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The Fiscal and Monetary Policies and Environment in GCC Countries: Analysis of Territory and Consumption-Based CO2 Emissions

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 21 Jan 2022Publisher:MDPI AGJournal:Sustainability, volume 14, page 1,225 (eissn: 2071-1050,

Authors: Haider Mahmood; Anass Hamadelneel Adow; Muzafar Abbas; Asim Iqbal; Muntasir Murshed; Maham Furqan;

doi: 10.3390/su14031225

The Fiscal and Monetary Policies and Environment in GCC Countries: Analysis of Territory and Consumption-Based CO2 Emissions

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Abstract

Expansionary monetary and fiscal policies are necessary for economic and environmental development. The present research studies the impact of monetary policy and fiscal policy on Territory-Based CO2 (TBC) and Consumption-Based CO2 (CBC) emissions in Gulf Cooperation Council (GCC) economies from 1990–2019. The cointegration is corroborated through various tests, and long-term relationships are found in both TBC and CBC models. Government expenditures have long-term positive effects on both TBC and CBC emissions and short-term positive effects on TBC emissions in the region. Money supply negatively affects the TBC and CBC emissions in the long run and positively affects TBC and CBC emissions in the short run. Hence, monetary policy needs a long time to have positive ecological effects in the GCC region. Moreover, fiscal policy in both the long and short run and monetary policy in the short run have scale effects in GCC economies. Therefore, we recommend reducing fiscal measures and encouraging monetary policy in the long run to have positive environmental outcomes in the region.

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Keywords

Environmental effects of industries and plants, monetary policy, TJ807-830, fiscal policy; monetary policy; territory-based CO2 emissions; consumption-based CO2 emissions, TD194-195, consumption-based CO2 emissions, Renewable energy sources, Environmental sciences, GE1-350, territory-based CO2 emissions, fiscal policy

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