Cai, Yuqing; U Rahman, Habib; Khan, Ali Bu han; Fa eed, Muhammad
A icle
The ole o en i onmen al quali y, inancial de elopmen
and ins i u ional quali y in sus ainable economic g ow h:
E idence om China
Con empo a y Economics
P o ided in Coope a ion wi h:
VIZJA Uni e si y, Wa saw
Sugges ed Ci a ion: Cai, Yuqing; U Rahman, Habib; Khan, Ali Bu han; Fa eed, Muhammad (2025) :
The ole o en i onmen al quali y, inancial de elopmen and ins i u ional quali y in sus ainable
economic g ow h: E idence om China, Con empo a y Economics, ISSN 2300-8814, VIZJA
Uni e si y, Wa saw, Vol. 19, Iss. 3, pp. 312-328,
h ps://doi.o g/10.5709/ce.1897-9254.568
This Ve sion is a ailable a :
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China's obus economic g ow h se es as a key d i e p opelling he global economy o wa d. As such, unde -
s anding he ac o s in luencing i s sus ainable economic g ow h emains a c i ical conce n o s akeholde s.
In his con ex , his s udy aims o in es iga e he key de e minan s o China's sus ainable economic g ow h.
Speci ically, i examines he e ec o en i onmen al quali y, ins i u ional quali y and inancial de elopmen
on sus ainabili y in he Chinese con ex . To achie e his, he s udy employs a ange o econome ic analyses,
including O dina y Leas Squa e (OLS), Gene alized Me hod o Momen s (GMM), and Quan ile Reg ession (QR),
using da a spanning 2002 o 2019. The empi ical indings e eal ha en i onmen al quali y, ins i u ional qual-
i y and inancial de elopmen signi ican ly con ibu e o China's sus ainable economic g ow h. Addi ionally,
he in e ac ion e ec s o he ins i u ional en i onmen p o ide nuanced insigh s in o he ela ionship. This
s udy o e s aluable implica ions o policymake s, highligh ing he need o p io i ize impac ul inancial in-
clusion o e me e inancial sec o expansion, alongside ocusing on o he g ow h-enhancing ini ia i es. This
s udy con ibu es o he body o knowledge by p o iding empi ical e idence o he in e ac ion e ec o he
ins i u ional en i onmen wi hin his amewo k.
1. In oduc ion1. In oduc ion
Sus ainable economic g ow h is undamen al o
imp o ing and main aining eal GDP, as i helps
balance a coun y's income gene a ion and expen-
di u es. This s udy examines he c i ical ole o en-
i onmen al quali y (measu ed by CO2 emissions),
ins i u ional quali y and inancial de elopmen in
in luencing economic g ow h in China. Acco ding
o Michieka e al. (2013), China and o he eme g-
ing coun ies ha e achie ed subs an ial social and
economic ad ancemen s h ough ade libe aliza-
ion and economic e o ms o e ecen decades.
Howe e , his g ow h has signi ican ly inc eased
ene gy demand, leading o challenges ela ed o
en i onmen al deg ada ion and sus ainabili y (Oz-
u k & Al-Mulali, 2015). China emains one o he
la ges p oduce s o ca bon dioxide emissions glob-
The Role o En i onmen al Quali y, Financial
De elopmen and Ins i u ional Quali y in
Sus ainable Economic G ow h: E idence om China
ABSTRACT
F36, G28, O43, Q56.
KEY WORDS:
JEL Classi ica ion:
sus ainable economic g ow h, China, inancial de elopmen , Quan ile Reg ession, global indica o s.
1
Nanyang Cen e o Public Adminis a ion, Nanyang Technological Uni e si y, Singapo e
2
Facul y o Highe Educa ion (Accoun ing and Finance), Holmes Ins i u e, Aus alia
3
Depa men o Managemen Sciences, Na ional Uni e si y o Mode n Languages, Pakis an
4
School o Business, VIZJA Uni e si y, Poland
5
Facul y o Economics and Business, Uni e si as B awijaya, Indonesia
Co espondence conce ning his a icle should be add essed o:
Muhammad Fa eed,
School o Business, VIZJA Uni e si y,
ul. Okopowa 59, Wa saw, Poland.
