Abstract
In this article, we have investigated the impact of regulatory and economic factors in producing cleaner biofuels in selected seven key biomass markets. We test the long-run relationship among biofuel output (dependent variable), research and development expenditure, biofuel consumption, labor force participation, regulatory quality, and financial growth, using the panel autoregressive distributed lag (ARDL) and Pedroni co-integration techniques from 2002 to 2018. Firstly, the Pedroni co-integration results reveal the existence of long-term co-movement in the model. Besides, the pooled mean group (PMG) results suggested that the entire explanatory variables has positive and long-term impacts on cleaner biofuel production in the selected economies.
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