Journal ArticleDOI
Carbon emission, energy consumption, trade openness and financial development in Pakistan: A revisit
Syed Jawad Hussain Shahzad,Syed Jawad Hussain Shahzad,Ronald Ravinesh Kumar,Ronald Ravinesh Kumar,Ronald Ravinesh Kumar,Muhammad Zakaria,Maryam Hurr +6 more
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In this article, the authors empirically examined the cointegrating relationship between carbon emissions, energy consumption, trade openness and financial development in Pakistan using ARDL bounds test for cointegration procedure.Abstract:
The paper empirically examines the cointegrating relationship between carbon emissions, energy consumption, trade openness and financial development in Pakistan using ARDL bounds test for cointegration procedure. Annual time series data is used for the period 1971–2011. The results reveal an inverted U-shaped relationship between carbon emission and energy consumption with a maximum threshold value of energy consumption per capita 640 kg of oil equivalent. Currently, the economy is operating below this level and therefore it is expected that carbon emission will continue to rise gradually over some time until the threshold level is reached. The lower than threshold level of energy consumption implies that scale and composition effects dominate the technology effect in terms of energy use. Further, the long-run results indicate that one percent increase in trade openness and financial development will increase carbon emission by 0.247% and 0.165%, respectively. The short-run elasticities are 0.122% and 0.087% for trade openness and financial development, respectively. The Granger causality results indicate a unidirectional causality from energy consumption, trade openness and financial development to carbon emission; and a bi-directional causality between energy consumption and financial development. In line with the results and given the growing focus on climate change effects in Pakistan, the paper discusses some policy issues for consideration and highlights the need to interpret elasticities with caution.read more
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Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: A panel vector autoregressive (PVAR) analysis
TL;DR: In this paper, the authors employed the panel vector autoregressive (PVAR) model to examine the impact of renewable energy and financial development on carbon dioxide (CO2) emissions and economic growth.
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Impact of globalization, economic factors and energy consumption on CO2 emissions in Pakistan
TL;DR: The examined results of dynamic ARDL simulations indicate that energy consumption, urbanization, economic growth, financial development, economic globalization, social globalization and political globalization have positive effect on CO2 emissions in Pakistan while trade, innovation and foreign direct investment have negative effect onCO2 emissions.
Journal ArticleDOI
Financial development, globalization, and CO 2 emission in the presence of EKC: evidence from BRICS countries
TL;DR: This study examines the impact of energy consumption, financial development, globalization, economic growth, and urbanization on carbon dioxide emissions in the presence of Environmental Kuznets Curve model for BRICS economies by using a family of econometric techniques robust to heterogeneity and cross-sectional dependence.
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Does financial inclusion, renewable and non-renewable energy utilization accelerate ecological footprints and economic growth? Fresh evidence from 15 highest emitting countries
TL;DR: In this paper, the authors investigated both, the determinants of ecological footprint and economic growth to explore the effectiveness of financial development, renewable energy and non-renewable energy utilization in reducing the ecological footprint level and boosting the economic growth during the period from 1990 to 2017 for 15 highest emitting countries.
Journal ArticleDOI
Per-capita carbon emissions in 147 countries: The effect of economic, energy, social, and trade structural changes
TL;DR: In this paper, the impact of structural changes on per-capita carbon emissions from the four aspects of energy, trade, society and economy, while considering the effects of economic growth and energy intensity were discussed.
References
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Co-integration and Error Correction: Representation, Estimation and Testing
TL;DR: The relationship between co-integration and error correction models, first suggested in Granger (1981), is here extended and used to develop estimation procedures, tests, and empirical examples.
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Statistical analysis of cointegration vectors
TL;DR: In this paper, the authors consider a nonstationary vector autoregressive process which is integrated of order 1, and generated by i.i.d. Gaussian errors, and derive the maximum likelihood estimator of the space of cointegration vectors and the likelihood ratio test of the hypothesis that it has a given number of dimensions.
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Bounds testing approaches to the analysis of level relationships
TL;DR: In this paper, the authors developed a new approach to the problem of testing the existence of a level relationship between a dependent variable and a set of regressors, when it is not known with certainty whether the underlying regressors are trend- or first-difference stationary.
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Maximum likelihood estimation and inference on cointegration — with applications to the demand for money
Søren Johansen,Katarina Juselius +1 more
TL;DR: In this paper, the estimation and testing of long-run relations in economic modeling are addressed, starting with a vector autoregressive (VAR) model, the hypothesis of cointegration is formulated as a hypothesis of reduced rank of the long run impact matrix.