Is Economic Volatility Detrimental to Global Sustainability?
使用动态面板数据模型，发现产出波动通过金融发展渠道显著加剧自然资源消耗，阻碍可持续发展，低收入、低能源强度和低贸易份额国家尤为脆弱。
In a dynamic panel data model allowing for error cross-section dependence, output volatility is found to impede sustainable development. Through a financial development channel (liquidity liability ratio), output volatility exerts a significant effect on depletion of natural resources, a key component of sustainability. Low-income countries, low energy-intensity countries, and low trade-share countries tend to be especially vulnerable to macroeconomic volatility and shocks. The findings highlight the interaction between global financial markets and the wider economy as a key factor influencing sustainable development, with important implications for macroeconomic and environmental policies in an integrated global green economy.