Öz
The study examines empirically the nexus between financial development and carbon emission by giving particular emphasis the non-linear relations. To this purpose we used data for 52 countries over the period 2001-2014 and estimated the empirical model with system GMM method. The results indicate the validity of environmental Kuznets curve, and the positive significant effect of urban population and electric consumption on the carbon emission. Results indicate that there is U shaped relation between financial development and carbon emission indicating that at higher stages of financial development carbon emission increases by increasing rates. Moreover, the interaction variable between financial development and GDP per capita is positive significant.
Anahtar Kelimeler
Financial Development Carbon Emission System GMM Environmental Kuznets Curve
Kaynakça
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.Bimonte, S. (2001). Model of Growth and Environmental Quality. A New Evidence of the Environmental Kuznets Curve.Capelle-Blancard, G., & Laguna, M. A. (2010). How does the stock market respond to chemical disasters?. Journal of Environmental Economics and Management, 59(2), 192-205.Chang, S., 2015. Effects of financial developments and income on energy consumption, International Review of Economics and Finance 35, 28-44.Charfeddine, L., & Khediri, K. B. (2016). Financial development and environmental quality in UAE: Cointegration with structural breaks. Renewable and Sustainable Energy Reviews, 55, 1322-1335.Copeland, B. R., & Taylor, M. S. (2004). Trade, growth, and the environment. Journal of Economic literature, 42(1), 7-71.Dasgupta, S., Laplante, B., & Mamingi, N. (2001). Pollution and capital markets in developing countries. Journal of Environmental Economics and management, 42(3), 310-335.Frankel, J. A., & Rose, A. K. (2005). Is trade good or bad for the environment? Sorting out the causality. Review of economics and statistics, 87(1), 85-91.Grossman, G. M., & Krueger, A. B. (1993). Environmental impacts of a North American free trade agreement. Garber P.(éd.), The US-Mexico Free Trade Agreement, MIT Press, Cambridge, MA, 1655177.Grossman, G. M., & Krueger, A. B. (1995). Economic growth and the environment. The Quarterly Journal of Economics, 110(2), 353-377.Imbs, J. (2007). Growth and volatility. Journal of Monetary Economics, 54(7), 1848-1862.Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Economics, 33(2), 284-291.Knapp, T., & Mookerjee, R. (1996). Population growth and global CO2 emissions: A secular perspective. Energy Policy, 24(1), 31-37.Kumbaroğlu, G., Madlener, R., & Demirel, M. (2008). A real options evaluation model for the diffusion prospects of new renewable power generation technologies. Energy Economics, 30(4), 1882-1908.Painuly, J. P. (2001). Barriers to renewable energy penetration; a framework for analysis. Renewable energy, 24(1), 73-89.Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999-1006.Salahuddin, M., Gow, J., & Ozturk, I. (2015). Is the long-run relationship between economic growth, electricity consumption, carbon dioxide emissions and financial development in Gulf Cooperation Council Countries robust?. Renewable and Sustainable Energy Reviews, 51, 317-326.Selden, T. M., & Song, D. (1994). Environmental quality and development: is there a Kuznets curve for air pollution emissions?. Journal of Environmental Economics and management, 27(2), 147-162.Shahbaz , M., Solarin, S. A., Mahmood, H., & Arouri, M. 2013(a). Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis. Economic Modelling, 35, 145-152.Shahbaz, M., Shahzad, S. J. H., Ahmad, N., & Alam, S. (2016). Financial development and environmental quality: The way forward. Energy Policy, 98, 353-364.Sieminski, A., 2013. International energy outlook 2013. US Energy Information Administration (EIA) Report Number: DOE/EIA-0484. Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32(1), 137-145.Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy policy, 37(1), 246-253.World Bank. International Economics Dept. Development Data Group. (2018). World development indicators. World bank.Yuxiang, K., & Chen, Z. (2011). Financial development and environmental performance: evidence from China. Environment and Development Economics, 16(1), 93-111.Lanoie, P., Laplante, B., & Roy, M. (1998). Can capital markets create incentives for pollution control?. Ecological Economics, 26(1), 31-41.
