Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia

The fact is the stock market has an asymmetric effect on macroeconomic variables. In this study, we examine the nonlinear stock market reaction to the environment. This is the first study that considers the possibility of asymmetric effects of stock market on environmental pollution in Asia. This st...

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Autores:
Ramos Meza, Carlos Samuel
Kashif, Maryam
Jain, Vipin
Grimaldo Guerrero, John William
Roopchund, Randhir
Niedbala, Gniewko
Phan, The Cong
Tipo de recurso:
http://purl.org/coar/resource_type/c_816b
Fecha de publicación:
2021
Institución:
Corporación Universidad de la Costa
Repositorio:
REDICUC - Repositorio CUC
Idioma:
eng
OAI Identifier:
oai:repositorio.cuc.edu.co:11323/8512
Acceso en línea:
https://hdl.handle.net/11323/8512
https://doi.org/10.1007/s11356-021-15116-6
https://repositorio.cuc.edu.co/
Palabra clave:
CO2 emissions
Stock market
Asia economies
Rights
openAccess
License
CC0 1.0 Universal
id RCUC2_7d506ba84f5fa608ed16a94c93dca5ad
oai_identifier_str oai:repositorio.cuc.edu.co:11323/8512
network_acronym_str RCUC2
network_name_str REDICUC - Repositorio CUC
repository_id_str
dc.title.spa.fl_str_mv Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
title Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
spellingShingle Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
CO2 emissions
Stock market
Asia economies
title_short Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
title_full Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
title_fullStr Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
title_full_unstemmed Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
title_sort Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia
dc.creator.fl_str_mv Ramos Meza, Carlos Samuel
Kashif, Maryam
Jain, Vipin
Grimaldo Guerrero, John William
Roopchund, Randhir
Niedbala, Gniewko
Phan, The Cong
dc.contributor.author.spa.fl_str_mv Ramos Meza, Carlos Samuel
Kashif, Maryam
Jain, Vipin
Grimaldo Guerrero, John William
Roopchund, Randhir
Niedbala, Gniewko
Phan, The Cong
dc.subject.spa.fl_str_mv CO2 emissions
Stock market
Asia economies
topic CO2 emissions
Stock market
Asia economies
description The fact is the stock market has an asymmetric effect on macroeconomic variables. In this study, we examine the nonlinear stock market reaction to the environment. This is the first study that considers the possibility of asymmetric effects of stock market on environmental pollution in Asia. This study considers the experiences of Asia economies by using the panel NARDL methodology over the data period from 1995 to 2019. The long-run panel NARDL results showed that the positive change in stock market increases carbon emissions. In adverse, the negative change in stock market significantly mitigates the carbon emissions in Asia. The short-run stock market asymmetric effects continued into the long-run asymmetric effects on the environment in Asia. Thus, policymakers and authorities should initiate to promote green financial activities in Asian stock markets.
publishDate 2021
dc.date.accessioned.none.fl_str_mv 2021-08-10T14:09:47Z
dc.date.available.none.fl_str_mv 2021-08-10T14:09:47Z
dc.date.issued.none.fl_str_mv 2021
dc.date.embargoEnd.none.fl_str_mv 2022
dc.type.spa.fl_str_mv Pre-Publicación
dc.type.coar.spa.fl_str_mv http://purl.org/coar/resource_type/c_816b
dc.type.content.spa.fl_str_mv Text
dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/preprint
dc.type.redcol.spa.fl_str_mv http://purl.org/redcol/resource_type/ARTOTR
dc.type.version.spa.fl_str_mv info:eu-repo/semantics/acceptedVersion
format http://purl.org/coar/resource_type/c_816b
status_str acceptedVersion
dc.identifier.issn.spa.fl_str_mv 0944-1344
1614-7499
dc.identifier.uri.spa.fl_str_mv https://hdl.handle.net/11323/8512
dc.identifier.doi.spa.fl_str_mv https://doi.org/10.1007/s11356-021-15116-6
dc.identifier.instname.spa.fl_str_mv Corporación Universidad de la Costa
dc.identifier.reponame.spa.fl_str_mv REDICUC - Repositorio CUC
dc.identifier.repourl.spa.fl_str_mv https://repositorio.cuc.edu.co/
