The Importance of Environmental Factors in Ensuring Sustainable Economıic Growth in OECD Countries

Year 2024, Volume: 22 Issue: 4, 47 - 69

Suna Korkmaz , Oya Korkmaz

https://doi.org/10.11611/yead.1494597

Abstract

Recently, sustainable economic growth is one of the macroeconomic policies aimed by country governments. Environmental factors play an important role in the sustainability of economic growth. For this reason, natural resources must be used effectively and efficiently and must be sustained. In addition, in order to achieve sustainable economic growth, it is necessary to protect the ecosystem and reduce environmental pollution that occurs with industrialization. One of the factors causing environmental pollution is carbon emissions. Therefore, in this study, the relationship between per capita CO2 emissions released in total industrial production and economic growth for 8 OECD countries was analyzed by panel causality test. In the analysis, annual data for the period 2010-2018 were used. As a result of the study, a unidirectional causality relationship was found from economic growth to CO2 emissions.

Keywords

Carbon Dioxide Emissions, Economic Growth, Panel Causality Test

Ethical Statement

No

Supporting Institution

No

Thanks

No

References

• Ahmad, N., Du, L., Lu, J., Wang, J., Li, H-Z. and Hashmi, M.Z. (2017) “Modelling the CO2 Emissions and Economic Growth in Croatia: Is There Any Environmental Kuznets Curve?”, Energy, 123: 164-172. doi: 10.1016/j.energy.2016.12.106.
• Aksu, L. (2014) “İktisat Ekollerinin İktisadi Büyüme Konusundaki Düşünceleri ve Modellerinin Analizi”, Türk Dünyası Araştırmaları, (208): 351-392.
• Aksu, L. (2018) “İktisadi Büyüme, İktisat Okullarının Bakış Açısı ve Türkiye”, Turkey: İksad Publishing House. Albiman, M.M., Suleiman, N.N. and Baka, H.O. (2015) “The Relationship between Energy Consumption, CO2 Emissions and Economic Growth in Tanzania”, International Journal of Energy Sector Management, 9(3): 361-375. doi: 10.1108/IJESM-05-2014-0006.
• Alper, F.Ö. (2019) “Ekonomik Büyümenin Belirleyicileri: Yapısal Kırılmalar Altında Türkiye Örneği”, Fiscaoeconomia, 3(1): 202-227. Doi: 10.25295/fsecon.2019.01.008.
• Appiah, K., Du, J., Musah, A-A.I. and Afriyie, S. (2017) “Investigation of The Relationship between Economic Growth and Carbon Dioxide (CO2) Emissions as Economic Structure Changes: Evidence from Ghana”, Resources and Environment, 7(6): 160-167. Doi: 10.5923/j.re.20170706.02.
• Aydın, N. and Kaya, D.G. (2022) “Çevre Sorunları ve Çözüm Arayışları”, Sosyal ve Beşeri Bilimler Dergisi, 14(2): 197-215. Doi: 10.55978/sobiadsbd.1151340.
• Azam, M., Khan, A.Q., Abdullah, H.B. and Qureshi, M.E. (2016) “The Impact of CO2 Emissions on Economic Growth: Evidence from Selected Higher CO2 Emissions Economies”, Environmental Science and Pollution Research, 23: 6376-6389. doi: 10.1007/s11356-015-5817-4.
• Baltagi, B.H. and Kao, C. (2000) “Nonstationary Panels, Cointegration in Panels and Dynamic Panels, A Survey” Baltagi et al. (eds.) Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol. 15, Amsterdam, JAI Press.
• Bocutoğlu, E. (2011) “Makro İktisat Teoriler ve Politikalar”, Trabzon: Murathan Yayınevi.
