Research Article
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The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups

Year 2024, Issue: 122, 79 - 109, 01.10.2024

Ufuk Alkan , Canan Dağıdır Çakan , Aykut Şengül , Mehmet Hanifi Ateş

https://doi.org/10.33203/mfy.1442703
https://izlik.org/JA75NM96UD

Abstract

UNDP report observes that countries with a high Human Development Index (HDI) are industrialized nations. It is well-known that industrialization leads to high carbon dioxide (CO2) emissions. These countries also experience low inflation rates due to their high production volumes. In light of this information, this study aims to empirically investigate the complex relationship between inflation, HDI, and CO2 across different country groups. The study employs panel data analysis over the period from 1994 to 2021, focusing on specific subdivisions within country groups (OECD, G20, EU, developed, high-income, and low-income countries). The results reveal a linear relationship between HDI and CO2 and an inverse relationship between inflation and CO2, providing policy recommendations based on these findings.

Keywords

Inflation Carbon Emissions Human Development Index Panel Data Analysis

References

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  • Ayyoub, M., Chaudhry, I. S. & Farooq, F. (2011). Does Inflation Affect Economic Growth? The Case of Pakistan, Pakistan Journal of Social Sciences (PJSS), 31(1), 51-64. Retrieved from: https://pjss.bzu.edu.pk/index.php/pjss/article/view/93.
  • Bedir, S. & Yilmaz, V. M. (2016). CO2 Emissions and Human Development in OECD Countries: Granger Causality Analysis with a Panel Data Approach, Eurasian Economic Review, 6(1), 97-110. DOI: https://doi.org/10.1007/s40822-015-0037-2.
  • Berisha, E., Gupta, R. & Meszaros, J. (2020). The Impact of Macroeconomic Factors on Income Inequality: Evidence from the BRICS, Economic Modelling, 91, 559-567. DOI: https://doi.org/10.1016/j.econmod.2019.12.007.
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  • Lucas, J., Robert E. (2000). Inflation and Welfare, Econometrica, 68(2), 247-274. DOI: https://doi.org/10.1111/1468-0262.00109.
  • Marín-Rodríguez, N. J., González-Ruiz, J. D. & Botero, S. (2023) A Wavelet Analysis of the Dynamic Connectedness among Oil Prices, Green Bonds, and CO2 Emissions, Risks, 11(1), 1-21. DOI: https://doi.org/10.3390/risks11010015.
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Seçili Ülke Gruplarında Enflasyon, İnsani Gelişme Endeksi ve CO2 Arasındaki İlişki

Year 2024, Issue: 122, 79 - 109, 01.10.2024

Ufuk Alkan , Canan Dağıdır Çakan , Aykut Şengül , Mehmet Hanifi Ateş

https://doi.org/10.33203/mfy.1442703
https://izlik.org/JA75NM96UD

Abstract

Birleşmiş Milletler Kalkınma Programı raporunda yüksek İnsani Gelişme Endeksine (İGE) sahip ülkelerin sanayileşmiş ülkeler olduğu gözlemlenmektedir. Sanayileşmenin yüksek karbondioksit (CO2) salınımına neden olduğu bilinmektedir. Bu ülkeler aynı zamanda yüksek üretim hacimleri nedeniyle düşük enflasyona sahiptir. Bu bilgiler ışığında çalışma, farklı ülke gruplarında enflasyon, İGE ve CO2 arasındaki karmaşık ilişkiyi ampirik olarak araştırmayı amaçlamaktadır. Çalışmada, 1994-2021 yılları arasında ülke grupları (OECD, G20, AB, gelişmiş, yüksek ve düşük gelirli) bazında ilgili alt kırılımlar üzerinden panel veri analizi yapılmıştır. Sonuçlar, İGE ile CO2 arasında doğrusal, enflasyon ile CO2 arasında ise ters yönlü bir ilişki olduğunu ortaya koymuş ve politika önerileri sunulmuştur.

