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Banking development, income, and environmental degradation in the UAE. Novel empirical evidence from a bootstrap ARDL test
Abstract
The present work explores the impact of energy, financial sector development, and income on the UAE's environmental degradation. The ARDL, DOLS, CCR, and FMOLS approaches are employed to explore a long-run link among the examined variables. To present novel evidence to the empirical literature, the present work utilizes the updated method of ARDL approach as introduced by (McNown et al. 2018), and new method of Bayer and Hanck as introduced by Bayer and Hanck (2013). The coefficients of tested models illustrate that real income positively affected the level of environmental degradation in the UAE. Moreover, the outcomes demonstrated that the development of the financial sector has a significant influence on the level of environmental quality in the UAE. Furthermore, the outcomes show that nonrenewable energy positively affects ecological pollution. The results of the present research provide valuable findings for the UAE's policymakers heading to sustainable banking and energy sector. It suggested that the government should use the significant growth of the banking sector to support and improve the environmental quality
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