Araştırma Makalesi
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Carbon Emission’s Relationships with Economic Growth and Financial Development: The Case of Turkey

Yıl 2023, Cilt: 15 Sayı: 29, 367 - 376, 30.11.2023

Cumhur Şahin , Seyfettin Ünal

https://doi.org/10.20990/kilisiibfakademik.1317807

Öz

Purpose: This research aims to investigate the carbon emissions relationships with economic growth and financial development in Turkey for the period of 1990-2020.

Design/Methodology: Augmented Dickey-Fuller (ADF) and Phillipp-Perron (PP) tests were used for the unit root test, the Zivot-Andrew unit root test was used for the time series and the Gregory-Hansen cointegration test was used for cointegration. For causality, Hacker and Hatemi J Bootstrap causality test, which includes Granger causality and Toda-Yamamoto tests, were performed. Analyses were performed on E-views 7.0 program.
Findings: The analyses reveal that carbon emission does not reflect a statistically significant macroeconomic and financial effect in Turkey.

Limitations: The sample consists of carbon emission, economic growth and financial development index variables for Turkey for the period of 1990-2020.
Originality/Value: Despite the fact that the subject has been handled by many sides in various works, the literature is limited for Turkey. Therefore, this study attempts to contribute to the literature in filling this gap in this field.

