DO FİNANCİAL STRESS, CLEAN ENERGY AND ENERGY INDİCES POLLUTE THE ENVİRONMENT? A GLOBAL REVİEW WİTH THE QUANTİLE REGRESSİON APPROACH

Öz

This study explored the Financial Stress Index, S&P Global Clean Energy Index, and S&P Energy Index's relationships with CO2 emissions. Monthly data between 2009-2023 are used in the empirical section using the quantile regression method. After the methodological study, there was no relationship between the Financial Stress Index and CO2 emissions. There is a significant relationship between the S&P Global Clean Energy Index and the S&P Energy Index. In this research using global data, a one-unit change in the S&P Global Clean Energy Index increases emissions by 0.02%. A one-unit change in the S&P Energy Index reduces emissions by 0.02%. It should be noted that regardless of the regression method, the Financial Stress Index increased significantly during the 2001 crisis, the 2008 global financial crisis and the 2020 Covid-19 pandemic. In these increasing processes, CO2 emissions have decreased significantly during economic crises and pandemic periods. Although many studies have proven the effects of instability as well as financial development on CO2 emissions, in this study it was seen that the Financial Stress Index did not have any effect on emissions.

Anahtar Kelimeler

• CO2 Emission
• Financial Stress Index
• S&P500 Global Clean Energy Index
• S&P500 Energy Index
• Quantile Regression

FİNANSAL STRES, TEMİZ ENERJİ VE ENERJİ ENDEKSLERİ ÇEVREYİ KİRLETİR Mİ? KANTİL REGRESYON YAKLAŞIMI İLE KÜRESEL BİR İNCELEME

Öz

Bu çalışmada Finansal Stres Endeksi, S&P500 Küresel Temiz Enerji Endeksi ve S&P500 Enerji Endeksinin CO2 emisyonu ile ilişkileri araştırılmıştır. Kantil regresyon yöntemi kullanılan ampirik bölümde 2009-2023 yılları arasındaki aylık veriler kullanılmıştır. Yapılan metodolojik çalışma sonrasında Finansal Stres Endeksi ile CO2 emisyonu arasında ilişki görülmez iken S&P Küresel Temiz Enerji Endeksi ile S&P500 Enerji Endeksi arasında anlamlı bir ilişki tespit edilmiştir. Küresel verilerin kullanıldığı bu araştırmada S&P500 Küresel Temiz Enerji Endeksi’ndeki bir birim değişim emisyonu %0,02 artırırken S&P500 Enerji Endeksi emisyonu %0,02 azaltmaktadır. Regresyon yönteminden bağımsız olarak belirtmek gerekmektedir ki Finansal Stres Endeksi, 2001 krizi, 2008 küresel finans krizi ve 2020 Covid-19 Pandemi döneminde ciddi bir artış göstermektedir. Bu artış süreçlerinde CO2 emisyonu ekonomik krizlerde ve pandemi döneminde kayda değer bir azalma kaydetmiştir. Birçok çalışmada finansal gelişme kadar istikrarsızlığın da CO2 emisyonu üzerinde etkilerini kanıtlamakla birlikte bu çalışmada Finansal Stres Endeksi’nin karbon salınımı üzerinde herhangi bir etkisi olmadığı görülmüştür.

Anahtar Kelimeler

• CO2 Emisyonu
• Finansal Stres Endeksi
• S&P500 Küresel Temiz Enerji Endeksi
• S&P500 Enerji Endeksi
• Kantil Regresyon

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