Does higher economic and financial development lead to environmental degradation

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1、ARTICLEINPRESSEnergyPolicy37(2009)246–253ContentslistsavailableatScienceDirectEnergyPolicyjournalhomepage:www.elsevier.com/locate/enpolDoeshighereconomicandfinancialdevelopmentleadtoenvironmentaldegradation:EvidencefromBRICcountriesArturTamazian,JuanPin˜eiroChousa,KrishnaCha

2、itanyaVadlamannatiDepartmentofFinancialEconomicsandAccounting,UniversityofSantiagodeCompostela,SantiagodeCompostela,SpainarticleinfoabstractArticlehistory:AvastnumberofstudiesaddressedtheenvironmentaldegradationandeconomicdevelopmentbutnotReceived11July2008financialdevelopmen

3、t.Moreover,asarguedbyStern[2004.TheriseandfalloftheenvironmentalAccepted25August2008Kuznetscurve.WorldDevelopment32,1419–1439]theypresentimportanteconometricweaknesses.Availableonline17October2008Usingstandardreduced-formmodelingapproachandcontrollingforcountry-specificunobse

4、rvedKeywords:heterogeneity,weinvestigatethelinkagebetweennotonlyeconomicdevelopmentandenvironmentalEconomicdevelopmentqualitybutalsothefinancialdevelopment.Paneldataoverperiod1992–2004isused.WefindthatbothFinancialdevelopmenteconomicandfinancialdevelopmentaredeterminantsoftheen

5、vironmentalqualityinBRICeconomies.EnvironmentaldegradationWeshowthathigherdegreeofeconomicandfinancialdevelopmentdecreasestheenvironmentaldegradation.OuranalysissuggeststhatfinancialliberalizationandopennessareessentialfactorsfortheCO2reduction.Theadoptionofpoliciesdirectedtofi

6、nancialopennessandliberalizationtoattracthigherlevelsofR&D-relatedforeigndirectinvestmentmightreducetheenvironmentaldegradationincountriesunderconsideration.Inaddition,therobustnesschecktroughtheinclusionofUSandJapandoesnotalterourmainfindings.&2008ElsevierLtd.Allrightsreserv

7、ed.1.IntroductionfolloworwhetheritislikelytotranslateintorisingCO2emissionsoverthelongerterm.KeypolicyobjectiveofinternationaleffortstomitigatetheInaddition,duringthelastdecadetheenvironmentalKuznetsadverseeffectsofglobalclimatechangeisthereductionofglobalcurve(EKC)hypothesi

8、shasgainedincreasingpopularityinCO2emissions.Thesuccessoftheseeffortsdepend