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Examines monetary policy effects on ecological footprints in ECOWAS, suggesting strong institutions mitigate impact.
This study examines the effect of monetary policy on ecological footprints (EFPs) and the moderating role of institutions in ECOWAS. Using a census of all 15 member states and 19 years of panel data, pooled mean, fixed effects, difference GMM, and SGMM were applied. Policy rates and money supply had a significant positive impact on EFPs. Rule of law negatively moderated this relationship, while regulatory quality had a positive moderating effect. Strong institutions and effective regulation reduce biodiversity loss and EFPs.
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Bosomtwe et al. (2026) studied this question.
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