This study examines the impact of financial development on carbon dioxide emissions in Nigeria over the period 1971–2014. Income per capita, energy consumption, exchange rate and urbanization are incorporated in the analysis. The empirical analysis based on linear and nonlinear autoregressive distributed lag techniques provides evidence of long-run relationship among the variables in Nigeria. The results in general show that financial development has significant asymmetric effects on carbon dioxide emissions in Nigeria. Both short-run and long-run analyses show that the impact of positive changes in financial development on carbon dioxide emissions is significantly different from that of negative changes. The results suggest that in Nigeria positive shocks in financial development have significant reducing effect on carbon dioxide emissions, while negative shocks in financial development have significant increasing effect on carbon dioxide emissions. The empirical results also show that the response of carbon dioxide emissions to negative shocks in financial development is stronger. Based on these findings, this study concludes that mitigation policies would need to incorporate strategies to strengthen the depth of financial intermediation in the Nigerian economy.

中文翻译：

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尼日利亚金融发展对二氧化碳排放的对称和不对称影响：来自线性和非线性自回归分布滞后分析的证据

本研究考察了 1971 年至 2014 年期间金融发展对尼日利亚二氧化碳排放量的影响。人均收入、能源消耗、汇率和城市化均纳入分析。基于线性和非线性自回归分布式滞后技术的实证分析提供了尼日利亚变量之间长期关系的证据。总体结果表明，金融发展对尼日利亚的二氧化碳排放有显着的不对称影响。短期和长期分析都表明，金融发展的积极变化对二氧化碳排放的影响与消极变化的影响显着不同。结果表明，在尼日利亚，金融发展的积极冲击对二氧化碳排放有显着的减少作用，而金融发展的负面冲击对二氧化碳排放的影响显着增加。实证结果还表明，二氧化碳排放对金融发展负面冲击的反应更强。基于这些发现，本研究得出结论，缓解政策需要纳入加强尼日利亚经济中金融中介深度的战略。