Linkages Between Ecological Footprint and Macroeconomic Variables in G7 Countries: MMQR Approach

Yıl 2025, Cilt: 33 Sayı: 66, 349 - 372

Gülbahar Atasever

Öz

This study aims to investigate the dynamic causal links among ecological footprint, economic growth, non-renewable and renewable energy consumption and financial development of G7 countries for the 1990-2020 period. In the long run, FMOLS, DOLS and CCR results show that economic growth and non-renewable energy consumption have a positive effect on the ecological footprint, while renewable energy consumption and financial development have an adverse impact on the ecological footprint. According to the MMQR approach, non-renewable energy consumption has the most potent positive effect on the ecological footprint. The impact of renewable energy consumption on the ecological footprint is negative, but its effect is low. Policymakers should focus on increasing renewable energy investment and enhancing financial sector mechanisms for green financing to reduce the ecological footprint in G7 countries.

Anahtar Kelimeler

Ecological Footprint , Economic Growth , Renewable Energy , G7 Countries , Quantile Regression Analysis

G7 Ülkelerinde Ekolojik Ayak İzi ile Makroekonomik Değişkenler Arasındaki Bağlantılar: MMQR Yaklaşımı

Öz

Bu çalışmanın amacı G7 ülkelerinin 1990-2020 dönemi için ekolojik ayak izi, ekonomik büyüme, yenilenemeyen ve yenilenebilir enerji tüketimi ve finansal gelişme arasındaki dinamik nedensellik bağlantılarını araştırmaktır. FMOLS, DOLS ve CCR sonuçları, uzun dönemde ekonomik büyümenin ve yenilenemeyen enerji tüketiminin ekolojik ayak izini olumlu yönde etkilediğini, yenilenebilir enerji tüketimi ve finansal gelişmenin ise ekolojik ayak izini olumsuz yönde etkilediğini göstermektedir. MMQR yaklaşımına göre ise, yenilenemeyen enerji tüketimi ekolojik ayak izini pozitif yönde ve en güçlü şekilde etkileyen değişkendir. Yenilenebilir enerji tüketiminin ekolojik ayak izi ile negatif yönde ilişkili olmakla birlikte etkisi düşüktür.

Anahtar Kelimeler

Ekolojik Ayakizi , Ekonomik Büyüme , Yenilenebilir Enerji , G7 Ülkeleri , Quantile Regresyon Analizi

