Role of financial development and inclusivity in moderating the environmental effects of human development

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-10-21 DOI:10.1016/j.ribaf.2024.102623

Alina Cristina Nuta , Olivier Joseph Abban , Hicham Ayad , Florian Marcel Nuta

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Abstract

The era of prioritizing economic growth, regardless of its overall impact, has ended. An integrative approach to global development that is increasingly human-centered and environmentally friendly, as well as promotes social resilience must be considered. This study assesses the beneficial role of a mature and inclusive financial architecture in environmental quality, emphasizing the impact of human development. Findings reveal that financial development mitigates the overall negative impact of human development on environmental degradation, as measured by carbon emissions and ecological footprint, in developed countries. This study raises awareness regarding the impact of human development on environmental degradation in 25 European countries between 1996 and 2019. It employs the two-step Generalized Method of Moments (GMM) as the main estimator to reveal the empirical effects, with the Driscoll–Kraay estimator serving as a robustness test. Furthermore, we explore the significance of economic freedom, renewable energy, and green innovation in curbing environmental impact.

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金融发展和包容性在调节人类发展的环境影响方面的作用

优先考虑经济增长而不顾其总体影响的时代已经结束。必须考虑采用一种综合性的全球发展方法，这种方法应越来越以人为本、对环境友好，并能促进社会复原力。本研究评估了成熟、包容的金融架构对环境质量的有利作用，强调了人类发展的影响。研究结果表明，在发达国家，金融发展可减轻人类发展对环境退化的总体负面影响，这种影响可通过碳排放和生态足迹来衡量。本研究提高了人们对 1996 年至 2019 年期间 25 个欧洲国家人类发展对环境退化影响的认识。研究采用两步广义矩量法（GMM）作为主要估计方法来揭示经验效应，并采用 Driscoll-Kraay 估计方法作为稳健性检验。此外，我们还探讨了经济自由、可再生能源和绿色创新在抑制环境影响方面的意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance