1,286
Views
34
CrossRef citations to date
0
Altmetric
Articles

The role of globalization in financial development, trade openness and sustainable environmental -economic growth: evidence from selected South Asian economies

, , , ORCID Icon, &
Pages 1027-1044 | Received 17 Sep 2020, Accepted 07 Dec 2020, Published online: 29 Dec 2020

References

  • Agbetsiafia, D. 2004. “The Finance Growth Nexus: Evidence from Sub-Saharan Africa.” Savings and Development 28 (3): 271–288.
  • Anwar, S., and S. Sun. 2011. “Financial Development, Foreign Investment and Economic Growth in Malaysia.” Journal of Asian Economics 22 (4): 335–342.
  • Arellano, M., and O. Bover. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Models.” Journal of Econometrics 68 (1): 29–51.
  • Arif, A., and M. S. Shabbir. 2019. “Common Currency for Islamic Countries: is it Viable?” Transnational Corporations Review 11 (3): 222–234.
  • Bai, J., and S. Ng. 2004. “A PANIC Attack on Unit Roots and Cointegration.” Econometrica 72: 1127–1177.
  • Baloch, M. A., Meng, F. Danish, J. Zhang, and Z. Xu. 2018. “Financial Instability and CO2 Emissions: the Case of Saudi Arabia.” Environmental Science and Pollution Research 25: 26030–26045. doi:10.1007/s11356-018-2654-2.
  • Baloch, M. A., J. Zhang, K. Iqbal, and Z. Iqbal. 2019. “The Effect of Financial Development on Ecological Footprint in BRI Countries: Evidence from Panel Data Estimation.” Environmental Science and Pollution Research 26, doi:10.1007/s11356-018-3992-9.
  • Baloch, M. A., I. Ozturk, F. V. Bekun, and D. Khan. 2020. “Modeling the Dynamic Linkage Between Financial Development, Energy Innovation, and Environmental Quality: Does Globalization Matter?” Business Strategy and Environmental (BSE) 2615. doi:10.1002/bse.2615.
  • Blackburne, E. F., and M. W. Frank. 2007. “Estimation of Non-Stationary Heterogeneous Panels.” Stata Journal 7: 197–208.
  • Blundell, R., and S. Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–143.
  • Breusch, T. S., and A. R. Pagan. 1980. “The Lagrange Multiplier Test and its Application to Model Specifications in Econometrics.” Review of Economic Studies 47: 239–253.
  • Catao, L. A. V., and M. E. Terrones. 2005. “Fiscal Deficits and Inflation.” Journal of Monetary Economics 52: 529–554.
  • Christopoulos, D. K., and E. G. Tsionas. 2004. “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests.” Journal of Development Economics 73 (1): 55–74.
  • De Gregorio, J., and P. Guidotti. 1995. “Financial Development and Economic Growth.” World Development 23 (3): l433–l448.
  • Dheerasinghe, K. G. D. D. 2012. Recent Trends in the Emerging Economy of Sri Lanka.60th Anniversary Commemorative Volume of the Central Bank of Sri Lanka: 1950–2010.
  • Eaton, J., and S. Kortum. 1996. “Trade in Ideas Patenting and Productivity in OECD.” Journal of International Economics 40: 251–278.
  • Fase, M. M., and R. C. N. Abma. 2003. “Financial Environment and Economic Growth in Selected Asian Countries.” Journal of Asian Economics 14 (1): 11–21.
  • Greenwood, J., and B. D. Smith. 1997. “Financial Markets in Development and the Development of Financial Markets.” Journal of Economic Dynamics and Control 21 (1): 145–182.
  • Gries, T., M. Kraft, and D. Meierrieks. 2009. “Linkages Between Financial Deepening, Trade Openness and Economic Development: Causality Evidence from sub-Saharan Africa.” World Development 37 (12): 1849–1860.
  • Habibullah, M. S., and Y. K. Eng. 2006. “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries.” Journal of the Asia Pacific Economy 11 (4): 377–393.
  • Hall, R., and C. Jones. 1999. “Why do Some Countries Produce Somuchmore Output per Workerthan Others?” Quarterly Journal of Economics 114: 83–116.
