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A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations

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  • Saransh Royal
  • Namarta Kaushik
  • Ramesh Chander
  • Nirmala Chaudhary

Abstract

The paper explores the relationship between economic openness, development and urbanisation in sustainable ecosystems. The investigation is based on the balanced panel data for QUAD countries from 1991 to 2019. By using PMG-ARDL, this paper follows affiliation amid sustainability and openness. The results reported indicate the existence of an encouraging association between sustainability and urbanisation both in the case of Australia and India. The ECT value for all the panels is negative and noteworthy, confirming the existence of short-term affiliation too. The granger causality analysis also reveals that in the case of the US and India, there existed bi-directional causation amid sustainability and urbanisation. Knowing well that the countries are party to the “Kyoto Protocol and Paris agreement”, but there is still a necessity to preserve and promote the impetus concerning sustainability in arousing inclusive awareness concerning the realisation of sustainable ecosystems. More so, subsidising schemes and promoting awareness programmes are recommended, such as incentivising sustainable urban planning and green power purchase agreement and adoption of green bonds for energy infrastructure needs.

Suggested Citation

  • Saransh Royal & Namarta Kaushik & Ramesh Chander & Nirmala Chaudhary, 2023. "A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 178-196.
    • Handle: RePEc:bas:econst:y:2023:i:3:p:178-196
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    More about this item

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • F15 - International Economics - - Trade - - - Economic Integration
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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