Abstract
This work aims to contribute to the existing literature by investigating at the impact of financial development on ecological footprint. To achieve this goal, we have employed Driscoll-Kraay panel regression model for a panel of 59 Belt and Road countries in the period from 1990 to 2016. The findings suggest that financial development increases ecological footprint. Moreover, economic growth, energy consumption, foreign direct investment (FDI), and urbanization pollute the environment by increasing ecological footprint. In addition, several diagnostic tests have been applied to confirm the reliability and validity of the results. From the outcome of the study, various policy implications have been proposed for Belt and Road countries to minimize the ecological footprint.
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Acknowledgment
The authors want to say thanks to the Editor Dr. Philippe Garrigues as well as to the two anonymous referees for providing valuable suggestions, which substantially improved this article.
Funding
The study is supported by the Projects of the National Social Science Foundation of China (No: 15XJL006).
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Baloch, M.A., Zhang, J., Iqbal, K. et al. The effect of financial development on ecological footprint in BRI countries: evidence from panel data estimation. Environ Sci Pollut Res 26, 6199–6208 (2019). https://doi.org/10.1007/s11356-018-3992-9
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DOI: https://doi.org/10.1007/s11356-018-3992-9