E-mail: [email p o ec ed]
Yuqing Cai1 , Habib U Rahman2 , Ali Bu han Khan3 , and Muhammad Fa eed4,5
P ima y submission: 08.12.2024 | Final accep ance: 03.02.2025
313
Cai, Rahman, Fa eed, and Khan
10.5709/ce.1897-9254.568DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 312-3282025
ally (EPA, 2014). While he ela ionship be ween
en i onmen al pollu ion and economic g ow h has
been widely esea ched (Azam e al., 2016; Baek,
2015; Bu ne e al., 2013; Feng e al., 2020; Ona o-
wo a & Owoye, 2014; Wang e al., 2016; Wang e
al., 2024; Zhang & Zhao, 2024; Zou e al., 2016),
u he in es iga ion is needed o unde s and how
hese ac o s in e ac in he con ex o eme ging
economies like China (Dogan & Seke , 2016).
China is ac i ely explo ing new a enues o ex-
pand i s ade. The Silk Road Economic Bel , ini-
ia ed by he Go e nmen o China, is a key com-
ponen o hei la es ade expansion agenda.
Consequen ly, his ini ia i e is expec ed o inc ease
ene gy demand, po en ially exace ba ing en i on-
men al pollu ion. Howe e , ade expansion also
p o ides oppo uni ies o mi iga e en i onmen al
pollu ion. Th ough ade, coun ies can exchange
ad anced echnology and capi al, enabling he
ans o ma ion o adi ional manu ac u ing me h-
ods in o mode n, sus ainable p ac ices. Mo eo e ,
adop ing en i onmen - iendly s a egies will
os e sus ainable economic g ow h and con ib-
u e o building a esilien economy. While exam-
ining he associa ion be ween economic g ow h
and en i onmen al quali y, assessing whe he his
ela ionship is compa ible is essen ial. I compa -
ibili y exis s, measu es mus be aken o con ol he
CO2 emissions ela i e o G oss Domes ic P oduc
(GDP). Achie ing his goal equi es la ge-scale de-
ploymen o ene gy-e icien echnologies o mee
ene gy demand while educing CO2 emission in-
ensi y (Medlock III & Soligo, 2001).
Fo a coun y like China o main ain CO2-
e icien p oduc ion uni s, a obus inancial sys-
em is essen ial o ensu e adequa e inancing, isk
managemen and ma ke liquidi y (E en e al.,
2019). Acco ding o he igu es p o ided by he
Na ional Bu eau o S a is ics o China, sa ings de-
posi s eached up o 28.7 illion dolla s in 2019,
wi h an inc ease o 2.3 illion dolla s by yea -end.
To al sa ing deposi s amoun ed o 28 illion dol-
la s, while o eign cu ency loans ac oss all inan-
cial in ui ions o alled 23 illion. Consequen ly, an
adequa e c edi supply is i al o os e ing a sup-
po i e inancial en i onmen ha d i es economic
de elopmen o highe le els. Mo eo e , a sound
economic en i onmen acili a es ene gy de elop-
men . In addi ion, he ole o inancial de elop-
men is pa icula ly signi ican . Ea ly wo k, such
as Schumpe e (1934), highligh ed he ela ionship
be ween inance and g ow h, emphasizing ha ex-
panding he inancial sec o is a c ucial p e equisi e
o g ow h in he eal economy. La e s udies sup-
po his concep (Beck e al., 2000; Beck & Le ine,
2004; Demi güç-Kun & Le ine, 1996; and Le ine
& Ze os, 1998). Al hough his ela ionship has a
solid heo e ical ounda ion, empi ical esea ch has
o en o e looked he impac o inancial de elop-
men on economic g ow h. Acco ding o Ande sen
and Ta p (2003), he connec ion be ween inancial
de elopmen and economic g ow h is mo e nu-
anced and less con en ional han o he economic
heo ies. Some esea che s a gued ha " oo much
inance" can hinde economic g ow h by di e -
ing esou ces om he eal economy and c ea ing
ins abili y (A cand e al., 2015; Cecche i & Kha -
oubi, 2012; Dabla-No is & S i isal, 2013).
The essence o hese s udies is ha an excessi ely
de eloped inancial sec o may di e human capi-
al om he eal sec o , leading o mac oeconomic
and inancial agili y, which can unde mine he
b oade economy ins ead o an economic boos .
As economic g ow h d i es inancial de elopmen
and ene gy consump ion, i migh be ele an o
no e ha he inancial de elopmen and ene gy
consump ion a e c ucial o enhancing social p o-
duc i i y (Khan e al., 2019; Ra indadi & Oz u k,
2016; Shahbaz e al., 2013, 2017). In he con ex o
China's e olu iona y s a egy, economic g ow h
in luenced by inancial de elopmen is c i ical, as i
helps op imize he ene gy ecosys em and acili a e
coo dina ed de elopmen in a mul i-agen econo-
my, he eby ensu ing sus ainable economic g ow h.
