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On the asymmetric relationship between stock market development, energy efficiency and environmental quality: A nonlinear analysis
International Review of Financial Analysis ( IF 8.235 ) Pub Date : 2021-07-02 , DOI: 10.1016/j.irfa.2021.101840
Mayssa Mhadhbi 1, 2, 3 , Mohamed Imen Gallali 4 , Stephane Goutte 1, 5 , Khaled Guesmi 2
Affiliation  

It has been widely documented in the literature that financial development drives up the impact of CO2 emissions through increases in real economic activities and the consumption of polluting fossil fuel energy. However, when dealing with stock market development, such upward effects on economic growth, energy efficiency, and carbon emissions seems to give away to a positive impact especially in emerging markets. This paper contributes to this debate by exploring both the symmetric and asymmetric responses of CO2 emission to changes in stock market development indicators. Using both the panel linear and nonlinear ARDL, our results demonstrate the asymmetric effects of stock market development indicator son carbon emissions in the context of emerging markets. In particular, the long-run elasticities results suggest that positive and negative shocks on stock market indicator decreases environmental quality by increasing carbon emissions. Based on these empirical findings, this study offers some crucial policy implications. Especially, policy makers should implement strong environmental policies in emerging markets economies to reduce carbon emissions of industrial companies without significantly affecting the development of financial markets.



中文翻译:

股票市场发展、能源效率和环境质量之间的不对称关系:非线性分析

文献中广泛记载,金融发展通过增加实体经济活动和污染化石燃料能源的消耗来推高CO 2排放的影响。然而,在处理股票市场发展时,这种对经济增长、能源效率和碳排放的向上影响似乎会产生积极影响,尤其是在新兴市场。本文通过探索 CO 2的对称和不对称响应为这场辩论做出了贡献对股票市场发展指标变化的排放。使用面板线性和非线性ARDL,我们的结果证明了新兴市场背景下股票市场发展指标对碳排放的不对称影响。特别是,长期弹性结果表明股票市场指标的正负冲击通过增加碳排放来降低环境质量。基于这些实证结果,本研究提供了一些重要的政策含义。特别是,政策制定者应在新兴市场经济体实施强有力的环境政策,以减少工业企业的碳排放,同时又不显着影响金融市场的发展。

更新日期:2021-07-21
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