This study is conducted to address the research question of whether hydroelectricity and fossil fuels contribute to sustainable economic development in an emerging economy in this era of globalization? Further, this study applies the novel approach of Harvey unit root test which is a linearity test to predict the possible existence of non-linearity. The results confirmed that the majority of the series in this study are linear. Furthermore, the two break test is applied to investigate the integration sequence of the series. The bounds test approach confirms the existence of a long-run association among the variables. Additionally, the long-run relationship is analysed within the framework of the ARDL approach. Financial development, fossil fuel, and capital positively contribute to economic development, while the effect of hydroelectricity is insignificant. Moreover, globalization effects GDP negatively. The symmetric causality suggests a uni-directional causal movement from hydroelectricity consumption and globalization towards GDP. The outcome of the study emphasizes the importance of renewable sources such as hydropower energy for ensuring sustainable development in the presence of globalization.

中文翻译：

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探索化石燃料，水电消耗和金融部门在确保新兴经济体可持续经济发展中的作用。

进行这项研究是为了解决以下研究问题：在全球化时代，水电和化石燃料是否有助于新兴经济体的可持续经济发展？此外，本研究采用了Harvey单位根检验的新方法，该方法是一种线性检验，可以预测非线性的可能存在。结果证实该研究中的大多数序列是线性的。此外，两次断裂测试用于研究系列的积分顺序。边界检验方法确认了变量之间存在长期关联。此外，在ARDL方法的框架内分析了长期关系。金融发展，化石燃料和资本为经济发展做出了积极贡献，而水力发电的影响不大。此外，全球化对国内生产总值产生不利影响。对称因果关系表明，从水力消耗和全球化向GDP的单向因果运动。研究的结果强调了在存在全球化的情况下确保水电能源等可再生资源的可持续性的重要性。