The non-linear relationship between globalization, financial development and energy consumption: Evidence from BRICS economies.

In the era of globalization, financial development plays a key role in socioeconomic and environmental development. However, its adverse consequences on human life, environmental hazards, and high energy consumption cannot be ignored. Thus, this study investigates the non-linear relationship between globalization, financial development, and energy consumption for BRICS economies. In doing so, we have applied second-generation tests to identify cross-sectional dependence in the data. Cross-sectional augmented Dickey-Fuller (CADF) and Cross-sectional Im-Pesaran Shin (CIPS) have been performed to find the stationary level of variables. The long-term equilibrium link between the investigated variables has been established in continuance using the Westerlund Cointegration test. The Dynamic Seemingly Unrelated Regression (DSUR) indicates that U-shaped relationships exist for financial development and globalization with energy consumption. Conversely, there is an inverted U-shaped relationship exist between economic growth and energy consumption in BRICS. The Dumitrescu-Hurlin panel causality test findings show that a unidirectional link runs from energy consumption to financial development, economic growth to energy consumption, and globalization towards energy usage. Important policy implications have also been discussed.

Nexuses between carbon emissions, trade openness, transport services, globalization index, and growth in China: targeting the sustainable development goals.

Since the end of the twentieth century, the world has observed a considerable upsurge in carbon emissions as several countries have surfaced as industrial centers and production monsters worldwide. The present study contributes to the existing literature examining the effects of carbon-based emissions, industrial value added, trade openness, transport services, railway lines, and globalization index on per capita GDP growth in China. The study covers a period of 40 years, from 1982 to 2021, introducing the impact of railway transport on GDP growth in contemporary environmental empirics. A vector error correction model (VECM) was applied to achieve the study's envisaged objectives. The findings of this study reveal that carbon emissions are responsible for the reduction of per capita GDP growth in China. On the contrary, industrial value added, transport services, railway lines, and globalization index positively support the per capita GDP growth-dependent variable. The study proposes that pragmatic policies are needed to control pollution resulting from carbon emissions. The eventual effect of maintaining greenhouse gases is expected to assist in achieving sustainable growth of per capita GDP leading to the accomplishment of sustainable development goals in the economy.

Re-examining the nexuses of communicable diseases, environmental performance, and dynamics of sustainable Development in OECD countries.

We investigate the determinants of communicable diseases (CDs) and nexus of financial development, economic development, and renewable energy consumption to address the issues of ecological footprint level, the impacts of communicable diseases (CDs), and economic growth of the OECD countries throughout 2000-2019. The results from FMOLS and DOLS reveal that the levels of financial development, energy consumption, and trade volume significantly contribute to overcoming the death toll occurring due to CDs. As regards the growth function, the level of trade in the economy is significantly associated with economic growth. The findings reveal that the improvements and developments in the financial sectors and trading activities cause a reduction in the infection cases represented by COVID-19. In contrast, economic growth does have a negative but insignificant impact upon COVID-19. We conclude that sound financial development combined with economic and environmental regulations could be strategically helpful to cope with CDs.

Re-investigating the nexuses of renewable energy, natural resources and transport services: a roadmap towards sustainable development.

We investigate the impact of renewable energy and green practices (RE), transportation services and infrastructure (T.S.), GDP growth (GDP), and forestry and natural resources (AFF) on the sustainable tourism development in the Eastern European Countries (EECs). The study employed cross-sectional dependence and and CIPS unit root test to check stationarity along with the dynamic common correlated effect (DCCE) model proposed by Chudik and Pesaran (2015) to test parameters for ensuring robustness. The outcome of DCCE method suggests that renewable energy (RE), Transport Services (T.S.), Agriculture, Forestry and Fishing (AFF), and economic growth (GDP) have a significantly positive impact on international tourism in the sampled countries of Europe. Our findings could be insightful for policymakers and understanding the impact of renewable energy and transportation services on tourism development, and thereby help in taking appropriate policy measures in the sampled countries.