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  • The role of stock markets on environmental degradation: A comparative study of developed and emerging market economies across the globe

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    ParamatiPUB4845.pdf (651.3Kb)
    Author(s)
    Paramati, Sudharshan Reddy
    Alam, Md. Samsul
    Apergis, Nicholas
    Griffith University Author(s)
    Paramati, Sudharshan Reddy RR.
    Alam, Md. Samsul
    Year published
    2017
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    Abstract
    It is well established in the literature that stock markets increase both economic activities and energy consumption across countries. Therefore, it is commonly believed that stock markets are expected to have a significant effect on CO2 emissions. However, it is not known whether these stock markets can contribute to more or less CO2 emissions. Hence, the goal of this study is to examine the impact of stock market indicators on CO2 emissions across a global panel of both developed and emerging market economies. The results establish that stock market indicators have a significant negative and positive impact on carbon ...
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    It is well established in the literature that stock markets increase both economic activities and energy consumption across countries. Therefore, it is commonly believed that stock markets are expected to have a significant effect on CO2 emissions. However, it is not known whether these stock markets can contribute to more or less CO2 emissions. Hence, the goal of this study is to examine the impact of stock market indicators on CO2 emissions across a global panel of both developed and emerging market economies. The results establish that stock market indicators have a significant negative and positive impact on carbon emissions in developed and emerging market economies, respectively. Furthermore, the findings illustrate the presence of the Environmental Kuznets Curve (EKC) hypothesis, implying that stronger stock markets lead to a further decline in carbon emissions. Given these findings, the study argues that the role of stock markets in the abatement of CO2 emissions significantly varies across both developed and emerging market economies. Significant implications have to do with the fact that developed markets might have initiated effective policies on listed firms to minimize carbon emissions, while emerging markets are yet to achieve this.
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    Journal Title
    Emerging Markets Review
    DOI
    https://doi.org/10.1016/j.ememar.2017.12.004
    Copyright Statement
    © 2017Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
    Subject
    Applied Economics not elsewhere classified
    Applied Economics
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/373612
    Collection
    • Journal articles

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