Mo eo e , non-economic ac o s, pa icula ly in-
s i u ional ac o s, a e inc easingly ecognized o
hei ole in economic g ow h. T adi ionally, mos
esea che s ocused exclusi ely on he nexus be-
ween economic ac o s and g ow h. Acco ding o
Ma u a e al. (2020), ins i u ional ac o s a e c i i-
cal o economic g ow h and highligh he impo -
ance o go e nance in main aining p ope checks
and balances on ins i u ional quali y. Ins i u ional
o go e nance quali y is measu ed h ough he
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The Role o En i onmen al Quali y, Financial De elopmen and Ins i u ional Quali y in Sus ainable Economic G ow h: E idence om China
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
Wo ldwide Go e nance Indica o s (WGIs) p o-
ided by he Wo ld Bank, which a e widely elied
upon by policymake s and academics. The WGIs
ha e six dimensions o ins i u ional quali y: oice
and accoun abili y, poli ical s abili y, go e nmen
e ec i eness, egula o y quali y, he ule o law, and
con ol o co up ion.
Gene ally, a obus go e nance sys em is ad an-
ageous o a coun y' 's economic g ow h. How-
e e , i s impac a ies signi ican ly in egions o
na ions wi h weak ins i u ional pe o mance. Fo
ins ance, eedom o speech, combined wi h ee-
dom o he p ess and democ a ic accoun abili y,
plays a pi o al ole in enhancing economic de el-
opmen . Democ acy is also an essen ial condi ion
o he e icien unc ioning o a ma ke economy
and os e ing economic g ow h. Acco ding o he
Asian De elopmen Bank (ADB), while he eco-
nomic pe o mance o Asian coun ies is ela i ely
s ong compa ed o o he egions, hei poo in-
s i u ional quali y emains a signi ican obs acle
o a ac ing o eign in es men , p omo ing ade,
and achie ing sus ainable economic de elopmen .
P e ious s udies ha e also es ablished a signi ican
associa ion be ween economic g ow h and di ec
and indi ec go e nance (Adams & Mengis u, 2008;
Ndulu & O'Connell, 1999; P adhan, 2011).
To he au ho s' knowledge, he combined oles
o en i onmen al quali y, ins i u ional quali y, and
inancial de elopmen ha e no been examined
exclusi ely and empi ically in p e ious esea ch.
The e o e, his s udy aims o empi ically explo e
he ela ionship be ween en i onmen al quali y,
inancial de elopmen and ins i u ional quali y in
ela ion o economic pe o mance in China. Fu -
he mo e, he indings o his s udy o e coun y-
speci ic insigh s ha can guide global economies
in add essing de elopmen al di e si y, pa icula ly
in he con ex o in as uc u e de elopmen .This
s udy also con ibu es o he li e a u e by p o id-
ing heo e ical guidance on he in e play be ween
hese ac o s and hei collec i e impac on eco-
nomic pe o mance. P e ious s udies ha e lacked
a mul i a ia e amewo k, esul ing in insu icien
models o cap u ing he complexi ies o economic
pe o mance. By inco po a ing en i onmen al
quali y, inancial de elopmen , and ins i u ional
quali y, his s udy seeks o de elop a comp ehen-
si e model o unde s and be e and imp o e eco-
nomic g ow h. Many exis ing s udies ely on di ec
eg ession analysis be ween wo a iables, which
isks p oducing spu ious esul s. To add ess his
limi a ion, he p esen s udy employs ad anced
econome ic echniques, including quan ile eg es-
sion, o iden i y he c i ical de e minan s o China's
economic g ow h. This s udy u he examines he
mode a ing impac o ins i u ional quali y on he
ela ionship be ween en i onmen al quali y, i-
nancial de elopmen , and economic pe o mance
wi hin China's economy. By assessing hese link-
ages ac oss di e en economic de elopmen le els,
his esea ch add esses key de iciencies in he exis -
ing li e a u e and p o ides ac ionable insigh s o
policymake s and academics.
The emainde o he s udy is s uc u ed as ol-
lows: Sec ion 2 syn hesizes he ele an li e a u e,
Sec ion 3 ou lines he me hodology, and he esul s
a e p esen ed and discussed in Sec ion 4. The inal
sec ion concludes he s udy wi h ecommenda ions
and di ec ions o u u e esea ch.
2. Li e a u e Re iew2. Li e a u e Re iew
This sec ion e iews he p e ious esea ch on he
subjec ma e , which is o ganized in o h ee main
segmen s. The i s segmen ocuses on en i on-
men al quali y and economic g ow h. The second
segmen examines inancial de elopmen and eco-
nomic g ow h, while he inal segmen discusses
ins i u ional quali y and economic g ow h.
