مقالات رزومه دکتر حسینعلی فاخر

The dynamic link between economic growth and environmental quality has drawn the attention of numerous scholars to the problem of clean production and sustainable development. In light of this backdrop, the aim of this study is to provide a framework for discovering a good understanding of economic policies in connection to sustainable environments by looking at the mediating role of financial development. In this regard, the System Generalized Method of Moment (SYS-GMM) estimator is used to investigate the role of financial development in the effect of economic growth on six environmental indicators for selected 30 Organization for Economic Cooperation and Development (OECD) countries from 2000 to 2019. The results showed that along with the effect of economic growth on each of the environmental indicators, including ecological footprint, adjusted net savings, pressure on nature, and environmental performance, financial development weakens this effect. Meanwhile, no significant relationship has been observed regarding the indicators of environmental sustainability and environmental vulnerability. In other words, the negative impact of economic growth on environmental quality is not independent of financial development; so that with the gradual improvement of financial development, economic growth will have a less negative impact on the quality of the environment. Moreover, regarding each of the environmental indicators, energy consumption has a positive effect on environmental degradation. However, trade openness and financial development have positive influences on environmental quality. Given the critical role of financial development in mitigating the detrimental effects of economic growth on the quality of the environment, governments are urged to boost the financial development sector in their macroeconomic policies.

The purpose of this paper is to apply a composite index for environmental quality to investigate the threshold impact of financial development on this composite index; Because the use of this composite index, which includes all dimensions of environmental pollution, can provide more accurate results for us in this study.

In order to rech the research goals, annual data for selected OPEC countries over the period of 2000 to 2019 and Panel Smooth Transition Regression (PSTR) approach are used. Firstly, a composite environmental quality index is created as a dependent variable in the model and then, the pre-estimations (including cross-sectional dependence, second-generation unit root, nonlinear association existence, no-remaining nonlinear association existence) are investigated. Finally, the threshold impact of financial development on environmental quality are estimated.

The results indicate a non-linear relationship between the studied variables. According to the test of no-remaining nonlinear association, the inclusion of a transfer function with a threshold parameter which is representing a two-regime model, is recommended to determine the nonlinear relationship between variables. Financial development (bank- and market-oriented) in first regime have a positive effect, but by crossing of threshold and entering to second regime it has negative effect on environmental quality. Accordingly, there is a U-shaped relationship between financial development and environmental quality. Given the relationship between economic growth and environmental quality in the two regimes, the Environmental Kuznets Curve (EKC) hypothesis is also confirmed. The trade openness and, research and development expenditures in both regimes have negative and positive effects on the composite environmental quality index, respectively.

Based on the results, some policy suggestions and new recommendations are presented for future studies, which would contribute to the better implementation of economic–environmental policies.

This paper aimed to create a composite index for environmental quality. Since the results of empirical studies on economic - environmental variables nexus, considering different environmental indicators, are not consistent with each other; it seems necessary to use a comprehensive index that includes all dimensions of environmental pollution.

Using 6 environmental indicators related to two groups of selected OPEC and OECD countries for the period 2010 to 2019 and using three methods including principal component analysis, kernel-based principal component analysis, fuzzy robust principal component analysis, the creation of a composite environmental quality index is examined.

The results showed that FRPCA method has more efficiency and ability in weighting environmental indicators than other methods due to having the lowest error criteria. Therefore, using this method, the composite index was calculated. Moreover, the results showed that along with the upward trend of economic growth, the quality of the environment follows a downward trend in OPEC countries and an upward trend in OECD countries.

 Based on the results, policy recommendations as well as new perspectives and suggestions for future studies are presented.

Although the relationship between economic growth and environmental degradation has been supported by theoretical justifications from empirical studies, including the EKC curve, it has not yet gained sufficient comprehensiveness and acceptance. Accordingly, in line with the main purpose of this study, the relationship between economic growth and environmental degradation was retrospectively examined in the framework of EKC hypothesis.

This research has been done as an original paper using keyword analysis methods. The statistical sample of the research includes Web of Science (WOS), Scopus search engine and Scientific Information Database (SID). About 1340 records were extracted in various formats such as articles, books, conferences, conferences, abstracts, and notes. Among these, 340 records were related to scientific articles, of which 122 records were allocated to articles with keywords. Accordingly, these articles were considered for analysis.

On one hand, considering the different and contradictory results that have been the result of the work of many researchers in this field, and on the other hand, given that the type of environmental indicators used in all these studies is not a comprehensive indicator for the environmental quality, the obtained results will be invalid and cannot be the right criterion for adopting and implementing appropriate economic-environmental policies.

Originality/Value:

Using a composite index showing all the dimensions related to environmental pollution and to be a true representative of environmental quality, can provide a more accurate analysis of the EKC hypothesis in future researches.

The main objective of this study is to comparative investigating the effects of financial development in the intensity of economic growth effects on the environmental performance considering financial development based on the money market and financial development based on the capital market. Also, we examine the effects of variables such as tourism, financial development (based on money market and capital market) and economic growth on environmental performance of selected developing countries. In this direction, IPS unit root test, fixed effects estimators, approach of System Generalized Method of Moments (System- GMM), F-Limer and hausman test are used in this study. The results indicate that the financial development based on the money market contributes to improved environmental performance. While the financial development based on the capital market reduces the quality of the environment. On the other hand, the presence of financial development based on the money market along with the variable of economic growth has increased the intensity of economic growth effects on the quality of the environment. While the presence of financial development based on the capital market along with the variable of economic growth has reduced the intensity of economic growth effects on environmental quality. The mark of each variable of tourism and the human development index are negative and positive respectively; meaning that the tourism variable will reduce the quality of the environment and the human development index will lead to improved environmental performance.