A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations
A Nexus between Sustainability, Openness, Development, and Urbanization: Panel Data Evidence from QUAD Nations

Summary/Abstract: The paper explores the relationship between economic openness, development and urbanisation in sustainable ecosystems. The investigation is based on the balanced panel data for QUAD countries from 1991 to 2019. By using PMG-ARDL, this paper follows affiliation amid sustainability and openness. The results reported indicate the existence of an encouraging association between sustainability and urbanisation both in the case of Australia and India. The ECT value for all the panels is negative and noteworthy, confirming the existence of short-term affiliation too. The granger causality analysis also reveals that in the case of the US and India, there existed bi-directional causation amid sustainability and urbanisation. Knowing well that the countries are party to the “Kyoto Protocol and Paris agreement”, but there is still a necessity to preserve and promote the impetus concerning sustainability in arousing inclusive awareness concerning the realisation of sustainable ecosystems. More so, subsidising schemes and promoting awareness programmes are recommended, such as incentivising sustainable urban planning and green power purchase agreement and adoption of green bonds for energy infrastructure needs.

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