Total factor productivity and environmental quality: measuring the role of financial stability in BRICS countries

IF 4.7 3区 环境科学与生态学 Q2 ENVIRONMENTAL SCIENCES
Qamar Abbas, Yao HongXing, Muhammad Ramzan, Sumbal Fatima
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Abstract

The impact of BRICS countries on global climate mitigation strategies is significant due to their considerable CO2 emissions. The rapid advancement of BRICS nations has adversely affected environmental conditions. This study investigates the relationship between total factor productivity (TFP) and CO2 emissions in BRICS countries from 2000 to 2022, taking financial stability into consideration as a moderating variable. To address cross-sectional dependency, various methodologies were used, such as the cross-sectional augmented distributed lag (CS-ARDL) approach for assessing long- and short-run effects, as well as the Dumitrescu-Hurlin causality test to explore causality relationships. Results reveal a positive relationship between TFP and CO2 emissions, while financial stability exerts a negative influence on CO2 emissions. Additionally, the combined effect of TFP and financial stability demonstrates a capability to alleviate environmental issues and enhance environmental conditions. This implies that financial stability works as a moderator in the nexus between TFP and CO2 emissions, and bolstering financial stability not only diminishes environmental concerns but also aids BRICS countries in reducing the adverse effects of TFP on the environment. Furthermore, the study unveils bidirectional causality relationship between CO2 emissions and all other variables. Recommendations from the study propose that BRICS nations should allocate increased resources toward environmental initiatives and embrace advanced technologies to mitigate CO2 emissions.

Abstract Image

全要素生产率与环境质量:衡量金砖国家金融稳定的作用
金砖五国的二氧化碳排放量相当大,对全球气候减缓战略产生了重大影响。金砖国家的快速发展对环境状况产生了不利影响。本研究探讨了 2000 年至 2022 年金砖国家全要素生产率(TFP)与二氧化碳排放量之间的关系,并将金融稳定性作为调节变量加以考虑。为解决横截面依赖性问题,采用了多种方法,如评估长期和短期效应的横截面增强分布滞后(CS-ARDL)方法,以及探讨因果关系的 Dumitrescu-Hurlin 因果检验法。结果显示,全要素生产率与二氧化碳排放量之间存在正相关关系,而金融稳定性对二氧化碳排放量产生负面影响。此外,全要素生产率和金融稳定性的综合效应显示了缓解环境问题和改善环境状况的能力。这意味着金融稳定性在全要素生产率与二氧化碳排放量之间的关系中起着调节作用,加强金融稳定性不仅能减少环境问题,还能帮助金砖国家减少全要素生产率对环境的不利影响。此外,研究还揭示了二氧化碳排放与所有其他变量之间的双向因果关系。研究建议,金砖国家应为环保措施分配更多资源,并采用先进技术来减少二氧化碳排放。
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来源期刊
Environment, Development and Sustainability
Environment, Development and Sustainability Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
10.20
自引率
6.10%
发文量
754
期刊介绍: Environment, Development and Sustainability is an international and multidisciplinary journal covering all aspects of the environmental impacts of socio-economic development. It is also concerned with the complex interactions which occur between development and environment, and its purpose is to seek ways and means for achieving sustainability in all human activities aimed at such development. The subject matter of the journal includes the following and related issues: -mutual interactions among society, development and environment, and their implications for sustainable development -technical, economic, ethical and philosophical aspects of sustainable development -global sustainability - the obstacles and ways in which they could be overcome -local and regional sustainability initiatives, their practical implementation, and relevance for use in a wider context -development and application of indicators of sustainability -development, verification, implementation and monitoring of policies for sustainable development -sustainable use of land, water, energy and biological resources in development -impacts of agriculture and forestry activities on soil and aquatic ecosystems and biodiversity -effects of energy use and global climate change on development and sustainability -impacts of population growth and human activities on food and other essential resources for development -role of national and international agencies, and of international aid and trade arrangements in sustainable development -social and cultural contexts of sustainable development -role of education and public awareness in sustainable development -role of political and economic instruments in sustainable development -shortcomings of sustainable development and its alternatives.
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