identifier_str_mv 0944-1344
1614-7499
Corporación Universidad de la Costa
REDICUC - Repositorio CUC
url https://hdl.handle.net/11323/8512
https://doi.org/10.1007/s11356-021-15116-6
https://repositorio.cuc.edu.co/
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.references.spa.fl_str_mv 1. Abbasi F, Riaz K (2016) CO2 emissions and financial development in an emerging economy: an augmented VAR approach. Energy Policy 90:02–114
2. Ahmed Z, Wang Z, Mahmood F, Hafeez M, Ali N (2019) Does globalization increase the ecological footprint? Empirical evidence from Malaysia. Environ Sci Pollut Res 26(18):18565–18582
3. Ahmed K, Khan B, Ozturk I (2021) Dynamics between disaggregates of governance and stock market performance in selected South Asia countries. Int J Financ Econ 26(1):802–813
4. Al-Mulali U, Tang CF, Tan BW, Ozturk I (2019) The nexus of electricity consumption and economic growth in Gulf cooperation council economies: Evidence from non-stationary panel data methods. Geosystem Engineering 22(1):40–47
5. Baloch MA, Ozturk I, Bekun FV, Khan D (2021) Modeling the dynamic linkage between financial development, energy innovation, and environmental quality: does globalization matter? Bus Strateg Environ 30(1):176–184
6. Bloch H, Rafiq S, Salim R (2015) Economic growth with coal, oil and renewable energy consumption in China: prospects for fuel substitution. Econ Model 44:104–115
7. Chen J, Liu M (2021) Does the Internet expand the educational gap among different social classes: the protective role of future orientation. Front Psychol 12. https://doi.org/10.3389/fpsyg.2021.647351
8. Chen Y, He L, Guan Y, Lu H, Li J (2017) Life cycle assessment of greenhouse gas emissions and water-energy optimization for shale gas supply chain planning based on multi-level approach: case study in Barnett, Marcellus, Fayetteville, and Haynesville shales. Energy Convers Manag 134:382–398. https://doi.org/10.1016/j.enconman.2016.12.019
9. Chen L, Zhang X, Xu X (2020) Health insurance and long-term care services for the disabled elderly in China: based on CHARLS Data. Risk management and healthcare policy 13:155–162. https://doi.org/10.2147/RMHP.S233949
10. Dasgupta S, Hong JH, Laplante B, Mamingi N (2006) Disclosure of environmental violations and stock market in the Republic of Korea. Ecol Econ 58(4):759–777
11. Fama EF (1991) Efficient capital markets: II. J Financ 46(5):1575–1617
12. Garcia VF, Liu L (1999) Macroeconomic determinants of stock market development. J Appl Econ 2(1):29–59
13. Gupta S, Goldar B (2005) Do stock markets penalize environment-unfriendly behaviour? Evidence from India. Ecol Econ 52(1):81–95
14. Hafeez M, Chunhui Y, Strohmaier D, Ahmed M, Jie L (2018) Does finance affect environmental degradation: evidence from One Belt and One Road Initiative region? Environ Sci Pollut Res 25(10):9579–9592
15. Hafeez M, Yuan C, Shahzad K, Aziz B, Iqbal K, Raza S (2019) An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environ Sci Pollut Res 26(24):25026–25036
16. Hafeez M, Yuan C, Yuan Q, Zhuo Z, Stromaier D (2019a) A global prospective of environmental degradations: economy and finance. Environ Sci Pollut Res 26(25):25898–25915
17. He X, Liu Y (2018) The public environmental awareness and the air pollution effect in Chinese stock market. J Clean Prod 185:446–454
18. He L, Shen J, Zhang Y (2018) Ecological vulnerability assessment for ecological conservation and environmental management. J Environ Manag 206:1115–1125. https://doi.org/10.1016/j.jenvman.2017.11.059
19. He L, Shao F, Ren L (2020) Sustainability appraisal of desired contaminated groundwater remediation strategies: an information-entropy-based stochastic multi-criteria preference model. Environ Dev Sustain 23:1759–1779. https://doi.org/10.1007/s10668-020-00650-z
20. Jalil A, Feridun M (2011) The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Econ 33(2):284–291
21. Kutan AM, Samargandi N, Sohag K (2017) Does institutional quality matter for financial development and growth? Further evidence from MENA countries. Aust Econ Pap 56(3):228–248