2.1. En i onmen al Quali y and Economic
G ow h
The En i onmen al Kuzne s Cu e (EKC) is
a widely ecognized heo y o unde s anding
he link be ween en i onmen al quali y and
economic g ow h. Acco ding o he heo y, an
inc ease in income g ow h ini ially leads o highe
en i onmen al pollu ion. Howe e , as income
le els con inue o ise, a h eshold is eached whe e
u he income g ow h esul s in a educ ion in
en i onmen al pollu ion. This c ea es an in e ed
U-shaped cu e, sugges ing ha economic g ow h
ini ially con ibu es o pollu ion, bu e en ually leads
o i s decline. The EKC connec ion is in luenced by
315
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10.5709/ce.1897-9254.568DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 312-3282025
a a ie y o in e connec ed ac o s, including he
composi ion o p oduc ion and consump ion, he
size o he economy, he in age o echnology, he
s uc u e o economic ac i i y, income inequali ies,
o ms o ene gy use, en i onmen al p io i ies, and
he e ec i eness o egula ions. Along simila lines,
a s and o ecen li e a u e (Zhang & Zhao, 2024;
Wang e al., 2024) highligh s how g een inance and
enewable ene gy in e sec wi h economic g ow h
and en i onmen al quali y wi hin he amewo k o
he EKC hypo hesis.
In he pas h ee decades, he Chinese economy
has expe ienced exponen ial g ow h. In he 1970s,
he go e nmen o China in oduced ma ke
e o ms, and since hen, China has main ained he
g ow h a e o app oxima ely 9.70% pe annum (BP,
2010). This apid economic expansion has allowed
China o li i sel ou o ex eme po e y. Wi h
he inc ease in economic g ow h, he demand o
ossil uels has also isen, making China one o he
la ges p oduce s o CO2 emission. In addi ion o
ossil uels, China is he wo ld's la ges consume
o c ude oil, accoun ing o 46.9% o global
consump ion (BP, 2010). Acco ding o C omp on
and Wu (2005), China consumed 31%, 10.7%,
7.6%, and 1.2% o he wo ld's coal, hyd oelec ici y,
c ude oil, and gas, espec i ely, in 2003.
Fu he mo e, in 2009, consump ion inc eased by
46.9% o coal, 18.8% o hyd oelec ici y, 10.4%
o c ude oil, and 3.0% o gas. This end o ising
uel consump ion con inues each yea . While
ene gy consump ion b ings bene i s, i also poses
signi ican d awbacks. Fo ins ance, i has a s ong
nega i e impac s on he en i onmen (Soy as &
Sa i, 2003). En i onmen alis s ha e ound ha as
ene gy consump ion inc eaes, pollu an emission
also ise, con ibu ing o global wa ming (Si e
al., 2021; Rahman, 2024). The go e nmen should
suppo p i a e i ms in in es ing in inno a ion
and p oduc ion o enewable ene gy sou ces like
sola , hyd o, and wind. This shi would educe
he egion's esilience on ossil uels, which a e an
expensi e en i onmen ally ha m ul op ion (Aziz e
al., 2020).
G een g ow h is one o he essen ial elemen s
o achie ing sus ainable de elopmen . Like many
o he Sou h Asian coun ies, China elies on
na u al esou ce exploi a ion o mee i s g ow h
objec i es. The e o e, e ec i e policies a e c ucial
o ensu ing bo h sus ainabili y and economic
g ow h (Ahmed e al., 2022). Inc emen al inc eases
in ene gy use o achie e highe g ow h esul in
highe CO2 emissions, leading o en i onmen al
deg ada ion. Financial de elopmen , howe e , can
mi iga e hese e ec s by p omo ing in es men s
in ene gy-e icien echnologies, as demons a ed
in he case o Po ugal (Shahbaz e al., 2015). This
highligh s he challenge many coun ies ace in
achie ing coo dina ed economic de elopmen
while add essing en i onmen al conce ns (Wang
e al., 2021). Global wa ming is a p ima y conce n
ela ed o economic g ow h and cu en ene gy
sou ces. The e o e, minimizing ca bon emissions,
pa icula ly CO2, is c ucial o mi iga ing global
wa ming. Ma dani e al. (2019) emphasize ha
CO2 emissions a e a majo g eenhouse gas (GHG),
playing a cen al ole in main aining he plane ’s
habi ablili y. CO2 emissions, which esul om
human ac i i ies and ossil uel consump ion, a e
he p ima y d i e o global wa ming. Fu he mo e,
ossil uels accoun o app oxima ely 80% o GHG
emissions (Soy as & Sa i, 2003).
