2,352
Views
28
CrossRef citations to date
0
Altmetric
Articles

Does financial inclusion promote a green economic system? Evaluating the role of energy efficiency

, , , &
Pages 6780-6800 | Received 09 Dec 2021, Accepted 09 Mar 2022, Published online: 08 Apr 2022

References

  • Akbostancı, E., Tunç, G. İ., & Türüt-Aşık, S. (2011). CO2 emissions of Turkish manufacturing industry: A decomposition analysis. Applied Energy, 88(6), 2273–2278. https://doi.org/10.1016/j.apenergy.2010.12.076
  • Akram, R., Chen, F., Khalid, F., Ye, Z., & Majeed, M. T. (2020). Heterogeneous effects of energy efficiency and renewable energy on carbon emissions: Evidence from developing countries. Journal of Cleaner Production, 247, 119122. https://doi.org/10.1016/j.jclepro.2019.119122
  • Arora, R. U. (2020). Inclusion and financial stability. In Handbook of BRICS and emerging economies (Vol. 222, pp. 1–34). Oxford University Press.
  • Camioto, F., de, C., Rebelatto, D. A., do, N., & Rocha, R. T. (2015). Energy efficiency analysis of BRICS countries: A study using data envelopment analysis. Gestão & Produção, 23(1), 192–203. https://doi.org/10.1590/0104-530X1567-13
  • Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: A panel vector autoregressive (PVAR) analysis. Renewable Energy, 139, 198–213. https://doi.org/10.1016/j.renene.2019.01.010
  • Chen, P.-Y., Chen, S.-T., Hsu, C.-S., & Chen, C.-C. (2016). Modeling the global relationships among economic growth, energy consumption and CO2 emissions. Renewable and Sustainable Energy Reviews, 65, 420–431. https://doi.org/10.1016/j.rser.2016.06.074
  • Chen, Y., Yu, L., & Gang, J. (2021). Financial inclusion in China: An overview. Frontiers of Business Research in China, 15(1), 1–21. https://doi.org/10.1186/s11782-021-00097-7
  • Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. The European Journal of Development Research, 21(2), 213–230. https://doi.org/10.1057/ejdr.2008.17
  • Chudik, A., & Pesaran, M. H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393–420. https://doi.org/10.1016/j.jeconom.2015.03.007
  • Dorfleitner, G., & Grebler, J. (2022). Corporate social responsibility and systematic risk: International evidence. The Journal of Risk Finance, 23(1), 85–120. https://doi.org/10.1108/JRF-07-2020-0162
  • Ferrat, Y., Daty, F., & Burlacu, R. (2022). Short-and long-term effects of responsible investment growth on equity returns. The Journal of Risk Finance, 23(1), 1–13. https://doi.org/10.1108/JRF-07-2021-0107
  • Frankel, J. A., & Romer, D. H. (1999). Does trade cause growth? American Economic Review, 89(3), 379–399. https://doi.org/10.1257/aer.89.3.379
  • Franzen, A., & Mader, S. (2018). Consumption-based versus production-based accounting of CO2 emissions: Is there evidence for carbon leakage? Environmental Science & Policy, 84, 34–40. https://doi.org/10.1016/j.envsci.2018.02.009
  • Gill, A. R., Hassan, S., & Haseeb, M. (2019). Moderating role of financial development in environmental Kuznets: A case study of Malaysia. Environmental Science and Pollution Research International, 26(33), 34468–34478.