22. Lanoie P, Roy M (1997) Can capital markets create incentives for pollution control?. The World Bank
23. Li X, Li Z, Jia T, Yan P, Wang D et al (2021a) The sense of community revisited in Hankow, China: Combining the impacts of perceptual factors and built environment attributes. Cities 111:103108. https://doi.org/10.1016/j.cities.2021.103108
24. Li X, Yu Z, Salman A, Ali Q, Hafeez M, Aslam MS (2021b) The role of financial development indicators in sustainable development-environmental degradation nexus. Environ Sci Pollut Res 1-12
25. Liu J, Liu Y, Wang X (2019) An environmental assessment model of construction and demolition waste based on system dynamics: a case study in Guangzhou. Environ Sci Pollut Res Int 27:37237–37259. https://doi.org/10.1007/s11356-019-07107-5
26. Liu J, Yuan C, Hafeez M, Yuan Q (2018) The relationship between environment and logistics performance: Evidence from Asian countries. J Clean Prod 204:282–291
27. Mankiw NG, Scarth W (2008) Macroeconomics. Third Canadian Edition
28. Narayan PK, Saboori B, Soleymani A (2016) Economic growth and carbon emissions. Econ Model 53:388–397
29. Ngare E, Nyamongo EM, Misati RN (2014) Stock market development and economic growth in Africa. J Econ Bus 74:24–39
30. Ozturk I, Majeed MT, Khan S (2021) Decoupling and decomposition analysis of environmental impact from economic growth: a comparative analysis of Pakistan, India, and China. Environ Ecol Stat:1–28
31. Paramati SR, Mo D, Gupta R (2017) The effects of stock market growth and renewable energy use on CO2 emissions: evidence from G20 countries. Energy Econ 66:360–371
32. Paramati SR, Alam MS, Apergis N (2018) The role of stock markets on environmental degradation: a comparative study of developed and emerging market economies across the globe. Emerg Mark Rev 35:19–30
33. Pedroni P (2001) Fully modified OLS for heterogeneous cointegrated panels. In: In Nonstationary panels, panel cointegration, and dynamic panels. Emerald Group Publishing, Limited
34. Pedroni P (2004) Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric theory:597–625
35. Pesaran MH, Shin Y, Smith RP (1999) Pooled mean group estimation of dynamic heterogeneous panels. J Am Stat Assoc 94(446):621–634
36. Rafiq S, Salim R, Nielsen I (2016) Urbanization, openness, emissions, and energy intensity: a study of increasingly urbanized emerging economies. Energy Econ 56:20–28
37. Rauf A, Liu X, Amin W, Ozturk I, Rehman OU, Hafeez M (2018) Testing EKC hypothesis with energy and sustainable development challenges: a fresh evidence from belt and road initiative economies. Environ Sci Pollut Res 25(32):32066–32080
38. Sadorsky P (2010) The impact of financial development on energy consumption in emerging economies. Energy Policy 38(5):2528–2535
39. Sadorsky P (2011) Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy 39(2):999–1006
40. Sbia R, Shahbaz M, Hamdi H (2014) A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE. Econ Model 36:191–197
41. Tamazian A, Chousa JP, Vadlamannati KC (2009) Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy Policy 37(1):246–253
42. Tian P, Lu H, Feng W, Guan Y, Xue Y (2020) Large decrease in streamflow and sediment load of Qinghai–Tibetan Plateau driven by future climate change: a case study in Lhasa River Basin. Catena (Giessen) 187:104340. https://doi.org/10.1016/j.catena.2019.104340
43. Ullah S, Ozturk I (2020) Examining the asymmetric effects of stock markets and exchange rate volatility on Pakistan’s environmental pollution. Environ Sci Pollut Res:1–10
44. Ullah S, Ozturk I, Usman A, Majeed MT, Akhtar P (2020) On the asymmetric effects of premature deindustrialization on CO2 emissions: evidence from Pakistan. Environ Sci Pollut Res:1–11
45. Yang C, Gao F, Dong M (2020a) Energy efficiency modeling of integrated energy system in coastal areas. J Coast Res 103(sp1):995. https://doi.org/10.2112/SI103-207.1
46. Yang L, Hui P, Yasmeen R, Ullah S, Hafeez M (2020b) Energy consumption and financial development indicators nexuses in Asian economies: a dynamic seemingly unrelated regression approach. Environ Sci Pollut Res 27(14):16472–16483
