The Asia-Pacific region has faced conflicting objectives of achieving sustainable economic growth and simultaneously improving environmental quality. This paper, the first of its kind, applies the concept of the Kuznets curve to financial development in this region. The long-term effect of financial development on environmental degradation is examined using a sample of 26 countries in the 2007–2017 period. This paper uses the long-term estimation techniques - the panel autoregressive distributed lag, including the pooled mean group model; the mean group; and the dynamic fixed effect estimator. The second-generation Granger test is used to determine the causality between financial development and environmental degradation. The U-shaped nexus and a bi-directional relationship between financial development and environmental degradation are found.

亚太地区在实现可持续的经济增长并同时改善环境质量方面面临着相互矛盾的目标。本文是同类文章中的第一篇，将库兹涅茨曲线的概念应用于该地区的金融发展。在2007-2017年期间，使用26个国家的样本对金融发展对环境退化的长期影响进行了研究。本文使用长期估计技术-面板自回归分布滞后，包括合并均值组模型；卑鄙的群体；以及动态固定效果估算器。第二代格兰杰检验用于确定金融发展与环境恶化之间的因果关系。发现了U形关系以及金融发展与环境恶化之间的双向关系。