THE RELATIONSHIP BETWEEN ECONOMIC GROWTH, DIRECT FOREIGN INVESTMENT, FINANCIAL DEVELOPMENT, AND ECOLOGICAL FOOTPRINT: AN ANALYSIS ON US AND CHINA

Year 2022, Volume: 23 Issue: 3, 366 - 386, 30.09.2022

Hakan Bakkal

https://doi.org/10.53443/anadoluibfd.1139809

Cited By: 2

Abstract

This study aims to determine the effect of economic growth, foreign direct investment, and financial development on environmental degradation. For this purpose, it is examined the relationship between selected economic variables and ecological footprint in US and China, the greatest economic power among all countries, where environmental consumption is high in return for economic activities. According to the empirical results, economic growth and financial development increase environmental degradation, while foreign direct investment contributes to environmental quality in the USA and China. However, the negative impact of economic growth and the positive impact of foreign direct investment on the environment are greater in the USA than in China. The causality tests results support this relationship between economic growth and financial development and ecological footprint for the USA. The findings show that the use of more environmentally friendly technologies and renewable energy sources in production will make contribute substantially to sustainable growth on a global scale.

Keywords

Foreign Direct Investment, Financial Development, Ecological Footprint, Cointegration, Causality

EKONOMİK BÜYÜME, DOĞRUDAN YABANCI SERMAYE YATIRIMLARI, FİNANSAL GELİŞME VE EKOLOJİK AYAK İZİ ARASINDAKİ İLİŞKİ: ABD VE ÇİN ÜZERİNE BİR ANALİZ

Abstract

Bu çalışma, ekonomik büyüme, doğrudan yabancı sermaye yatırımları ve finansal gelişmenin çevresel bozulmadaki etkisini belirleme amacını taşımaktadır. Bu amaçla, ekonomik faaliyetler karşılığında çevre tüketiminin yüksek olduğu, tüm ülkeler içerisinde en büyük ekonomik güce sahip olan ABD ve Çin’de seçilmiş ekonomik değişkenler ile ekolojik ayak izi arasındaki ilişki incelenmektedir. Ampirik sonuçlara göre, ABD ve Çin’de ekonomik büyüme ve finansal gelişme çevresel bozulmayı artırmakta, doğrudan yabancı sermaye yatırımları ise çevre kalitesine katkıda bulunmaktadır. Bununla birlikte, ekonomik büyümenin çevre üzerindeki olumsuz etkisi ve doğrudan yabancı sermaye yatırımlarının olumlu etkisi Çin’e göre ABD’de daha fazladır. Nedensellik test sonuçları ekonomik büyüme ve finansal gelişme ile ekolojik ayak izi arasındaki bu ilişkiyi ABD için desteklemektedir. Elde edilen bulgular, üretimde daha fazla çevre dostu teknolojileri ve yenilenebilir enerji kaynaklarının kullanımının küresel boyutta sürdürülebilir büyümeye önemli katkı sağlayacağını göstermektedir.

Keywords

Doğrudan Yabancı Sermaye Yatırımları, Finansal Gelişme, Ekolojik Ayak İzi, Eşbütünleşme, Nedensellik

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