Globalization,financial development and economic growth: Perils on the environmental sustainability of an emerging economy |
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| Institution: | 1. T A Pai Management Institute, Manipal, 576104 Karnataka, India;2. Ramakrishna Mission Vidyamandira, Belur Math, Howrah, 711202 West Bengal, India;3. Indian Institute of Management Ranchi, Suchana Bhawan, Audrey House Campus, Meur''s Road, Ranchi, 834 008 Jharkhand, India;1. Department of Economics and Property, School of Economics and Finance, Curtin University, Bentley, 6102 WA, Australia;2. School of International Relations, Sun Yat-sen University, China;3. Western Australian School of Mines, School of Management, Curtin University, Perth, Australia;1. International Economics and Management Department, Graduate School of Economics and Management, Ural Federal University, Ekaterinburg, Russia;2. College of Business, Westcliff University, Irvine, CA, United States;3. Faculty of Economics, and Administrative and Social Sciences, Istanbul Gelisim University, Istanbul, Turkey;4. Department of Financial Technologies, South Ural State University, Chelyabinsk, Russia;5. School of Economics and Management, Nanchang University, China;6. Economics Department, Babcock University, Ogun State, Nigeria;1. School of Economics and Management, Southeast University, 2 Si Pai Lou, Nanjing, Jiangsu Province, 210000, China;2. National School of Development, Southeast University, 2 Si Pai Lou, Nanjing, Jiangsu Province, 210000, China;3. Research Institute of Economics and Management, Southwestern University of Finance and Economics, 55 Guanghuacun Street, Chengdu, Sichuan Province, 610074, China;4. Survey and Research Center for China Household Finance, Southwestern University of Finance and Economics, 55 Guanghuacun Street, Chengdu, Sichuan Province, 610074, China;1. Department of Economics, Lahore College for Women University, Lahore, Pakistan;2. Department of Humanities and Social Sciences, Indian Institute of Technology, Kharagpur-721302, Medinipur West Bengal, India;3. School of Management and Economics, Beijing Institute of Technology, China;4. Chief of Research Division CAREC Institute, Urmqhi, China |
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| Abstract: | The study examines the effects of globalization, financial development, economic growth, and energy consumption on environmental sustainability in India over the period 1980–2015. The novelty of the study is the assessment of environmental sustainability in a single framework encompassing globalization, financial development, and growth effects. Findings reveal that an increased level of globalization and financial development while improving economic performance are inimical to the sustainability of the environment. In the short-run, globalization, economic growth, and increased energy consumption are contributing directly to environmental degradation, while banking sector development is impacting environmental sustainability adversely through the economic growth channel. Given the severity of the findings amidst India’s tryst with economic growth, proactive policies are warranted to encourage adaptation of greener and cleaner technologies in environmentally sustainable areas. This necessitates improved institutional quality encompassing stringent environmental standards, legal systems, property rights, corruption, financial information quality, etc., alongside the provision of incentives and subsidies to manufacturing firms undertaking technological innovations and complying with the environmental standards. |
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| Keywords: | Globalization Financial development Growth Carbon dioxide emissions India |
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