The non-linear impact of financial development on environmental quality and sustainability: evidence from G7 countries

Ruza, Cristina y Caro Carretero, Raquel . (2022) The non-linear impact of financial development on environmental quality and sustainability: evidence from G7 countries. International Journal of Environmental Research and Public Health 19 (14), (2022)

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Título The non-linear impact of financial development on environmental quality and sustainability: evidence from G7 countries
Autor(es) Ruza, Cristina
Caro Carretero, Raquel
Materia(s) Economía
Abstract This paper analyses the impact of financial development on the environmental quality and sustainability for the group of G7 countries over the period 1990–2019 based on static panel data-fixed effect models. The objective is to explore if there exists a non-linear relationship between the whole financial system development and a wide array of measures of environmental sustainability and degradation, namely adjusted net savings, greenhouse gas, CO2, methane, nitrous oxide emissions and ecological footprint. We define a new Financial Environmental Kuznets Curve (FEKC) by introducing the square term of financial development on the environment-finance relationship. Empirical results prove the existence of non-linear relationships between the composite index of financial development and environmental degradation for the group of advanced economies. In the case of methane, we validate the presence of an inverted-U shape association in line with the FEKC hypothesis, while for greenhouse gas and CO2 the link follows a U-shaped pattern. The impact of financial development on environmental sustainability is monotonically positive and statistically significant while the ecological footprint is not statistically linked with the level of financial development within G7 countries. Economic growth, human capital, population density and primary energy consumption appear as significant drivers of environmental quality and sustainability.
Palabras clave CO2
greenhouse gases
methane
nitrous oxide
ecological footprint
environmental sustainability
financial development
Environmental Kuznets Curve
Editor(es) MDPI
Fecha 2022-07
Formato application/pdf
Identificador bibliuned:DptoEA-FECO-Articulos-Cruza-004
http://e-spacio.uned.es/fez/view/bibliuned:DptoEA-FECO-Articulos-Cruza-004
DOI - identifier https://doi.org/10.3390/ijerph19148382
ISSN - identifier 1660-4601
Nombre de la revista International Journal of Environmental Research and Public Health
Número de Volumen 19
Número de Issue 14
Publicado en la Revista International Journal of Environmental Research and Public Health 19 (14), (2022)
Versión de la publicación publishedVersion
Tipo de recurso Article
Derechos de acceso y licencia http://creativecommons.org/licenses/by-nc-nd/4.0
info:eu-repo/semantics/openAccess
Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in International Journal of Environmental Research and Public Health, is available online at the publisher's website: https://doi.org/10.3390/ijerph19148382
Notas adicionales La versión registrada de este artículo, publicado por primera vez en International Journal of Environmental Research and Public Health, está disponible en línea en el sitio web del editor: https://doi.org/10.3390/ijerph19148382

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Creado: Wed, 13 Dec 2023, 02:55:42 CET