Interactive Effects of Carbon Dioxide Molecules, Demographic Changes on Financial Development in Sub-Saharan Africa

Charles Manasseh, Chine Sp Logan, Ebele C. Igwemeka, Faith C. Ekwunife, Chukwunonso F. Onoh, Ogochukwu C. Okanya, Grace C. Eje, Kingsley C. Ezechi and Wilfred O. Okonkwo
Additional contact information
Chine Sp Logan: Department of Public Policy, Helms School of Government, Liberty University, Lynchburg, VA 24502, USA
Ebele C. Igwemeka: Department of Banking and Finance, University of Nigeria, Enugu, Enugu State, Nigeria
Faith C. Ekwunife: Department of Banking and Finance, Evangel University Akaeze, Ebonyi, Ebonyi State, Nigeria
Chukwunonso F. Onoh: Department of Economics, National Open University of Nigeria, Nigeria
Ogochukwu C. Okanya: Department of Banking and Finance, Institute of Management and Technology, Enugu, Enugu State, Nigeria
Grace C. Eje: Department of Banking and Finance, Enugu State University of Science and Technology, Enugu, Nigeria
Kingsley C. Ezechi: Department of Political Science and International Relations, Godfrey Okoye University, Enugu, Enugu State, Nigeria
Wilfred O. Okonkwo: Department of Political Science and International Relations, Godfrey Okoye University, Enugu, Enugu State, Nigeria

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 4, 672-683

Abstract: This study examines the interaction impacts of carbon dioxide molecule emissions and population changes on financial development in Sub-Saharan Africa (SSA). The study used yearly time series data spanning the years 2000 to 2021. Following the PMG and FE results, the dynamic system GMM estimator was used in the study. The study found a significant inverse long-run relationship between carbon dioxide (CO2) emissions and financial development. Also, demographic changes have a significant positive impact on financial development. The interaction term findings demonstrate that changes in CO2 and GHG emissions have a negative and significant influence on the impact of the money supply ratio on financial development in SSA. The study suggests policies that support the adoption of financial aid or other incentives for initiatives that reduce CO2 emissions. Additionally, initiatives to support financial inclusion, uphold financial stability, encourage the expansion of infrastructure, advance social welfare, and ensure environmental sustainability should be made. Therefore, the SSA countries might benefit from their expanding populations to drive long-term economic expansion and improve living standards for their people.

Keywords: CO2 Emissions; Economic Development; Demographic Changes (search for similar items in EconPapers)
JEL-codes: E24 G10 Q5 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econjournals.com/index.php/ijeep/article/download/14652/8080 (application/pdf)
https://www.econjournals.com/index.php/ijeep/article/view/14652 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2024-04-63

Access Statistics for this article

International Journal of Energy Economics and Policy is currently edited by Ilhan Ozturk

More articles in International Journal of Energy Economics and Policy from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().