47. Zafar MW, Zaidi SAH, Sinha A, Gedikli A, Hou F (2019) The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: insights from G-7 and N-11 countries. Res Policy 62:427–436
48. Zhang YJ, Fan JL, Chang HR (2011) Impact of China’s stock market development on energy consumption: an empirical analysis. Energy Procedia 5:1927–1931
49. Zhao X, Gu B, Gao F, Chen S (2020) Matching model of energy supply and demand of the integrated energy system in coastal areas. J Coast Res 103(sp1):983. https://doi.org/10.2112/SI103-205.1
50. Zuo X, Dong M, Gao F, Tian S (2020) The modeling of the electric heating and cooling system of the integrated energy system in the coastal area. J Coast Res 103(sp1):1022. https://doi.org/10.2112/SI103-213.1
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spelling Ramos Meza, Carlos SamuelKashif, MaryamJain, VipinGrimaldo Guerrero, John WilliamRoopchund, RandhirNiedbala, GniewkoPhan, The Cong2021-08-10T14:09:47Z2021-08-10T14:09:47Z202120220944-13441614-7499https://hdl.handle.net/11323/8512https://doi.org/10.1007/s11356-021-15116-6Corporación Universidad de la CostaREDICUC - Repositorio CUChttps://repositorio.cuc.edu.co/The fact is the stock market has an asymmetric effect on macroeconomic variables. In this study, we examine the nonlinear stock market reaction to the environment. This is the first study that considers the possibility of asymmetric effects of stock market on environmental pollution in Asia. This study considers the experiences of Asia economies by using the panel NARDL methodology over the data period from 1995 to 2019. The long-run panel NARDL results showed that the positive change in stock market increases carbon emissions. In adverse, the negative change in stock market significantly mitigates the carbon emissions in Asia. The short-run stock market asymmetric effects continued into the long-run asymmetric effects on the environment in Asia. Thus, policymakers and authorities should initiate to promote green financial activities in Asian stock markets.Ramos Meza, Carlos Samuel-will be generated-orcid-0000-0002-8103-6704-600Kashif, Maryam-will be generated-orcid-0000-0002-8197-7459-600Jain, VipinGrimaldo Guerrero, John William-will be generated-orcid-0000-0002-1632-5374-600Roopchund, RandhirNiedbala, GniewkoPhan, The Congapplication/pdfengCorporación Universidad de la CostaCC0 1.0 Universalhttp://creativecommons.org/publicdomain/zero/1.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Environmental Science and Pollution Researchhttps://link.springer.com/article/10.1007/s11356-021-15116-6CO2 emissionsStock marketAsia economiesStock markets dynamics and environmental pollution: emerging issues and policy options in AsiaPre-Publicaciónhttp://purl.org/coar/resource_type/c_816bTextinfo:eu-repo/semantics/preprinthttp://purl.org/redcol/resource_type/ARTOTRinfo:eu-repo/semantics/acceptedVersion1. Abbasi F, Riaz K (2016) CO2 emissions and financial development in an emerging economy: an augmented VAR approach. Energy Policy 90:02–1142. Ahmed Z, Wang Z, Mahmood F, Hafeez M, Ali N (2019) Does globalization increase the ecological footprint? Empirical evidence from Malaysia. Environ Sci Pollut Res 26(18):18565–185823. Ahmed K, Khan B, Ozturk I (2021) Dynamics between disaggregates of governance and stock market performance in selected South Asia countries. Int J Financ Econ 26(1):802–8134. Al-Mulali U, Tang CF, Tan BW, Ozturk I (2019) The nexus of electricity consumption and economic growth in Gulf cooperation council economies: Evidence from non-stationary panel data methods. Geosystem Engineering 22(1):40–475. Baloch MA, Ozturk I, Bekun FV, Khan D (2021) Modeling the dynamic linkage between financial development, energy innovation, and environmental quality: does globalization matter? Bus Strateg Environ 30(1):176–1846. Bloch H, Rafiq S, Salim R (2015) Economic growth with coal, oil and renewable energy consumption in China: prospects for fuel substitution. Econ Model 44:104–1157. Chen J, Liu M (2021) Does the Internet expand the educational gap among different social classes: the protective role of future orientation. Front Psychol 12. https://doi.org/10.3389/fpsyg.2021.6473518. Chen