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 an...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.展开更多
The argument over fiscal decentralization and carbon dioxide emission(CO_(2))reduction has received much attention.However,evidence to back this claim is limited.Economic theory predicts that fiscal decentralization a...The argument over fiscal decentralization and carbon dioxide emission(CO_(2))reduction has received much attention.However,evidence to back this claim is limited.Economic theory predicts that fiscal decentralization affects environmental quality,but the specifics of this relationship are still up for debate.Some scholars noted that fiscal decentralization might lead to a race to the top,whereas others contended that it would result in a race to the bottom.In light of the current debates in environmental and development economics,this study aims to provide insight into how this relationship may function in South Africa from 1960 to 2020.In contrast to the existing research,the present study uses a novel dynamic autoregressive distributed lag simulation approach to assess the positive and negative changes in fiscal decentralization,scale effect,technique effect,technological innovation,foreign direct investment,energy consumption,industrial growth,and trade openness on CO_(2)emissions.The following are the main findings:(i)Fiscal decentralization had a CO_(2)emission reduction impact in the short and long run,highlighting the presence of the race to the top approach.(ii)Economic growth(as represented by the scale effect)eroded ecological integrity.However,its square(as expressed by technique effect)aided in strengthening ecological protection,validating the environmental Kuznets curve hypothesis.(iii)CO_(2)emissions were driven by energy utilization,trade openness,industrial value-added,and foreign direct investment,whereas technological innovation boosted ecological integrity.Findings suggest that further fiscal decentralization should be undertaken through further devolution of power to local entities,particularly regarding environmental policy issues,to maintain South Africa’s ecological sustainability.South Africa should also establish policies to improve environmental sustainability by strengthening a lower layer of government and clarifying responsibilities at the national and local levels to fulfill the energy-saving functions of fiscal expenditures.展开更多
在Brander and Taylor(1997)可再生资源标准模型基础上,引入南北两国不对称的产权维护选择,考察南北贸易对两国生态资源存量变化的影响。结果表明:如果两国政府同属于资源保护的弱势政府,南方国家资源品的国内相对价格将低于北方国家,...在Brander and Taylor(1997)可再生资源标准模型基础上,引入南北两国不对称的产权维护选择,考察南北贸易对两国生态资源存量变化的影响。结果表明:如果两国政府同属于资源保护的弱势政府,南方国家资源品的国内相对价格将低于北方国家,南方国家出口资源品并进口制成品,南方国家短期福利水平下降,北方国家短期福利水平上升。如果两国政府同属于资源保护的强势政府,相对价格排序、贸易模式以及短期福利变化发生逆转。在任何情况下,南方国家产权维护程度低于北方国家,唯一地决定贸易将导致南方国家生态资源存量逐渐损耗,且长期福利水平下降;北方国家生态资源存量不断增加,且长期福利水平上升。展开更多
文摘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.
文摘The argument over fiscal decentralization and carbon dioxide emission(CO_(2))reduction has received much attention.However,evidence to back this claim is limited.Economic theory predicts that fiscal decentralization affects environmental quality,but the specifics of this relationship are still up for debate.Some scholars noted that fiscal decentralization might lead to a race to the top,whereas others contended that it would result in a race to the bottom.In light of the current debates in environmental and development economics,this study aims to provide insight into how this relationship may function in South Africa from 1960 to 2020.In contrast to the existing research,the present study uses a novel dynamic autoregressive distributed lag simulation approach to assess the positive and negative changes in fiscal decentralization,scale effect,technique effect,technological innovation,foreign direct investment,energy consumption,industrial growth,and trade openness on CO_(2)emissions.The following are the main findings:(i)Fiscal decentralization had a CO_(2)emission reduction impact in the short and long run,highlighting the presence of the race to the top approach.(ii)Economic growth(as represented by the scale effect)eroded ecological integrity.However,its square(as expressed by technique effect)aided in strengthening ecological protection,validating the environmental Kuznets curve hypothesis.(iii)CO_(2)emissions were driven by energy utilization,trade openness,industrial value-added,and foreign direct investment,whereas technological innovation boosted ecological integrity.Findings suggest that further fiscal decentralization should be undertaken through further devolution of power to local entities,particularly regarding environmental policy issues,to maintain South Africa’s ecological sustainability.South Africa should also establish policies to improve environmental sustainability by strengthening a lower layer of government and clarifying responsibilities at the national and local levels to fulfill the energy-saving functions of fiscal expenditures.
文摘在Brander and Taylor(1997)可再生资源标准模型基础上,引入南北两国不对称的产权维护选择,考察南北贸易对两国生态资源存量变化的影响。结果表明:如果两国政府同属于资源保护的弱势政府,南方国家资源品的国内相对价格将低于北方国家,南方国家出口资源品并进口制成品,南方国家短期福利水平下降,北方国家短期福利水平上升。如果两国政府同属于资源保护的强势政府,相对价格排序、贸易模式以及短期福利变化发生逆转。在任何情况下,南方国家产权维护程度低于北方国家,唯一地决定贸易将导致南方国家生态资源存量逐渐损耗,且长期福利水平下降;北方国家生态资源存量不断增加,且长期福利水平上升。