  • Gokmenoglu, K. K., & Sadeghieh, M. (2019). Financial development, CO2 emissions, fossil fuel consumption and economic growth: The case of Turkey. Strategic Planning for Energy and the Environment, 38(4), 7–28. https://doi.org/10.1080/10485236.2019.12054409
  • Guo, X., Liang, C., Umar, M., & Mirza, N. (2022). The impact of fossil fuel divestments and energy transitions on mutual funds performance. Technological Forecasting and Social Change, 176, 121429. https://doi.org/10.1016/j.techfore.2021.121429
  • Hao, L.-N., Umar, M., Khan, Z., & Ali, W. (2021). Green growth and low carbon emission in G7 countries: How critical the network of environmental taxes, renewable energy and human capital is? The Science of the Total Environment, 752, 141853. https://doi.org/10.1016/j.scitotenv.2020.141853
  • Hasanov, F. J., Khan, Z., Hussain, M., & Tufail, M. (2021). Theoretical framework for the carbon emissions effects of technological progress and renewable energy consumption. Sustainable Development, 29(5), 810–822. https://doi.org/10.1002/sd.2175
  • Hasanov, F. J., Liddle, B., & Mikayilov, J. I. (2018). The impact of international trade on CO2 emissions in oil exporting countries: Territory vs consumption emissions accounting. Energy Economics, 74, 343–350. https://doi.org/10.1016/j.eneco.2018.06.004
  • Hassan, T., Song, H., & Kirikkaleli, D. (2021). International trade and consumption-based carbon emissions: evaluating the role of composite risk for RCEP economies. Environmental Science and Pollution Research, 1, 1–21. https://doi.org/10.1007/s11356-021-15617-4
  • Hassan, T., Song, H., Khan, Y., & Kirikkaleli, D. (2022). Energy efficiency a source of low carbon energy sources? Evidence from 16 high-income OECD economies. Energy, 243, 123063. https://doi.org/10.1016/j.energy.2021.123063
  • He, Y., Fu, F., & Liao, N. (2021). Exploring the path of carbon emissions reduction in China’s industrial sector through energy efficiency enhancement induced by R&D investment. Energy, 225, 120208. https://doi.org/10.1016/j.energy.2021.120208
  • Hussaini, U., & Chibuzo, I. C. (2018). The effects of financial inclusion on poverty reduction: The moderating effects of microfinance. International Journal of Multidisciplinary Research and Development, 5(12), 188–198.
  • Ielasi, F., Rossolini, M., & Limberti, S. (2018). Sustainability-themed mutual funds: An empirical examination of risk and performance. The Journal of Risk Finance, 19(3), 247–261. https://doi.org/10.1108/JRF-12-2016-0159
  • Innovation for Poverty Action (IPA). (2017). Climate change and financial inclusion. Retrieved on September 12, 2021, from https://www.poverty-action.org/sites/default/fles/publications/Climate-Change-Financial-Inclusion_Final.pdf
  • Jalil, A. (2014). Energy–growth conundrum in energy exporting and importing countries: Evidence from heterogeneous panel methods robust to cross-sectional dependence. Energy Economics, 44, 314–324. https://doi.org/10.1016/j.eneco.2014.04.015
  • Ji, X., Chen, X., Mirza, N., & Umar, M. (2021). Sustainable energy goals and investment premium: Evidence from renewable and conventional equity mutual funds in the Euro zone. Resources Policy, 74, 102387. https://doi.org/10.1016/j.resourpol.2021.102387
  • Ji, X., Umar, M., Ali, S., Ali, W., Tang, K., & Khan, Z. (2021). Does fiscal decentralization and eco‐innovation promote sustainable environment? A case study of selected fiscally decentralized countries. Sustainable Development, 29(1), 79–88. https://doi.org/10.1002/sd.2132
  • Kaiser, L., & Welters, J. (2019). Risk-mitigating effect of ESG on momentum portfolios. The Journal of Risk Finance, 20(5), 542–555. https://doi.org/10.1108/JRF-05-2019-0075
  • Karim, S., Naeem, M. A., Mirza, N., & Paule-Vianez, J. (2022). Quantifying the hedge and safe-haven properties of bond markets for cryptocurrency indices. The Journal of Risk Finance, 23(2), 191–205. https://doi.org/10.1108/JRF-09-2021-0158
  • Khan, Z., Ali, M., Jinyu, L., Shahbaz, M., & Siqun, Y. (2020). Consumption-based carbon emissions and trade nexus: Evidence from nine oil exporting countries. Energy Economics, 89, 104806. https://doi.org/10.1016/j.eneco.2020.104806
  • Khan, Z., Ali, S., Dong, K., & Li, R. Y. M. (2021). How does fiscal decentralization affect CO2 emissions? The roles of institutions and human capital. Energy Economics, 94, 105060. https://doi.org/10.1016/j.eneco.2020.105060
  • Khezri, M., Karimi, M. S., Khan, Y. A., & Abbas, S. Z. (2021). The spillover of financial development on CO2 emission: A spatial econometric analysis of Asia-Pacific countries. Renewable and Sustainable Energy Reviews, 145, 111110. https://doi.org/10.1016/j.rser.2021.111110