Fu he , he S an o d Woods Ins i u e o he
En i onmen (2019) epo s ha con olling
ca bon emissions could educe hem by 50% by
2030. I is also wo h no ing ha ca bon emissions
could be educed o ze o i he p oposed p ac ices
a e implemen ed by 2050. Using he Long- ange
In eg a ed De elopmen Analysis (LINDA)
model, Luukkanen e al. (2015) demons a e ha
CO2 emissions could educe o one- hi d o hei
cu en le el by 2030. Howe e , Mladeno ić e al.
(2016) a gued ha ca bon emissions in ela ion
o economic g ow h and popula ion, could be
p edic ed by employing echniques such as Suppo
Vec o Machine (SVM), gene ic p og amming
(GP), and A i icial Neu al Ne wo k (ANN).
Acco ding o Ma dani e al. (2019), CO2 emissions
and economic g ow h emain c i ical issues ha
equi e immedia e a en ion. To add ess he ca bon
emission p oblem and p edic u u e emissions,
Sun e al. (2017) used Pa icle Swa m Op imiza ion
(PSO) and he Ex eme Lea ning Machine (ELM)
me hod. Thei s udy demons a es ha he
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316
The Role o En i onmen al Quali y, Financial De elopmen and Ins i u ional Quali y in Sus ainable Economic G ow h: E idence om China
This wo k is licensed unde a C ea i e Commons A ibu ion 4.0 In e na ional License.
p oposed me hod is accu a e and sui able o u u e
applica ions. Based on p e ious li e a u e and he
abo e discussion, i is concluded ha c ea ing a
ca bon-e icien economy is a global challenge ha
demands immedia e a en ion om esea che s
and policymake s, along wi h a solid s a egy o
add ess his issue. Acco ding o ecen s udies, he
inancial sec o mus assess he ecological iabili y
o p ojec s be o e p o iding unding o hei
comple ion (Kihombo e al., 2021).
2.2. Financial De elopmen and Economic G ow h
In he cu en con ex , he ongoing issue
ega ding inancial de elopmen heo y is
he complex ela ionship be ween inancial
de elopmen and economic g ow h. Acco ding o
King and Le ine (1993), nume ous s udies ha e
add essed he link be ween inancial de elopmen
and economic g ow h, ye hei indings emain
inconclusi e. Coun ies ocusing on inancial
de elopmen o boos economic g ow h can achie e
his by e icien ly alloca ing esou ces (Shahbaz e
al., 2022). While inancial de elopmen in luences
economic g ow h, he signi icance and magni ude
o his e ec a y depending on he speci ic
con ex (Boikos e al., 2022). The e o e, he exis ing
li e a u e can be di ided in o h ee segmen s. The
i s segmen asse s ha inancial de elopmen
signi ican ly in luences economic g ow h (Nyasha,
2015; Yang, 2019). Acco ding o he g ow h model
ou lined by Diallo & Al-Ti i (2017), inancial
de elopmen posi i ely a ec s local-le el economic
g ow h. Simila ly, using da a om China's Beijing–
Tianjin–Hebei egion, Wang e al. (2019) ound
simila esul s o hose o Diallo and Al-Ti i (2017).
The second segmen o he li e a u e sugges s a
nega i e associa ion be ween inancial de elopmen
and economic g ow h (Ouyang & Li, 2018; Sassi &
Gasmi, 2014). Sassi and Gasmi (2014) used da a
om 27 Eu opean coun ies om Janua y 1995 o
Decembe 2012 and ound a nega i e ela ionship
be ween inancial de elopmen and economic
g ow h. They a ibu ed his nega i e ela ionship
o he he e ogenei y o inancial de elopmen
ac oss he 27 Eu opean coun ies.
In con as , se e al s udies (Liu & Zhang, 2020;
Luukkanen e al., 2015; S. Wang e al., 2016; Yang,
2014) highligh he non-linea i y be ween inancial
de elopmen and economic g ow h. Fo ins ance,
Liu and Zhang (2020) examined he inancial
s uc u e mechanism and economic g ow h ac oss
29 p o inces in China om 1996 o 2013. The
s udy ound an in e se U-shaped ela ionship
be ween inancial s uc u e and economic g ow h.
Addi ionally, Law and Singh (2014) used da a
om 87 coun ies o p o ide e idence o a non-
linea ela ionship be ween inancial de elopmen
and economic g ow h. Thei s udy e ealed
h eshold e ec s, sugges ing ha economic g ow h
is p ima ily in luenced by he lack o inancial
de elopmen . Simila ly, he non-linea impac
o inancial de elopmen on economic g ow h is
also obse ed in he con ex o China (Chen e al.,
2013; Guende , 2018). Howe e , despi e ex ensi e
empi ical analysis and heo e ical suppo , he
li e a u e on he ela ionahip be ween inancial
de elopmen and economic g ow h emain
inconclusi e.
