Innocent devils: The varying impacts of trade, renewable energy and financial development on environmental damage: Nonlinearly exploring the disparity between developed and developing nations.

Global warming has grown to be a significant issue on a global scale and is a result of human activities. As a potential solution, nations are looking for sustainable economic growth and investments in clean energy technologies. Therefore, this study aims to empirically investigate the impact of trade, renewable energy, and financial development on environmental degradation among developed and developing countries in light of the EKC (Environment Kuznets Curve) hypothesis. The influence on carbon emissions from 1990 to 2019 is analyzed and contrasted using the Non-linear Auto Regressive Distributed Lag (NARDL) regression technique. Results show that developed and developing countries emit significantly different amounts of carbon. Consequently, evidence of a non-linear and inverted U-shape relationship supports the EKC hypothesis. Further evidence shows a high risk of carbon emissions among both groups of countries with the increase in financial development and trading activities. However, the usage of renewable energy reduces environmental damage, and the association is non-linear. The study recommends using effective measures to minimize environmental damage by using clean energy sources and strengthening the financial system by offering environment-friendly investment loans. Moreover, policies should be designed that promote sustainable growth and investments in environment-friendly technologies

Does Economic Policy Uncertainty Affect Foreign Remittances? Linear and Non-linear ARDL Approach in BRIC Economies

AbstractThis study investigates the impact of economic policy uncertainty (EPU) on foreign remittances and whether it affects them symmetrically or asymmetrically. The ARDL model is employed to examine the short-run and long-run symmetric impact of EPU on foreign remittances, while the NARDL model is utilized to examine the short-run and long-run asymmetric impact of EPU on foreign remittances, using monthly data for the BRIC economies (Brazil, Russia, India, and China). The results indicate that in the short-run, EPU has a positive and significant impact only on the inflows of foreign remittances received in Russia. Additionally, the short-run asymmetric impact of EPU on foreign remittances is found in Russia and India. Meanwhile, the long-run asymmetric impact of EPU on foreign remittances is observed in the BRIC economies. In particular, the results show that the non-linear response of EPU varies among the sampled countries. The findings of this study enhance our understanding of the role of policy uncertainty in overseas remittances. This information would be beneficial for policymakers, migrants, and recipients, as they are directly involved in making decisions about policies and the transfer of remittances, respectively