Öz
Bu çalışma finansal gelişme ve karbon salınımı arasındaki ilişkiyi özellikle doğrusal olmayan ilişkilere yer verilerek uygulamalı olarak incelemeyi amaçlamaktadır. Bu amaca uygun olarak 52 ülke verisini 2001-2014 dönemi için tasarlanan ekonometrik model çerçevesinde Sistem GMM yaklaşımı ile tahmin ettik. Sonuçlar, çevresel Kuznets eğrisinin varlığını ve şehirsel nüfusun ve elektrik tüketiminin karbon salınımı üzerine pozitif etkilerini göstermiştir. Sonuçlar, finansal gelişme ve karbon salınımı arasında U-biçiminde bir ilişkinin olduğunu ve finansal gelişmenin yüksek aşamalarında karbon salınımın yüksek derecelerde arttığını göstermiştir. İlaveten, kişi başına Gayrisafi Yurtiçi Hasıla ve finansal gelişme arasındaki etkileşimin katsayısı pozitiftir.
Anahtar Kelimeler
Finansal Gelişme Karbon Salınımı Sistem GMM Çevresel Kuznets Eğirisi
Kaynakça
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297.Bimonte, S. (2001). Model of Growth and Environmental Quality. A New Evidence of the Environmental Kuznets Curve.Capelle-Blancard, G., & Laguna, M. A. (2010). How does the stock market respond to chemical disasters?. Journal of Environmental Economics and Management, 59(2), 192-205.Chang, S., 2015. Effects of financial developments and income on energy consumption, International Review of Economics and Finance 35, 28-44.Charfeddine, L., & Khediri, K. B. (2016). Financial development and environmental quality in UAE: Cointegration with structural breaks. Renewable and Sustainable Energy Reviews, 55, 1322-1335.Copeland, B. R., & Taylor, M. S. (2004). Trade, growth, and the environment. Journal of Economic literature, 42(1), 7-71.Dasgupta, S., Laplante, B., & Mamingi, N. (2001). Pollution and capital markets in developing countries. Journal of Environmental Economics and management, 42(3), 310-335.Frankel, J. A., & Rose, A. K. (2005). Is trade good or bad for the environment? Sorting out the causality. Review of economics and statistics, 87(1), 85-91.Grossman, G. M., & Krueger, A. B. (1993). Environmental impacts of a North American free trade agreement. Garber P.(éd.), The US-Mexico Free Trade Agreement, MIT Press, Cambridge, MA, 1655177.Grossman, G. M., & Krueger, A. B. (1995). Economic growth and the environment. The Quarterly Journal of Economics, 110(2), 353-377.Imbs, J. (2007). Growth and volatility. Journal of Monetary Economics, 54(7), 1848-1862.Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Economics, 33(2), 284-291.Knapp, T., & Mookerjee, R. (1996). Population growth and global CO2 emissions: A secular perspective. Energy Policy, 24(1), 31-37.Kumbaroğlu, G., Madlener, R., & Demirel, M. (2008). A real options evaluation model for the diffusion prospects of new renewable power generation technologies. Energy Economics, 30(4), 1882-1908.Painuly, J. P. (2001). Barriers to renewable energy penetration; a framework for analysis. Renewable energy, 24(1), 73-89.Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999-1006.Salahuddin, M., Gow, J., & Ozturk, I. (2015). Is the long-run relationship between economic growth, electricity consumption, carbon dioxide emissions and financial development in Gulf Cooperation Council Countries robust?. Renewable and Sustainable Energy Reviews, 51, 317-326.Selden, T. M., & Song, D. (1994). Environmental quality and development: is there a Kuznets curve for air pollution emissions?. Journal of Environmental Economics and management, 27(2), 147-162.Shahbaz , M., Solarin, S. A., Mahmood, H., & Arouri, M. 2013(a). Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis. Economic Modelling, 35, 145-152.Shahbaz, M., Shahzad, S. J. H., Ahmad, N., & Alam, S. (2016). Financial development and environmental quality: The way forward. Energy Policy, 98, 353-364.Sieminski, A., 2013. International energy outlook 2013. US Energy Information Administration (EIA) Report Number: DOE/EIA-0484. Tamazian, A., & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32(1), 137-145.Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy policy, 37(1), 246-253.World Bank. International Economics Dept. Development Data Group. (2018). World development indicators. World bank.Yuxiang, K., & Chen, Z. (2011). Financial development and environmental performance: evidence from China. Environment and Development Economics, 16(1), 93-111.Lanoie, P., Laplante, B., & Roy, M. (1998). Can capital markets create incentives for pollution control?. Ecological Economics, 26(1), 31-41.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Finans |
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Aralık 2019 |
| Yayımlandığı Sayı | Yıl 2019 Cilt: 17 Sayı: 4 |