Impact of Energy Use Segregation on Carbon Emissions: The Role of FDI in Net Importing and Net Exporting Countries

  • Avik SinhaEmail author
  • Oana M. Driha
  • Daniel Balsalobre-Lorente
  • José María Cantos-Cantos


This paper proposes an empirical model for exploring the effect of foreign direct investment, income, renewable and non-renewable energy consumption, and oil price on carbon emissions in net exporting countries (NECs) and net importing countries (NICs) for the period of 1991–2015. Following the conceptual framework of environmental Kuznets curve (EKC) hypothesis and empirical IPAT framework, the analysis has been carried out. The empirical results indicate that foreign direct investment, income, and renewable energy consumption have an N-shaped association with carbon emissions. On contrary, the impact of non-renewable energy consumption on carbon emissions is positive and the impact of oil price on carbon emissions is negative. Moreover, the empirical evidence recommends long-run policies in connection with the promotion of clean technologies, less dependence on natural resources, and advancement in environmental awareness and incentives for replacing old polluting technologies.


FDI Net export Net import IPAT Carbon emissions 


  1. Abdouli, M., & Hammami, S. (2017). Economic growth, FDI inflows and their impact on the environment: An empirical study for the MENA countries. Quality & Quantity, 51, 1–26.CrossRefGoogle Scholar
  2. Alam, M. M., Murad, M. W., Noman, A. H. M., & Ozturk, I. (2016). Relationships among carbon emissions, economic growth, energy consumption and population growth: Testing environmental Kuznets curve hypothesis for Brazil, China, India and Indonesia. Ecological Indicators, 70, 466–479.CrossRefGoogle Scholar
  3. Aliyu, M. A. (2005). Foreign direct investment and the environment: Pollution haven hypothesis revisited. In Eight Annual Conference on Global Economic Analysis (pp. 9–11), Lübeck, Germany.Google Scholar
  4. Al-Mulali, U. (2012). Factors affecting CO2 emission in the Middle East: A panel data analysis. Energy, 441, 564–569.CrossRefGoogle Scholar
  5. Al-Mulali, U., & Tang, C. F. (2013). Investigating the validity of pollution haven hypothesis in the gulf cooperation council GCC countries. Energy Policy, 60, 813–819.CrossRefGoogle Scholar
  6. Alper, A., & Oguz, O. (2016). The role of renewable energy consumption in economic growth: Evidence from asymmetric causality. Renewable and Sustainable Energy Reviews, 60, 953–959.CrossRefGoogle Scholar
  7. Álvarez, A., Balsalobre, D., Cantos, J. M., & Shahbaz, M. (2017a). Energy innovations-GHG emissions nexus: Fresh empirical evidence from OECD countries. Energy Policy, 101, 90–100.CrossRefGoogle Scholar
  8. Álvarez, A., Balsalobre, D., Shahbaz, M., & Cantos, J. M. (2017b). Energy innovation and renewable energy consumption in the correction of air pollution levels. Energy Policy, 105, 386–397.CrossRefGoogle Scholar
  9. Amri, F. (2016). The relationship among energy consumption, foreign direct investment and output in developed and developing countries. Renewable and Sustainable Energy Reviews, 64(1), 694–702.MathSciNetCrossRefGoogle Scholar
  10. Andreoni, J., & Levinson, A. (2001). The simple analytics of the environmental Kuznets curve. Journal of Public Economics, 80, 269–286.CrossRefGoogle Scholar
  11. Antonakakis, N., Chatziantoniou, I., & Filis, G. (2017). Energy consumption, CO2 emissions, and economic growth: An ethical dilemma. Renewable and Sustainable Energy Reviews, 68, 808–824.CrossRefGoogle Scholar
  12. Apergis, N., & Payne, J. E. (2009). CO2 emissions, energy usage, and output in Central America. Energy Policy, 378, 3282–3286.CrossRefGoogle Scholar
  13. Atici, C. (2012). Carbon emissions, trade liberalization, and the Japan–ASEAN interaction: A group-wise examination. Journal of the Japanese and International Economies, 26(1), 167–178.CrossRefGoogle Scholar
  14. Baek, J., & Kim, H. S. (2011). Trade liberalization, economic growth, energy consumption and the environment: Time series evidence from G-20 countries. Journal of East Asian Economic Integration, 15, 3–32.Google Scholar
