The Role of Financial Sector Development and Educational Attainment in the Achievement of Economic Sustainability: Evidence from BRICS Economies

Author:

Tekin Turhan Gökçe1,Tokal Pınar2,Sart Gamze3

Affiliation:

1. Department of Banking and Finance, Nişantaşı University, Istanbul 34398, Türkiye

2. Institute of Social Sciences, Netkent Mediterranean Research and Science University, Nicosia 99010, Cyprus

3. Department of Educational Sciences, Hasan Ali Yucel Faculty of Education, İstanbul University-Cerrahpaşa, Istanbul 34500, Türkiye

Abstract

The worldwide serious deteriorations in environmental and social quality have led many countries to follow institutional, social, and economic policies eliminating the negative environmental and social costs of economic growth and development, urbanization, and population growth. This study investigates the influence of financial sector development and educational attainment on economic sustainability in a sample of BRICS economies over the 1995–2020 term through causality and cointegration tests. The results of the causality test find a bidirectional causal interplay between financial development and economic sustainability and a unilateral causal effect from educational attainment on economic sustainability. Furthermore, cointegration analysis unveils a long-term positive influence of financial development and educational attainment on economic sustainability, but the effect of educational attainment on economic sustainability is ascertained to be slightly higher when compared with that of financial sector development. As a result, both educational attainment and financial development with environmental and social measures can be useful instruments to achieve economic sustainability.

Publisher

MDPI AG

Subject

Management, Monitoring, Policy and Law,Renewable Energy, Sustainability and the Environment,Geography, Planning and Development,Building and Construction

Reference108 articles.

1. Asian Development Bank (2022, December 20). World Sustainable Development Timeline 2012. Available online: https://www.adb.org/sites/default/files/publication/29664/world-sustainable-development-timeline.pdf.

2. UN (2022, December 20). The Sustainable Development Agenda. Available online: https://www.un.org/sustainabledevelopment/.

3. Lacko, R., and Hajduová, Z. (2018). Determinants of Environmental Efficiency of the EU Countries Using Two-Step DEA Approach. Sustainability, 10.

4. Determinants of Environmental Sustainability: Evidence from Saudi Arabia;Omri;Sci. Total Environ.,2019

5. Environmental Innovation, Trade Openness and Quality Institutions: An Integrated Investigation about Environmental Sustainability;Khan;Environ. Dev. Sustain.,2022

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3