Conditional effect of governance quality on the finance-environment nexus in a multivariate EKC framework: evidence from the method of moments-quantile regression with fixed-effects models

This paper investigates the mitigating effect of governance quality on the finance-environment nexus in a multivariate EKC framework in 123 selected countries during the 1990–2017 period. We mainly employ the method of moments-quantile regression (MM-QR) with the fixed-effects model, among others. First, the MM-QR estimator reveals that financial development reduces environmental quality more significantly in countries with initially higher levels (the 75^th and 90^th quantiles) of CO₂ emissions than in other countries (the 25^th and 10^th quantiles). Second, the attenuating effect of governance quality on the finance-environment nexus is more remarkable in nations with low initial levels (the 25^th and 10^th quantiles) of CO₂ emissions. Third, we find that the marginal positive effect of financial development on CO₂ emissions is smaller under a good regulatory framework than under corruption control and the rule of law, especially in the top emitters (the 75^th and 90^th quantiles). Fourth, unlike oil, which has a considerable negative impact on the environmental quality of the major emitters, renewable energy usage reduces CO₂ emissions in countries in all quantiles, primarily in the lowest quantiles. Fifth, the findings also show that urbanization dramatically worsens environmental quality in all economies, particularly those in the lowest quantiles. Finally, we confirm that the EKC hypothesis holds in all countries across different quantiles. The study’s final section discusses policy implications for sustainable development in all countries.

     

Biological properties of mud extracts derived from various spa resorts

Spa resorts are known for thousands of years for their healing properties and have been empirically used for the treatment of many inflammatory conditions. Mud is one of the most often used natural materials for preventive, healing and cosmetic reasons and although it has been used since the antiquity, little light has been shed on its physical, chemical and biological properties. In this study we examined the effect of mud extracts on the expression of adhesion molecules (CAMs) by endothelial cells as well as their effects on monocyte adhesion to activated endothelial cells. Most of mud extracts inhibited the expression of VCAM-1 by endothelial cells and reduced monocyte adhesion to activated endothelial cells, indicating a potent anti-inflammatory activity. Furthermore, the mud extracts were tested for their antimicrobial activity; however, most of them appeared inactive against S. aureus and S. epidermidis. One of the mud extracts (showing the best stabilization features) increased significantly the expression of genes involved in cell protection, longevity and hydration of human keratinocytes, such as, collagen 6A1, forkhead box O3, sirtuin-1, superoxide dismutase 1 and aquaporin-3. The present study reveals that mud exerts important beneficial effects including anti-inflammatory and anti-aging activity as well as moisturizing effects, implicating important cosmeceutical applications.