  15. Balsalobre, D., & Álvarez, A. (2016). Economic growth and energy regulation in the environmental Kuznets curve. Environment Science and Pollution Research, 23, 16478–16494.CrossRefGoogle Scholar
  16. Balsalobre, D., Álvarez, A., & Cantos, J. M. (2015). Public budgets for energy RD&D and the effects on energy intensity and pollution levels. Environmental Science and Pollution Research, 227, 4881–4892.CrossRefGoogle Scholar
  17. Balsalobre, D., Shahbaz, M., Roubaud, D., & Farhani, S. (2018). How economic growth, renewable electricity and natural resources contribute to CO2 emissions?. Energy Policy, 113, 356–367.Google Scholar
  18. Balsalobre, D., Gokmenoglu, K. K., Taspinar, N., & Cantos-Cantos, J. M. (2019). An approach to the pollution haven and pollution halo hypotheses in MINT countries. Environmental Science and Pollution Research, 26(22), 23010–23026.CrossRefGoogle Scholar
  19. Blomström, M., & Kokko, A. (1996). The impact of foreign investment on host countries: A review of the empirical evidence. Washington, DC: World Bank.Google Scholar
  20. Caviglia-Harris, J. L., Chambers, D., & Kahn, J. R. (2009). Taking the “U” out of Kuznets: A comprehensive analysis of the EKC and environmental degradation. Ecological Economics, 68(4), 1149–1159.CrossRefGoogle Scholar
  21. Chudik, A., & Pesaran, M. H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393–420.MathSciNetzbMATHCrossRefGoogle Scholar
  22. Chung, S. (2014). Environmental regulation and foreign direct investment: Evidence from South Korea. Journal of Development Economics, 108, 222–236.CrossRefGoogle Scholar
  23. Cole, M. A. (2004). Trade, the pollution haven hypothesis and the environmental Kuznets curve: Examining the linkages. Ecological Economics, 481, 71–81.CrossRefGoogle Scholar
  24. Cole, M. A., & Elliott, R. J. R. (2005). FDI and the capital intensity of “dirty” sectors: A missing piece of the pollution haven puzzle. Review of Development Economics, 9, 530–548.CrossRefGoogle Scholar
  25. Cole, M. A., Elliott, R. J. R., & Fredriksson, P. G. (2006). Endogenous pollution havens: Does FDI influence environmental regulations? Scandinavian Journal of Economics, 108(1), 157–178.CrossRefGoogle Scholar
  26. Copeland, B. R., & Taylor, M. S. (1994). North-South trade and the environment. The Quarterly Journal of Economics, 109(3), 755–787.Google Scholar
  27. Copeland, B. R., & Taylor, M. S. (2003). Trade and the Environment: Theory and Evidence. Princeton University Press, Princeton.Google Scholar
  28. Copeland, B. R., & Taylor, M. S. (2004). Trade, growth, and the environment. Journal of Economic Literature, 421, 7–71.CrossRefGoogle Scholar
  29. Danish, Zhang, B., Wang, B., & Wang, Z. (2017). Role of renewable energy and non-renewable energy consumption on EKC: Evidence from Pakistan. Journal of Cleaner Production, 156, 855–864.Google Scholar
  30. Davis, L. W., & Kilian, L. (2011). Estimating the effect of a gasoline tax on carbón emissions. Journal of Applied Economics, 26, 1187–1214.Google Scholar
  31. De Mello, L. (1997). Foreign direct investment in developing countries and growth: A selective survey. Journal of Development Studies, 34, 1–34.CrossRefGoogle Scholar
  32. Dietz, T., & Rosa, E. A. (1994). Rethinking the environmental impacts of population, affluence and technology. Human Ecology Review, 1(2), 277–300.Google Scholar
  33. Dietz, T., & Rosa, E. A. (1997). Effects of population and affluence on CO2 emissions. Proceedings of the National Academy of Sciences, 94(1), 175–179.CrossRefGoogle Scholar
  34. Doytch, N., & Narayan, S. (2016). Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption. Energy Economics, 54(1), 291–301.CrossRefGoogle Scholar
  35. Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460.CrossRefGoogle Scholar
  36. Dudley, N. (Ed.). (2008). Guidelines for applying protected area management categories. Gland, Switzerland: IUCN.Google Scholar
