The Impact of Financial Development on CO2 Emissions from Manufacturing Industries and Construction in Türkiye: Evidence from the Fourier ADL Approach

Yıl 2023, Cilt: 9 Sayı: 2, 367 - 383, 04.10.2023

Sinem Koçak

https://doi.org/10.20979/ueyd.1327831

Öz

The aim of this study is to examine the long-term effect of financial development on CO2 emissions from the manufacturing industries and construction by using the Fourier ADL approach and fully modified least squares (FMOLS) estimators. The annual data set is used in the study to analyze the 1985-2014 period for the economy of Türkiye. The feature that differentiates the study from the literature is that, while the analysis focuses on CO2 emissions on a sectoral basis, it is the first time that it explores the relationship between variables for the economy of Türkiye within the framework of an advanced econometric approach. Findings from the Fourier ADL approach revealed the existence of a cointegration relationship between the variables. Long-term estimates obtained from the FMOLS method, on the other hand, show that the effect of financial development on CO2 emissions from the manufacturing industries and construction is negative and statistically significant. All these findings prove that financial development contributes to the improvement of environmental quality by reducing the CO2 emissions from the manufacturing industry and construction in Türkiye.

Anahtar Kelimeler

Financial Development, Sectoral Carbon Emissions, Fourier Approach, Türkiye

Türkiye’de Finansal Gelişmenin İmalat Sanayi ve İnşaattan Kaynaklanan CO2 Emisyonları Üzerindeki Etkisi: Fourier ADL Yaklaşımından Kanıtlar

Öz

Bu çalışmanın amacı, finansal gelişmenin imalat sanayi ve inşaattan kaynaklanan CO2 emisyonları üzerindeki uzun dönemli etkisini Fourier ADL yaklaşımını ve tam değiştirilmiş en küçük kareler (FMOLS) tahmincilerini kullanarak incelemektir. Türkiye ekonomisi için 1985-2014 döneminin analiz edildiği çalışmada yıllık veri setinden yararlanılmıştır. Çalışmayı literatürden farklılaştıran özellik, analizin sektörel bazdaki CO2 emisyonlarına odaklanırken diğer taraftan da Türkiye ekonomisi için değişkenler arasındaki ilişkiyi ileri bir ekonometrik yaklaşım çerçevesinde ilk kez araştırıyor olmasıdır. Fourier ADL yaklaşımından elde edilen bulgular, değişkenler arasında eş-bütünleşme ilişkisinin varlığını ortaya koymaktadır. FMOLS yönteminden elde edilen uzun dönem tahminleri ise finansal gelişmenin, imalat sanayi ve inşaattan kaynaklanan CO2 emisyonları üzerindeki etkisinin negatif ve istatistiksel olarak anlamlı olduğunu göstermektedir. Elde edilen tüm bu bulgular, finansal gelişmenin Türkiye örneğinde imalat sanayi ve inşaattan kaynaklanan CO2 emisyonlarını azaltarak çevre kalitesinin artmasına katkı sunduğunu kanıtlar niteliktedir.

Anahtar Kelimeler

Finansal Gelişme, Sektörel Karbon Emisyonları, Fourier Yaklaşımı, Türkiye

Kaynakça

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