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

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dc.contributor.authorCaro Carretero, Raquel
dc.contributor.authorRuza Paz-Curbera, Cristina
dc.date.accessioned2024-05-20T11:23:21Z
dc.date.available2024-05-20T11:23:21Z
dc.date.issued2022-07
dc.description.abstractThis 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.en
dc.description.versionversión publicada
dc.identifier.doihttps://doi.org/10.3390/ijerph19148382
dc.identifier.issn1660-4601
dc.identifier.urihttps://hdl.handle.net/20.500.14468/11868
dc.journal.issue14
dc.journal.titleInternational Journal of Environmental Research and Public Health
dc.journal.volume19
dc.publisherMDPI
dc.relation.centerFacultad de Ciencias Económicas y Empresariales
dc.relation.departmentEconomía Aplicada
dc.rightsAtribución-NoComercial-SinDerivadas 4.0 Internacional
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0
dc.subject.keywordsCO2
dc.subject.keywordsgreenhouse gases
dc.subject.keywordsmethane
dc.subject.keywordsnitrous oxide
dc.subject.keywordsecological footprint
dc.subject.keywordsenvironmental sustainability
dc.subject.keywordsfinancial development
dc.subject.keywordsEnvironmental Kuznets Curve
dc.titleThe non-linear impact of financial development on environmental quality and sustainability: evidence from G7 countrieses
dc.typeartículoes
dc.typejournal articleen
dspace.entity.typePublication
relation.isAuthorOfPublication95ac2766-384f-48fe-8330-99ae31120652
relation.isAuthorOfPublication.latestForDiscovery95ac2766-384f-48fe-8330-99ae31120652
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