• Bouznit, M. and Pablo-Romero, M. del P. (2016) “CO2 Emission and Economic Growth in Algeria”, Energy Policy, 96: 93-104. doi: 10.1016/j.enpol.2016.05.036.
• Bozkurt, C. and Akan, Y. (2014) “Economic Growth, CO2 Emissions and Energy Consumption: The Turkish Case”, International Journal of Energy Economics and Policy, 4(3): 484-494.
• Breitung, J. (2000) “The Local Power of Some Unit Root Tests for Panel Data” Baltagi et al. (eds.) Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol. 15, Amsterdam, JAI Press. doi: 10.1016/S0731-9053(00)15006-6.
• Central Bank of The Republic of Türkiye. (2023) https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket, (25.04.2024).
• Chen, J-H. and Huang, Y-F. (2013) “The Study of The Relationship between Carbon Dioxide (CO2) Emission and Economic Growth”, Journal of International and Global Economic Studies, 6(2): 45-61.
• Choi, I. (2001) “Unit Root Tests for Panel Data”, Journal of International Money and Finance, 20(2): 249-272. Doi: 10.1016/S0261-5606(00)00048-6.
• Çiftçi, C. and Aykaç, G. (2011) “İçsel Büyüme Modelleri ve Küreselleşme Sürecinde Gelişmekte Olan Ülkelerin Konumları”, Sosyoekonomi, 14(14): 159-180.
• Dinler, Z. (2011) “İktisada Giriş”, Bursa: Ekin Yayınevi.
• Dritsaki, C. and Dritsaki, M. (2014) “Causal Relationship between Energy Consumption, Economic Growth and CO2 Emissions: A Dynamic Panel Data Approach”, International Journal of Energy Economics and Policy, 4(2): 125-136.
• Duman, E. (2018) “Teknolojik-Ekonomik Büyüme Modelleri ve Türkiye”, İstanbul: İksad Publication House.
• Erdinç, Z. (2018) “İktisadi Büyüme Kavramı” Günsoy, G. ve Erdinç, Z. (eds.) İktisadi Büyüme, Eskişehir, Anadolu Üniversitesi Açıköğretim Fakültesi Yayınları.
• Gedik, Y. (2020) “Sosyal, Ekonomik ve Çevresel Boyutlarla Sürdürülebilirlik ve Sürdürülebilir Kalkınma”, International Journal of Economics, Politics, Humanities and Social Sciences, 3(3): 196-215.
• Granger, C.W.J. (1969) “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods”, Econometrica, 37(3): 424-438. doi: 10.2307/1912791.
• Hadri, K. (1999) "Testing the Null Hypothesis of Stationarity against The Alternative of a Unit Root in Panel Data with Serially Correlated Errors", Working Papers 1999_05, University of Liverpool, Department of Economics.
• Harris, R.D.F. and Tzavalis, E. (1999) “Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed”, Journal of Econometrics, 91(2): 201-226. Doi: 10.1016/S0304-4076(98)00076-1.
• Harris, R. and Sollis, R. (2003) “Applied Time Series Modelling and Forecasting”, England: John Wiley and Sons Ltd.
• Im, K.S., Pesaran, M.H. and Yongcheol, S. (2003) “Testing for Unit Roots in Heterogeneous Panels”, Journal of Econometrics, 115(1): 53-74. doi: 10.1016/S0304-4076(03)00092-7.
• Jaunky, V.C. (2011) “The CO2 Emissions-Income Nexus: Evidence from Rich Countries”, Energy Policy, 39(3): 1228-1240. doi.org/10.1016/j.enpol.2010.11.050.
• Kahraman, S. and Şenol, P. (2018) “İklim Değişikliği: Küresel, Bölgesel ve Kentsel Etkileri”, Akademia Sosyal Bilimler Dergisi, Özel Sayı, (1): 353-370.
• Kao, C. (1999) “Spurious Regression and Residual-Based Tests for Cointegration in Panel Data”, Journal of Econometrics, 90(1): 1-44. Doi: 10.1016/S0304-4076(98)00023-2.
