Finansal Gelişme, Yenilenebilir ve Yenilenemeyen Enerji Tüketimi ve Uluslararası Turizmin Farklı Kıtalardan Yüksek Gelirli Ülkelerde Sera Gazi Emisyonları Üzerindeki Etkisi

Öz

Enerji kaynaklarının kullanımındaki artışlar küreselleşen dünyada çevre kalitesi için ciddi bir tehdit oluşturmaktadır. CO2 emisyonları yüksek olan ülkelerin emisyon azaltma hedeflerine ulaşmaları bu noktada kritik önem taşımaktadır. Nitekim sera gazları ve özellikle CO2 emisyonları küresel ısınmayı, iklim değişikliğini ve birçok olumsuzluğu beraberinde getirmektedir. Bu çalışma farklı kıtalardan yüksek gelirli ülkelerdeki sera gazı emisyonlarını finansal gelişme, enerji tüketimi, turizm ve ticaret göstergeleri ile 1995-2017 dönemi için panel kuantil yaklaşımıyla açıklamaya çalışmaktadır. Sonuçlar finansal gelişme, fosil enerji tüketimi ve turizm gelirlerinin örneklemin tamamında emisyonları artırdığını göstermektedir. Ayrıca, Amerika kıtasındaki yüksek gelirli ülkelerin sera gazı emisyonlarındaki artışı açıklamada turizm kritik bir öneme sahiptir. Asya kıtasında ise finansal gelişme, karbon emisyonlarını %10 ve %75 kuantil seviyelerinde pozitif etkilerken %90 kuantil seviyesinde negatif bir şekilde etkilemektedir.

Anahtar Kelimeler

• Emisyon
• Finansal Gelişme
• Ticaret
• Turizm
• Panel Veri

The Effect of Financial Development, Renewable and Non-Renewable Energy Consumption and International Tourism on Greenhouse Gas Emission in High-Income Countries from Different Continents

Öz

Substantial increases in the use of energy resources pose a serious threat to environmental quality in a globalized world. It is of critical importance for countries with high levels of CO2 emission to achieve their goals of emission reduction. As a matter of fact, greenhouse gases — and CO2 in particular — bring about global warming, climate change and many concomitant adversities. This study tries to explain greenhouse gas emissions with financial development, energy consumption, tourism and trade indicators in high income countries from different continents for the period from 1995 to 2017 by panel quantile approach. Results suggest that financial development, fossil fuel energy consumption, and tourism receipts increase emissions in full sample. Also, tourism is critical in explaining the increase in greenhouse gas emissions of high-income countries in American continent. In Asian continent, financial development positively effects on carbon emissions at 10% and 75% quantile levels but affect negatively at 90% quantile level.

Anahtar Kelimeler

• Emissions
• Financial development
• Trade
• Tourism
• Panel data

Kaynakça

1. Alam, M., Murad, V., Noman A. H. and Ozturk, I. (2016). Relationship among carbon emissions, economic growth, energy consumption and population growth: Testing environmental Kuznets curve hypothesis for Brazil, China, India and Indonesia. Ecological Indicators, 70, 466-479. https://doi.org/10.1016/j.ecolind.2016.06.043
2. Ali, Q., Khan, M. T. I. and Khan, M. N. I. (2018). Dynamics between financial development, tourism, sanitation, renewable energy, trade and total reserves in 19 Asia cooperation dialogue members. Journal of Cleaner Production, 179, 114–131. https://doi.org/10.1016/j.jclepro.2018.01.066
3. Anton, S. G. and Nucu, A. E. A. (2020). The effect of financial development on renewable energy consumption. A panel data approach. Renewable Energy, 147, 330-338. https://doi.org/10.1016/j.renene.2019.09.005
4. Antweiler, W., Brian, R. C. and Taylor, M. S. (2001). Is free trade good for the environment?. American Economic Review, 91(4), 877-908. doi: 10.1257/aer.91.4.877
5. Aslan, A. and Gozbasi, O. (2016). Environmental Kuznets curve hypothesis for sub-elements of the carbon emissions in China. Natural Hazards, 82, 1327–1340. https://doi.org/10.1007/s11069-016-2246-8
6. Aslan, A., Gozbasi, O., Altinoz, B. and Altuntas, M. (2021). Impact of financial development and economic growth on energy consumption: A panel vector autoregressive analysis for the comparison of G7 and top 10 emerging market economies. Energy & Environment, Advanced online publication. doi: 10.1177/0958305X211004113
7. Azad, A. K., Rasul, M. G., Khan, M. M. K., Sharma, S. C. and Bhuiya, M. M. K. (2015). Study on Australian energy policy, socio-economic, and environment issues. Journal of Renewable and Sustainable Energy, 7, 063131e63220. https://doi.org/10.1063/1.4938227
8. Beck, T. (2006). Creating an efficient financial system: Challenges in a global economy (World Bank Policy Research Working Paper Series, No. 3856). Retrieved from https://openknowledge.worldbank.org/handle/10986/8764?locale-attribute=es

