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Does Financial Development Affect the Emission of CO2 Uniformly Across Economies? Global Evidence From Heterogeneous Analysis

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  • Shobhana Sikhawal

Abstract

The study investigates financial development's heterogeneous impact on emission of CO2, especially in the pre‐ and post‐global financial crisis phases and analyzes the mediators through which financial development affects the emission of CO2. Using panel quantile estimation with non‐additive fixed effects method, on a comprehensive sample of 125 countries over the period 1991–2015, we find that the overall financial development activities increase the emission of CO2. However, financial development has a much greater effect on increasing CO2 emissions in countries with fewer emissions than in those with higher emissions.

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  • Shobhana Sikhawal, 2025. "Does Financial Development Affect the Emission of CO2 Uniformly Across Economies? Global Evidence From Heterogeneous Analysis," Bulletin of Economic Research, Wiley Blackwell, vol. 77(3), pages 312-327, July.
    • Handle: RePEc:bla:buecrs:v:77:y:2025:i:3:p:312-327
    DOI: 10.1111/boer.12491
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