The Impact of the Interplay Between Public Debt,Globalization,and Carbon Emissions on Sustainable Development
Public debt and carbon emissions are significant challenges for sustainable development due to their adverse impacts on the economy,environment,and society.Despite the significant role that public debt plays in improving the ability of the government to protect the environment,there is relatively little empirical evidence of this.Therefore,this study aims to reveal the relationship and mechanism among public debt,globalization,and carbon emissions by analyzing the data recorded between 1995 and 2021 of 67 countries.According to the empirical findings,first of all,the impact of public debt on carbon emissions has a non-linear characteristic,and the two have an inverted U-shaped relationship.Secondly,there is an inverted U-shaped relationship between public debt and globalization,and globalization has an intermediary effect on the impact of public debt on carbon emissions.Thirdly,when we decom-pose the globalization index into trade,social,and political dimensions,we find that public debt impacts carbon emissions by influ-encing trade and social globalization.In contrast,political globalization has no significant impact.Based on the above findings,this study suggests that policymakers should reduce carbon emissions through public debt management by prioritizing investment in sus-tainable development and supporting environmentally friendly policies while strictly controlling the risks associated with debt growth.
public debtglobalizationcarbon emissionsinteractioninfluence
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