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    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, Muhammad
    Economists 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.
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    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, Sana
    This 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.
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    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, Sidra
    Understanding 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.