• Kar, M. and Taban, S. (2003) “Kamu Harcama Çeşitlerinin Ekonomik Büyüme Üzerine Etkileri”, Ankara Üniversitesi SBF Dergisi, 58(3): 145-169. doi: 10.1501/SBFder_0000001652.
• Karabıçak, M. and Armağan, R. (2004) “Çevre Sorunlarının Ortaya Çıkış Süreci, Çevre Yönetiminin Temelleri ve Ekonomik Etkileri”, Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2): 203-228.
• Kasperowicz, R. (2015) “Economic Growth and CO2 Emissions: The ECM Analysis”, Journal of International Studies, 8(3): 91-98. doi: 10.14254/2071-8330.2015/8-3/7.
• Kazgan, G. (2009) “İktisadi Düşünce veya Politik İktisadın Evrimi”, İstanbul: Remzi Kitabevi.
• Kim, S-W., Lee, K. and Nam, K. (2010) “The Relationship Between CO2 Emissions and Economic Growth: The Case of Korea with Nonlinear Evidence”, Energy Policy, 38(10): 5938-5946. Doi: 10.1016/j.enpol.2010.05.047.
• Korkmaz, S. (2018) “Emek Sermaye ve Paranın Zaman İçinde Değişimi”, Bursa: Ekin Yayınevi.
• Levin, A., and Lin, C-F. (1992) “Unit Root Test in Panel Data: Asymptotic and Finite-Sample Properties”, San Diego: University of California.Department of Economics Publishing.
• Levin, A., Lin, C-F. and Chu, C-S.J. (2002) “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1): 1-24. doi: 10.1016/S0304-4076(01)00098-7.
• Maddala, G. S. and Wu, S. (1999) “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”, Oxford Bulletin of Economics and Statistics, Special Issue: 631-652. Doi: 10.1111/1468-0084.0610s1631.
• Magazzino, C. (2016) “The Relationship between CO2 Emissions, Energy Consumption and Economic Growth in Italy”, International Journal of Sustainable Energy, 35(9): 884-857. doi.org/10.1080/14786451.2014.953160.
• Mahmoodi, M. (2017) “The Relationship between Economic Growth, Renewable Energy, and CO2 Emissions: Evidence from Panel Data Approach”, International Journal of Energy Economics and Policy, 7(6): 96-102.
• Masoud, N. (2013) “Neoclassical Economic Growth Theory: An Empirical Approach”, Far East Journal of Psychology and Business, 11(3): 10-33.
• Mikayilov, J.I., Galeotti, M. and Hasanov, F.J. (2018) “The Impact of Economic Growth on CO2 Emissions in Azerbaijan”, Journal of Cleaner Production, 197, Part 1: 1558-1572. Doi: 10.1016/j.jclepro.2018.06.269.
• Muftau, O., Iyoboyi, M. and Ademola, A.S. (2014) “An Empirical Analysis of The Relationship between CO2 Emission and Economic Growth in West Africa”, American Journal of Economics, 4(1): 1-17. doi: 10.5923/j.economics.20140401.01.
• Odhiambo, N.M. (2017) “CO2 Emissions and Economic Growth in Sub-Saharan African Countries: A Panel Data Analysis”, International Area Studies Review, 20(3): 264-272. Doi: 10.1177/2233865917715943.
• Onofrei, M., Vatamanu, A.F. and Cigu, E. (2022) “The Relationship between Economic Growth and CO2 Emissions in EU Countries: A Cointegration Analysis”, Frontiers in Environmental Sciences, 10: 1-11. doi.org/10.3389/fenvs.2022.934885.
• Ozturk, I. ve Acaravci, A. (2016) “Energy Consumption, CO2 Emissions, Economic Growth, and Foreign Trade Relationship in Cyprus and Malta”, Energy Sources, Part B: Economics, Planning, and Policy, 11(4): 321-327. Doi: 10.1080/15567249.2011.617353.
