Financial development, globalization and ecological footprint in G7: further evidence from threshold cointegration and fractional frequency causality tests
Tóm tắt
Từ khóa
Tài liệu tham khảo
Abbasi F, Riaz K (2016) CO2 emissions and financial development in an emerging economy: an augmented VAR approach. Energy Policy 90:102–114. https://doi.org/10.1016/j.enpol.2015.12.017
Adams S, Klobodu EKM (2018) Financial development and environmental degradation: does political regime matter? J Cleaner Prod 197:1472–1479. https://doi.org/10.1016/j.jclepro.2018.06.252
Ahmed Z, Wang Z, Mahmood F, Hafeez M, Ali N (2019) Does globalization increase the ecological footprint? Empirical evidence from Malaysia. Environ Sci Pollut Res 26(18):18565–18582. https://doi.org/10.1007/s11356-019-05224-9
Amri F (2018) Carbon dioxide emissions, total factor productivity, ICT, trade, financial development, and energy consumption: testing environmental Kuznets curve hypothesis for Tunisia. Environ Sci Pollut Res 25(33):33691–33701. https://doi.org/10.1007/s11356-018-3331-1
Baloch MA, Zhang J, Iqbal K, Iqbal Z (2019) The effect of financial development on ecological footprint in BRI countries: evidence from panel data estimation. Environ Sci Pollut Res 26(6):6199–6208. https://doi.org/10.1007/s11356-018-3992-9
Balsalobre-Lorente D, Gokmenoglu KK, Taspinar N, Cantos-Cantos JM (2019) An approach to the pollution haven and pollution halo hypotheses in MINT countries. Environ Sci Pollut Res 26(22):23010–23026. https://doi.org/10.1007/s11356-019-05446-x
Balsalobre-Lorente D, Driha OM, Sinha A (2020) The dynamic effects of globalization process in analysing N-shaped tourism led growth hypothesis. J Hosp Tourism Manag 43:42–52. https://doi.org/10.1016/j.jhtm.2020.02.005
Baz K, Xu D, Ali H, Ali I, Khan I, Khan MM, Cheng J (2020) Asymmetric impact of energy consumption and economic growth on ecological footprint: using asymmetric and nonlinear approach. Sci Total Environ 718:137364. https://doi.org/10.1016/j.scitotenv.2020.137364
Bilgili F, Ulucak R, Koçak E, İlkay SÇ (2020) Does globalization matter for environmental sustainability? Empirical investigation for Turkey by Markov regime switching models. Environ Sci Pollut Res 27:1087–1100. https://doi.org/10.1007/s11356-019-06996-w
Borucke M, Moore D, Cranston G, Gracey K, Iha K, Larson J, Morales JC, Wackernagel M, Galli A (2013) Accounting for demand and supply of the biosphere's regenerative capacity: the National Footprint Accounts’ underlying methodology and framework. Ecol Indic 24:518–533. https://doi.org/10.1016/j.ecolind.2012.08.005
Charfeddine L, Khediri KB (2016) Financial development and environmental quality in UAE: cointegration with structural breaks. Renew Sustain Energy Rev 55:1322–1335. https://doi.org/10.1016/j.rser.2015.07.059
Charfeddine L (2017) The impact of energy consumption and economic development on Ecological Footprint and CO2 emissions: evidence from a Markov Switching Equilibrium Correction Model. Energy Econ 65:355–374. https://doi.org/10.1016/j.eneco.2017.05.009
Christopoulos DK, Leon-Ledesma MA (2011) International output convergence, breaks, and asymmetric adjustment. Stud Nonlinear Dyn Econ 15(3):67–97. https://doi.org/10.2202/1558-3708.1823
Destek MA, Sarkodie SA (2019) Investigation of environmental Kuznets curve for ecological footprint: the role of energy and financial development. Sci Total Environ 650:2483–2489. https://doi.org/10.1016/j.scitotenv.2018.10.017
Destek MA (2019) Financial Development and Environmental Degradation in Emerging Economies. In: Energy and Environmental Strategies in the Era of Globalization. Springer, Cham, pp. 115–132. https://doi.org/10.1007/978-3-030-06001-5_5
Destek MA, Sinha A (2020) Renewable, non-renewable energy consumption, economic growth, trade openness and ecological footprint: evidence from organisation for economic Co-operation and development countries. J Cleaner Prod 242:118537. https://doi.org/10.1016/j.jclepro.2019.118537
Dogan E, Turkekul B (2016) CO2 emissions, real output, energy consumption, trade, urbanization and financial development: testing the EKC hypothesis for the USA. Environ Sci Pollut Res 23(2):1203–1213. https://doi.org/10.1007/s11356-015-5323-8
Dreher A (2006) Does globalization affect growth? Evidence from a new index of globalization. Appl Econ 38(10):1091–1110. https://doi.org/10.1080/00036840500392078
Dreher A, Gaston N, Martens P (2008) Measuring globalisation, gauging its consequences. Springer, New York. https://doi.org/10.1007/978-0-387-74069-0
Enders W, Jones P (2016) Grain prices, oil prices, and multiple smooth breaks in a VAR. Stud Nonlinear Dyn Econ 20(4):399–419. https://doi.org/10.1515/snde-2014-0101
Farhani S, Ozturk I (2015) Causal relationship between CO2 emissions, real GDP, energy consumption, financial development, trade openness, and urbanization in Tunisia. Environ Sci Pollut Res 22(20):15663–15676. https://doi.org/10.1007/s11356-015-4767-1
