Abstract
This paper examines the impact of financial liberalization and institutional factors on the environmental quality in GCC countries, specifically focusing on CO2 emissions. The study employs a panel ARDL model to analyze the link between these variables and environmental quality using data from a pooled mean group of GCC countries spanning the years 1984 to 2021. The study reveals several key findings. Firstly, it establishes a positive association between CO2 emission and democratic accountability. Secondly, corruption is found to hurt environmental quality. Additionally, the research indicates that ethnic conflicts contribute to a rise in CO2 emissions. Moreover, government stability is negatively linked with CO2 discharge. In GCC countries, the results demonstrate a negative connection between high domestic credit granted to the private sector and CO2 release. Furthermore, the study reveals a negative link between CO2 emission and GDP. Foreign direct investment is also shown to have a negative relationship with CO2 emissions, while urbanization and general government final consumption expenditure exhibit a positive relationship with CO2 emissions based on the findings of this research.
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