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This paper examines the impact of globalization and financial development on CO2 emission by incorporating energy consumption in the framework of the Environment Kuznets Curve (EKC) hypothesis in India during 1971-2014. To achieve this objective, autoregressive distributed model (ARDL) model is used. Overall globalization, economic globalization, political globalization, and social globalization are used as proxies for globalization. Domestic credit to financial sector as a percentage of GDP is used as a proxy for financial development. ARDL bounds test confirms the existence of cointegration among the variables. The results show that financial development has no significant effect on carbon emission.
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Sahu et al. (2020) studied this question.
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