Anahtar Kelimeler

Carbon Emission, Economic Growth, Financial Development

Kaynakça

  • Akbostancı, E., Türüt-Aşık, S., & Tunç, G.I. (2009). The relationship between income and environment in Turkey: Is there an environmental Kuznets curve? Energy Policy, 37(3), 861–867. https://doi.org/10.1016/j.enpol.2008.09.088.
  • Ali, H.S., Law, S.H., Lin, W.L., Yusop, Z., Chin, L. & Bare, U.A.A. (2019). Financial development and carbon dioxide emissions in Nigeria: Evidence from the ARDL bounds approach. GeoJournal, 84, 641–655. https://doi.org/10.1007/s10708-018-9880-5.
  • Boutabba, M.A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. Economic Modelling, 40, 33–41. https://doi.org/10.1016/j.econmod.2014.03.005.
  • Dinda, S., & Coondoo, D. (2006). Income and emission: A panel data-based cointegration analysis. Ecological Economics, 57(2), 167–181. https://doi.org/10.1016/j.ecolecon.2005.03.028.
  • Doğan, E., & Şeker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. Renewable and Sustainable Energy Reviews, 60, 1074–1085. https://doi.org/10.1016/j.rser.2016.02.006.
  • Ehigiamusoe, K.U., & Lean, H.H. (2019). Effects of energy consumption, economic growth, and financial development on carbon emissions: Evidence from heterogeneous income groups. Environmental Science and Pollution Research, 26, 22611–22624. https://doi.org/10.1007/s11356-019-05309-5.
  • Ertuğrul, H.M., Çetin, M., Şeker, F., & Doğan, E. (2016). The impact of trade openness on global carbon dioxide emissions: Evidence from the top ten emitters among developing countries. Ecological Indicators, 67, 543–555. https://doi.org/10.1016/j.ecolind.2016.03.027.
  • He, J., & Richard, P. (2010). Environmental Kuznets curve for CO2 in Canada. Ecological Economics, 69(5), 1083–1093.
  • Jiang, C., & Ma, X. (2019). The impact of financial development on carbon emissions: A global perspective. Sustainability, 11(19), 5241. https://doi.org/10.3390/su11195241.
  • Kashem, M.A., & Rahman, M.M. (2019). CO2 emissions and development indicators: A causality analysis for Bangladesh. Environmental Processes, 6, 433–455. https://doi.org/10.1007/s40710-019-00365-y.
  • Khan, M.A., Khan, M.A., Ahmed, M., & Khan, K. (2022). Environmental consequences of financial development in emerging and growth-leading economies: A multidimensional assessment. Borsa İstanbul Review, 22(4), 668-677. https://doi.org/10.1016/j.bir.2021.10.003.
  • Lean, H.H., & Smyth, R. (2010). CO2 emissions, electricity consumption and output in ASEAN. Applied Energy, 87(6), 1858–1864. https://doi.org/10.1016/j.apenergy.2010.02.003.
  • Mbarek, M.B., Saidi, K., & Rahman, M.M. (2018). Renewable and non-renewable energy consumption, environmental degradation and economic growth in Tunisia. Quality & Quantity, 52, 1105–1119. https://doi.org/10.1007/s11135-017-0506-7.
  • Odhiambo, N.M. (2020). Financial development, income inequality and carbon emissions in sub-Saharan African countries: A panel data analysis. Energy Exploration & Exploitation, 38(5), 1914–1931. https://doi.org/10.1177/0144598720941999.
  • Öztürk, I., & Acaravcı, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable Energy Reviews, 14 (9), 3220–3225. https://doi.org/10.1016/j.rser.2010.07.005.
  • Pao, H.-T., Yu, H.-C., & Yang, Y.-H. (2011). Modelling CO2 emissions, energy use, and economic growth in Russia. Energy, 36(8), 5094–5100. https://doi.org/10.1016/j.energy.2011.06.004.
  • Rahman, M.M. (2020). Environmental degradation: The role of electricity consumption, economic growth and globalisation. Journal of Environmental Management, 253, 109742. https://doi.org/10.1016/j.jenvman.2019.109742.
  • Rahman, M.M., Saidi, K., & Mbarek, M.B. (2020). Economic growth in South Asia: The role of CO2 emissions, population density and trade openness. Heliyon, 6(5). https://doi.org/10.1016/j.heliyon.2020.e03903.
  • Rahman, M.M., & Alam, K. (2021). Clean energy, population density, urbanization and environmental pollution nexus: Evidence from Bangladesh. Renewable Energy, 172, 1063–1072. https://doi.org/10.1016/j.renene.2021.03.103.
  • Shahbaz, M., Nasir, M.A., & Roubaud, D. (2018). Environmental degradation in France: The effects of FDI, financial development, and energy innovations. Energy Economics, 74, 843–857. https://doi.org/10.1016/j.eneco.2018.07.020.
  • Shen, Y., Su, Z.W., Malik, M.Y., Umar, M., Khan, Z., & Khan, M. (2021). Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. Science of The Total Total Environment, 755(2), 142538. https://doi.org/10.1016/j.scitotenv.2020.142538.
  • Sheraz, M., Deyi, X., Ahmed, J., Ullah, S., & Ullah, A. (2021). Moderating the effect of globalization on financial development, energy consumption, human capital, and carbon emissions: Evidence from G20 countries. Environmental Science and Pollution Research, 28, 35126–35144. https://doi.org/10.1007/s11356-021-13116-0.
  • Tiwari, A.K., Shahbaz, M., & Hye, M.Q.A. (2013). The environmental Kuznets curve and the role of coal consumption in India: Cointegration and causality analysis in an open economy. Renewable and Sustainable. Energy Reviews, 18, 519–527. https://doi.org/10.1016/j.rser.2012.10.031.
  • Vo, X.V., & Zaman, K. (2020). Relationship between energy demand, financial development, and carbon emissions in a panel of 101 countries: “go the extra mile” for sustainable development. Environmental Science and Pollution Research, 27(18), 23356–23363. https://doi.org/10.1007/s11356-020-08933-8.
  • Wang, L., Vo, X.V., Shahbaz, M., & Ak, A. (2020). Globalization and carbon emissions: Is there any role of agriculture value-added, financial development, and natural resource rent in the aftermath of COP21? Journal of Environmental Management, 268, 110712. https://doi.org/10.1016/j.jenvman.2020.110712.
  • Zaidi, S.A.H., Zafar, M.W., Shahbaz, M., & 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.
  • Zhang, Y.J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39(4), 2197–2203. https://doi.org/10.1016/j.enpol.2011.02.026.
  • Zoundi, Z. (2017). CO2 emissions, renewable energy and the Environmental Kuznets Curve, a panel cointegration approach. Renewable and Sustainable Energy Reviews, 72, 1067–1075. https://doi.org/10.1016/j.rser.2016.10.018.
  • https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=TR (30.06.2022).
  • https://data.tuik.gov.tr/Bulten/Index?p=Sera-Gazi-Emisyon-Istatistikleri-1990-2020-45862 (30.06.2022).

Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği

Yıl 2023, Cilt: 15 Sayı: 29, 367 - 376, 30.11.2023

Cumhur Şahin , Seyfettin Ünal

https://doi.org/10.20990/kilisiibfakademik.1317807

Öz

Amaç: Bu araştırma, Türkiye’de 1990-2020 dönemine ilişkin karbondioksit emisyonu, ekonomik büyüme ve finansal gelişme arasındaki ilişkiyi ortaya koymayı amaçlamaktadır.
Tasarım/Yöntem: Araştırmada birim kök testi için Augmented Dickey Fuller (ADF) ve Phillipp-Perron (PP) birim testlerine başvurulurken; zaman serilerinde Zivot-Andrews birim kök testleri, eş bütünleşme için Gregory-Hansen eşbütünleşme testi kullanılmıştır. Nedensellik analizlerinde, Toda-Yamamoto ve Granger nedensellik testinin bootsrap üzerinden yapıldığı Hacker ve Hatemi-J Bootsrap nedensellik testi kullanılmıştır. Analizler E-views 7.0 programında yürütülmüştür.
Bulgular: Analizlerin sonuçları, karbon dioksit salınımının Türkiye’de makroekonomik ve finansal gelişme bağlamında bir etkiye sahip olmadığını göstermektedir.
Sınırlılıklar: Örneklem, Türkiye için 1990-2020 periyoduna ilişkin karbon dioksit emisyonu, ekonomik büyüme ve finansal gelişme endeksi değişkenlerini kapsamaktadır.
Özgünlük/Değer: Konu, pek çok çalışmada farklı yönleriyle yoğun bir biçimde ele alınmasına karşın, özellike Türkiye açısından sınırlı bir literatür söz konusudur. Dolayısıyla, çalışma bu alandaki boşluğun doldurulmasına katkı sunacaktır.