  • Khobai, H., Abel, S., & Le Roux, P. (2017). A review of the nexus between energy consumption and economic growth in the brics countries. MPRA Paper No. 82462. Retrieved 17 November, 2017, from https://mpra.ub.uni-uenchen.de/82462/
  • Knight, K. W., & Schor, J. B. (2014). Economic growth and climate change: A cross-national analysis of territorial and consumption-based carbon emissions in high-income countries. Sustainability, 6(6), 3722–3731. https://doi.org/10.3390/su6063722
  • Le, T.-H., Le, H.-C., & Taghizadeh-Hesary, F. (2020). Does financial inclusion impact CO2 emissions? Evidence from Asia. Finance Research Letters, 34, 101451. https://doi.org/10.1016/j.frl.2020.101451
  • Li, J.-P., Naqvi, B., Rizvi, S. K. A., & Chang, H.-L. (2021). Bitcoin: The biggest financial innovation of fourth industrial revolution and a portfolio’s efficiency booster. Technological Forecasting and Social Change, 162, 120383. https://doi.org/10.1016/j.techfore.2020.120383
  • Liddle, B. (2018). Consumption-based accounting and the trade-carbon emissions nexus. Energy Economics, 69, 71–78. https://doi.org/10.1016/j.eneco.2017.11.004
  • Liu, N., Ma, Z., & Kang, J. (2015). Changes in carbon intensity in China’s industrial sector: Decomposition and attribution analysis. Energy Policy, 87, 28–38. https://doi.org/10.1016/j.enpol.2015.08.035
  • Liu, X., Wang, E., & Cai, D. (2019). Green credit policy, property rights and debt financing: Quasi-natural experimental evidence from China. Finance Research Letters, 29, 129–135. https://doi.org/10.1016/j.frl.2019.03.014
  • Lobato, M., Rodríguez, J., & Romero, H. (2021). A volatility-match approach to measure performance: The case of socially responsible exchange traded funds (ETFs). The Journal of Risk Finance, 22(1), 34–43. https://doi.org/10.1108/JRF-04-2020-0066
  • Loukoianova, M. E., Yang, Y., Guo, M. S., Hunter, M. L., Jahan, M. S., Jamaludin, M. F., Rawat, U., Schauer, J., Sodsriwiboon, P., & Wu, M. Y. (2018). Financial inclusion in Asia-Pacific. Departmental Papers/Policy Papers, 18(17), 139. https://doi.org/10.5089/9781484371015.087
  • Lv, Z., & Li, S. (2021). How financial development affects CO2 emissions: A spatial econometric analysis. Journal of Environmental Management, 277, 111397.
  • Mahapatra, B., & Irfan, M. (2021). Asymmetric impacts of energy efficiency on carbon emissions: A comparative analysis between developed and developing economies. Energy, 227, 120485. https://doi.org/10.1016/j.energy.2021.120485
  • Mirza, N., Naqvi, B., Rahat, B., & Rizvi, S. K. A. (2020). Price reaction, volatility timing and funds’ performance during Covid-19. Finance Research Letters, 36, 101657.
  • Naqvi, B., Mirza, N., Rizvi, S. K. A., Porada-Rochoń, M., & Itani, R. (2021). Is there a green fund premium? Evidence from twenty seven emerging markets. Global Finance Journal, 50, 100656. https://doi.org/10.1016/j.gfj.2021.100656
  • Ouyang, X., Fang, X., Cao, Y., & Sun, C. (2020). Factors behind CO2 emission reduction in Chinese heavy industries: Do environmental regulations matter? Energy Policy, 145, 111765. https://doi.org/10.1016/j.enpol.2020.111765
  • Pesaran, H. M. 2004. General diagnostic tests for cross-sectional dependence in panels. University of Cambridge, Cambridge Working Papers in Economics 435.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H. (2015). Testing weak cross-sectional dependence in large panels. Econometric Reviews, 34(6-10), 1089–1117. https://doi.org/10.1080/07474938.2014.956623
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Peters, G. P., Minx, J. C., Weber, C. L., & Edenhofer, O. (2011). Growth in emission transfers via international trade from 1990 to 2008. Proceedings of the National Academy of Sciences of the United States of America, 108(21), 8903–8908. https://doi.org/10.1073/pnas.1006388108
  • Qin, L., Raheem, S., Murshed, M., Miao, X., Khan, Z., & Kirikkaleli, D. (2021). Does financial inclusion limit carbon dioxide emissions? Analyzing the role of globalization and renewable electricity output. Sustainable Development, 29(6), 1138–1154. https://doi.org/10.1002/sd.2208
  • Renzhi, N., & Baek, Y. J. (2020). Can financial inclusion be an effective mitigation measure? Evidence from panel data analysis of the environmental Kuznets curve. Finance Research Letters, 37, 101725. https://doi.org/10.1016/j.frl.2020.101725
  • Sachs, J. D., Woo, W. T., Yoshino, N., & Taghizadeh-Hesary, F. (2019). Importance of green finance for achieving sustainable development goals and energy security. In Handbook of green finance: Energy security and sustainable development (Vol. 10, pp. 1–10).