Kaynakça

• Ahmad, M. et al. (2021), “Modelling the Dynamic Linkages Between Eco-Innovation, Urbanization, Economic Growth and Ecological Footprints for G7 Countries: Does Financial Globalization Matter?”, Sustainable Cities and Society, 70, 102881.
• Ahmed, Z. et al. (2020), “Linking Urbanization, Human Capital, and the Ecological Footprint in G7 Countries: An Empirical Analysis”, Sustainable Cities and Society, 55, 102064.
• Akram, R. et al. (2021), “Heterogeneous Effects of Energy Efficiency and Renewable Energy on Economic Growth of BRICS Countries: A Fixed Effect Panel Quantile Regression Analysis”, Energy, 215(B), 119019.
• Ansari, M.A. (2022), “Re-visiting the Environmental Kuznets Curve for ASEAN: A Comparison Between Ecological Footprint and Carbon Dioxide Emissions”, Renewable and Sustainable Energy Reviews, 168, 112867.
• Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Application to Model Specification in Econometrics”, Review of Economic Studies, 47, 239-253.
• Dasgupta, S. et al. (2001), “Pollution and Capital Markets in Developing Countries”, Journal of Environmental Economics and Management, 42, 310e335.
• Destek, M.A. & A. Sinha (2020), “Renewable, Non-Renewable Energy Consumption, Economic Growth, Trade Openness and Ecological Footprint: Evidence from Organisation for Economic Co-Operation and Development Countries”, Journal of Cleaner Production, 242, 118537.
• Dritsaki, M. & C. Dritsaki (2024), The Relationship Between Health Expenditure, CO2 Emissions, and Economic Growth in G7: Evidence from Heterogeneous Panel Data”, Journal of the Knowledge Economy, 15, 4886-4911.
• Dumetriscu E.I. & C. Hurlin (2012), “Testing for Granger Non-Causality in Heterogeneous Panels”, Economic Modelling, 29, 1450-1460.
• EMBER Energy (2024), <https://ember-energy.org/countries-and-regions/g7/>, 29.11.2024.
• Fatima, N. et al. (2024), Enhancing Climate Action in OECD Countries: The Role of Environmental Policy Stringency for Energy Transitioning to a Sustainable Environment”, Environmental Sciences Europe, 36, 157.
• Global Carbon Budget (2024), <https://www.globalcarbonproject.org/carbonbudget/>, 12.08.2024.
• Global Footprint Network (2024), <https://data.footprintnetwork.org/>, 29.10.2024.
• Grossman, G.M. & A.B. Krueger (1991), “Environmental Impacts of a North American Free Trade Agreement in National Bureau of Economic”, Research Working Paper, 3914. NBER, Cambridge, MA.
• Guan, Z. et al. (2023), “Unveiling the Interconnectedness Between Energy-Related GHGs and Pro-Environmental Energy Technology: Lessons from G-7 Economies with MMQR Approach”, Energy, 281, 128234.
• Ike, G.N. et al. (2020), “Environmental Quality Effects of Income, Energy Prices and Trade: The Role of Renewable Energy Consumption in G-7 Countries”, Science of the Total Environment, 721, 137813.
• International Energy Agency (IEA) (2024), Achieving Net Zero Electricity Sectors in G7 Members, <https://www.iea.org/>, 09.11.2024.
• International Monetary Fund (IMF) (2024), <https://www.imf.org/>, 08.10.2024.
• Jahanger, A. et al. (2022), “The Linkages Between Natural Resources, Human Capital, Globalization, Economic Growth, Financial Development, and Ecological Footprint: The Moderating Role of Technological Innovations”, Resources Policy, 76, 102569.
• Jebli, M.B. et al. (2020), “Renewable Energy, CO2 Emissions and Value Added: Empirical Evidence from Countries with Different Income Levels”, Structural Change and Economic Dynamics, 53, 402-410.
• Khan, M.T.I. et al. (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.
• Le, H.P. & H.H.G. Bao (2020), “Renewable and Nonrenewable Energy Consumption, Government Expenditure, Institution Quality, Financial Development, Trade Openness, and Sustainable Development in Latin America and Caribbean Emerging Market and Developing Economies”, International Journal of Energy Economics and Policy, 10(1), 242-248.
• Li, J. et al. (2023), “The Relationship Between Energy Consumption, CO2 Emissions, Economic Growth, and Health Indicators”, International Journal of Environmental Research and Public Health, 20(3), 2325.
• Li, R. et al. (2022), “Does Renewable Energy Reduce Ecological Footprint at the Expense of Economic Growth? An Empirical Analysis of 120 Countries”, Journal of Cleaner Production, 346, 131207.
• Lian, T. & C. Li (2024), “Linking Environmental Sustainability and Financial Resilience Through the Environmental Footprints and Their Determinants: A Panel Data Approach for G7 Countries”, Sustainability, 16, 7746.
• Luo, B. et al. (2023), “Navigating Carbon Emissions in G 7 Economies: A Quantile Regression Analysis of Environmental Economic Interplay”, Environmental Science and Pollution Research, 30, 104697-104712.