Keywords

Enflasyon Karbon Emisyonları İnsani Gelişme Endeksi Panel Veri Analizi

References

  • Adekoya, O. B., Olabode, J. K. & Rafi, S. K. (2021). Renewable Energy Consumption, Carbon Emissions and Human Development: Empirical Comparison of the Trajectories of World Regions, Renewable Energy, 179(C), 1836-1848. DOI: 10.1016/j.renene.2021.08.019.
  • Afolayan, O. T. (2020). Carbon Emissions, Human Capital Investment and Economic Development in Nigeria, International Journal of Energy Economics and Policy, 10(2), 427-437. DOI: https://doi.org/10.32479/ijeep.8476.
  • Akbar, M., Hussain, A., Akbar, A. & Ullah, I. (2021). The Dynamic Association Between Healthcare Spending, CO2 Emissions, and Human Development Index in OECD Countries: Evidence from Panel VAR Model, Environment, Development and Sustainability, 23(2), 10470-10489. DOI: https://doi.org/10.1007/s10668-020-01066-5.
  • Anand, S. & Sen, A. (1994). Human Development Index: Methodology and Measurement. New York, Human Development Report Office Occasional Papers.
  • Angeris, G., Kao, H.-T., Chiang, R., Noyes, C. & Chitra, T. (2021). An analysis of Uniswap Markets, Cryptoeconomic System, 1(1), 1-25. DOI: https://doi.org/10.21428/58320208.c9738e64.
  • Appiah, M., Amoasi, R. & Frowne, D. I. (2019). Human Development and Its Effects on Economic Growth and Development, International Research Journal of Business Studies, 12(2), 101-109. DOI: https://doi.org/10.21632/irjbs.
  • Asongu, S. A. & Odhiambo, N. M. (2019). Environmental Degradation and Inclusive Human Development in Sub‐Saharan Africa, Sustainable Development, 27(1), 25-34. DOI: https://doi.org/10.1002/sd.1858.
  • Ayyoub, M., Chaudhry, I. S. & Farooq, F. (2011). Does Inflation Affect Economic Growth? The Case of Pakistan, Pakistan Journal of Social Sciences (PJSS), 31(1), 51-64. Retrieved from: https://pjss.bzu.edu.pk/index.php/pjss/article/view/93.
  • Bedir, S. & Yilmaz, V. M. (2016). CO2 Emissions and Human Development in OECD Countries: Granger Causality Analysis with a Panel Data Approach, Eurasian Economic Review, 6(1), 97-110. DOI: https://doi.org/10.1007/s40822-015-0037-2.
  • Berisha, E., Gupta, R. & Meszaros, J. (2020). The Impact of Macroeconomic Factors on Income Inequality: Evidence from the BRICS, Economic Modelling, 91, 559-567. DOI: https://doi.org/10.1016/j.econmod.2019.12.007.
  • Caporale, G. M. & Chui, M. K. (1999). Estimating Income and Price Elasticities of Trade in a Cointegration Framework, Review of International Economics, 7(2), 254-264. DOI: https://doi.org/10.1111/1467-9396.00161.
  • Chang, T. & Caudill, S. B. (2005). Financial Development and Economic Growth: The Case of Taiwan, Applied Economics, 37(12), 1329-1335. DOI: https://doi.org/10.1080/0003684042000338702.
  • Craig, B. & Rocheteau, G. (2008). Inflation and Welfare: A Search Approach, Journal of Money, Credit and Banking, 40(1), 89-119. Retrieved from: https://www.jstor.org/stable/25096241.
  • Datta, K. & Mukhopadhyay, C. K. (2011). Relationship between Inflation and Economic Growth in Malaysia-An Econometric Review, International Conference on Economics and Finance Research, 4(1), 415-419. Retrieved from: https://www.studocu.com/row/document/university-of-professional-studies/corporate-finance/relationship-between-inflation-and-economic-growth-in-malaysia-an-econometric-review/9358393.
  • Deger, M. K. & Pata, U. K. (2017). The Symmetric and Asymmetric Causality Analysis between Foreign Trade and Carbon Emissions in Turkey, Doguş University Journal, 18(1), 31-44. Retrieved from: https://dergipark.org.tr/tr/download/article-file/2152130.
  • Dickey, D. A. & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root, Journal of the American Statistical Association, 74(366), 427-431. DOI: http://dx.doi.org/10.2307/2286348.
  • Dinardo, J., Johnston, J. & Johnston, J. (1997). Econometric Methods, (Fourth Edition) McGraw-Hill Companies, Inc.
  • Enders, W. (2015). Applied Econometric Time Series, (Fourth Edition) New York (US): University of Alabama.
  • Gokal, V. & Hanif, S. (2004). Relationship Between Inflation and Economic Growth, Suva: Economics Department, Reserve Bank of Fiji Working Paper, No. 2004/04.
  • Goswami, A., Kapoor, H. S., Jangir, R. K., Ngigi, C. N., Nowrouzi-Kia, B. & Chattu, V. K. (2023). Impact of Economic Growth, Trade Openness, Urbanization and Energy Consumption on Carbon Emissions: A Study of India, Sustainability, 15(11), 9025. DOI: https://doi.org/10.3390/su15119025.
  • Hirvilammi, T. (2020). The Virtuous Circle of Sustainable Welfare as a Transformative Policy Idea, Sustainability, 12(1), 391. DOI: http://dx.doi.org/10.3390/su12010391.
  • Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels, Journal of Econometrics, 115(1), 53-74. DOI: https://doi.org/10.1016/S0304-4076(03)00092-7.
  • Islam, M. M., Alharthi, M. & Murad, M. W. (2021). The Effects of Carbon Emissions, Rainfall, Temperature, Inflation, Population, and Unemployment on Economic Growth in Saudi Arabia: An Ardl Investigation, Plos One, 16(4), 1-21. DOI: https://doi.org/10.1371/journal.pone.0248743.
  • Kalantari, S., Kazemipoor, H., Sobhani, F. M. & Molana, S. M. H. (2022). Designing Sustainable Closed-Loop Supply Chain Network with Considering Spot-To-Point Inflation and Carbon Emission Policies: A Case Study, Computers & Industrial Engineering, 174(1), 108748. DOI: http://dx.doi.org/10.1016/j.cie.2022.108748.
  • Kangas, O. (2010). One Hundred Years of Money, Welfare and Death: Mortality, Economic Growth and the Development of the Welfare State in 17 Oecd Countries 1900–2000, International Journal of Social Welfare, 19(1), 42-59. DOI: https://doi.org/10.1111/j.1468-2397.2010.00735.x.
  • Kasperowicz, R. (2015). Economic Growth and CO2 emissions: The ECM Analysis, Journal of International Studies, 8(3), 91-98. DOI: https://doi.org/10.14254/2071-8330.2015/8-3/7.
  • Kim, D.-H. & Lin, S.-C. (2023). Income Inequality, Inflation and Financial Development, Journal of Empirical Finance, 72(1), 468-487. DOI: https://doi.org/10.1016/j.jempfin.2023.04.008.
  • Kuznets, S. (1955). Economic Growth and Income Inequality, The American Economic Reviews, 45(1), 1-28. Retrieved from: https://www.jstor.org/stable/1811581.
  • Liu, Y. & Hao, Y. (2018). The Dynamic Links between CO2 Emissions, Energy Consumption and Economic Development in the Countries along “The Belt And Road”, Science of the Total Environment, 645(10), 674-683. DOI: https://doi.org/10.1016/j.scitotenv.2018.07.062.
  • Lucas, J., Robert E. (2000). Inflation and Welfare, Econometrica, 68(2), 247-274. DOI: https://doi.org/10.1111/1468-0262.00109.
  • Marín-Rodríguez, N. J., González-Ruiz, J. D. & Botero, S. (2023) A Wavelet Analysis of the Dynamic Connectedness among Oil Prices, Green Bonds, and CO2 Emissions, Risks, 11(1), 1-21. DOI: https://doi.org/10.3390/risks11010015.
  • Moessner, R. (2022). Evidence on Climate Policy, Carbon Dioxide Emissions and Inflation, International Journal of Global Warming, 28(2), 136-151.
  • Mohmmed, A., Li, Z., Arowolo, A. O., Su, H., Deng, X., Najmuddin, O. & Zhang, Y. (2019). Driving Factors of CO2 Emissions and Nexus with Economic Growth, Development and Human Health in the Top Ten Emitting Countries. Resources, Conservation and Recycling, 148(5), 157-169. DOI: https://doi.org/10.1016/j.resconrec.2019.03.048.
  • Musarat, M. A., Alaloul, W. S., Liew, M., Maqsoom, A. & Qureshi, A. H. (2021). The Effect of Inflation Rate on CO2 Emission: a Framework for Malaysian Construction Industry, Sustainability, 13(3), 1562. DOI: https://doi.org/10.3390/su13031562.
  • Nabi, A. A., Shahid, Z. A., Mubashir, K. A., Ali, A., Iqbal, A. & Zaman, K. (2020), “Relationship between Population Growth, Price Level, Poverty Incidence, and Carbon Emissions in a Panel of 98 Countries”, Environmental Science and Pollution Research, 27(2), 31778-31792. DOI: https://doi.org/10.1007/s11356-020-08465-1.
  • Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors, Oxford Bulletin of Economics and Statistics, 61(S1), 653-670. DOI: https://doi.org/10.1111/1468-0084.0610s1653.
  • Pedroni, P. (2001). Fully Modified OLS for Heterogeneous Cointegrated Panels. In Nonstationary Panels, Panel Cointegration, And Dynamic Panels, 15(1), Emerald Group Publishing Limited, 93-130. DOI: https://doi.org/10.1016/S0731-9053(00)15004-2.
  • Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the Ppp Hypothesis, Econometric Theory, 20(3), 597-625. DOI: https://doi.org/10.1017/S0266466604203073.
  • Perron, P. (1990). Testing for a Unit Root in a Time Series with a Changing Mean. Journal of Business & Economic Statistics, 8(2), 153-162. DOI: https://doi.org/10.2307/1391977.
  • Phillips, P. C. & Hansen, B. E. (1990). Statistical Inference in Instrumental Variables Regression with I (1) Processes, The Review of Economic Studies, 57(1), 99-125. DOI: https://doi.org/10.2307/2297545.
  • Rahman, S. U., Faisal, F., Sami, F., Ali, A., Chander, R. & Amin, M. Y. (2022). Investigating the Nexus Between Inflation, Financial Development, and Carbon Emission: Empirical Evidence from FARDL and Frequency Domain Approach, Journal of the Knowledge Economy, 1-27. DOI: https://doi.org/10.1007/s13132-022-01076-w.
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There are 53 citations in total.