• Özdemir, Z. and Özekicioğlu, H. (2006) “Kentleşme ve Çevre Sorunları”, Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 11(1): 17-30.
• Özsağır, A. (2008) “Dünden Bugüne Büyümenin Dinamiği”, Karamanoğlu Mehmetbey Üniversitesi İİBF Dergisi, 8(14): 332-347.
• Quah, D. (1994) “Exploiting Cross-Section Variations for Unit Root Inference in Dynamic Panels”, Economics Letters, 44(1-2): 9–19. Doi: 10.1016/0165-1765(93)00302-5.
• Saboori, B., Sulaiman, J. and Mohd, S. (2012) “Economic Growth and CO2 Emissions in Malaysia: A Cointegration Analysis of The Environmental Kuznets Curve”, Energy Policy, 51: 184-191. Doi: 10.1016/j.enpol.2012.08.065.
• Sakalasooriya, N. (2021) “Conceptual Analysis of Sustainability and Sustainable Development”, Open Journal of Social Sciences, 9(03): 396-414. Doi: 10.4236/jss.2021.93026.
• Şen, H., Kaya, A. and Alpaslan, B. (2018) “Sürdürülebilirlik Üzerine Tarihsel ve Güncel Bir Perspektif”, Ekonomik Yaklaşım, 29(107): 1-47. doi: 10.5455/ey.39101.
• Taşar, İ. (2016) “İçsel Büyüme Teorileri ve Türkiye Uygulamaları”, Konya: Çizgi Kitabevi.
• Torunoğlu, E. (2018) “Çevre, Ekosistem ve Temel Kavramlar” Öğütveren, Ü.B. (eds.) Çevre Sorunları ve Politikaları, Eskişehir, T.C. Anadolu Üniversitesi Yayını.
• Turan, T. (2001) “Neoklasik Büyüme Modeli ve Koşullu Yakınsama Hipotezi”, İstanbul Üniversitesi İktisat Fakültesi Maliye Araştırma Merkezi Konferansları, (39), 129-143. https://dergipark.org.tr/tr/download/article-file/7388.
• Turkish Statistical Institute. (2023) “Adrese Dayalı Nüfus Kayıt Sistemi Sonuçları 2022 Yılı”, https://data.tuik.gov.tr/Bulten/Index?p=49685, (08.04.2024).
• Turkish Statistical Institute (2023) “Adrese Dayalı Nüfus Kayıt Sistemi Sonuçları 2023 Yılı”, https://data.tuik.gov.tr/Bulten/Index?p=Adrese-Dayali-Nufus-Kayit-Sistemi-Sonuclari-2023-49684, (15.04.2024).
• Türker, M.T. (2009) “İçsel Büyüme Teorilerinde İçsel Büyümenin Kaynağı ve Uluslararası Ticaret Olgusuyla İlişkisi”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (25): 87-94.
• Uçak, A. (2013) “The Sentiments of Adam Smith Relating to Economic Growth as An Inspirer to Modern Growth Theories”, Trakya Üniversitesi Sosyal Bilimler Dergisi, 15(1): 29-48.
• Uddin, M.G.S., Bidisha, S.H. and Ozturk, I. (2016) “Carbon Emissions, Energy Consumption, and Economic Growth Relationship in Sri Lanka”, Energy Sources, Part B: Economics, Planning, and Policy, 11(3): 282-287. doi: 10.1080/15567249.2012.694577.
• Uğur, B. and Atılgan, D. (2023) “Beşeri Sermayenin Ekonomik Büyüme Üzerindeki Etkisi: Kırılgan Beşli Örneği”, Doğuş Üniversitesi Dergisi, 24(1): 181-198. doi: 10.31671/doujournal.1130335.
• Uysal, Ö. (2013) “Sürdürülebilir Büyüme Kavramının Çevre ve Ekonomik Boyutlarının Ayrıştırılması”, Uluslararası Alanya İşletme Fakültesi Dergisi, 5(2): 111-118.
• Ünsal, E.M. (2011) “Makro İktisat”, Ankara: İmaj Yayıncılık.
• Yardımcı, P. (2006). “İçsel Büyüme Modelleri ve Türkiye Ekonomisinde İçsel Büyümenin Dinamikleri”, Selçuk Üniversitesi Karaman İİBF Dergisi, 2006(1): 96-115.
• Zou, S. and Zhang, T. (2020) “CO2 Emissions, Energy Consumption, and Economic Growth Nexus: Evidence from 30 Provinces in China”, Mathematical Problems in Engineering, 2020(Special Issue): 1-10. doi: 10.1155/2020/8842770.