Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2019 | 13 | nr 3 | 363--374
Tytuł artykułu

Financial Development, Market Freedom, Political Stability, Economic Growth and CO2 Emissions : an Unexplored Nexus in ASEAN Countries

Treść / Zawartość
Warianty tytułu
Języki publikacji
The prime objective of the current study is to explore the nexus among financial development, market freedom, political stability, economic growth and CO2 emissions in ASEAN countries. The present study has attempted to examine the asymmetric association among financial development, CO2 emissions, and economic growth. The data for the variables are obtained from the World Bank. The CO2 emission is measured in kilotons. The Johansen cointegration technique has been used for analyzing the long-term association. The results of the political freedom model indicate that in countries where there will be political stability, their CO2 emission will be low. A number of research papers have investigated the relationship between the environment and political freedom. A positive relationship has been found by most of the studies; however, these studies have not taken CO2 emissions into account. The probability of making agreements at international conferences is directly linked with the political freedom to lower the level of global pollutants. This study proves that the implementation of such agreements has started recently and a significant impact of political freedom on emissions cannot yet be finalized with the limited data available. Financial development appears to have a significant relationship with carbon emission. This study will be helpful for policymakers and researchers in understanding the issues related to financial development, market freedom, political stability, and economic growth and CO2 emissions in ASEAN countries. (original abstract)
Opis fizyczny
  • Taylor's University, Malaysia
  • Suan Sunandha Rajabhat University, Thailand
  • Chulalongkorn University, Thailand
  • Abula, M., & Adebayo, J. (2016). An Economic Evaluation of the Effectiveness of Fiscal and Monetary Policies as Tools for Poverty Reduction in Nigeria, 1990-2014. International Journal of Agricultural and Veterinary Sciences (IJAVS), 2(1), 38-45.
  • Adams, S., & Klobodu, E. K. M. (2017). Urbanization, democracy, bureaucratic quality, and environmental degradation. Journal of Policy Modeling, 39(6), 1035-1051.
  • Al-Mulali, U., Saboori, B., & Ozturk, I. (2015). Investigating the environmental Kuznets curve hypothesis in Vietnam. Energy Policy, 76, 123-131.
  • Andersson, F. N. (2018). International trade and carbon emissions: The role of Chinese institutional and policy reforms. Journal of environmental management, 205, 29-39.
  • Beeson, M. (2018). Coming to terms with the authoritarian alternative: The implications and motivations of China's environmental policies. Asia & the Pacific Policy Studies, 5(1), 34-46.
  • Belbasis, L., Dosis, V., & Evangelou, E. (2018). Elucidating the environmental risk factors for rheumatic diseases: An umbrella review of meta-analyses. International journal of rheumatic diseases, 21(8), 1514-1524.
  • Bernard, J. T., Gavin, M., Khalaf, L., & Voia, M. (2015). Environmental Kuznets curve: Tipping points, uncertainty and weak identification. Environmental and Resource Economics, 60(2), 285-315.
  • Chow, G. C., & Li, J. (2014). Environmental Kuznets curve: conclusive econometric evidence for CO2. Pacific Economic Review, 19(1), 1-7.
  • Dalby, S. (2015). Climate geopolitics: Securing the global economy. International Politics, 52(4), 426-444.
  • Dryzek, J. S. (2013). The politics of the earth: Environmental discourses: Oxford, UK: Oxford University Press.
  • Enders, W. (2004). Applied Econometric Times Series: And Rats Handbook for Econometric Time Series (2nd ed.). New York, NY: John Wiley & Sons.
  • Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: journal of the Econometric Society, 55(2), 251-276.
  • Fankhauser, S., Gennaioli, C., & Collins, M. (2015). The political economy of passing climate change legislation: Evidence from a survey. Global Environmental Change, 35, 52-61.
  • Fiedlschuster, M. (Ed.). (2018). Globalization, EU Democracy Assistance and the World Social Forum. Concepts and Practices of Democracy. Cham: Palgrave Macmillan.
  • Fredriksson, P. G., & Neumayer, E. (2013). Democracy and climate change policies: Is history important? Ecological Economics, 95, 11-19.