2
.3. Ins i u ional Quali y and Economic G ow h
Ins i u ions play a c ucial ole in p omo ing
economic de elopmen and d i ing economic
p og ess. Poo ins i u ional quali y unde mines
capi al accumula ion and income dis ibu ion
(Qam uzzaman, 2022). The signi ican ole o
ins i u ions is emphasized in exis ing li e a u e,
highligh ing ac o s such as go e nmen al
e iciency, go e nmen mechanism, democ acy
and eedom, and p ope y p o ec ion o os e ing
economic g ow h (Acemoglu e al., 2005; Rod ik,
2018; Ploeg & Poelhekke, 2010). Ins i u ional
quali y posi i ely in luences a coun y's economic
de elopmen (Singh & P adhan, 2022). Economic
g ow h depends on how people adap hemsel es o
he exis ing ins i u ional con ex and ins i u ional
change (U bano, Aud e sch, Apa icio, & Nogue a,
2020). In heo y, ins i u ional quali y has a
c i ical mac oeconomic ole. I s ela ionship wi h
economic g ow h is op imal in ensu ing economic
de elopmen (Mehmood, Mohy Ul Din, Aman‐
Ullah, Khan, & Fa eed, 2023). These s udies a gue
ha a single index canno adequa ely cap u e he
pe o mance o ins i u ional quali y o e ime a he
coun y le el. They also con end ha in es men ,
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inancial de elopmen , and ins i u ional quali y
a iables can be u he explo ed wi hin he con ex
o economic de elopmen dynamics, which a e
esses ial o unde s anding he g ow h p ocesses
(B unnschweile & Bul e, 2008; Rod ik, 2018).
Las ly, he s udies men ioned abo e did no add ess
how ins i u ional quali y in luences economic
g ow h wi h a ying e ec s a di e en s ages.
P e ious li e a u e shows bo h nega i e and posi i e
signi ican associa ions be ween ins i u ional
quali y and economic g ow h (Acemoglu &
Robinson, 2008; Sa midi e al., 2014). Simila ly,
imp o emen s in ins i u ional quali y may educe
ade ba ie s in he in e na ional ma ke and
p omo e economic g ow h (Ku z & B ooks, 2011;
Lede man & Maloney, 2006).
Economis s and policy expe s wo ldwide ag ee
ha ins i u ional quali y is c ucial in de e mining
g ow h di e en ials. Kilishi e al. (2013) used
he GMM sys em app oach o es he ole o
ins i u ional quali y in de e mining he economic
pe o mance o Sub-Saha an A ica (SSA). Thei
empi ical e idence showed ha egula o y quali y
is c i ical o he economic pe o mance o SSA.
This inding unde sco es he impo ance o
egula o y quali y in imp o ing SSA's pe o mance.
Simila ly, Vianna and Mollick (2018) conduc ed
a simila s udy on 192 coun ies, speci ically
ocusing on La in Ame ica be ween 1996 and
2015. They ound ha e e y 0.1% imp o emen
in ins i u ional quali y esul s in a 3.9% inc ease
in pe capi a income and 2.6% inc ease in wo ld
de elopmen . These indings also highligh he
limi ed oppo uni ies and he weak ule o law in
La in Ame ica.
Simila ly, Bu kiewicz and Yanikkaya (2006)
emphasized ha ce ain cha ac e is ics, such
as he ule o law, signi ican ly a ec g ow h
pe o mance. They sugges ed ha e ec i ely
implemen ing he ule o law can help imp o e a
coun y's economic g ow h. Using da a om 20
coun ies in a compa a i e s udy, Gu ich (2016)
a gued ha mos de elopmen al p og ams ailed
in Russia be ween 2000 and 2010 due o a igid
ins i u ional amewo k. They also sugges ed ha
economic g ow h is una ainable wi hou p ope
ins i u ional e o ms. Ins i u ions play a c ucial ole
in enhancing a ious sec o s o he economy. To he
bes o he au ho 's knowledge, a gap exis s in he
exis ing li e a u e ega ding he combined e ec
o en i onmen al quali y, inancial de elopmen ,
and ins i u ional quali y on economic g ow h,
pa icula ly in he con ex o he Chinese ma ke .