9. Chen, Y., Zhao, J., Lai, Z., Wang, Z. and Xia, H. (2019). Exploring the effects of economic growth, and renewable and non-renewable energy consumption on China’s CO2 emissions: Evidence from a regional panel analysis. Renewable Energy, 140(C), 341-353. https://doi.org/10.1016/j.renene.2019.03.058
10. Dinda, S. (2004). Environmental Kuznets curve hypothesis: A survey. Ecological Economics, 49(4), 431-455. https://doi.org/10.1016/j.ecolecon.2004.02.011
11. Dogan, E. and Aslan, A. (2017). Exploring the relationship among CO2 emissions, real GDP, energy consumption and tourism in the EU and candidate countries: Evidence from panel models robust to heterogeneity and cross-sectional dependence. Renewable and Sustainable Energy Reviews, 77, 239-245. https://doi.org/10.1016/j.rser.2017.03.111
12. Dubois G., Peeters, P., Ceron, J. P. and Gössling, S. (2011). The future tourism mobility of the world population: Emission growth versus climate policy. Transportation Research Part A: Policy and Practice, 45(10), 1031-1042. https://doi.org/10.1016/j.tra.2009.11.004
13. Energy Information Administration. (2019). International Energy Outlook 2019: With Projections to 2050 (The U.S. Energy Information Administration, Washington). Retrieved from: https://www.eia.gov/outlooks/ieo/pdf/ieo2019.pdf
14. Environmental Protection Agency. (2017). Global GHG Emission [Data]. Retrieved from: https:// www.epa.gov/ghgemissions/global-greenhouse-gas-emissions-data
15. Eyuboglu, K. and Uzar, U. (2019). The impact of tourism on CO2 emission in Turkey. Current Issues in Tourism, 23(13), 1631-1645. doi: 10.1080/13683500.2019.1636006
16. Feridun M, Ayadi, F. S. and Balouga, J. (2006). Impact of trade liberalization on the environment in developing countries: The case of Nigeria. Journal of Developing Societies, 22(1), 39–56. https://doi.org/10.1177/0169796X06062965
17. Haseeb, A., Danish, E. X., Baloch, M. A. and Abbas, K. (2018). Financial development, globalization, and CO2 emission in the presence of EKC: Evidence from BRICS countrie. Environmental Science and Pollution Research, 25(31), 31283-31269. https://doi.org/10.1007/s11356-018-3034-7
18. Jalil, A. and Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. Energy Economics, 33(2), 284–291. https://doi.org/10.1016/j.eneco.2010.10.003
19. Katircioglu, S. T. (2014). International tourism, energy consumption, and environmental pollution: The case of Turkey. Renewable and Sustainable Energy Reviews, 36, 180-187. https://doi.org/10.1016/j.rser.2014.04.058
20. Katircioglu S. T., Feridun, M. and Kilinc, C. (2014). Estimating tourism-induced energy consumption and CO2 emissions: The case of Cyprus. Renewable and Sustainable Energy Reviews, 29, 634-640. https://doi.org/10.1016/j.rser.2013.09.004
21. Khan, M. T. I., Yaseen, M. R. and Ali, Q. (2017). Dynamic relationship between financial development, energy consumption, trade and greenhouse gas: Comparison of upper middle income countries from Asia, Europe, Africa and America. Journal of Cleaner Production, 161, 567–580. https://doi.org/10.1016/j.jclepro.2017.05.129
22. Khan, M. T. I., Yaseen, M. R. and Ali, Q. (2019). Nexus between financial development, tourism, renewable energy, and greenhouse gas emission in high-income countries: A continent-wise analysis. Energy Economics, 83, 293-310. https://doi.org/10.1016/j.eneco.2019.07.018.
23. Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91, 74-89. https://doi.org/10.1016/j.jmva.2004.05.006
24. Koenker, R. and Bassette, G. (1978). Regression quantiles. Econometrica, 46(1), 33-50. https://doi.org/10.2307/1913643
