesaran unit root, Westerlund cointegration, cross-sectional augmented autoregressive distributed lag. (CS-ARDL) and Dumitrescu and Hurlin’s (DH) causality approaches. The results of the CSD and SH tests showed that using the first generation techniques produces misleading results. Panel unit root analysis revealed that the series are I (1). In addition, the results of the cointegration test revealed a long-term association between CO
Emissions and regressors, suggesting cointegration. The CS-ARDL results showed that economic growth and energy consumption reduce environmental sustainability, while globalization improves it. The study also confirmed the Environmental Kuznets Curve (EKC) hypothesis for GCC economies. In addition, the results of the DH causality test showed a causal link between economic growth and CO
Impact Of Financial Development On Economic Growth
Emissions in GCC economies. According to the results, environmental pollution in the GCC countries is production-oriented, which means that it is determined by the amount of energy produced and consumed.
Considerable economic growth and industrialization have led to growing energy consumption and environmental degradation, which has posed challenges to sustainable development [1]. In 2019, the world’s primary energy consumption increased by 1.3% [2]. Energy is a prerequisite for economic growth and the primary cause of environmental pollution, and climate change is related to energy utilization and greenhouse gas emissions [3]. Numerous environmental studies have emphasized the need to reduce greenhouse gases, especially carbon dioxide (CO
Reducing emissions and developing appropriate mitigation plans is vital for all governments and particularly important for the Gulf Cooperation Council (GCC) countries due to their unique characteristics. The six Gulf countries of the GCC (Kuwait, Oman, Bahrain, the United Arab Emirates (UAE), Qatar, and Saudi Arabia) are rich in natural resources and control 19.8 percent of the world’s natural gas holdings [2]. In fact, Saudi Arabia, the United Arab Emirates and Qatar are the world’s leading emitters [5]. Fossil fuels, an undeniably abundant natural resource in the GCC, are the foundation of these nations, which rely on fossil fuel export revenues to finance industrial activities, which in turn have a negative impact on environmental quality [6]. Although renewable energy sources make up a small part of the energy mix of these economies, they are heavily dependent on fossil fuels. In addition, energy consumption in this region is increasing as a result of population growth, rapid urbanization and economic growth, which is a fundamental challenge for environmental sustainability [7]. These countries produce 2.4 percent of the world’s greenhouse gas emissions, which is more than the European Union (EU). GCC countries are also expected to see a sharp rise in energy use as incomes rise and demand for luxury goods increases [7].
This study investigated the links between energy consumption (EC), economic growth (GDP), financial development (FD), globalization (GLO) and CO.
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) in GCC countries. Many researchers have focused on globalization in recent years, as the globalization process can affect sustainable development. [8] created a globalization index consisting of economic, social and political variables. It is a combination of political, social and economic indices in the first dataset; however, [9] a later study included some other subscripts to better understand this process. Connection between GLO and CO
Has been investigated by previous studies; however, their results were inconclusive. For example, studies [10] of the 10 largest electricity consuming countries, [11] of 23 African countries, and [12] revealed a negative GLO-CO.
Association, while studies [13] for BRICS countries, [14] for WAME countries, and [15] found a positive GLO-CO
In addition, economic development (FD) is a big factor that can affect environmental degradation in many different ways. For example, lending by financial institutions can lead to business development, which can increase energy use, land use and waste generation. Individuals’ financial demands are also supported by financial institutions, and an increase in purchasing power can increase the consumption of resources, causing more damage to the environment. On the other hand, financial institutions can promote technical development that reduces energy use and thus environmental harm [16]. In addition, financial institutions can play a useful role in supporting initiatives that can lead to technological innovation, as innovation cannot occur without adequate investment in research and development. There is conflicting information about FD-CO
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The different perspectives of these studies suggest that globalization, energy use, economic growth, and economic development have different effects on environmental degradation. The countries of the Persian Gulf Cooperation Council are currently facing increasing globalization processes and increased energy and GDP consumption, which is a significant challenge for ecological quality. As a result, the current study can help policy makers to pursue more pragmatic planning and maximize environmental decision-making in general and in the GCC countries in particular. This study also provides several important contributions to the existing literature. Basically, it studied the impact of energy consumption, economic growth, financial development and globalization on carbon dioxide
Emissions in the countries of the Persian Gulf Cooperation Council, but includes factors that are necessary for the economic prosperity of the region. In addition, to deal with the problem of CSD and heterogeneity, this study used an advanced panel data estimation approach and used a new CS-ARDL model to solve the problems of panel data heterogeneity and CSD, which are ignored. Previous studies.
The remainder of the paper contains various sections. Part 2 is a review of the literature and part 3 contains an explanation of the research methodology and empirical models, data and methods. Chapter 4 presents the research results and observations and the treatment of these results. Finally, Section 5 describes the conclusions and the policy path.
This paper elaborates on previous studies on the relationship between energy consumption (EC), economic growth (GDP), financial development (FD), globalization (GLO) and CO.
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It is generally recognized in the empirical literature that there is a relationship between EC, GDP and CO
. Energy is needed in production, which accelerates economic growth and contributes to the decline of the environment. A study in Tunisia [21] using impulse response and cointegration between 1971 and 2005 revealed a positive association between EC and CO.
Association using pooled mean group (PMG) and panel causality during 1980–2012. The empirical results revealed an insignificant relationship between GDP and CO
Connection in India using material between 1971 and 2011. The results of the study revealed a feedback-cause connection between EY and CO
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. A study [24] of 170 households using data from 1980 to 2011 and using a vector error correction model (VECM) revealed that both EC and GDP triggered CO2.
. In the US [25], using panel ordinary least squares (OLS) and data from 1997 to 2016 [25] found that EC and
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