Y, He L, Guan Y, Lu H, Li J (2017) Life cycle assessment of greenhouse gas emissions and water-energy optimization for shale gas supply chain planning based on multi-level approach: case study in Barnett, Marcellus, Fayetteville, and Haynesville shales. Energy Convers Manag 134:382–398. https://doi.org/10.1016/j.enconman.2016.12.0199. Chen L, Zhang X, Xu X (2020) Health insurance and long-term care services for the disabled elderly in China: based on CHARLS Data. Risk management and healthcare policy 13:155–162. https://doi.org/10.2147/RMHP.S23394910. Dasgupta S, Hong JH, Laplante B, Mamingi N (2006) Disclosure of environmental violations and stock market in the Republic of Korea. Ecol Econ 58(4):759–77711. Fama EF (1991) Efficient capital markets: II. J Financ 46(5):1575–161712. Garcia VF, Liu L (1999) Macroeconomic determinants of stock market development. J Appl Econ 2(1):29–5913. Gupta S, Goldar B (2005) Do stock markets penalize environment-unfriendly behaviour? Evidence from India. Ecol Econ 52(1):81–9514. Hafeez M, Chunhui Y, Strohmaier D, Ahmed M, Jie L (2018) Does finance affect environmental degradation: evidence from One Belt and One Road Initiative region? Environ Sci Pollut Res 25(10):9579–959215. Hafeez M, Yuan C, Shahzad K, Aziz B, Iqbal K, Raza S (2019) An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environ Sci Pollut Res 26(24):25026–2503616. Hafeez M, Yuan C, Yuan Q, Zhuo Z, Stromaier D (2019a) A global prospective of environmental degradations: economy and finance. Environ Sci Pollut Res 26(25):25898–2591517. He X, Liu Y (2018) The public environmental awareness and the air pollution effect in Chinese stock market. J Clean Prod 185:446–45418. He L, Shen J, Zhang Y (2018) Ecological vulnerability assessment for ecological conservation and environmental management. J Environ Manag 206:1115–1125. https://doi.org/10.1016/j.jenvman.2017.11.05919. He L, Shao F, Ren L (2020) Sustainability appraisal of desired contaminated groundwater remediation strategies: an information-entropy-based stochastic multi-criteria preference model. Environ Dev Sustain 23:1759–1779. https://doi.org/10.1007/s10668-020-00650-z20. Jalil A, Feridun M (2011) The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Econ 33(2):284–29121. Kutan AM, Samargandi N, Sohag K (2017) Does institutional quality matter for financial development and growth? Further evidence from MENA countries. Aust Econ Pap 56(3):228–24822. Lanoie P, Roy M (1997) Can capital markets create incentives for pollution control?. The World Bank23. Li X, Li Z, Jia T, Yan P, Wang D et al (2021a) The sense of community revisited in Hankow, China: Combining the impacts of perceptual factors and built environment attributes. Cities 111:103108. https://doi.org/10.1016/j.cities.2021.10310824. Li X, Yu Z, Salman A, Ali Q, Hafeez M, Aslam MS (2021b) The role of financial development indicators in sustainable development-environmental degradation nexus. Environ Sci Pollut Res 1-1225. Liu J, Liu Y, Wang X (2019) An environmental assessment model of construction and demolition waste based on system dynamics: a case study in Guangzhou. Environ Sci Pollut Res Int 27:37237–37259. https://doi.org/10.1007/s11356-019-07107-526. Liu J, Yuan C, Hafeez M, Yuan Q (2018) The relationship between environment and logistics performance: Evidence from Asian countries. J Clean Prod 204:282–29127. Mankiw NG, Scarth W (2008) Macroeconomics. Third Canadian Edition28. Narayan PK, Saboori B, Soleymani A (2016) Economic growth and carbon emissions. Econ Model 53:388–39729. Ngare E, Nyamongo EM, Misati RN (2014) Stock market development and economic growth in Africa. J Econ Bus 74:24–3930. Ozturk I, Majeed MT, Khan S (2021) Decoupling and decomposition analysis of environmental impact from economic growth: a comparative analysis of Pakistan, India, and China. Environ Ecol Stat:1–2831. Paramati SR, Mo D, Gupta R (2017) The effects of stock market growth and renewable energy use on CO2 emissions: evidence from G20 countries. Energy Econ 66:360–37132. Paramati SR, Alam MS, Apergis N (2018) The role of stock markets on