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Nexus between financial development, tourism, renewable energy, and greenhouse gas emission in high-income countries: A continent-wise analysis

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  • Khan, Muhammad Tariq Iqbal
  • Yaseen, Muhammad Rizwan
  • Ali, Qamar

Abstract

This study explained the nexus of GHG emission with tourism, financial development index, energy use, renewable energy, and trade in 34 high-income countries from three continents (Asia, Europe, and America) from 1995 to 2017. The Dumitrescu and Hurlin non-causality test established the feedback hypothesis for GHG and financial development (Europe); renewable energy and GHG (Europe); financial development and renewable energy (Europe); financial development and energy (Europe); tourism and energy (America); and trade and tourism (America). The uni-directional causality was observed from financial development to GHG (Asia, America); trade openness to GHG (Asia, Europe, America); tourism to GHG (Asia, Europe, America); trade to financial development (Europe); tourism to renewable energy (Europe); financial development to trade (America); financial development to tourism (America); trade to renewable energy (America); and tourism to renewable energy (America). The Parks' Feasible Generalized Least Square explored the reciprocal connection of GHG emission with financial development (Asia, Europe, America); renewable energy (Asia, Europe, America); trade in (Asia, Europe, America); and tourism (Europe). The Augmented Mean Group estimator showed a decrease in GHG due to financial development (Asia, America); renewable energy (Europe, America); and trade openness (Europe). A country-level reciprocal connection of GHG was detected with financial development in 11 countries, renewable energy in 22 countries, trade openness in 5 countries, and tourism in 12 countries. It is recommended to link the financial development with renewable energy and eco-friendly technologies by increasing the renewable energy in Asia and the financial development in America. It is also recommended to fix the mandatory target of renewable energy by establishment of renewable energy agency. Government should ensure efficient use of energy resources and should provide financial support to the eco-friendly projects at low interest rates. Government should promote environment-friendly tourism by using eco-friendly transportation in Asia and America. Government should increase the area under forest cover and promote eco-friendly products by using print, electronic, and social media. The importance of clean environment should be highlighted in the educational syllabus.

Suggested Citation

  • Khan, Muhammad Tariq Iqbal & Yaseen, Muhammad Rizwan & Ali, Qamar, 2019. "Nexus between financial development, tourism, renewable energy, and greenhouse gas emission in high-income countries: A continent-wise analysis," Energy Economics, Elsevier, vol. 83(C), pages 293-310.
    • Handle: RePEc:eee:eneeco:v:83:y:2019:i:c:p:293-310
    DOI: 10.1016/j.eneco.2019.07.018
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    Keywords

    AMG estimator; Financial development index; FGLS; Heterogeneity; D-H causality test;
    All these keywords.

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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