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Öğe Can top-pollutant economies shift some burden through insurance sector development for sustainable development?(Elsevier, 2022) Li, Xiaolong; Ozturk, Ilhan; Ullah, Sana; Andlib, Zubaria; Hafeez, MuhammadEconomists have long documented the significance of insurance markets in the development process. This study considers the nonlinear impact of insurance sector development on CO2 emissions for five high-polluting economies over data ranging from 1990 to 2019. The present study employs a panel and time series NARDL framework. We find that insurance sector development has asymmetric effects on CO2 emissions. It is inferred from the findings that a positive shock in insurance sector development increases CO2 and a negative shock in insurance sector development decreases CO2 in the long run in high-polluting economies. Regarding country-wise analysis, we also observe that a positive shock in insurance sector development increases CO2 in the USA, Russia and Japan, but a negative insurance sector development shock decreases CO2 in the USA and India in the long run The results recommend some important policy implications. (C) 2022 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.Öğe Considering the asymmetric effect of financial deepening on environmental quality in BRICS economies: Policy options for the green economy(Elsevier Sci Ltd, 2022) Li, Xiaolong; Ozturk, Ilhan; Majeed, Muhammad Tariq; Hafeez, Muhammad; Ullah, SanaThis study aims to estimate the nexus between financial deepening and environmental quality in Brazil, Russia, India, China, and South Africa (BRICS) economies by using the data over 1990-2019. For analysis, we relied on panel linear and nonlinear autoregressive distributed lag (ARDL). Three different variables i.e. financial deepening index, financial institution deepening, and financial market deepening are used to represent financial deepening in BRICS countries. In the long run, our linear models confirmed the positive role of financial deepening in improving environmental quality. Conversely, the symmetric estimates of financial institution deepening and financial market deepening are positively significant implying that both these measures cause the CO2 emissions to rise, thus hurts the environmental quality in BRICS in long run. In the non-linear models, the positive shock in all the measures of financial deepening increases the CO2 emissions while the negative shock deteriorates the CO2 emissions, in all three models, in the long run. In the short-run, the variables of financial deepening provide mixed results during linear and non-linear analysis. Moreover, CO2 emissions respond asymmetrically to a positive and negative change in financial deepening in the long run only. Although financial deepening in the BRICS economies helps reduce the CO2 emissions, the BRICS are still among the top ten emitters of the world. Therefore, the role of financial deepening should be further enhanced in achieving a sustainable environment.Öğe Does green environmental policy promote renewable energy consumption in BRICST? Fresh insights from panel quantile regression(Routledge Journals, Taylor & Francis Ltd, 2022) Li, Xiaolong; Ozturk, Ilknur; Syed, Qasim Raza; Hafeez, Muhammad; Sohail, SidraUnderstanding the aspects of renewable energy consumption is important because it contains low-carbon emissions, which could significantly reduce global greenhouse gas emissions. Little research is done on exploring the factors of renewable energy consumption. The primary objective of this study is to examine the impact of the green environmental policy on renewable energy consumption in the BRICST economies over data ranging from 1991 and 2019 by using panel quantile regression. The fixed-effects and quantile regressions confirm the positive effects of economic growth and non-renewable energy on renewable energy consumption. In contrast, the consumer price index and CO2 hurt the renewable energy consumption in the BRICST economies. The estimate of the environmental policy stringency appears to be negative and insignificant in the fixed-effects model. On the other side, the estimates of the environmental stringency index appear to be positively significant from the 10th-40th quantiles and negatively significant from 50th-90th quantiles. Robust policy implications of our outcomes are also discussed.Öğe Testing EKC hypothesis with energy and sustainable development challenges: a fresh evidence from belt and road initiative economies(SPRINGER HEIDELBERG, 2018) Rauf, Abdul; Liu, Xiaoxing; Amin, Waqas; Öztürk, İlhan; Rehman, Obaid Ur; Hafeez, MuhammadDiverse impact of greenhouse gasses (GHGs) over the landscape of environment is generally believed in literature. As CO2 emission acutely leads to GHGs is a major contributor for global warming, it creates a serious pressure on natural resources and ecological settings. Similarly, low-carbon (CO2) economy, plenty of energy resources, and sustainable growth are a big ask for worldwide economies in this era of mechanization. This paper analyzes the Environmental Kuznets Curve (EKC) hypothesis, for Belt and Road Initiative (BRI) economies, to contend the role of mega projects in BRI as an attribute for ecological detriments. The on-hand study engages fresh data information ranging from 1981 to 2016 holding with heterogeneity and cross-sectional dependence as a special deliberation. The calculated outcomes expose that, mean group estimator provides strong evidence and favor the existence of EKC approximately in every region. The long-run influence is measured by pooled mean group estimators, which shows significant outcomes in every region; additionally, the EKC hypothesis affirmed in the long run especially for developed economies. Mega projects, i.e., BRI requisite immense energy sources to accomplishing the enclosed projects efficiently and effectively. The positive association between carbon emission and energy consumption troubled the governments to make policies for restraining the magnitude of carbon emission and controls energy usage for enduring environment to its original position. Next, the valuations depicted the dense recommendations for state administrations in capacity of rigorous level supremacy, trash managing campaigns, renewable energy reliance, and advance for desirable judgments to sterilize the atmosphere.