  37. EC. (2015). Communication from the commission to the European Parliament and the Council: Renewable energy roadmap: Renewable energies in the 21st century. Building a Sustainable Future—COM (2006) 848 final (PDF).Google Scholar
  38. Ehrlich, P. R., & Holdren, J. P. (1971). Impact of population growth. Science, 171(3977), 1212–1217.CrossRefGoogle Scholar
  39. Eskeland, G. S., & Harrison, A. E. (1997). Moving to greener pastures? Multinationals and the pollution-haven hypothesis. World Bank Policy Research Working Paper WPS1744, Washington, DC.Google Scholar
  40. Eskeland, G. S., & Harrison, A. E. (2003). Moving to greener pastures? Multinationals and the pollution haven hypothesis. Journal of Development Economics, 70(1), 1–23.CrossRefGoogle Scholar
  41. European Union (EU) (2013). General Union Environment Action Programme to 2020. Commission Communication 710.Google Scholar
  42. Factbook, O. (2015). Economic, environmental and social statistics, foreign direct investment.Google Scholar
  43. Farhani, S., & Shahbaz, M. (2014). What role of renewable and non-renewable electricity consumption and output is needed to initially mitigate CO2 emissions in MENA region?. Renewable and Sustainable Energy Reviews, 40, 80–90.Google Scholar
  44. Gallagher, K. P. (2009). Economic globalization and the environment. Annual Review of Environmental Research, 341, 279–304.CrossRefGoogle Scholar
  45. Garsous, G., & Kozluk, T. (2017). Foreign direct investment and the pollution haven hypothesis: Evidence from listed firms. OECD Economics Department Working Papers 1379. Paris: OECD Publishing.Google Scholar
  46. Giovanis, E. (2012). Environmental Kuznets curve: Evidence from the British household panel survey. Economic Modelling, 30, 602–611.CrossRefGoogle Scholar
  47. Grossman, G., & Krueger, E. (1991). Environmental impacts of a North American free trade agreement. NBER Working Paper 3914.Google Scholar
  48. Grossman, G., & Krueger, E. (1995). Economic growth and the environment. Quarterly Journal of Economics, 110(2), 353–377.zbMATHCrossRefGoogle Scholar
  49. Hadri, K., & Rao, Y. (2008). Panel stationarity test with structural breaks. Oxford Bulletin of Economics and Statistics, 70(2), 245–269.CrossRefGoogle Scholar
  50. Hammoudeh, S., Nguyen, D. K., & Sousa, R. M. (2014). Energy prices and CO2 emission allowance prices: A quantile regression approach. Energy Policy, 70, 201–206.CrossRefGoogle Scholar
  51. Hanna, R. (2010). US environmental regulation and FDI: Evidence from a panel of US-based multinational firms. American Economic Journal: Applied Economics, 23, 158–189.Google Scholar
  52. Heil, M. T., & Selden, T. M. (2001). Carbon emissions and economic development: Future trajectories based on historical experience. Environment and Development Economics, 6, 63–83.CrossRefGoogle Scholar
  53. Helpman, E., & Krugman, P. (1985). Market structure and foreign trade. Cambridge, MA: MIT Press.Google Scholar
  54. Huang, J. B., Liu, Q., Cai, X. C., Hao, Y., & Lei, H. Y. (2018). The effect of technological factors on China’s carbon intensity: New evidence from a panel threshold model. Energy Policy, 115, 32–42.Google Scholar
  55. Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74.MathSciNetzbMATHCrossRefGoogle Scholar
  56. Ito, K. (2016). CO2 emissions, renewable and non-renewable energy consumption, and economic growth: Evidence from panel data for developed countries. Economics Bulletin, 36(1), 553–559.Google Scholar
  57. Jebli, M. B., Youssef, S. B., & Ozturk, I. (2016). Testing environmental Kuznets curve hypothesis: The role of renewable and non-renewable energy consumption and trade in OECD countries. Ecological Indicators, 60, 824–831.CrossRefGoogle Scholar
  58. Jiao, J.-L., Qi, Y.-Y., Cao, Q., Liu, L.-C., & Liang, Q.-M. (2013). China’s targets for reducing the intensity of CO2 emissions by 2020. Energy Strategy Reviews, 2, 176–181.Google Scholar
  59. Kaika, D., & Zervas, E. (2013). The environmental Kuznets curve (EKC) theory—Part A: Concept, causes and the CO2 emissions case. Energy Policy, 62, 1392–1402.CrossRefGoogle Scholar
