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Studi Sektor Keuangan terhadap Kualitas Lingkungan di ASEAN-5

1Departement of Economic, Universitas Sebelas Maret, Indonesia

2Fakultas Ekonomi dan Bisnis Universitas Sebelas Maret, Indonesia

Received: 8 Apr 2023; Revised: 10 Jun 2023; Accepted: 31 Jul 2023; Available online: 17 Sep 2023; Published: 21 Sep 2023.
Editor(s): Budi Warsito

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Abstract

This research to critically review the influence of the dimensions of financial sector development on carbon dioxide emissions in ASEAN-5 developing countries, namely Indonesia, Malaysia, Thailand, the Philippines. The development cycle of the financial sector can increase and decrease environmental quality. We use the Panel Least Square (PLS) model to analyze the dynamics of the financial sector on environmental quality in annual data for 1983 - 2020 in five ASEAN-5 countries. The results of this study found that economic growth, foreign direct investment, and financial development have a positive effect on carbon dioxide emissions. However, interest rates have a negative effect on carbon dioxide emissions. Moreover, this study found that the development of the financial sector has a negative effect on environmental quality. This means that every increase in economic growth, FDI, and financial development has an effect on a decrease in environmental quality. Therefore, this finding is important for policy makers in ASEAN-5 countries to reduce dependence on investment that is not environmentally friendly as a factor of production and increase green financing in every activity in the financial sector.

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Keywords: Emisi karbondioksida, pertumbuhan ekonomi, FDI, pembangunan keuangan, suku bunga

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