Greening South Asia with Financial Liberalization, Human Capital, and Militarization: Evidence from the CS-ARDL Approach

IF 4 4区环境科学与生态学 Q2 ENVIRONMENTAL STUDIES Energy & Environment Pub Date : 2022-06-06 DOI:10.1177/0958305X221105863

Chien‐Chiang Lee, Farzan Yahya, Asif Razzaq

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引用次数: 4

Abstract

Green growth is recognized as an adequate mechanism to decelerate environmental turmoil. However, empirical evidence on what determines sustainable economic growth is still underexplored. Apprehending the importance of financial liberalization, human capital, and militarization in the South Asian region, we investigate their short- and long-run effects on green growth using data from 1990 to 2017. To address the cross-sectional dependency (CD) and heterogeneity issue, second-generation cointegration estimation techniques are employed. The findings show a stable and long-run relationship between financial liberalization, human capital, military expenditures, and green growth. The results of CS-ARDL also show the positive long-run effect of financial liberalization and human capital while the negative effect of militarization on green growth. Nonetheless, the interaction effects show the darker side of human capital and the brighter side of militarization in the presence of more financial openness. Results were further validated using the Augmented Mean Group (AMG) and Dumitrescu-Hurlin Granger causality test, highlighting the need to optimally utilize military expenditures, financial liberalization, and human capital for the sustainable growth of the region.

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用金融自由化、人力资本和军事化来绿化南亚:来自CS-ARDL方法的证据

绿色增长被认为是减缓环境动荡的适当机制。然而，关于什么决定可持续经济增长的经验证据仍未得到充分探索。考虑到金融自由化、人力资本和军事化在南亚地区的重要性，我们利用1990年至2017年的数据研究了它们对绿色增长的短期和长期影响。为了解决横截面依赖性和异质性问题，采用了第二代协整估计技术。研究结果表明，金融自由化、人力资本、军事支出和绿色增长之间存在稳定的长期关系。CS-ARDL的结果还表明，金融自由化和人力资本对绿色增长具有积极的长期效应，而军事化对绿色增长具有消极的长期效应。然而，在金融开放程度提高的情况下，这种互动效应显示了人力资本的阴暗面和军事化的光明一面。使用增强均值组(AMG)和dumitrescue - hurlin Granger因果检验进一步验证了结果，强调了优化利用军事支出、金融自由化和人力资本以实现该地区可持续增长的必要性。

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来源期刊

Energy & Environment ENVIRONMENTAL STUDIES-

CiteScore

7.60

自引率

7.10%

发文量

157

期刊介绍： Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.