  60. Kearsley, A., & Riddel, M. (2010). A further inquiry into the pollution haven hypothesis and the environmental Kuznets curve. Ecological Economics, 69(4), 905–919.CrossRefGoogle Scholar
  61. Kilian, L., & Vigfusson, R. J. (2013). Do oil prices help forecast U.S. real GDP? The role of nonlinearities and asymmetries. Journal of Business & Economic Statistics, 31, 78–93.MathSciNetCrossRefGoogle Scholar
  62. Kim, M. H., & Adilov, N. (2012). The lesser of two evils: An empirical investigation of foreign direct investment-pollution tradeoff. Applied Economics, 44, 2597–2606.CrossRefGoogle Scholar
  63. Kivyiro, P., & Arminen, H. (2014). Carbon dioxide emissions, energy consumption, economic growth, and foreign direct investment: Causality analysis for Sub-Saharan Africa. Energy, 74, 595–606.CrossRefGoogle Scholar
  64. Kraft, J., & Kraft, A. (1978). On the relationship between energy and GNP. Journal of Energy and Development, 3, 401–403.Google Scholar
  65. Kurian, M., & Ardakanian, R. (2015). The nexus approach to governance of environmental resources considering global change. In Governing the Nexus (pp. 3–13). Cham: Springer.Google Scholar
  66. Lee, J. W. (2013). The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth. Energy Policy, 55(2013), 483–489.CrossRefGoogle Scholar
  67. Li, S., Linn, J., & Muehlegger, E. (2012). Gasoline taxes and consumer behavior. National Bureau of Economic Research Working Paper Series No. 17891.Google Scholar
  68. Lim, B., Spanger-Siegfried, E., Burton, I., Malone, E., & Huq, S. (2004). Adaptation policy frameworks for climate change: Developing strategies, policies and measures. New York: United Nations Development Programme.Google Scholar
  69. List, J. A., & Co, C. Y. (2000). The effects of environmental regulations on foreign direct investment. Journal of Environmental Economics and Management, 40(1), 1–20.Google Scholar
  70. Liu, K., & Daly, K. (2011). Foreign direct investment in China manufacturing industry-transformation from a low tech to high tech manufacturing. International Journal of Business and Management, 6(7), 15–27.Google Scholar
  71. Liu, Y., Hao, Y., & Gaoa, Y. (2017). The environmental consequences of domestic and foreign investment: Evidence from China. Energy Policy, 108, 271–280.CrossRefGoogle Scholar
  72. Managi, S. (2006). Pollution, natural resource and economic growth: An econometric analysis. International Journal of Global Environmental Issues, 6(1), 73–88.CrossRefGoogle Scholar
  73. Markandya, A., Golub, A., & Pedrosa-Gallinato, A. (2006). Empirical analysis of national income and SO2 emissions in selected European countries. Environmental & Resource Economics, 35, 221–257.CrossRefGoogle Scholar
  74. Mazur, A., Phutkaradze, Z., & Phutkaradze, J. (2015). Economic growth and environmental quality in the European Union Countries—Is there evidence for the environmental Kuznets curve? International Journal of Management and Economics, 45(1), 108–126.CrossRefGoogle Scholar
  75. Mehlum, H., Moene, K., & Torvik, R. (2006). Institutions and the resource curse. The Economic Journal, 116(508), 1–20.Google Scholar
  76. Mi, Z., Zhang, Y., Guan, D., Shan, Y., Liu, Z., Cong, R., et al. (2016). Consumption-based emission accounting for Chinese cities. Applied Energy, 184, 1073–1081.Google Scholar
  77. Mielnik, O., & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30(2), 87–89.CrossRefGoogle Scholar
  78. Millimet, D. L., & Roy, J. (2016). Empirical tests of the pollution haven hypothesis when environmental regulation is endogenous. Journal of Applied Econometrics, 31(4), 652–677.MathSciNetCrossRefGoogle Scholar
  79. Montag, J. (2015). The simple economics of motor vehicle pollution: A case for fuel tax. Energy Policy, 85, 138–149.Google Scholar
  80. Neequaye, N. A., & Oladi, R. (2015). Environment, growth, and FDI revisited. International Review of Economics and Finance, 39, 47–56.CrossRefGoogle Scholar
  81. OECD. (2002). Foreign direct investment for development: Maximizing benefits, minimizing costs. Paris: OECD Publishing.CrossRefGoogle Scholar
