Interaction between Economy and Environment: Fourier ADL Analysis of Türkiye's Transportation CO2 and Financial Development Relationship

Öz

The study's aim is to determine the long-term relationship between Türkiye's transportation sector's CO2 and financial development. The long-run relationship between financial development and transportation sector CO2 is estimated for the period 1985–2014 with the Fourier ADL approach. The FMOLS estimator is employed to estimate the long-run coefficients that show how financial development affects CO2 in the transportation sector. Fourier ADL cointegration test results indicate that there is a long-run relationship between the variables. The results of the long-run coefficient estimations revealed that financial development positively affects CO2 from transportation. The results show that financial development raises transportation-related CO2, which lowers environmental quality. For Türkiye, the relationship between financial development and transportation sector CO2 has not been examined with the Fourier ADL approach that takes structural breaks into account. Therefore, the study is important in terms of contributing to this developing field. The study's preparation of the foundation for future sustainable development initiatives in Türkiye, a signatory to international accords aimed at enhancing environmental quality, is also significant. In this regard, it has been established that two sectors critical to the Turkish economy require environmentally sensitive legislation, and that the financial sector is in a responsible and significant position. Therefore, the financial sector's supportive attitude towards projects and investments that will act to reduce the amount of CO2 in the transportation sector is likely to contribute to the improvement of environmental quality by reducing the amount of CO2 from transportation.

Anahtar Kelimeler

• financial development
• transportation CO2
• Fourier ADL cointegration test

Ekonomi ve Çevre Etkileşimi: Türkiye'de Finansal Gelişim ve Ulaşım Kaynaklı CO2 İlişkisi Üzerine Fourier ADL Analizi

Öz

Çalışmanın amacı, Türkiye’de finansal gelişim ile ulaşım sektörü CO2 miktarı arasındaki uzun dönemli ilişkinin belirlenmesidir. Finansal gelişim ile ulaşım sektörü CO2 miktarı arasındaki uzun dönemli ilişki Fourier ADL yaklaşımı ile 1985-2014 dönemi için tahmin edilmiştir. Finansal gelişimin ulaşım sektörü CO2 miktarı üzerindeki etkisini ortaya koyan uzun dönem katsayılarına ilişkin tahmin ise FMOLS yardımı ile yapılmıştır. Fourier ADL eşbütünleşme test sonuçları değişkenler arasında uzun dönem ilişkisi olduğunu ortaya koymuştur. Uzun dönem katsayıları tahminlerine yönelik sonuçlar finansal gelişimin ulaşımdan kaynaklanan CO2’yi pozitif yönde etkilediğini belirlemiştir. Elde edilen bulgular, finansal gelişimin ulaşımdan kaynaklanan CO2 miktarını artırarak çevresel kalitenin azalmasına sebep olduğu yönündedir. Türkiye için finansal gelişim ile ulaşım sektörü CO2 miktarı arasındaki ilişkinin yapısal kırılmaları dikkate alan Fourier ADL yaklaşımı ile incelenmediği tespit edilmiştir. Dolayısıyla çalışma konu ile ilgili gelişen bu alana katkı sunması bakımından önem arz etmektedir. Ayrıca çalışmanın bir diğer önemi çevresel kalitenin artırılması yönündeki uluslararası anlaşmalara taraf olan Türkiye’de sürdürülebilir bir gelecek için atılması gereken adımlara yol gösterecek zemin hazırlamasıdır. Bu bağlamda Türkiye ekonomisi özelinde önemli olan iki sektörün çevreye duyarlı düzenlemelere ihtiyaç duyduğu ve özellikle finansal sektörün sorumlu ve önemli bir konumda olduğu ifade edilebilir. Dolayısıyla finansal sektörün ulaşım sektörü CO2 miktarını azaltma yönünde hareket edecek proje ve yatırımları destekleyici tutumu, ulaşımdan kaynaklanan CO2 miktarını azaltarak çevre kalitesinin artmasına katkı sunacağa benzemektedir.

Anahtar Kelimeler

• finansal gelişim
• ulaşım CO2 miktarı
• Fourier ADL eşbütünleşme testi

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