• Miao, Y. et al. (2022), “Do renewable Energy Consumption and Financial Globalization Contribute to Ecological Sustainability in Newly Industrialized Countries?”, Renewable Energy, 187(C), 688-697.
• Omri, A. et al. (2015), “Financial Development, Environmental Quality, Trade and Economic Growth: What Causes What in MENA Countries”, Energy Economics, 48, 242-252.
• Our World in Data (2024), <https://ourworldindata.org/>, 21.08.2024.
• Park, J.Y. (1992), “Canonical Cointegrating Regressions”, Econometrica, 60(1), 119-143.
• Pata, U.K. (2018), “Renewable Energy Consumption, Urbanization, Financial Development, Income and CO2 Emissions in Turkey: Testing EKC Hypothesis with Structural Breaks”, Journal of Cleaner Production, 187, 770-779.
• Pesaran, M.H. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
• Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, IZA Discussion Paper, 1240.
• 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.
• Pesaran, M.H. et al. (2008), “A Bias Adjusted LM Test of Error Cross Section Independence”, Cambridge Working Papers in Economics, 0641.
• Phillips, P.C.B. & B.E. Hansen (1990), “Statistical Inference İn Instrumental Variables Regression with I(1) Processes”, The Review of Economic Studies, 57(1), 99-125.
• Radmehr, R. et al. (2022), “Exploring the Nexus of Renewable Energy, Ecological Footprint, and Economic Growth Through Globalization and Human Capital in G7 Economics”, Sustainability, 14, 12227.
• Sadorsky, P. (2010), “The Impact of Financial Development on Energy Consumption in Emerging Economies”, Energy Policy, 38, 2528-2535.
• Stock, J.H. & M.W.A. Watson (1993), “Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems”, Econometrica, 61(4), 783-820.
• Swamy, P.A.V.B. (1970), “Efficient Inference in a Random Coefficient Regression Model”, Econometrica, 38(2), 311-323.
• Tamazian, A. et al. (2009), “Does Higher Economic and Financial Development Lead to Environmental Degradation: Evidence from BRIC Countries”, Energy Policy, 37(1), 246-253.
• Usman, M. et al. (2021), “Does Financial Inclusion, Renewable and Non-Renewable Energy Utilization Accelerate Ecological Footprints and Economic Growth? Fresh Evidence from 15 Highest Emitting Countries”, Sustainable Cities and Society, 102590.
• Wackernagel, M. & J. Kitzes (2008), “Ecological Footprint”, in: S.E. Jørgensen & B.D. Fath (eds.), Encyclopedia of Ecology (1031-1037), Academic Press.
• Wang, C. et al. (2022), “Renewable Energy Output, Energy Efficiency and Cleaner Energy: Evidence from Non-Parametric Approach for Emerging Seven Economies”, Renewable Energy, 198, 91-99.
• Wang, J. & K. Dong (2019), “What Drives Environmental Degradation? Evidence from 14 Sub-Saharan African Countries”, The Science of the Total Environment, 656, 165-173.
• Wang, W. et al. (2024), “Green Policies and Financial Development in G7 Economies: An In-Depth Analysis of Environmental Regulations and Green Economic Growth”, Natural Resources Forum, 49(2), 1081-1107.
• Wang, Z. et al. (2020), “Biomass Energy Production and its Impacts on the Ecological Footprint: An Investigation of the G7 Countries”, Science of the Total Environment, 743, 140741.
• Westerlund, J. (2007), “Testing for Error Correction in Panel Data”, Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
• World Bank (2024), World Development Indicators, <https://databank.worldbank.org/>, 29.11.2024.
• World Population Review (2024), <https://worldpopulationreview.com/country-rankings/ecological-footprint-by-country>, 28.12.2024.
• Xia, A. & Q. Liu (2024), “Modelling the Asymmetric Impact of Fintech, Natural Resources, and Environmental Regulations on Ecological Footprint in G7 Countries”, Resources Policy, 89, 104552.
• Xu, B. & B. Lin (2020), “Investigating Drivers of CO2 Emission in China’s Heavy Industry: A Quantile Regression Analysis”, Energy, 206, 118159.
• Yapraklı, S. et al. (2023), “The Main Macroeconomic Determinants of Environmental Degradation in the Independent Turkic Republics and Türkiye: Panel Data Analysis”, Bilig, 107, 161-195.
• Zeng, C. et al. (2024), “Impact of Mineral Resource Rents and Fin-Tech on Green Growth: Exploring the Mediating Role of Environmental Governance in Developed Economies”, Resources Policy, 89, 104547.
• Zhang Y-J. (2011), “The Impact of Financial Development on Carbon Emissions: An Empirical Analysis in China”, Energy Policy, 39, 2197-2203.
• Zhang, T. (2023), “Can Green Finance Policies Affect Corporate Financing? Evidence from China's Green Finance Innovation and Reform Pilot Zones”, Journal of Cleaner Production, 419, 138289.