DOES FINANCIAL DEVELOPMENT AFFECT ENVIRONMENTAL QUALITY? EMPIRICAL EVIDENCE FOR EMERGING MARKET ECONOMIES

Year 2017, Volume: 13 Issue: 3, 535 - 552, 01.08.2017

Emrah Koçak

https://doi.org/10.17130/ijmeb.2017331326

Cited By: 9

Abstract

This study investigates the relationship between financial development and CO2 emissions for Emerging Market Economies EMEs over the period 1982-2010 within a multivariate framework. In this context panel cointegration, panel DOLS and panel vector error correction model based on Granger causality analiysis methods have been used in this study. The panel cointegration test comfirms a long-run equilibrium relationship between variables. The panel DOLS results show that financial development has negative effects on CO2 emission. Also, The Granger causality test reveals a unidirectional causality from financial development to CO2 emissions in both the short run and the long run, The empiricial results indicate that financial development is an important factor for the improvement of environmental quality

Keywords

Financial Development, CO2, Emerging Market Economies, Panel Data

FİNANSAL GELİŞME ÇEVRESEL KALİTEYİ ETKİLER Mİ? YÜKSELEN PİYASA EKONOMİLERİ İÇİN AMPİRİK KANITLAR

Abstract

Bu çalışma 1982-2010 dönemi Yükselen Piyasa Ekonomilerinde finansal gelişme ve CO2 salınımı arasındaki ilişkiyi çok değişkenli bir çerçevede araştırmaktadır. Bu kapsamda çalışmada panel eşbütünleşme, panel dinamik en küçük kareler DOLS ve panel vektör hata düzeltme modeline dayalı Granger nedensellik analiz yöntemleri kullanılmıştır. Panel eşbütünleşme testi değişkenler arasındaki uzun dönemli denge ilişkisini desteklemektedir. Panel DOLS sonuçları finansal gelişmenin CO2 salınımı üzerinde negatif bir etkisi olduğunu göstermektedir. Granger nedensellik testi hem kısa hem de uzun dönemde finansal gelişmeden CO2 salınımına doğru tek yönlü bir nedensellik ilişkisini ortaya koymaktadır. Ampirik sonuçlar, finansal gelişmenin çevresel kalitenin geliştirilmesi için önemli bir faktör olduğunu işaret etmektedir.

Keywords

Finansal Gelişme, CO2, Yükselen Piyasa Ekonomileri, Panel Veri

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