The paper investigates whether the decline in environmental quality in BRIC economies is due to high energy consumption level which is a resultant of rapid economic growth. We answer this using environmental, macroeconomic and financial variables along with Kyoto Protocol indicators based on...

The paper investigates the linkage between economic and financial development and decline in environmental quality in BRIC economies for the period 1992 – 2004. As measure of robustness, we also introduce and examine behavior of results considering USA and Japan. We employ feasible general...