Exploring the moderating role of financial development in environmental Kuznets curve for South Africa:fresh evidence from the novel dynamic ARDL simulations approach  

作　　者：Maxwell Chukwudi Udeagha Marthinus Christoffel Breitenbach 

机构地区：[1]School of Economics,Department of Economics,University of Pretoria,Hatfield Campus,Private Bag X20,Hatfield 0028,South Africa

出　　处：《Financial Innovation》2023年第1期79-130,共52页金融创新（英文）

摘　　要：The extant literature has produced mixed evidence on the relationship between finan-cial development and ecological sustainability.This work addresses this conundrum by investigating financial development’s direct and indirect consequences on ecologi-cal quality utilizing the environmental Kuznets curve(EKC)methodological approach.Our empirical analysis is based on the novel dynamic autoregressive distributed lag simulations approach for South Africa between 1960 and 2020.The results,which used five distinct financial development measures,demonstrate that financial develop-ment boosts ecological integrity and environmental sustainability over the long and short terms.In the instance of South Africa,we additionally confirm the validity of the EKC theory.More importantly,the outcomes of the indirect channels demonstrate that financial development increases energy usage’s role in causing pollution while attenuating the detrimental impacts of economic growth,trade openness,and foreign direct investment on ecological quality.Moreover,the presence of an inadequate financial system is a requirement for the basis of the pollution haven hypothesis(PHH),which we examine using trade openness and foreign direct investment variables.PHH for both of these variables disappears when financial development crosses specified thresholds.Finally,industrial value addition destroys ecological quality while tech-nological innovation enhances it.This research provides some crucial policy recom-mendations and fresh perspectives for South Africa as it develops national initiatives to support ecological sustainability and reach its net zero emissions goal.

关 键 词：Financial development Trade openness CO_(2)emissions Dynamic ARDL simulations Energy consumption EKC COINTEGRATION Economic growth Foreign direct investment Industrial value-added South Africa 

分 类 号：F18[经济管理—世界经济] F13[生物学—生物化学] Q56[理学—数学] O13[理学—基础数学] F1F41