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Mitra, S., Kyobe, A., Mooi, Y., & Yousefi, R. (2015). Financial inclusion: Can it meet multiple macroeconomic goals? International Monetary Fund. Staff Discussion Notes, 15(17), 1. https://doi.org/10.5089/9781513585154.006
  • Salahuddin, M., Alam, K., Ozturk, I., & Sohag, K. (2018). The effects of electricity consumption, economic growth, financial development and foreign direct investment on CO2 emissions in Kuwait. Renewable and Sustainable Energy Reviews, 81, 2002–2010. https://doi.org/10.1016/j.rser.2017.06.009
  • Seker, F., Ertugrul, H. M., & Cetin, M. (2015). The impact of foreign direct investment on environmental quality: A bounds testing and causality analysis for Turkey. Renewable and Sustainable Energy Reviews, 52, 347–356. https://doi.org/10.1016/j.rser.2015.07.118
  • Shahbaz, M., Abbas Rizvi, S. K., Dong, K., & Vo, X. V. (2022). Fiscal decentralization as new determinant of renewable energy demand in China: The role of income inequality and urbanization. Renewable Energy, 187, 68–80. https://doi.org/10.1016/j.renene.2022.01.064
  • Shen, Y., Su, Z.-W., Malik, M. Y., Umar, M., Khan, Z., & Khan, M. (2021). Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. The Science of the Total Environment, 755(Pt 2), 142538. https://doi.org/10.1016/j.scitotenv.2020.142538
  • Simoes, A. J. G., & Hidalgo, C. A. (2011). The economic complexity observatory: An analytical tool for understanding the dynamics of economic development. Workshops at the Twenty-Fifth AAAI Conference on Artificial Intelligence.
  • Steinberger, J. K., Roberts, J. T., Peters, G. P., & Baiocchi, G. (2012). Pathways of human development and carbon emissions embodied in trade. Nature Climate Change, 2(2), 81–85. https://doi.org/10.1038/nclimate1371
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311–323. https://doi.org/10.2307/1913012
  • Tao, R., Su, C.-W., Naqvi, B., & Rizvi, S. K. A. (2022). Can Fintech development pave the way for a transition towards low-carbon economy: A global perspective. Technological Forecasting and Social Change, 174, 121278. https://doi.org/10.1016/j.techfore.2021.121278
  • Tufail, M., Song, L., Adebayo, T. S., Kirikkaleli, D., & Khan, S. (2021). Do fiscal decentralization and natural resources rent curb carbon emissions? Evidence from developed countries. Environmental Science and Pollution Research International, 28(35), 49179–49190.
  • Ulucak, R., & Khan, S.-U. (2020). Relationship between energy intensity and CO2 emissions: Does economic policy matter? Sustainable Development, 28(5), 1457–1464.
  • Umar, M., Farid, S., & Naeem, M. A. (2022). Time-frequency connectedness among clean-energy stocks and fossil fuel markets: Comparison between financial, oil and pandemic crisis. Energy, 240, 122702. https://doi.org/10.1016/j.energy.2021.122702
  • Umar, M., Ji, X., Kirikkaleli, D., & Xu, Q. (2020). COP21 roadmap: Do innovation, financial development, and transportation infrastructure matter for environmental sustainability in China? Journal of Environmental Management, 271, 111026.
  • Umar, M., Ji, X., Mirza, N., & Naqvi, B. (2021). Carbon neutrality, bank lending, and credit risk: Evidence from the Eurozone. Journal of Environmental Management, 296, 113156.