  • Im, K. S., M. H. Pesaran, and Y. Shin. 2003. “Testing for Unit Roots in Heterogeneous Panels.” Journal of Economics 115 (1): 53–74.
  • 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. doi:10.1016/j.eneco.2014.04.015.
  • Kim, D. H., S. C. Lin, and Y. B. Suen. 2010. “Dynamic Effects of Trade Openness on Financial Development.” Economic Modelling 27 (1): 254–261.
  • King, R. G., and R. Levine. 1993. “Finance, Entrepreneurship and Growth.” Journal of Monetary Economics 32 (3): 513–542.
  • King, R. G., and R. Levine. 1993a. “Finance and Growth: Schumpeter Might Be Right.” The Quarterly Journal of Economics 108 (3): 717–737.
  • Maddala, G. S., and S. Wu. 1999. “A Comparative Study of Unit Root Tests with Panel Data and a new Simple Test.” Oxford Bulletin of Economics and Statistics 3: 631–652. (special issue).
  • McKinnon, R. I. 1973. Money and Capital in Economic Development. Washington, DC: Brookings Institution.
  • Menyah, K., S. Nazlioglu, and Y. Wolde-Rufael. 2014. “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from a Panel Causality Approach.” Economic Modelling 37: 386–394. doi:10.1016/j.econmod.2013.11.044.
  • Muhammad, I., M. S. Shabbir, S. Saleem, K. Bilal, and R. Ulucak. 2020. “Nexus Between Willingness to pay for Renewable Energy Sources: Evidence from Turkey.” Environmental Science and Pollution Research 2: 1–15.
  • Ndikumana, L. 2000. “Financial Determinants of Domestic Investment in Sub-Saharan Africa: Evidence from Panel Data.” World Development 28 (2): 381–400.
  • Nguyen, V. K., M. S. Shabbir, M. S. Sail, and T. H. Thuy. 2020. “Does Informal Economy Impede Economic Growth? Evidence from an Emerging Economy.” Journal of Sustainable Finance & Investment 1: 11–23. doi:10.1080/20430795.2020.1711501.
  • Parente, S. L., and E. C. Prescott. 1994. “Barriers to Technology Adoption and Development.” Journal ofPolitical Economy 102: 298–321.
  • Perera, A., and J. Wickramanayake. 2012. “Financial Integration in Selected South Asian Countries.” South Asian Journal of Global Business Research 1 (2): 210–237.
  • Pesaran, M. H. 2004. General Diagnostic Tests for Cross Section Dependence in Panels. CESifo Working Paper No. 1229.
  • Pesaran, M. H. 2007. “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence.” Journal of Applied Economics 22: 265–312.
  • Pesaran, M. H., Y. Shin, and R. P. Smith. 1999. “Pooled Mean Group Estimation of Dynamic Heterogeneous Panels.” Journal of the American Statistical Association 94: 621–634.
  • Pesaran, H. M., and R. Smith. 1995. “Estimating Long-run Relationships from Dynamic Heterogeneous Panels.” Journal of Economics 68: 79–113.
  • Pesaran, M. H., and T. Yamagata. 2008. “Testing Slope Homogeneity in Large Panels.” Journal of Economics 142: 50–93.
  • Phillips, P. C., and H. R. Moon. 2000. “Nonstationary Panel Data Analysis: an Overview of Some Recent Developments.” Econometric Reviews 19: 263–286.
  • Protocol, K. 1997. United Nations Framework Convention on Climate Change (vol. 19). Kyoto: Kyoto Protocol, 497.
  • Robinson, J. 1952. The Rate of Interest and Other Essays. London: Macmillan.
  • Sahoo, P., and R. K. Dash. 2013. “Financial Sector Development and Domestic Savings in South Asia.” Economic Modelling 33: 388–397.
  • Saleem, H., M. S. Shabbir, B. Khan, S. Aziz, M. M. Husin, and B. A. Abbasi. 2020. “Estimating the key Determinants of Foreign Direct Investment Flows in Pakistan: New Insights Into the co-Integration Relationship.” South Asian Journal of Business Studies 4: 1–15.