25. Lee, J. W. (2019). Long-run dynamics of renewable energy consumption on carbon emissions and economic growth in the European Union. International Journal of Sustainable Development & World Ecology, 26(1), 69-78. https://doi.org/10.1080/13504509.2018.1492998
26. Levine, R. (2004). Finance and growth: theory and evidence (NBER working paper No. 10766). Retrieved from https://www.nber.org/papers/w10766, DOI 10.3386/w10766
27. Nasir, M. and Rehman, F. U. (2011). Environmental Kuznets curve for carbon emissions in Pakistan: An empirical investigation. Energy Policy, 39(3), 1857-1864. https://doi.org/10.1016/j.enpol.2011.01.025
28. Ohlan, R. (2017). The relationship between tourism, financial development and economic growth in India. Future Business Journal, 3(1), 9-22. https://doi.org/10.1016/ j.fbj.2017.01.003
29. Ozturk, I. (2010). A literature survey on energy-growth nexus. Energy Policy, 38(1), 340–349. https://doi.org/10.1016/j.enpol.2009.09.024
30. Ozturk, I. and Acaravci, A. (2013). The long-run and causal analysis of energy, growth, openness and financial development on carbon emissions in Turkey. Energy Economics, 36, 262-267. https://doi.org/10.1016/j.eneco.2012.08.025
31. Payne, J. (2010). A survey of the electricity consumption-growth literature. Applied Energy, 87(3), 723–731. https://doi.org/10.1016/j.apenergy.2009.06.034
32. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
33. Pradhan, R. P., Arvin, M. B., Hall, J. H. and Norman, N. R. (2017). ASEAN economic growth, trade openness and banking-sector depth: The nexus. EconomiA, 18(3), 359–379. https://doi.org/10.1016/j.econ.2017.05.002
34. 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. https://doi.org/10.1016/j.enpol.2012.08.065
35. Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38 (5), 2528–2535. https://doi.org/10.1016/j.enpol.2009.12.048
36. Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999–1006. https://doi.org/10.1016/j.enpol.2010.11.034
37. Shahbaz, M., Nasreen, S., Ahmed, K. and Hammoudeh, S. (2017). Trade openness–carbon emissions nexus: The importance of turning points of trade openness for country panels. Energy Economics, 61, 221-232. https://doi.org/10.1016/j.eneco.2016.11.008
38. Shahbaz, M., Lean, H. H. and Shabbir, M. S. (2012). Environmental Kuznets curve hypothesis in Pakistan: Cointegration and Granger causality. Renewable and Sustainable Energy Reviews, 16(5), 2947-2953. https://doi.org/10.1016/j.rser.2012.02.015
39. Shahbaz, M., Solarin, S. A., Mahmood, H. and Arouri, M. (2013). Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis”. Economic Modelling, 35, 145-152. https://doi.org/10.1016/j.econmod.2013.06.037
40. Sharif, A., Afshan, S. and Nisha, N. (2017). Impact of tourism on CO2 emission: Evidence from Pakistan. Asia Pacific Journal of Tourism Research, 22(4), 408-421. https://doi.org/10.1080/10941665.2016.1273960
41. Wang, Q. and Wang, L. (2021). How does trade openness impact carbon intensity? Journal of Cleaner Production, 295, 126370. https://doi.org/10.1016/j.jclepro.2021.126370
42. Yildirim, E. and Aslan, A. (2012). Energy consumption and economic growth nexus for 17 highly developed OECD countries: Further evidence based on bootstrap-corrected granger-causality tests. Energy Policy, 51, 985–993. https://doi.org/10.1016/j.enpol.2012.09.018
43. Zaidi, S. A. H., Zafar, M. W., Shahbaz, M. and Hou, F. (2019). Dynamic linkages between globalization, financial development and carbon emissions: Evidence from Asia Pacific Economic Cooperation countries. Journal of Cleaner Production, 228, 533-543. https://doi.org/10.1016/j.jclepro.2019.04.210
44. Zakaria, M. and Bibi, S. (2019). Financial development and environment in South Asia: The role of institutional quality. Environmental Science and Pollution Research, 26, 7926–7937. https://doi.org/10.1007/s11356-019-04284-1