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Is Financial Development in Malaysia Green? An Empirical Assessment of EKC Hypothesis

Table 1:

Country Author Period of study Financial Development indicators Impact on Carbon emissions
46 sub Saharan countries Acheampong, (2019) 2000-2015 broad money, DC by banks, DC by financial sector and DC [+]
Selected high income, middle income and lower income countries in the world Nasreen and Anwar (2015) 1980-2010 FD index [-] in high income countries[+] in middle- andlow-income
12 Small IslandDeveloping States Seetanah et al. (2019) 2000–2016 DC as a percentage of GDP Insignificant impact of FD on carbon emissions.The joint effect of economic and FD on the carbon emissions.
BRIC Tamazian et al. (2009) 1992-2004 stock market value added, FDI, deposit money bank assets/ GDP, capital account convertibility, FL, financial openness. [-][-][+][-][-][+]
24 Transition Economies Tamazian and Rao (2010) 1993-2004 FDIFL [-][-]
Indonesia Shahbaz, Hye et al. (2013). 1975Q1-2011Q4 Real DC per capita [-]
Qatar Mrabet and Alsamara (2017). 1980-2011 DC to GDP ratio [-]
Kenya Al-Mulali et al. (2016). 1980-2012 DC [-]
Pakistan Javid and Sharif (2016) 1972-2013 DC as a percentage of GDP [+]
Pakistan Shahbaz et al. (2016). 1985Q1-2014Q4 DC [+]
USA Dogan and Turkekul (2016) 1960-2010 DC No significant impact.
India Boutabba (2014) 1971-2008 DC [+]
Malaysia Bekhet et al. (2017) 1970-2013 DC [+]
Malaysia Shahbaz, Solarin, et al. (2013) 1971-2011 Real DC per capita [-]
Malaysia Maji et al. (2017). 1980-2014 DC [+] transportation, oil & gas.[-] manufacturing & construction.No significant impact for agricultural sector.
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