The Relationship Between Financial Innovation and Environmental Pollution in OECD Countries

Year 2023, Volume: 5 Issue: 3, 195 - 207, 30.09.2023

Murat Tekbaş

https://doi.org/10.54821/uiecd.1331928

Cited By: 1

Abstract

Climate changes as a result of environmental degradation have negative effects in many areas. Many studies in the economics literature have examined the effects of these negativities from different perspectives. In this study, the relationship between financial innovation and CO2 emission, which is newly used in the literature, is examined for 14 OECD member countries. LLC and IPS unit root tests, Pedroni and Kao cointegration tests and FMOLS estimator were used in the analyses for the period between 2009 and 2019. According to the findings obtained from the analyses, it is seen that financial innovation, economic growth and urbanization have negative effects on CO2 emissions. In addition, in the results of Dumitrescu-Hurlin causality test applied in the study, it was determined that there is a bidirectional causality relationship between economic growth, urbanization and CO2 emissions, and a unidirectional causality relationship between financial innovation and CO2 emissions. In this direction, it is considered important that companies and governments should act together. It is considered that the creation of green loans by financial intermediaries for environmentally sensitive projects can encourage investors. In order to prevent environmental degradation from a holistic perspective, the government should take measures such as subsidies and tax reductions to encourage environmentally friendly projects.

Keywords

Financial Innovation, CO2 Emissions, Urbanization, Economic Growth, Panel Data Analysis

OECD Ülkelerinde Finansal Yenilik ve Çevre Kirliliği Arasındaki İlişki

Abstract

Çevresel bozulmalar sonucunda meydana gelen iklim değişiklikleri birçok alanda olumsuz etkiler oluşturmaktadır. Ekonomi literatüründe birçok çalışma farklı açılardan bu olumsuzlukların etkileri incelenmiştir. Bu çalışmada literatürde yeni kullanılan finansal inovasyon ile CO2 emisyonu arasında ilişki OECD üyesi 14 ülke için incelenmiştir. 2009 – 2019 yılları arasındaki dönem için yapılan analizlerde LLC ve IPS birim kök testleri, Pedroni ve Kao eşbütünleşme testleri ve FMOLS tahmincisi kullanılmıştır. Analizlerden elde edilen bulgulara göre finansal inovasyon, ekonomik büyüme ve kentleşmenin CO2emisyonu üzerinde negatif etkili olduğu görülmektedir. Ayrıca çalışmada uygulanan Dumitrescu-Hurlin nedensellik testi sonuçlarında ekonomik büyüme, kentleşme ve CO2 emisyonu arasında çift yönlü, finansal inovasyon ile CO2 emisyonu arasında tek yönlü nedensellik ilişkisi olduğu tespit edilmiştir. Bu doğrultuda firmaların ve hükümetlerin birlikte hareket etmesi gerektiği önemli görülmektedir. Finansal aracıların çevreye duyarlı projelere yönelik yeşil kredileri oluşturmaları yatırımcıları teşvik edebileceği değerlendirilmektedir. Çevresel bozulmanın bütüncül bir bakış açısıyla önlenebilmesi için ise devlet çevre dostu projeleri teşvik etmek üzere sübvansiyon ve vergi indirimleri gibi önlemleri almalıdır.

Keywords

Finansal İnovasyon, CO2 Emisyonu, Kentleşme, Ekonomik Büyüme, Panel Veri Analizi

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