Does Financial Development Affect the Emission of CO 2 Uniformly Across Economies? Global Evidence From Heterogeneous Analysis
The study investigates financial development's heterogeneous impact on emission of CO 2 , especially in the pre‐ and post‐global financial crisis phases and analyzes the mediators through which financial development affects the emission of CO 2 . Using panel quantile estimation with non‐additiv...
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| Published in | Bulletin of economic research Vol. 77; no. 3; pp. 312 - 327 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
01.07.2025
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| Online Access | Get full text |
| ISSN | 0307-3378 1467-8586 |
| DOI | 10.1111/boer.12491 |
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| Summary: | The study investigates financial development's heterogeneous impact on emission of CO 2 , especially in the pre‐ and post‐global financial crisis phases and analyzes the mediators through which financial development affects the emission of CO 2 . Using panel quantile estimation with non‐additive fixed effects method, on a comprehensive sample of 125 countries over the period 1991–2015, we find that the overall financial development activities increase the emission of CO 2 . However, financial development has a much greater effect on increasing CO 2 emissions in countries with fewer emissions than in those with higher emissions. |
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| ISSN: | 0307-3378 1467-8586 |
| DOI: | 10.1111/boer.12491 |