Financial development and macroeconomic sustainability: modeling based on a modified environmental Kuznets curve
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- handle: 10670/1.hinrgj
- hal: hal-03052901
- doi: 10.1007/s10584-020-02914-z
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info:eu-repo/semantics/altIdentifier/doi/10.1007/s10584-020-02914-z
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Development, Sustainable Sustainable economic development Sustainable development--Environmental aspects Economic sustainability Economic development, Sustainable ESD (Ecologically sustainable development) Smart growth Ecologically sustainable development Sustainability scienceCiter ce document
Adel Ben Youssef et al., « Financial development and macroeconomic sustainability: modeling based on a modified environmental Kuznets curve », HAL-SHS : économie et finance, ID : 10.1007/s10584-020-02914-z
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Résumé
Sustainability has become an important and widely applied concept in the environmental economics literature. Despite the numerous studies employing an environmental Kuznets curve (EKC) this model has been critiqued for its incompleteness. This article builds a modified EKC model to examine the contribution of financial development for achieving sustainable development. Using data for 14 selected Middle East and North Africa (MENA) countries during 1990-2017, the empirical results show that the EKC hypothesis is valid for per capita CO 2 emissions and ecological footprint. The results provide evidence also of the presence of linear and non-linear relationships between financial development and non-sustainability and indicate that financial development is likely to have a small long-term impact on sustainable development. This suggests that current efforts aimed at protecting the environment and achieving sustainability will be ineffective given the extent of the problem.