Dynamic linkages among CO2 emissions, human development, financial development, and globalization: empirical evidence based on PMG long-run panel estimation

Wang, Zhaohua; Rasool, Yasir; Asghar, Muhammad Mansoor; Wang, Bo

doi:10.1007/s11356-019-06556-2

Research Article
Published: 11 November 2019

Dynamic linkages among CO₂ emissions, human development, financial development, and globalization: empirical evidence based on PMG long-run panel estimation

Zhaohua Wang^1,2,3,4,5,
Yasir Rasool^1,2,
Muhammad Mansoor Asghar^1,2 &
Bo Wang ORCID: orcid.org/0000-0002-9245-1006^1,2

Environmental Science and Pollution Research volume 26, pages 36248–36263 (2019)Cite this article

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Abstract

This study investigates the impact of the human capital index, globalization, and financial development on carbon dioxide of grouping OECD countries using pool mean group estimation technique from 1990 to 2015. This study also applies the second-generation cross-sectional augmented Dickey-Fuller and cross-sectional Im, Pesaran, Shin panel (CIPS) unit root, and the latest (Westerlund 2008) cointegration tests for further investigations. The result shows that both the human development index and financial development stimulate environmental improvement by using PMG long-run panel estimation approach. Furthermore, the pairwise Dumitrescu-Hurlin panel causality results prove the two-way causal association between financial development and carbon emissions. The unidirectional causality running from globalization and human development index towards carbon emission is also supported. Based on the aforementioned results, we provide a set of recommendations for policy implication.

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Funding

This study is supported by the National Science Fund for Distinguished Young Scholars (Reference No. 71625003), Yangtze River Distinguished Professor of MOE, National Key Research and Development Program of China (Reference No. 2016YFA0602504), National Natural Science Foundation of China (Reference No. 91746208, 71573016, 71403021, 71521002, 71774014, 71804010), national social science foundation (Reference No.17ZDA065), Humanities and Social science Fund of Ministry of Education of China (Reference No. 17YJC630145), China Postdoctoral Science Foundation (Reference No. 2017M620648, 2019T120055).

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School of Management and Economics, Beijing Institute of Technology, Beijing, 100081, China
Zhaohua Wang, Yasir Rasool, Muhammad Mansoor Asghar & Bo Wang
Energy & Environmental Policy Research, Beijing Institute of Technology, Beijing, 100081, China
Zhaohua Wang, Yasir Rasool, Muhammad Mansoor Asghar & Bo Wang
Collaborative Innovation Center of Electric Vehicles in Beijing, Beijing, 100081, China
Zhaohua Wang
Beijing Key Lab of Energy Economics and Environmental Management, Beijing, 100081, China
Zhaohua Wang
Sustainable Development Research Institute for Economy and Society of Beijing, Beijing, 100081, China
Zhaohua Wang

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Zhaohua Wang
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Yasir Rasool
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Muhammad Mansoor Asghar
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Bo Wang
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Wang, Z., Rasool, Y., Asghar, M.M. et al. Dynamic linkages among CO₂ emissions, human development, financial development, and globalization: empirical evidence based on PMG long-run panel estimation. Environ Sci Pollut Res 26, 36248–36263 (2019). https://doi.org/10.1007/s11356-019-06556-2

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Received: 11 May 2019
Accepted: 23 September 2019
Published: 11 November 2019
Issue Date: December 2019
DOI: https://doi.org/10.1007/s11356-019-06556-2

Keywords

Financial development
Globalization
Human development index
CO₂ emissions
OECD countries