environmental degradation: a comparative study of developed and emerging market economies across the globe. Emerg Mark Rev 35:19–3033. Pedroni P (2001) Fully modified OLS for heterogeneous cointegrated panels. In: In Nonstationary panels, panel cointegration, and dynamic panels. Emerald Group Publishing, Limited34. Pedroni P (2004) Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric theory:597–62535. Pesaran MH, Shin Y, Smith RP (1999) Pooled mean group estimation of dynamic heterogeneous panels. J Am Stat Assoc 94(446):621–63436. Rafiq S, Salim R, Nielsen I (2016) Urbanization, openness, emissions, and energy intensity: a study of increasingly urbanized emerging economies. Energy Econ 56:20–2837. Rauf A, Liu X, Amin W, Ozturk I, Rehman OU, Hafeez M (2018) Testing EKC hypothesis with energy and sustainable development challenges: a fresh evidence from belt and road initiative economies. Environ Sci Pollut Res 25(32):32066–3208038. Sadorsky P (2010) The impact of financial development on energy consumption in emerging economies. Energy Policy 38(5):2528–253539. Sadorsky P (2011) Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy 39(2):999–100640. Sbia R, Shahbaz M, Hamdi H (2014) A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE. Econ Model 36:191–19741. Tamazian A, Chousa JP, Vadlamannati KC (2009) Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy Policy 37(1):246–25342. Tian P, Lu H, Feng W, Guan Y, Xue Y (2020) Large decrease in streamflow and sediment load of Qinghai–Tibetan Plateau driven by future climate change: a case study in Lhasa River Basin. Catena (Giessen) 187:104340. https://doi.org/10.1016/j.catena.2019.10434043. Ullah S, Ozturk I (2020) Examining the asymmetric effects of stock markets and exchange rate volatility on Pakistan’s environmental pollution. Environ Sci Pollut Res:1–1044. Ullah S, Ozturk I, Usman A, Majeed MT, Akhtar P (2020) On the asymmetric effects of premature deindustrialization on CO2 emissions: evidence from Pakistan. Environ Sci Pollut Res:1–1145. Yang C, Gao F, Dong M (2020a) Energy efficiency modeling of integrated energy system in coastal areas. J Coast Res 103(sp1):995. https://doi.org/10.2112/SI103-207.146. Yang L, Hui P, Yasmeen R, Ullah S, Hafeez M (2020b) Energy consumption and financial development indicators nexuses in Asian economies: a dynamic seemingly unrelated regression approach. Environ Sci Pollut Res 27(14):16472–1648347. Zafar MW, Zaidi SAH, Sinha A, Gedikli A, Hou F (2019) The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: insights from G-7 and N-11 countries. Res Policy 62:427–43648. Zhang YJ, Fan JL, Chang HR (2011) Impact of China’s stock market development on energy consumption: an empirical analysis. Energy Procedia 5:1927–193149. Zhao X, Gu B, Gao F, Chen S (2020) Matching model of energy supply and demand of the integrated energy system in coastal areas. J Coast Res 103(sp1):983. https://doi.org/10.2112/SI103-205.150. Zuo X, Dong M, Gao F, Tian S (2020) The modeling of the electric heating and cooling system of the integrated energy system in the coastal area. J Coast Res 103(sp1):1022. https://doi.org/10.2112/SI103-213.1PublicationORIGINALStock markets dynamics and environmental pollution. emerging issues and policy options in Asia.pdfStock markets dynamics and environmental pollution. emerging issues and policy options in Asia.pdfapplication/pdf186244https://repositorio.cuc.edu.co/bitstreams/12bd1b67-eb14-4b1b-b292-2993579966b8/downloada04c419578fdb54ddc3020dc7d1a6377MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8701https://repositorio.cuc.edu.co/bitstreams/3a3fcfb3-9791-4af6-b7cc-2306589f74ed/download42fd4ad1e89814f5e4a476b409eb708cMD52LICENSElicense.txtlicense.txttext/plain; charset=utf-83196https://repositorio.cuc.edu.co/bitstreams/ff8a125d-ae6a-47b8-8906-b5a8e5223a46/downloade30e9215131d99561d40d6b0abbe9badMD53THUMBNAILStock markets dynamics and environmental pollution. emerging issues and policy options in Asia.pdf.jpgStock markets dynamics and environmental pollution. emerging issues and policy options in 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