This study investigates the effect of capital liberalization, financial development, and economic policy uncertainty on environmental degradation for 10 Asian-Pacific countries from 1970 to 2019. The fixed effect regression shows that capital liberalization has a negative influence on carbon emissions. However, the world trade uncertainty has a significantly positive impact on environmental quality. This study further compares the results before and after the Kyoto Protocol. The result indicates that private credit to GDP, the international public and private bond market, and the world trade uncertainty have significant effects before and after the periods. Specifically, the trend of financial development changes dramatically from a negative to a positive value from before the Kyoto protocol period to after the Kyoto protocol period. The world trade uncertainty has a positive value on environmental quality. Likewise, eco-friendly variables are also positively correlated with international public and private bond market development. However, the global private fixed income market has increased the air pollution level after the Kyoto Protocol. Lastly, capital liberalization has a significant detrimental impact on environmental degradation.

Table of Contents
Table of contents I
List of tables III
List of figures IV
Abstract V
Chapter 1: introduction 1
1.1. Background and context 1
1.2. Problem statement 2
1.3. Motivation 4
1.4. Research questions 4
1.5. Relevance and importance of the research 5
Chapter 2: Literature Review 6
2.1. Relationship between capital liberalization and financial development 6
2.2. Relationship between financial development and economic growth
9
2.2.1. Bond market development 11
2.2.2. Stock market development 12
2.3. Economic policy uncertainty 13
2.4. Interaction between environmental degradation, capital liberalization, financial development and economic policy uncertainty 15
2.5. The gap in existing knowledge and previous studies 20
Chapter 3: Data Sources and Methodology 24
3.1. Data Sources 24
3.1.1. Descriptive statistic of variables 24
3.1.2. Correlation results 26
3.2. Empirical setting 32
3.2.1. OLS method, random effect, and fixed effect 33
3.2.2. Hausman test 34
Chapter 4: Empirical results 36
4.1. Pooled cluster OLS, fixed effect, random effect analysis, and Hausman test 36
4.2. Sub-period before and during Kyoto Protocol analysis 37
Chapter 5: Conclusion 42
5.1. Summary 42
5.2. Contribution 42
5.3. Policy recommendation 43
5.4. Limitation and suggestion for future research 43
References 44
Appendices 51

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