Sustainable development: The impact of political risk,macroeconomic policy uncertainty and ethnic conflict |
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| Institution: | 1. Rabat Business School, International University of Rabta, Morocco;2. Department of Business Administration, Ghazi University, Dera Ghazi Khan, Pakistan;4. Direction of Strategic Ressources, Research & Development, Chairs & CSR, IPAG Business School, Paris, France;5. Queensland University of Technology, Brisbane, Australia;6. Department of Accounting and Financial Management, Faculty of Business and Law, University of Portsmouth, UK;1. College of Business and Public Management, Wenzhou-Kean University, Wenzhou, China;2. Department of Economics and Finance, University of Castilla-La Mancha, Albacete, Spain;1. Department of Mathematics and Physics, Catholic University, Milan, Italy;2. Department of Political and International Sciences, University of Siena, Siena, Italy;3. Department of International and European Economic Studies, Athens University of Economics and Business, Athens, Greece;4. Department of Economics, University of Bologna, Bologna, Italy;1. International academic center of complex systems, Beijing Normal University at Zhuhai, Zhuhai 519087, China;2. School of Systems Science, Beijing Normal University, Beijing 100875, China;3. School of Government, Beijing Normal University, Beijing 100875, China;4. School of Economics and Management, China University of Geosciences, Beijing 100083, China;5. Key Laboratory of Carrying Capacity Assessment for Resource and Environment, Ministry of Land and Resources, Beijing 100083, China;6. School of Economics, Hebei University, Baoding 071000, China;7. Belt and Road School, Beijing Normal University, Zhuhai 519087, China |
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| Abstract: | We examine the impact of political risk, macroeconomic policy uncertainty, and social risk on sustainable development for a panel covering 47 developing economies from 1991 to 2020. We present an augmented green Solow growth model linking policy risk and uncertainty to sustainable development through their interaction with pollution abatement activities. We employ a political risk index to capture the composite impact of risk factors relevant to political rule and regulation, a macroeconomic policy index to evaluate the uncertainty associated with inflation, exchange rate, and fiscal policies and an index of ethnic fractionalization to appreciate social risk. The empirical results confirm that all the risk and uncertainty factors examined exert significant negative short- and long-run impacts on sustainable development. The findings highlight the importance of risk management as a key control policy when designing sustainability policies promoting pollution emissions abatement. |
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