Sub-Saharan Africa (SSA) is considered the most vulnerable to challenges emanating from climate changes. A number of factors notably accelerated changes in growth influence SSA environment. Linking financial sector within growth and environmental outcomes has been the focus of policy makers and researchers. This study investigated the dynamic relationships between credit supply, economic growth, and the environment from the perspectives of the four sub-regional economies (Central, East, Southern, and West African regions) in SSA over the period 1990-2018. In addition, the study tested Environmental Kuznets Curve hypothesis across sub-regions. We employed panel vector autoregressive (panel VAR) model in a generalized method of moment framework to investigate the topic. The panel VAR results revealed that (i) economic growth negatively influence on carbon emissions of Central African countries but not in the East, Southern and West African sub-regions, (ii) credit supply had significantly positive influence on carbon emissions and economic growth of Central and East African sub-regions but negative influence on carbon emissions and economic growth West African sub-regions in SSA, and (iii) carbon emissions had significantly negatively influence on credit supply of East and West African sub-regions. The granger causality results revealed bidirectional causal links between credit supply and carbon emissions, economic growth, and credit supply in the Central and East African sub-regions, while most of the relationships were unidirectional. The impulse response function revealed that the impact of one variable on another vary throughout the periods and across sub-regions. Similarly, the elasticity of the variables to each other varies across sub-regions over the period studied. EKC hypothesis was validated in East African sub-region but was rejected in Central (u-shape relationship), Southern, and West African sub-regional economies indicating variations in growth and environmental outcomes among the sub-regional economies. Specific sub-regional policy recommendations are discussed.

中文翻译：

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调查信贷供应，经济增长与环境之间的动态关系：撒哈拉以南非洲次区域经济的经验证据。

撒哈拉以南非洲（SSA）被认为最容易遭受气候变化带来的挑战。许多因素特别是增长的加速变化会影响SSA环境。将金融部门与增长和环境成果挂钩是政策制定者和研究人员的重点。这项研究从1990-2018年期间撒哈拉以南非洲的四个次区域经济体（中部，东部，南部和西非地区）的角度研究了信贷供应，经济增长与环境之间的动态关系。此外，研究测试了跨子区域的环境库兹涅茨曲线假说。我们在广义矩框架中采用面板向量自回归（panel VAR）模型来研究该主题。VAR小组的调查结果显示：（i）经济增长对中非国家的碳排放产生负面影响，但对东部，南部和西非次区域没有负面影响；（ii）信贷供应对非洲的碳排放和经济增长具有显着的积极影响中非和东非次区域，但对碳排放量和经济增长产生负面影响；（SSA）西非次区域，以及（iii）碳排放对东非和西非次区域的信贷供应产生重大负面影响。Granger因果关系结果表明，中非和东非次区域信贷供应与碳排放，经济增长和信贷供应之间存在双向因果关系，而大多数关系是单向的。冲激响应函数表明，一个变量对另一个变量的影响在整个时期以及整个子区域都不同。同样，在研究期间，各个子区域之间变量之间的弹性也有所不同。EKC假设在东非次区域得到验证，但在中部（u型关系），南部和西非次区域经济体中被否定，表明该次区域经济体的增长和环境结果存在差异。讨论了具体的分区域政策建议。西非次区域经济体表明该次区域经济体在增长和环境结果方面存在差异。讨论了具体的分区域政策建议。西非次区域经济体表明该次区域经济体在增长和环境结果方面存在差异。讨论了具体的分区域政策建议。