Does economic complexity help in achieving environmental sustainability? New empirical evidence from N-11 countries.

In view of the SDGs argued by UNO, it is vital to address the pressing issues regarding sustainable development. The aim of current study is to investigate the impact of economic complexity (ECC) on environmental sustainability. To achieve this aim, we sampled the 25 years of data of Next-11 countries over the period 1995 to 2019. The economic complexity was measured by the economic complexity index (ECI) while environmental sustainability was measured by two proxy variables including CO2 and greenhouse gas (GHG) emissions. The empirical analysis was established by utilizing the unit root test, cointegration test, FMOLS (fully modified OLS) and DOLS (dynamic OLS) models. The estimated coefficient values disclosed that ECC has a negative and statistically significant relationship with both CO2 and GHG emissions in the long run, implying that ECC ensured environmental sustainability. In addition, the analysis reveals that financial development has a negative while economic growth and energy imports have a positive and statistically significant association with both CO2 and GHG emissions. The findings of the current study suggested an important policy regarding the focus on ECC for achieving environmental sustainability in underlying economies. This study provides robustness to the existing literature in alternative data settings (N-11 countries) and by the unique objective of focusing on environmental sustainability.

Examining the nonlinear impact of human capital on environmental degradation in N-11 countries: an application of the PSTR approach.

The emergence of globalization and human capital has played a crucial role in the economic integration of countries, leading to the growth of the economies and a reduction in carbon dioxide (CO2) emissions. This study highlights the importance of investing in human capital development to control ecological degradation and promote sustainable economic growth. This paper employs the PSTR method to investigate the threshold impact of GDP, globalization, information communication technology, and energy consumption on CO2 emissions. The study examines two regimes, with a single threshold to analyze the transition of human capital on these variables. The results reveal that human capital developments play a central role in controlling ecological degradation due to reduced CO2 emissions. Based on the empirical findings, this research study offers corresponding policy suggestions.

Exploring the roles of green finance and environmental regulations on CO2es: defining the roles of social and economic globalization in the next eleven nations.

Achieving sustainable environmental growth and preventing further environmental degradation are challenging goals for policymakers. This study looks at environmental laws and green finance's role in fostering a more sustainable environment. The literature still needs to empirically or theoretically investigate how environmental laws and green financing affect carbon dioxide (CO2) emissions, particularly when combined with moderating factors such as social and economic globalization. As a result, this study investigates how environmental laws and green funding can help the N-11 nations cut their CO2 emissions. Our research uses empirical data from a group of the N-11 nations that span the years 2000 to 2019. To handle issues with panel data analysis, such as cross-sectional dependence and slope heterogeneity, we use advanced panel approaches (CIPS and CADF unit root and cointegration test and cross-sectional augmented ARDL). This research demonstrates that green financing (GFI) and environmental laws (ENV) have a negative but significant effect on CO2 emissions. While social globalization moderates the causal relationship between energy consumption and GDP while negatively and significantly causing GFI and ENV with CO2 emissions among the N-11 countries, economic growth has had a positive and significant effect on CO2 emissions in the N-11 countries. According to our research, nations could achieve the SDG-7 and SDG-13 goals if they adopted green financial and environmental policies.

Environmental sustainability through renewable energy and banking sector development: policy implications for N-11 countries.

Climate change has become an alarming condition for developed and developing countries. The main reason for this is the use of non-renewable energy (RE) in economic sectors. Therefore, the world economies are now replacing non-renewable with RE. The role of BANKs is fundamental for this transition because they can fund clean energy projects. Several studies probed the economic growth andCO2e association and ignored the role of BANK development. Therefore, this work investigates the influences of banking sector development on CO2 emissions (CO2e) in the next eleven countries. This work included other factors of GDP, clean energy, and non-RE in the model by taking annual data from 1990 to 2020. Robust econometric techniques are used to highlight the empirical outcomes. The cross-sectional autoregressive distributed lag approach shows that BANK development is a coproduction factor toward CO2 production in the presence of economic development and renewable and nonrenewable energy. More credits from banks to the private sector are enhancing economic activity and increasing energy consumption. This means that a 1% increase in BANK development will increase CO2e by 0.01%. A 1% increase in RE is lowering CO2e by 0.31%. Therefore, this work highlights the importance of BANK development in creating sustainable development. The BANK can fund clean energy projects. Policymakers can utilize the BANK to encourage green investments in household and corporate sectors. The use of green technologies will ultimately bring a cleaner environment and sustainable development to N-11 countries. This work is helpful for policymakers in that they can utilize the banking sector to launch greener projects to attain sustainable development goals.

Assessing environmental concern and its association with carbon trade balances in N11 Do financial development and urban growth matter?

