Environmental impact of financial Market's development in Australia

IF 5.4 Q1 ENVIRONMENTAL SCIENCES Environmental and Sustainability Indicators Pub Date : 2024-07-18 DOI:10.1016/j.indic.2024.100438
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Abstract

Enhancing environmental quality has become one of the most commonly discussed topics in the modern world, particularly in response to the challenges posed by the increasing threats to climate change. The financial system is acknowledged as a crucial factor in achieving environmental quality by facilitating the flow of financial resources. This study aims to examine the impact of a unique aspect of the financial system—financial market development—on environmental quality in Australia. What sets this study apart from existing works is its comprehensive approach, capturing broader measures of financial market development, including financial market depth, access, efficiency, and stability. By employing the Autoregressive Distributive Lag (ARDL) model over the period from 1983 to 2021, our research demonstrates a positive impact of market-based financial development on Australia's environmental quality by reducing greenhouse gas emissions in the long run. Specifically, an opposing impact of financial market development on environmental quality is evident in the short run. Our findings highlight that financial market development degrades environmental quality in the short run by contributing to increased greenhouse gas emissions, which further emphasizes the importance of integrating both the positive and negative effects of financial market development in policymaking, particularly in the context of achieving Australia's environmental targets.

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澳大利亚金融市场发展对环境的影响
提高环境质量已成为现代社会最常讨论的话题之一,尤其是在应对气候变化威胁日益增加所带来的挑战方面。金融体系通过促进金融资源的流动,被认为是实现环境质量的关键因素。本研究旨在探讨金融体系的一个独特方面--金融市场发展--对澳大利亚环境质量的影响。这项研究与现有研究的不同之处在于它采用了全面的方法,对金融市场的发展进行了更广泛的衡量,包括金融市场的深度、准入、效率和稳定性。通过采用 1983 年至 2021 年期间的自回归分布滞后(ARDL)模型,我们的研究表明,基于市场的金融发展对澳大利亚的环境质量产生了积极影响,从长期来看减少了温室气体排放。具体而言,金融市场的发展对环境质量的影响在短期内是明显相反的。我们的研究结果突出表明,金融市场的发展在短期内会导致温室气体排放量的增加,从而降低环境质量,这进一步强调了在制定政策时综合考虑金融市场发展的正反两方面影响的重要性,尤其是在实现澳大利亚环境目标的背景下。
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来源期刊
Environmental and Sustainability Indicators
Environmental and Sustainability Indicators Environmental Science-Environmental Science (miscellaneous)
CiteScore
7.80
自引率
2.30%
发文量
49
审稿时长
57 days
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