  82. Omri, A., & Kahouli, B. (2014). Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneous-equations models. Energy Policy, 67, 913–922.Google Scholar
  83. Ouyang, X., & Lin, B. (2015). An analysis of the driving forces of energy-related carbon dioxide emissions in China’s industrial sector. Renewable and Sustainable Energy Review, 45, 838–849.CrossRefGoogle Scholar
  84. Panayotou, T. (1993). Empirical test and policy analysis of environmental degradation at different stages of economic development. Working Paper 238, Technology and Environment Programme, International Labour Office, Geneva.Google Scholar
  85. Panayotou, T. (2003). Economics growth and the environment. Harvard University and Cyprus International Institute of Management.Google Scholar
  86. Paramati, S. R., Ummalla, M., & Apergis, N. (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, 56, 29–41.CrossRefGoogle Scholar
  87. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. CESifo Working Paper (No. 1229).Google Scholar
  88. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312.MathSciNetCrossRefGoogle Scholar
  89. Richmond, A. K., & Kaufman, R. K. (2006). Energy prices and turning points: The relationship between income and energy use/carbon emissions. Energy Journal, 7, 157–180.Google Scholar
  90. Sachs, J. D., & Warner, A. M. (1997). Fundamental sources of long-run growth. The American Economic Eeview, 87(2), 184–188.Google Scholar
  91. Sadorsky, P. (2009). Renewable energy consumption, CO2 emissions and oil prices in the G7 countries. Energy Economics, 31(3), 456–462.CrossRefGoogle Scholar
  92. Sadorsky, P. (2010). The impact of financial growth on energy consumption in developing economies. Energy Policy, 38, 2528–2535.CrossRefGoogle Scholar
  93. Selden, T., & Song, D. (1994). Environmental quality and development: Is there a Kuznets curve for air pollution emissions? Journal of Environmental Economics and Management, 27(2), 147–162.CrossRefGoogle Scholar
  94. Shafik, N., & Bandyopadhyay, N. (1992). Economic growth and environmental quality: Time-series and cross-country evidence (pp. 1–6). World Bank Working Papers 904.Google Scholar
  95. Shahbaz, M., Balsalobre, D., & Sinha, A. (2019). Foreign direct investment–CO2 emissions nexus in Middle East and North African countries: Importance of biomass energy consumption. Journal of Cleaner Production, 217, 603–614.CrossRefGoogle Scholar
  96. Shahbaz, M., Destek, M. A., Okumus, I., & Sinha, A. (2019). An empirical note on comparison between resource abundance and resource dependence in resource abundant countries. Resources Policy, 60, 47–55.Google Scholar
  97. Shahbaz, M., Khraief, N., Uddin, G. S., & Ozturk, I. (2014). Environmental Kuznets curve in an open economy: A bounds testing and causality analysis for Tunisia. Renewable and Sustainable Energy Review, 34, 325–336.CrossRefGoogle Scholar
  98. Shahbaz, M., Mutascu, M. P., & Azim, P. (2013). Environmental Kuznets curve in Romania and the role of energy consumption. Renewable and Sustainable Energy Review, 18, 165–173.CrossRefGoogle Scholar
  99. Shahbaz, M., Nasreen, S., Abbas, F., & Anis, O. (2015). Does foreign direct investment impede environmental quality in high-, middle-, and low-income countries? Energy Economics, 51, 275–287.CrossRefGoogle Scholar
  100. Shahbaz, M., & Sinha, A. (2019). Environmental Kuznets curve for CO2 emissions: A literature survey. Journal of Economic Studies, 46(1), 106–168.CrossRefGoogle Scholar
  101. Sinha, A., Shahbaz, M., & Balsalobre, D. (2017). Exploring the relationship between energy usage segregation and environmental degradation in N-11 countries. Journal of Cleaner Production, 168, 1217–1229.CrossRefGoogle Scholar
  102. Sinha, A., & Sengupta, T. (2019). Impact of natural resource rents on human development: What is the role of globalization in Asia Pacific countries?. Resources Policy, 63, 101413.Google Scholar
  103. Slaughter, M. J. (2003). Host country determinants of U.S. foreign direct investment into Europe. In H. Herrmann & R. Lipsey (Eds.), Foreign direct investment in the real and financial sector of industrial economies (pp. 7–32). Berlin: Springer.Google Scholar
