Ecological footprint and human well-being nexus: accounting for broad-based financial development, globalization, and natural resources in the Next-11 countries

Solomon Prince Nathaniel ()
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Solomon Prince Nathaniel: University of Lagos

Future Business Journal, 2021, vol. 7, issue 1, 1-18

Abstract: Abstract The Next-11 (N11) countries have witnessed great advancements in economic activities in the past few years. However, the simultaneous attainment of environmental sustainability and improved human well-being has remained elusive. This study probes into ecological footprint (EF) and human well-being nexus in N11 countries by applying advanced estimation techniques compatible with heterogeneity, endogeneity, and cross-sectional dependence across country groups. From the findings, human well-being, captured by the human development index, increases the EF, and EF also increases human well-being which suggests a strong trade-off between both indicators. This shows that policies that are channeled toward promoting human well-being are not in consonance with environmental wellness. Financial development and biocapacity increase the EF, while natural resources and globalization reduce it. Human well-being increases the EF in all the countries except in Egypt. This study argues that strong institutions could help mitigate the trade-offs and ease the simultaneous attainment of both environmental preservation and improved human well-being. The limitations of the study, as well as, possible directions for future research are discussed.

Keywords: Human well-being; Globalization; Ecological footprint; Financial development; Sustainable development; AMG (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (16)

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DOI: 10.1186/s43093-021-00071-y

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