In the energy economics literature, a few scientific studies are found on the topic of financial instability and environmental quality. The current study is an attempt to fill this gap by examining the association between financial instability, economic growth, energy consumption, trade openness, urban population and CO2 emissions in 54 developing economies using panel data from 1980 to 2016. For empirical analysis, we employ fixed effects, difference generalized method of moments (GMM) and system GMM estimator. Empirical evidence confirms that financial instability has a significant negative impact on CO2 emissions, whereas the increase in economic growth, energy consumption and urban population are harmful to the environment. The findings of this empirical study offer new outcomes for policymakers to design inclusive financial, economic and energy consumption strategies to reduce the adverse effect of environmental pollution.

中文翻译：

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金融不稳定和二氧化碳排放：跨国证据

在能源经济学文献中，有一些关于金融不稳定和环境质量主题的科学研究。本研究试图通过使用 1980 年至 2016 年的面板数据检验 54 个发展中经济体的金融不稳定、经济增长、能源消耗、贸易开放、城市人口和二氧化碳排放之间的关联来填补这一空白。对于实证分析，我们采用固定效应、差分广义矩法 (GMM) 和系统 GMM 估计器。经验证据证实，金融不稳定对二氧化碳排放有显着的负面影响，而经济增长、能源消耗和城市人口的增加对环境有害。这项实证研究的结果为政策制定者设计普惠金融、