Nexus between financial developments, renewable energy consumption and environmental sustainability in Bangladesh: Evidence from ARDL and NARDL
School of Business and Economics, United International University, Bangladesh.
Research Article
World Journal of Advanced Research and Reviews, 2023, 18(01), 1097–1113
Publication history:
Received on 14 March 2023; revised on 24 April 2023; accepted on 26 April 2023
Abstract:
The goal of this research was to examine the effects of Bangladesh’s economic growth, trade liberalization, renewable energy consumption, financial development, and FDI on environmental sustainability from 1990 to 2019. Both the combined cointegration and Makki cointegration tests and the cointegration test with symmetry and asymmetry found evidence of long-run cointegration between the explained and explanatory factors. As shown by the coefficients of FD, TO, and FDI, population haven theory suggests that FD, TO, and FDI have hastened environmental deterioration in Bangladesh. Furthermore, the asymmetric evaluation revealed the nonlinear association between explained and explanatory factors throughout the long and short term.
Keywords:
Renewable Energy Consumption; Financial Development; Trade Openness; FDI; Environmental sustainability; ARDL; NARDL
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