دراسات اقتصادية
Volume 19, Numéro 1, Pages 211-226
2025-03-09
Drivers Of Environmental Degradation In Nordic Nations: The Role Of Financial Development, Economic Expansion, Trade Openness, And Natural Resources
Authors : Bennihi Aymen Salah . Benghalem Abdelhadi .
Abstract
The current study aims to analyze the effect of financial development, economic expansion, trade openness, and natural resources on the carbon emission situation in the Nordic countries over the span of 1980 to 2021. The study adopted the Panel Autoregressive Distributed Lag (ARDL) model to get insights on the relationship between the study variables in both the long and short run. The findings indicate that in the long run, financial development increased carbon emissions, while economic growth and trade openness reduced it. However, in the short run, financial development mitigated the carbon emissions, contrary to the GDP, which further complicated the environmental situation. Furthermore, the Granger causality analysis indicated a one-way causality direction from financial development, economic expansion, and trade openness to carbon emissions.
Keywords
Financial development ; Environmental Degradation ; Panel ARDL
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