The e o e, coun y-speci ic implica ions can guide
he egion in o mula ing s a egies ha ake in o
accoun i s unique challenges and e o ming
i s de elopmen al app oaches o os e economic
g ow h. The nex sec ion o his pape p esen s he
esea ch me hodoy used o conduc his esea ch.
Table 1
Desc ip ion o S udy Va iables
Va iable No a ion Measu emen
Sus ainable Economic G ow h SEG GDP g ow h (Annual %)
En i onmen al Quali y ENV CO2 Emission Pe Capi a
Financial De elopmen FND Domes ic c edi o he p i a e sec o by banks (% o GDP)
Ins i u ional Quali y
INQ
The index is c ea ed using P incipal Componen Analysis (PCA) o
six go e nance indica o s: (1) Con ol o Co up ion, (2) Go e nmen
E ec i eness, (3) Poli ical S abili y and Absence o Violence o Te -
o ism, (4) Regula o y Quali y, and (5) Rule o Law, and (6) Voice and
Accoun abili y. The pe cen ile ank is used as a e e ence.
Deb DTE Ex e nal deb s ocks, public and publicly gua an eed (PPG)
Global Index GEI S&P Global Equi y Indices (annual % change)
No e. The SEG, FND, INQ, DTE and GEI da a is collec ed om he Wo ld De elopmen Indica o s (WDI, 2019). The
da a o he ENV is collec ed om he Knoema Da a Base. Fo b e i y, we do no include he PCA. Howe e , he esul s
o he PCA a e a ailable on eques .
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3. Resea ch Me hodology3. Resea ch Me hodology
3.1. Da a Sou ces and S udy Va iables
This s udy used qua e ly da a om 2002 o 2019 o
examine 'China's sus ainable economic g ow h de e -
minan s. The dependen a iable is measu ed by he
G oss Domes ic P oduc (GDP) g ow h a e, ollow-
ing he app oach sugges ed by Sala-i-Ma in and Ba o
(1995), who a gued ha economic g ow h in de elop-
ing coun ies is o en low and is be e assessed h ough
g ow h pe capi a. The s udy inco po a es h ee c i ical
independen a iables: (1) en i onmen al quali y, (2)
inancial de elopmen , and (3) ins i u ional quali y.
Ca bon dioxide (CO2) emission pe capi a was used o
measu e en i onmen al quali y, e lec ing he en i on-
men al impac o economic ac i i ies. The p oxy aligns
wi h he En i onmen al Kuzne s Cu e (EKC) hypo h-
esis, which posi s a ela ionship be ween economic
g ow h and en i onmen al quali y. The ole o banks
in economic de elopmen is well-documen ed, wi h
bank c edi se ing as a c i ical indica o o inancial
de elopmen and a p ima y sou ce o en e p ise inanc-
ing and g ow h. Conside ing he s uc u e o China's
inancial ma ke , his s udy uses he balance o c edi
unds o inancial ins i u ions as a p oxy o inancial
de elopmen (Obeng-Amponsah e al., 2019). This
measu e is consis en wi h he Finance-G ow h Nexus,
which unde sco es he impo ance o inancial sys ems
in os e ing economic g ow h.
Ins i u ional quali y (IQ) is also included as a c i i-
cal a iable based on he amewo k de eloped by Ac-
emoglu and Robinson (2008), who emphasized he ole
o ins i u ions in add essing economic inequali ies and
p omo ing g ow h. While p e ious s udies o en used
he democ acy o poli y index o measu e ins i u ional
quali y (B unnschweile & Bul e, 2008; Sachs & Wa -
ne , 2001), his s udy employs six go e nance indica o s
om he Wo ld Bank o cap u e a b oade pe spec i e
o ins i u ional quali y. These indica o s include oice
and accoun abili y, con ol o co up ion, he ule o
law, poli ical s abili y, egula o y quali y, and go e n-
men e ec i eness. These dimensions align wi h heo-
ies linking go e nance quali y o economic pe o -
mance, pa icula ly in eme ging economies.
In addi ion o hese co e a iables, he s udy inco -
po a es wo con ol a iables: public deb and global in-
dex pe o mance. The ela ionship be ween public deb
and economic g ow h has been widely discussed in he
li e a u e, wi h nume ous s udies explo ing hei in-
e dependence (Reinha & Rogo , 2010; Jos en, 2002;
Eas e ly, 2001). Global index pe o mance, ep esen -
ing he s ock ma ke 's o e all pe o mance, is included
o accoun o he impac o in e na ional ade and
inancial lows on China' 's economy (A slanalp e al.,
2016). This a iable e lec s China' 's in e connec ed-
ness wi h global economic sys ems and i s ulne abili y
o ex e nal shocks. A concep ual amewo k links hese
a iables o he heo e ical models unde pinning his.
