St. Petersburg, St. Petersburg, Russian Federation
JEL E19 Other
JEL R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
The study presents the results of studying the current theoretical problems of the modern world economy. The main focus is on identifying the sources and causes of the various links between economic growth, innovation, energy and environmental efficiency in the economies of developing countries at the beginning of this century. The fundamental interrelations of deterministic and stochastic nature and the assessment of their impact on the potential of economic growth are considered. Theoretical discussions are based on an analysis of the relevant literature and the results of previous studies, which indicate, however, that a more detailed study is needed to gain an understanding of the genesis of the possible relationship between these variables. First of all, the relationship between: 1) financial development and economic growth; 2) energy consumption (or CO2 emissions) and economic growth; 3) innovation (research and development) and economic growth. To ensure the statistical accuracy of the study, an empirical study is conducted using the Arellano-Bond method. Based on the data analysis, it has been established that there are empirical relationships between the variables involved, related to the impact on the choice and justification of modern environmental, economic and innovation policies in developing countries in the modern period. Only a combination of energy, environmental and economic policies can ensure the sustainability of economic growth in developing countries. The main purpose of the study is to verify the validity of this assumption. Detailed research in this area is needed to provide insight into the possible relationship and interaction between financial development, energy consumption (CO2 emissions), innovation, and economic growth. The results and conclusions of the study will help to better understand the empirical relationships between the variables involved, which will have an important impact on the planning of environmental, economic and innovation policies.
economic growth, innovation, financial development, energy efficiency, environmental efficiency, economic growth
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