Anahtar Kelimeler

Karbon Emisyonu Ekonomik Büyüme Finansal Gelişme

Kaynakça

  • Akbostancı, E., Türüt-Aşık, S., & Tunç, G.I. (2009). The relationship between income and environment in Turkey: Is there an environmental Kuznets curve? Energy Policy, 37(3), 861–867. https://doi.org/10.1016/j.enpol.2008.09.088.
  • Ali, H.S., Law, S.H., Lin, W.L., Yusop, Z., Chin, L. & Bare, U.A.A. (2019). Financial development and carbon dioxide emissions in Nigeria: Evidence from the ARDL bounds approach. GeoJournal, 84, 641–655. https://doi.org/10.1007/s10708-018-9880-5.
  • Boutabba, M.A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. Economic Modelling, 40, 33–41. https://doi.org/10.1016/j.econmod.2014.03.005.
  • Dinda, S., & Coondoo, D. (2006). Income and emission: A panel data-based cointegration analysis. Ecological Economics, 57(2), 167–181. https://doi.org/10.1016/j.ecolecon.2005.03.028.
  • Doğan, E., & Şeker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. Renewable and Sustainable Energy Reviews, 60, 1074–1085. https://doi.org/10.1016/j.rser.2016.02.006.
  • Ehigiamusoe, K.U., & Lean, H.H. (2019). Effects of energy consumption, economic growth, and financial development on carbon emissions: Evidence from heterogeneous income groups. Environmental Science and Pollution Research, 26, 22611–22624. https://doi.org/10.1007/s11356-019-05309-5.
  • Ertuğrul, H.M., Çetin, M., Şeker, F., & Doğan, E. (2016). The impact of trade openness on global carbon dioxide emissions: Evidence from the top ten emitters among developing countries. Ecological Indicators, 67, 543–555. https://doi.org/10.1016/j.ecolind.2016.03.027.
  • He, J., & Richard, P. (2010). Environmental Kuznets curve for CO2 in Canada. Ecological Economics, 69(5), 1083–1093.
  • Jiang, C., & Ma, X. (2019). The impact of financial development on carbon emissions: A global perspective. Sustainability, 11(19), 5241. https://doi.org/10.3390/su11195241.
  • Kashem, M.A., & Rahman, M.M. (2019). CO2 emissions and development indicators: A causality analysis for Bangladesh. Environmental Processes, 6, 433–455. https://doi.org/10.1007/s40710-019-00365-y.
  • Khan, M.A., Khan, M.A., Ahmed, M., & Khan, K. (2022). Environmental consequences of financial development in emerging and growth-leading economies: A multidimensional assessment. Borsa İstanbul Review, 22(4), 668-677. https://doi.org/10.1016/j.bir.2021.10.003.
  • Lean, H.H., & Smyth, R. (2010). CO2 emissions, electricity consumption and output in ASEAN. Applied Energy, 87(6), 1858–1864. https://doi.org/10.1016/j.apenergy.2010.02.003.
  • Mbarek, M.B., Saidi, K., & Rahman, M.M. (2018). Renewable and non-renewable energy consumption, environmental degradation and economic growth in Tunisia. Quality & Quantity, 52, 1105–1119. https://doi.org/10.1007/s11135-017-0506-7.
  • Odhiambo, N.M. (2020). Financial development, income inequality and carbon emissions in sub-Saharan African countries: A panel data analysis. Energy Exploration & Exploitation, 38(5), 1914–1931. https://doi.org/10.1177/0144598720941999.
  • Öztürk, I., & Acaravcı, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable Energy Reviews, 14 (9), 3220–3225. https://doi.org/10.1016/j.rser.2010.07.005.
  • Pao, H.-T., Yu, H.-C., & Yang, Y.-H. (2011). Modelling CO2 emissions, energy use, and economic growth in Russia. Energy, 36(8), 5094–5100. https://doi.org/10.1016/j.energy.2011.06.004.
  • Rahman, M.M. (2020). Environmental degradation: The role of electricity consumption, economic growth and globalisation. Journal of Environmental Management, 253, 109742. https://doi.org/10.1016/j.jenvman.2019.109742.
  • Rahman, M.M., Saidi, K., & Mbarek, M.B. (2020). Economic growth in South Asia: The role of CO2 emissions, population density and trade openness. Heliyon, 6(5). https://doi.org/10.1016/j.heliyon.2020.e03903.
  • Rahman, M.M., & Alam, K. (2021). Clean energy, population density, urbanization and environmental pollution nexus: Evidence from Bangladesh. Renewable Energy, 172, 1063–1072. https://doi.org/10.1016/j.renene.2021.03.103.
  • Shahbaz, M., Nasir, M.A., & Roubaud, D. (2018). Environmental degradation in France: The effects of FDI, financial development, and energy innovations. Energy Economics, 74, 843–857. https://doi.org/10.1016/j.eneco.2018.07.020.
  • Shen, Y., Su, Z.W., Malik, M.Y., Umar, M., Khan, Z., & Khan, M. (2021). Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. Science of The Total Total Environment, 755(2), 142538. https://doi.org/10.1016/j.scitotenv.2020.142538.
  • Sheraz, M., Deyi, X., Ahmed, J., Ullah, S., & Ullah, A. (2021). Moderating the effect of globalization on financial development, energy consumption, human capital, and carbon emissions: Evidence from G20 countries. Environmental Science and Pollution Research, 28, 35126–35144. https://doi.org/10.1007/s11356-021-13116-0.
  • Tiwari, A.K., Shahbaz, M., & Hye, M.Q.A. (2013). The environmental Kuznets curve and the role of coal consumption in India: Cointegration and causality analysis in an open economy. Renewable and Sustainable. Energy Reviews, 18, 519–527. https://doi.org/10.1016/j.rser.2012.10.031.
  • Vo, X.V., & Zaman, K. (2020). Relationship between energy demand, financial development, and carbon emissions in a panel of 101 countries: “go the extra mile” for sustainable development. Environmental Science and Pollution Research, 27(18), 23356–23363. https://doi.org/10.1007/s11356-020-08933-8.
  • Wang, L., Vo, X.V., Shahbaz, M., & Ak, A. (2020). Globalization and carbon emissions: Is there any role of agriculture value-added, financial development, and natural resource rent in the aftermath of COP21? Journal of Environmental Management, 268, 110712. https://doi.org/10.1016/j.jenvman.2020.110712.
  • Zaidi, S.A.H., Zafar, M.W., Shahbaz, M., & 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.
  • Zhang, Y.J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39(4), 2197–2203. https://doi.org/10.1016/j.enpol.2011.02.026.
  • Zoundi, Z. (2017). CO2 emissions, renewable energy and the Environmental Kuznets Curve, a panel cointegration approach. Renewable and Sustainable Energy Reviews, 72, 1067–1075. https://doi.org/10.1016/j.rser.2016.10.018.
  • https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=TR (30.06.2022).
  • https://data.tuik.gov.tr/Bulten/Index?p=Sera-Gazi-Emisyon-Istatistikleri-1990-2020-45862 (30.06.2022).
Toplam 30 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finansal Ekonomi, Finans
Bölüm ARAŞTIRMA MAKALELERİ
Yazarlar