These include he EKC hypo hesis o en i onmen al
quali y, he Finance-G ow h Nexus o inancial de-
elopmen , and go e nance heo ies o ins i u ional
quali y. This amewo k ensu es heo e ical g ounding
o he empi ical analysis. The no a ions, measu emen s
and sou ces o selec ed a iables a e p o ided in Table I.
3.2. Empi ical Model
This s udy aims o in es iga e he ela ionship be ween
economic g ow h (GDP) and i s key de e minan s, such
as en i onmen quali y (ENV), inancial de elopmen
(FnD), ins i u ional quali y (INQ), Deb (DTE) and
global index pe o mance (GEI). The analysis o hese
ac o s aims o p o ide a comp ehensi e unde s anding
o how each in luences economic g ow h. The ela ion-
ship using a simple eg ession amewo k, as ou lined
below.
(1)
All he a iables a e de ined in Table I. We also include
he squa ed e m o ENV in model 1 o examine he En-
i onmen al Kuzne s Cu e (EKC) sugges ed by Rahman
e al. (2020). The independen a iables a e expec ed o
be co ela ed, possibly leading o mul icollinea i y issues.
To add ess his, we apply ins umen al a iable analysis
o isola e he e ec o each independen a iable om
po en ial g oup e ec s. In his s udy, ins i u ional qual-
i y is ea ed as a mode a ing a iable, measu ed using a
composi e index o six indica o s: oice and accoun abil-
i y, poli ical s abili y, absence o iolence, go e nmen
e ec i eness, egula o y quali y, he ule o law, and con-
ol o co up ion. The in e ac ion e ms be ween ins i-
u ional quali y and he o he independen a iables a e
p esen ed in equa ions 2 o 5.
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Cai, Rahman, Fa eed, and Khan
10.5709/ce.1897-9254.568DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 312-3282025
(2)
(3)
(4)
(5)
Mo eo e , we employed quan ile eg ession o en-
hance he obus ness o he empi ical model. Quan-
ile eg ession was conduc ed a he 50 h, 75 h, and
90 h pe cen iles o examine he impac o p edic o
a iables ac oss di e en dependen a iable le els.
The coe icien s a hese pe cen iles also change wi h
each uni change in he p edic o a iable. Quan ile
eg ession p o ides mo e eliable coe icien es ima es
by minimizing he in luence o ou lines compa ed o
adi ional leas squa es eg ession.
(6)
(7)
(8)
(9)
Quan ile eg ession is conside ed a sui able ool o
add essing a iables wi h dis ibu ional cha ac e is-
ics and handling ime se ies da a (Ang is & Pischke,
2008). Acco ding o And iansyah and Messinis (2016),
quan ile eg ession is pa icula ly well-sui ed o ana-
lyzing economic g ow h due o i s abili y o accoun
o dis ibu ional cha ac e is ics. I also p o ides he
added ad an age o explaining he ela ionship be-
ween a iables beyond jus he mean. This echnique
helps unco e non-no mal and non-linea ela ion-
ships be ween a iables.
Table 2
Desc ip i e S a is ics
SEG ENV FND INQ DTE GEI
Mean 9.0900 6.3717 130.7655 0.0000 138.5081 15.8165
Median 9.2662 7.0720 126.0474 -0.6178 108.4710 7.0895
Maximum 14.2309 8.2319 164.6643 3.5135 318.0652 80.7194
Minimum 6.1101 3.0294 101.9897 -1.8396 83.7359 -52.7044
S d. De . 2.1764 1.5473 19.0577 1.6339 64.1347 36.6699
Skewness 0.6832 -0.7023 0.3193 0.9990 1.4788 0.3700
Ku osis 2.7857 2.1547 1.8771 2.7652 4.4436 2.3200
Ja que-Be a 5.7386 8.0619 5.0058 12.1404 32.4932 3.0300
P obabili y 0.0567 0.0178 0.0818 0.0023 0.0000 0.2198
VIF 3.201 4.021 3.958 2.936 4.025 3.162
Sum 654.4825 458.7600 9415.1130 0.0000 9972.5850 1138.7890
Sum Sq. De . 336.3111 169.9847 25786.9000 189.5451 292041.8000 95472.5600
Obse a ions 72 72 72 72 72 72
No e. SEG, ENV, FND, INQ, DTE and GEI indica e sus ainable economic g ow h, en i onmen al quali y, ins i u ional
quali y, ex e nal deb s ock and global equi y index. Fo u he de ails, see Table 1.
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