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Financial Development, Environmental Quality, Trade and Economic Growth: What Causes What in MENA Countries

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Listed:
  • Omri, Anis

    (University of Sfax)

  • Daly, Saida

    (University of Sfax)

  • Rault, Christophe

    (University of Orléans)

  • Chaibi, Anissa

    (IPAG Business School)

Abstract

This paper examines the relationship between financial development, CO2 emissions, trade and economic growth using simultaneous-equation panel data models for a panel of 12 MENA countries over the period 1990-2011. Our results indicate that there is evidence of bidirectional causality between CO2 emissions and economic growth. Economic growth and trade openness are interrelated i.e. bidirectional causality. Feedback hypothesis is validated between trade openness and financial development. Neutrality hypothesis is identified between CO2 emissions and financial development. Unidirectional causality running from financial development to economic growth and from trade openness to CO2 emissions is identified. Our empirical results also verified the existence of environmental Kuznets curve. These empirical insights are of particular interest to policymakers as they help build sound economic policies to sustain economic development and to improve the environmental quality.

Suggested Citation

  • Omri, Anis & Daly, Saida & Rault, Christophe & Chaibi, Anissa, 2015. "Financial Development, Environmental Quality, Trade and Economic Growth: What Causes What in MENA Countries," IZA Discussion Papers 8868, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp8868
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    economic growth; trade; CO2 emissions; financial development; simultaneous-equation models;
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    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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