Expanding of complex global supply chains enhances the role of global trade in the deterioration of the environment by production redeployment across nations, which is tightly connected to emission transmission or the carbon trade balance. Although much earlier studies have assessed the link between emissions of carbon dioxide (CO2) and their influenced variables in the past few years, no substantial attention is available in the literature review concerning the influence of carbon trade balance on the environment in N11 economies. Therefore, via economic progress, renewable/fossil energies consumption, financial development, and urbanization growth as control variables, the influence of the carbon trade balance on emissions of CO2 in N11 countries is explored from 1990 to 2020. The Co-integration and causality relationships using Panel PMG ARDL and Granger causality techniques are investigated to reach our goal. All of the variables investigated degrade the environment in the long run, whereas renewables alleviate CO2. As a result, carbon emission countries' regulators should step up their efforts to support green energy subsidies and carbon taxes, as well as, when supply chains outsource emission-intensive production units to partner nations, they should encourage positive externalities of innovative green technologies.

The simultaneous impact of education and financial development on renewable energy consumption: an investigation of Next-11 countries.

The use of fossil fuels is a primary source of global warming owing to the greenhouse effect. Renewable energy is the best alternative environment-friendly energy source. Previous studies have highlighted the significant influence of financial development and education on renewable energy. However, the simultaneous effects of these two factors on renewable energy have rarely been examined, especially in emerging economies. This study employed dynamic seemingly unrelated cointegrating regression and the Dumitrescu-Hurlin causality test to analyze the effect of education and financial development on renewable energy consumption in N-11 countries during 1990-2016. Empirical results show that financial development significantly increased renewable energy use; however, education failed to make a positive difference. Additionally, bidirectional- and unidirectional causality was observed for financial development and education, respectively, toward renewable energy. This suggests that policymakers should combine financial development policies with education to improve the efficiency of renewable energy use.

Modeling the effect of green technology innovation and renewable energy on carbon neutrality in N-11 countries? Evidence from advance panel estimations.

After the Paris Climate Conference (Conference of the Paris COP: 21), most developing countries face challenges to attain a sustainable economy and carbon neutrality targets with minimum CO2 emission. The next eleven (N-11) economies are in line with the global phenomena of environmental degradation; very few studies have analyzed the effects of green technology innovation on environmental degradation in N-11 countries. Therefore, the present study addresses the gap and examines green technology innovation and renewable energy with CO2 emission from 1980 to 2018. The present study considers all the issues related to panel data analysis, such as cross-sectional dependence, stationarity, heterogeneity in slope parameters, and structural break with advanced panel estimators. Moreover, the cross-sectional augmented autoregressive distributed lags (CS-ARDL) test results show the negative and significant impact of green technology innovation and renewable energy with CO2 emission in the long run. However, the short-run association of green technology innovation is not significant-further, the results endorsed by the robustness tests such as AMG and CCEMG. To reduce environmental deterioration in N-11 countries, governments are suggested implementing some policies to support green innovation technologies and renewable energy resources.

The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries.

In the modern era of globalization, the economic activities expand with the passage of time. This expansion may increase demand for energy both in developing and developed countries. Therefore, this study assesses the impact of financial development on energy consumption incorporating the role of globalization in Next-11 countries. A group of panel estimation techniques is used to analyze the panel data and time series data for the time 1990-2014. The empirical results of the study suggest that financial development stimulates energy consumption. Also, globalization increases demand for energy consumption, although the single country analysis suggests that the effect of globalization on energy demand is heterogeneous among N-11 countries. Furthermore, feedback hypothesis is confirmed between financial development and energy consumption. Also, bidirectional causality is found between economic growth and energy consumption. The findings urge for the attention of policymaker in emerging countries to develop a strategy to reduce the consequences of energy consumption by controlling resource transfer through globalization to the host country and by adopting energy conversation policies.

Drug lag and key regulatory barriers in the emerging markets.

There have been numerous investigations targeted at identifying whether a drug lag exists in the mature markets of the US, EU and Japan. This work focuses on the emerging markets because of the potential they hold for the future of the pharmaceutical industry as a consequence of rapid economic and political development.The aims of this work are to ascertain whether a drug lag exists in the emerging markets and how it has changed over time from the 1960s to the 2000s. It will also highlight key regulatory barriers which may contribute to drug lag.The date of the marketing authorisation (MA) approval by the US Food and Drug Administration (FDA) was used as a reference point. A comparison against the company database regarding emerging market specific approval enabled the difference in time and thus the drug lag for that particular market to be calculated.This work concludes that the overall relative drug lag in the emerging markets has decreased over time and that there are seven key regulatory barriers which need to be targeted in order to make further improvements; 'Western Approval', local clinical development (LCD), Certificate of Pharmaceutical Product (CPP), Good Manufacturing Practice (GMP), pricing approval, document authentication and harmonisation.