Of Economic Development, Urbanization, Human Capital and Environmental Pollution in the BRICS and MINT Countries: Application of the PMG-ARDL Model
This research explored the link between economic development, urbanization, human capital and CO2 emission among the BRICS and MINT countries. To unravel the reliability of the study outcomes, second generation econometric models that are robust to cross-sectional dependence were utilized. Findings of the study showed that the panel series were cross-sectionally dependent. Again, the study variables were not stationary at levels, but after the first difference, stationarity was evidenced. To examine the long-run equilibrium of the study variables, the pooled mean group autoregressive distributed lag (PMG-ARDL) estimator was used. The results revealed that GDP decreased CO2 emission in the whole and BRICS panels but increased CO2 emission in the MINT panel. Urbanization increased CO2 emission whereas human capital reduced environmental pollution across all the study panels. Moreover, the Dumitrescu-Hurlin granger test was employed to access causalities within study variables but the outcomes were dissimilar across the study panels. Based on the findings, policy recommendations are given.
Keywords: Economic development; environmental pollution; BRICS; MINT; PMG-ARDL
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