The aim of this article is to investigate the relationship between air pollution, economic growth, energy use, trade openness, foreign direct investment, and financial development in N‐11 countries data period from 1980 to 2018. For this purpose, it is adopted the Panel Vector Autoregression (PVAR) model for the estimation of the long and short‐run effects. The results suggest that although energy consumption and financial development have a negative impact on CO₂ emissions, foreign direct investment leads to an increase in pollution. In addition, there is bidirectional causality between financial development and CO₂ emissions and energy use, carbon dioxide emissions and energy consumption, foreign direct investments and energy consumption, and financial development and energy consumption. In addition, there is unidirectional causality from carbon dioxide emissions to GDP, from energy consumption to GDP, from foreign direct investments to CO₂ emissions and GDP, from financial development to GDP. Finally, impulse‐response functions indicate the validity of the EKC hypothesis in these countries.

中文翻译：

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气候变化，经济增长，外国直接投资和金融发展之间的联系：N-11国家的新证据

本文的目的是调查1980到2018年N-11个国家/地区数据期间空气污染，经济增长，能源使用，贸易开放性，外国直接投资和金融发展之间的关系。面板矢量自回归（PVAR）模型用于估计长期和短期影响。结果表明，尽管能源消耗和金融发展对CO ₂排放有负面影响，但外国直接投资导致污染增加。此外，金融发展与CO ₂之间存在双向因果关系排放量和能源使用量，二氧化碳排放量和能源消耗量，外国直接投资和能源消耗量以及金融发展和能源消耗量。此外，从二氧化碳排放量到GDP，从能源消耗到GDP，从外国直接投资到CO ₂排放和GDP，从金融发展到GDP ，都存在单向因果关系。最后，冲激响应函数表明了EKC假设在这些国家中的有效性。