Asymmetric Effects of Economic Growth on Carbon Emissions of Developed Countries: Evidence From Nonlinear Panel Autoregressive Distributed Lag Model
Keywords:
Gross domestic product, Effects of asymmetries, Co-integration of the Westerlund panel, ARDL's Nonlinear panelAbstract
This study explores the asymmetric impact of economic growth on carbon emissions in developed countries by utilizing the panel data for the period 1990 to 2019. The current investigation considers the growth of developed countries to be an essential determinant of CO2 emissions. This study is the first of its kind to reveal the asymmetric connections between GDP and CO2 emissions by using the Westerlund panel co-integration and nonlinear panel auto-regressive distributive lag model. The findings support the fact that the impact of economic growth on CO2 emissions is significantly asymmetric. In the long run, positive GDP shocks will increase CO2 emissions in developed economies. Also, the positive shocks to GDP are correlated with CO2 emissions and other variables in a unidirectional way, except for renewable energy. Based on the given results quite a few policy recommendations were proposed in the concluding portion.
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