  104. Stern, D. I. (2004). The rise and fall of the environmental Kuznets curve. World Development, 328, 1419–1439.Google Scholar
  105. Sterner, T. (2007). Fuel taxes: An important instrument for climate policy. Energy Policy, 35, 3194–3202.Google Scholar
  106. Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32, 137–145.CrossRefGoogle Scholar
  107. Tekin, R. B. (2012). Economic growth, exports and foreign direct investment in least developed countries: A panel Granger causality analysis. Economic Modelling, 29, 868–878.CrossRefGoogle Scholar
  108. Torras, M., & Boyce, J. (1998). Income, inequality, and pollution: A reassessment of the environmental Kuznets curve. Ecological Economics, 25, 147–160.CrossRefGoogle Scholar
  109. Tsang, E. W., & Yip, P. S. (2007). Economic distance and the survival of foreign direct investments. Academy of Management Journal, 50(5), 1156–1168.Google Scholar
  110. Wagner, U. J., & Timmins, C. D. (2009). Agglomeration effects in foreign direct investment and the pollution haven hypothesis. Environmental Resource Economics, 43(2), 231–256.CrossRefGoogle Scholar
  111. Waldkirch, A., & Gopinath, M. (2008). Pollution control and foreign direct investment in Mexico: An industry-level analysis. Environmental & Resource Economics, 413, 289–313.CrossRefGoogle Scholar
  112. Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748.CrossRefGoogle Scholar
  113. Westerlund, J., & Edgerton, D. L. (2008). A simple test for cointegration in dependent panels with structural breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704.CrossRefGoogle Scholar
  114. World Bank. (2018). World Development Indicators. Available at:
  115. Yi, Y. C., Ma, S. S., Guan, W. J., & Li, K. (2017). An empirical study on the relationship between urban spatial form and CO2 in Chinese cities. Sustainability, 9(4), 672.CrossRefGoogle Scholar
  116. Zeng, D. Z., & Zhao, L. (2009). Pollution havens and industrial agglomeration. Journal of Environmental Economics and Management, 58(2), 141–153.zbMATHCrossRefGoogle Scholar
  117. Zhang, C., & Zhou, X. (2016). Does foreign direct investment lead to lower CO2 emissions? Evidence from a regional analysis in China. Renewable and Sustainable Energy Reviews, 58, 943–951.CrossRefGoogle Scholar
  118. Zhang, G., & Cheng, S. (2014). International oil price’s impacts on carbon emission in china’s transportation industry. Journal of Industrial Engineering and Management, 7(4), 749.Google Scholar
  119. Zhang, Y. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39, 2197–2203.CrossRefGoogle Scholar
  120. Zhao, L., Yun, L., He, L., Zeng, G., & Huang, Z. (2018). The effect of gasoline consumption tax on consumption and carbon emissions during a period of low oil prices. Journal of Cleaner Production, 171, 1429–1436.Google Scholar
  121. Zheng, J., & Sheng, P. (2017). The impact of foreign direct investment FDI on the environment: Market perspectives and evidence from China. Economies, 5, 1–15.CrossRefGoogle Scholar
  122. Zhu, H., Duan, L., Guo, Y., & Yu, K. (2016). The effects of FDI, economic growth and energy consumption on carbon emissions in ASEAN-5: Evidence from panel quantile regression. Economic Modelling, 58(1), 237–248.CrossRefGoogle Scholar
  123. Zhu, L., Gan, Q., Liu, Y., & Yan, Z. (2017). The impact of foreign direct investment on SO2 emissions in the Beijing-Tianjin-Hebei region: A spatial econometric analysis. Journal of Cleaner Production, 166, 189–196.CrossRefGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Avik Sinha
    • 1
    Email author
  • Oana M. Driha
    • 2
  • Daniel Balsalobre-Lorente
    • 3
  • José María Cantos-Cantos
    • 3
  1. 1.Department of General Management and EconomicsGoa Institute of ManagementGoaIndia
  2. 2.Department of Applied EconomicsInternational Economy Institute, Institute of Tourism Research, University of AlicanteAlicanteSpain
  3. 3.Department of Political Economy and Public FinanceEconomic and Business Statistics and Economic Policy, University of Castilla-La ManchaCuencaSpain

Personalised recommendations