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06-04-2023 | Original Research

Natural Resources Depletion, Financial Risk, and Human Well-Being: What is the Role of Green Innovation and Economic Globalization?

Authors: Mahmood Ahmad, Zahoor Ahmed, Xiyue Yang, Muhlis Can

Published in: Social Indicators Research | Issue 1-3/2023

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Abstract

Human well-being is the top priority of all nations in the twenty-first century. However, depletion of natural resources and financial risk can negatively impact human well-being, which in turn can make it difficult to realize human well-being. Also, green innovation and economic globalization may play a significant role in human well-being. In this context, this study assesses the impacts of natural resources, financial risk, green innovation, and economic globalization on human well-being in emerging countries from 1990 to 2018. The empirical results from the Common Correlated Effects Mean Group estimator unveiled that natural resources and financial risk negatively affect the human well-being of emerging nations. Furthermore, the results show that green innovation and economic globalization positively contribute to human well-being. These findings are also verified using alternative methods. In addition, natural resources, financial risk, and economic globalization Granger cause human well-being but not the other way round. Furthermore, bidirectional causality exists between green innovation and human well-being. Considering these novel findings, sustainable utilization of natural resources and controlling financial risk are necessary strategies for realizing human well-being. More resources should be allocated for green innovation, and government should encourage economic globalization to attain sustainable development in emerging countries.

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Title: Natural Resources Depletion, Financial Risk, and Human Well-Being: What is the Role of Green Innovation and Economic Globalization?
Authors: Mahmood Ahmad
Zahoor Ahmed
Xiyue Yang
Muhlis Can
Publication date: 06-04-2023
Publisher: Springer Netherlands
Published in: Social Indicators Research / Issue 1-3/2023
Print ISSN: 0303-8300
Electronic ISSN: 1573-0921
DOI: https://doi.org/10.1007/s11205-023-03106-9

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