Details

Primary Language English
Subjects Inflation
Journal Section Research Article
Authors

Ufuk Alkan 0000-0002-9256-5599

Canan Dağıdır Çakan 0000-0001-7230-6373

Aykut Şengül 0000-0002-1916-3403

Mehmet Hanifi Ateş 0000-0001-5795-3951

Submission Date February 25, 2024
Acceptance Date September 29, 2024
Early Pub Date September 29, 2024
Publication Date October 1, 2024
DOI https://doi.org/10.33203/mfy.1442703
IZ https://izlik.org/JA75NM96UD
Published in Issue Year 2024 Issue: 122

Cite

APA Alkan, U., Dağıdır Çakan, C., Şengül, A., & Ateş, M. H. (2024). The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups. Maliye Ve Finans Yazıları, 122, 79-109. https://doi.org/10.33203/mfy.1442703
AMA 1.Alkan U, Dağıdır Çakan C, Şengül A, Ateş MH. The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups. Maliye ve Finans Yazıları. 2024;(122):79-109. doi:10.33203/mfy.1442703
Chicago Alkan, Ufuk, Canan Dağıdır Çakan, Aykut Şengül, and Mehmet Hanifi Ateş. 2024. “The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups”. Maliye Ve Finans Yazıları, nos. 122: 79-109. https://doi.org/10.33203/mfy.1442703.
EndNote Alkan U, Dağıdır Çakan C, Şengül A, Ateş MH (October 1, 2024) The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups. Maliye ve Finans Yazıları 122 79–109.
IEEE [1]U. Alkan, C. Dağıdır Çakan, A. Şengül, and M. H. Ateş, “The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups”, Maliye ve Finans Yazıları, no. 122, pp. 79–109, Oct. 2024, doi: 10.33203/mfy.1442703.
ISNAD Alkan, Ufuk - Dağıdır Çakan, Canan - Şengül, Aykut - Ateş, Mehmet Hanifi. “The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups”. Maliye ve Finans Yazıları. 122 (October 1, 2024): 79-109. https://doi.org/10.33203/mfy.1442703.
JAMA 1.Alkan U, Dağıdır Çakan C, Şengül A, Ateş MH. The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups. Maliye ve Finans Yazıları. 2024;:79–109.
MLA Alkan, Ufuk, et al. “The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups”. Maliye Ve Finans Yazıları, no. 122, Oct. 2024, pp. 79-109, doi:10.33203/mfy.1442703.
Vancouver 1.Ufuk Alkan, Canan Dağıdır Çakan, Aykut Şengül, Mehmet Hanifi Ateş. The Relationship Between Inflation, Human Development Index and CO2 in Selected Country Groups. Maliye ve Finans Yazıları. 2024 Oct. 1;(122):79-109. doi:10.33203/mfy.1442703

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