  • Umar, M., Ji, X., Mirza, N., & Rahat, B. (2021). The impact of resource curse on banking efficiency: Evidence from twelve oil producing countries. Resources Policy, 72, 102080. https://doi.org/10.1016/j.resourpol.2021.102080
  • Umar, M., Mirza, N., Rizvi, S. K. A., & Furqan, M. (2021). Asymmetric volatility structure of equity returns: Evidence from an emerging market. The Quarterly Review of Economics and Finance. https://doi.org/10.1016/j.qref.2021.04.016
  • Umar, M., Rizvi, S. K. A., & Naqvi, B. (2021). Dance with the devil? The nexus of fourth industrial revolution, technological financial products and volatility spillovers in global financial system. Technological Forecasting and Social Change, 163, 120450. https://doi.org/10.1016/j.techfore.2020.120450
  • Usman, M., Makhdum, M. S. A., & Kousar, R. (2021). Does financial inclusion, renewable and non-renewable energy utilization accelerate ecological footprints and economic growth? Fresh evidence from 15 highest emitting countries. Sustainable Cities and Society, 65, 102590. https://doi.org/10.1016/j.scs.2020.102590
  • Wahab, S., Zhang, X., Safi, A., Wahab, Z., & Amin, M. (2020). Does energy productivity and technological innovation limit trade-adjusted carbon emissions? Economics Research Istraživanja, 1–16. https://doi.org/10.1080/1331677X.2020.1860111
  • Wang, K.-H., Su, C.-W., Lobonţ, O.-R., & Umar, M. (2021). Whether crude oil dependence and CO2 emissions influence military expenditure in net oil importing countries? Energy Policy, 153, 112281. https://doi.org/10.1016/j.enpol.2021.112281
  • Westerlund, J., & Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185–190. https://doi.org/10.1016/j.econlet.2007.03.003
  • World Bank. (2018). Financial inclusion. Retrieved September 26, 2021, from https://www.worldbank.org/en/topic/fnancialinclusion/overview#1.
  • World Bank. (2020). World Development Indicators. http://databank.worldbank.org/data/reports.aspx?source=World%20Development%20Indicators
  • Xu, Q., Umar, M., & Ji, X. (2020). Time-frequency analysis between renewable and nonrenewable energy consumption, economic growth, and CO2 emissions in the United States: Evidence from the transportation sector [Paper presentation]. In CICTP 2020 (pp. 2964–2974). https://doi.org/10.1061/9780784483053.250
  • Yan, L., Mirza, N., & Umar, M. (2021). The cryptocurrency uncertainties and investment transitions: Evidence from high and low carbon energy funds in China. Technological Forecasting and Social Change, 121326, 1–8.
  • Yang, S., Chen, Z., Umar, M., & Khursheed, A. (2022). Environmental regulation and high-quality sustainable development of China’s economy – An empirical study based on a spatial durbin model and threshold model. Economic Research-Ekonomska Istraživanja, 1–20. https://doi.org/10.1080/1331677X.2022.2035243
  • Yao, X., & Tang, X. (2021). Does financial structure affect CO2 emissions? Evidence from G20 countries. Finance Research Letters, 41, 101791. https://doi.org/10.1016/j.frl.2020.101791
  • Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics & Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
  • Yu, B., Li, C., Mirza, N., & Umar, M. (2022). Forecasting credit ratings of decarbonized firms: Comparative assessment of machine learning models. Technological Forecasting and Social Change, 174, 121255. https://doi.org/10.1016/j.techfore.2021.121255
  • Zafar, M. W., Shahbaz, M., Hou, F., & Sinha, A. (2019). From nonrenewable to renewable energy and its impact on economic growth: The role of research & development expenditures in Asia-Pacific Economic Cooperation countries. Journal of Cleaner Production, 212, 1166–1178. https://doi.org/10.1016/j.jclepro.2018.12.081
  • Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425–430. https://doi.org/10.1016/j.frl.2019.02.003
  • Zhao, B., & Yang, W. (2020). Does financial development influence CO2 emissions? A Chinese province-level study. Energy, 200, 117523. https://doi.org/10.1016/j.energy.2020.117523
  • Zhao, J., Jiang, Q., Dong, X., & Dong, K. (2021). Assessing energy poverty and its effect on CO2 emissions: The case of China. Energy Economics, 97, 105191. https://doi.org/10.1016/j.eneco.2021.105191