  • Saleem, H., M. Shahzad, M. B. Khan, and B. A. Khilji. 2019. “Innovation, Total Factor Productivity and Economic Growth in Pakistan: A Policy Perspective.” Journal of Economic Structures 8 (1): 7.
  • Samimi, P., and H. S. Jenatabadi. 2014. “Globalization and Economic Growth: Empirical Evidence on the Role of Complementarities.” PLoS One 9 (4): e87824. doi:10.1371/journal.pone.0087824.
  • Sekkat, K., and M. A. Veganzones-Varoudakis. 2007. “Openness, Investment Climate, and FDI in Developing Countries.” Review of Development Economics 11 (4): 607–620.
  • Shabbir, M. S. 2016. “Contributing Factors of Inland Investment.” Global Journal of Management and Business Research 2: 32–41.
  • Shabbir, M. S. 2017. “Women on Corporate Boards and Firm Performance.” Results from Italian Companies. American Based Research Journal 6 (9).
  • Shabbir, M. S. 2018. “The Determination of Money: A Comparative Analysis of Zakat (Alms) and Income Tax Payers among Selected ASEAN Countries.” Global Review of Islamic Economics and Business 6 (1): 051–061.
  • Shabbir, M. S. 2018. “Privatization Predicament and Shari’ah Compliant Alternate Solutions.” Kashmir Economic Review 27 (1): 24–35.
  • Shabbir, M. S. 2019. “Nexus Between Customer Preference and Operation of Conventional Banks Islamic Windows in Pakistan.” Journal of Islamic Marketing.
  • Shabbir, M. S. 2020. “Human Prosperity Measurement Within the Gloom of Maqasid Al-Shariah.” Global Review of Islamic Economics and Business 7 (2): 105–111.
  • Shabbir, M. S., E. Aslam, A. Irshad, K. Bilal, S. Aziz, B. A. Abbasi, and S. Zia. 2020. “Nexus Between Corporate Social Responsibility and Financial and non-Financial Sectors’ Performance: a non-Linear and Disaggregated Approach.” Environmental Science and Pollution Research 2: 16–25. doi:10.1007/s11356-020-09972-x.
  • Shabbir, M. S., and O. Wisdom. 2020. “The Relationship Between Corporate Social Responsibility, Environmental Investments and Financial Performance: Evidence from Manufacturing Companies.” Environmental Science and Pollution Research 3: 1–12. doi:10.1007/s11356-020-10217-0.
  • Shahbaz, M. 2012. “Does Trade Openness Affect Long Run Growth? Cointegration, Causality and Forecast Error Variance Decomposition Tests for Pakistan.” Economic Modelling 29 (6): 2325–2339.
  • Shan, J. 2005. “Does Financial Development “Lead” Economic Growth? A Vector Autoregression Appraisal.” Applied Economics 37 (12): 1353–1367.
  • Smarzynska Javorcik, B. 2004. “Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages.” American Economic Review 94 (3): 605–627.
  • State Bank of Pakistan. 2002. Pakistan: Financial Sector Assessment 1990-2000. Karachi: State Bank of Pakistan.
  • Swamy, P. A. V. 1970. “Efficient Inference in a Random Coefficient Regression Model.” Econometrica 38: 311–323.
  • Tsai, P. L. 1994. “Determinants of Foreign Direct Investment and its Impact on Economic Growth.” Journal of Economic Development 19 (1): 137–163.
  • Urbain, J., and J. Westerlund. 2006. Spurious regression in nonstationary panels with cross unit cointegration. METEOR Research Memorandum No. 057.
  • Westerlund, J. 2007. “Testing for Error Correction in Panel Data.” Oxford Bulletin of Economics and Statistics 69: 709–748.
  • Wolde-Rufael, Y. 2009. “Re-examining the Financial Development and Economic Growth Nexus in Kenya.” Economic Model 26 (6): 1140–1146.
  • Xu, Z., M. A. Baloch, Meng, F. Danish, J. Zhang, and Z. Mahmood. 2018. “Nexus Between Financial Development and CO2 Emissions in Saudi Arabia: Analyzing the Role of Globalization.” Environmental Science and Pollution Research 25: 28378–28390. doi:10.1007/s11356-018-2876-3.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.