Cumhur Şahin 0000-0002-8790-5851

Seyfettin Ünal 0000-0002-6248-4317

Yayımlanma Tarihi 30 Kasım 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 15 Sayı: 29

Kaynak Göster

APA Şahin, C., & Ünal, S. (2023). Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), 15(29), 367-376. https://doi.org/10.20990/kilisiibfakademik.1317807
AMA Şahin C, Ünal S. Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). Kasım 2023;15(29):367-376. doi:10.20990/kilisiibfakademik.1317807
Chicago Şahin, Cumhur, ve Seyfettin Ünal. “Karbon Salınımının, Ekonomik Büyüme Ve Finansal Gelişme Ile İlişkisi: Türkiye Örneği”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD) 15, sy. 29 (Kasım 2023): 367-76. https://doi.org/10.20990/kilisiibfakademik.1317807.
EndNote Şahin C, Ünal S (01 Kasım 2023) Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 15 29 367–376.
IEEE C. Şahin ve S. Ünal, “Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), c. 15, sy. 29, ss. 367–376, 2023, doi: 10.20990/kilisiibfakademik.1317807.
ISNAD Şahin, Cumhur - Ünal, Seyfettin. “Karbon Salınımının, Ekonomik Büyüme Ve Finansal Gelişme Ile İlişkisi: Türkiye Örneği”. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 15/29 (Kasım 2023), 367-376. https://doi.org/10.20990/kilisiibfakademik.1317807.
JAMA Şahin C, Ünal S. Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2023;15:367–376.
MLA Şahin, Cumhur ve Seyfettin Ünal. “Karbon Salınımının, Ekonomik Büyüme Ve Finansal Gelişme Ile İlişkisi: Türkiye Örneği”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), c. 15, sy. 29, 2023, ss. 367-76, doi:10.20990/kilisiibfakademik.1317807.
Vancouver Şahin C, Ünal S. Karbon Salınımının, Ekonomik Büyüme ve Finansal Gelişme ile İlişkisi: Türkiye Örneği. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2023;15(29):367-76.
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