  • Freedom House. (2019). Table of country score, freedom in world 2018. Retrieved from
  • Hart, K., Baldock, D., & Tucker, G. (2018). Ideas for Defining Environmental Objectives and Monitoring Systems for a Results-Oriented CAP Post 2020. Brussels: The Institute for European Environmental Policy.
  • Haseeb, M., Hussain, H.I., Kot, S., Androniceanu, A., Jermsittiparsert, K. (2019). Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14).
  • Howes, M. (2017). Political values, reflexivity and environment protection institutions government reformed. In: J. Fleming (Ed.), Government reformed. Values and new political institutions (pp. 141-158): Routledge.
  • Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration-with applications to the demand for money. Oxford Bulletin of Economics and statistics, 52(2), 169-210.
  • Liu, K., Huisingh, D., Zhu, J., Ma, Y., O'Connor, D., & Hou, D. (2018). Farmers' perceptions and adaptation behaviours concerning land degradation: A theoretical framework and a case-study in the Qinghai-Tibetan Plateau of China. Land degradation & development, 29(8), 2460-2471.
  • Mironiuc, M., & Huian, M. C. (2017). Empirical study on the interdependence between environmental wellbeing, financial development and economic growth. Environmental Engineering & Management Journal (EEMJ), 16(11), 2625-2635.
  • Mukherjee, S., & Chakraborty, D. (2013). Is environmental sustainability influenced by socioeconomic and sociopolitical factors? Cross-country empirical evidence. Sustainable Development, 21(6), 353-371.
  • Omri, A., Daly, S., Rault, C., & Chaibi, A. (2015). Financial development, environmental quality, trade and economic growth: What causes what in MENA countries? Energy Economics, 48, 242-252.
  • Özokcu, S., & Özdemir, Ö. (2017). Economic growth, energy, and environmental Kuznets curve. Renewable and Sustainable Energy Reviews, 72, 639-647.
  • Panayotou, T. (2000, July). Economic growth and the environment (Working Paper No. 56). Center for International Development at Harvard University. Retrieved from
  • Policardo, L. (2015). Democratization, environmental and income inequality. Environment and Development Economics, 20(6), 813-835.
  • Saboori, B., Sulaiman, J., & Mohd, S. (2016). Environmental Kuznets curve and energy consumption in Malaysia: A cointegration approach. Energy Sources, Part B: Economics, Planning, and Policy, 11(9), 861-867.
  • Spilker, G., Koubi, V., & Bernauer, T. (2017). International political economy and the environment. Oxford Research Encyclopedia of Politics. Oxford, UK: Oxford University Press.
  • Stern, D. I. (2004). The environmental Kuznets curve. In: A. Bisio (Ed.), Encyclopedia of Energy (Vol. 49, pp. 517-525). New York, NY: Elsevier.
  • Sugiawan, Y., & Managi, S. (2016). The environmental Kuznets curve in Indonesia: Exploring the potential of renewable energy. Energy Policy, 98, 187-198.
  • The World Bank Group (2014). Carbon Dioxide Information Analysis Center, Environmental Sciences Division, Oak Ridge National Laboratory, Tennessee, United States. Retrieved from
  • Tvaronavičienė, M. (2018). Preconditions of sustainable entrepreneurship: Estimating of Brexit scenarious impact on macroeconomic environment. Polish Journal of Management Studies, 17(2), 222-234.
  • Wang, J., Wei, X., & Guo, Q. (2018). A three-dimensional evaluation model for regional carrying capacity of ecological environment to social economic development: Model development and a case study in China. Ecological indicators, 89, 348-355.
  • Wang, M., & Feng, C. (2017). Decomposition of energy- related CO2 emissions in China: an empirical analysis based on provincial panel data of three sectors. Applied energy, 190, 772-787.
  • Wu, H. C., Li, M. Y., & Li, T. (2018). A study of experiential quality, experiential value, experiential satisfaction, theme park image, and revisit intention. Journal of Hospitality & Tourism Research, 42(1), 26-73.
  • You, W. H., Zhu, H. M., Yu, K., & Peng, C. (2015). Democracy, financial openness, and global carbon dioxide emissions: heterogeneity across existing emission levels. World Development, 66, 189-207.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.