Figge L, Martens P (2014) Globalisation continues: the Maastricht globalisation index revisited and updated. Globalizations 11(6):875–893. https://doi.org/10.1080/14747731.2014.887389
Figge L, Oebels K, Offermans A (2017) The effects of globalization on Ecological Footprints: an empirical analysis. Environ Dev Sustain 19(3):863–876. https://doi.org/10.1007/s10668-016-9769-8
Global Footprint Network (2018) Has humanity’s Ecological Footprint reached its peak? https://www.footprintnetwork.org/2018/04/09/has_humanitys_ecological_footprint_reached_its_peak/ Accessed 6 Aug 2020
Global Footprint Network (2019) National footprint accounts, ecological footprint. https://data.footprintnetwork.org/#/ Accessed 5 Apr 2020
Gregory AW, Hansen BE (1996) Practitioners corner: tests for cointegration in models with regime and trend shifts. Oxford Bull Econ Stat 58(3):555–560. https://doi.org/10.1111/j.1468-0084.1996.mp58003008.x
Grossman GM, Krueger AB (1991) Environmental Impacts of a North American FreeTrade Agreement. National Bureau of Economic Research, New York
Grossman GM, Krueger AB (1995) Economic growth and the environment. Q J Econ 110(2):353–377. https://doi.org/10.2307/2118443
Gygli S, Haelg F, Potrafke N, Sturm JE (2019) The KOF globalisation index–revisited. Rev Int Org 14(3):543–574. https://doi.org/10.1007/s11558-019-09357-x
Hafeez M, Yuan C, Shahzad K, Aziz B, Iqbal K, Raza S (2019) An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environ Sci Pollut Res 26(24):25026–25036. https://doi.org/10.1007/s11356-019-05757-z
Haseeb A, Xia E, Baloch MA, Abbas K (2018) Financial development, globalization, and CO2 emission in the presence of EKC: evidence from BRICS countries. Environ Sci Pollut Res 25(31):31283–31296. https://doi.org/10.1007/s11356-018-3034-7
Hatemi-J A (2008) Tests for cointegration with two unknown regime shifts with an application to financial market integration. Empirical Econ 35(3):497–505. https://doi.org/10.1007/s00181-007-0175-9
Hoekstra AY, Wiedmann TO (2014) Humanity’s unsustainable environmental footprint. Science 344(6188):1114–1117. https://doi.org/10.1126/science.1248365
IMF (2019) Access to macroeconomic and financial data. https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B Accessed 12 Apr 2020
Katircioğlu ST, Taşpinar N (2017) Testing the moderating role of financial development in an environmental Kuznets curve: empirical evidence from Turkey. Renew Sustain Energy Rev 68:572–586. https://doi.org/10.1016/j.rser.2016.09.127
Khan MK, Teng JZ, Khan MI, Khan MO (2019) Impact of globalization, economic factors and energy consumption on CO2 emissions in Pakistan. Sci Total Environ 688:424–436. https://doi.org/10.1016/j.scitotenv.2019.06.065
Lee KH, Min B (2014) Globalization and carbon constrained global economy: a fad or a trend? J Asia-Pacific Business 15(2):105–121. https://doi.org/10.1080/10599231.2014.904181
Lim KP, Hinich MJ (2005) Cross-temporal universality of non-linear dependencies in Asian stock markets. Econ Bull 7(1):1–6
Martens P, Zywietz D (2006) Rethinking globalization: a modified globalization index. J Int Dev 18(3):331–350. https://doi.org/10.1002/jid.1223
McMillan DG (2003) Non-linear predictability of UK stock market returns. Oxford Bull Econ Stat 65(5):557–573. https://doi.org/10.1111/j.1468-0084.2003.00061.x
Narayan PK, Popp S (2010) A new unit root test with two structural breaks in level and slope at unknown time. J Appl Stat 37(9):1425–1438. https://doi.org/10.1080/02664760903039883
Nasreen S, Anwar S, Ozturk I (2017) Financial stability, energy consumption and environmental quality: evidence from South Asian economies. Renew Sustain Energy Rev 67:1105–1122. https://doi.org/10.1016/j.rser.2016.09.021
Nazlioglu S, Gormus NA, Soytas U (2016) Oil prices and real estate investment trusts (REITs): gradual-shift causality and volatility transmission analysis. Energy Econ 60:168–175. https://doi.org/10.1016/j.eneco.2016.09.009
Ogura M (2011) Testing for structural break in Japanese demand system after the bubble era. Struct Change Econ Dyn 22(3):277–286. https://doi.org/10.1016/j.strueco.2011.03.003
Omri A, Daly S, Rault C, Chaibi A (2015) Financial development, environmental quality, trade and economic growth: what causes what in MENA countries. Energy Econ 48:242–252. https://doi.org/10.1016/j.eneco.2015.01.008
Pata UK (2018a) The influence of coal and noncarbohydrate energy consumption on CO2 emissions: revisiting the environmental Kuznets curve hypothesis for Turkey. Energy 160:1115–1123. https://doi.org/10.1016/j.energy.2018.07.095
Pata UK (2018b) The effect of urbanization and industrialization on carbon emissions in Turkey: evidence from ARDL bounds testing procedure. Environ Sci Pollut Res 25(8):7740–7747. https://doi.org/10.1007/s11356-017-1088-6
Pata UK (2019) Environmental Kuznets curve and trade openness in Turkey: bootstrap ARDL approach with a structural break. Environ Sci Pollut Res 26(20):20264–20276. https://doi.org/10.1007/s11356-019-05266-z
Park Y, Meng F, Baloch MA (2018) The effect of ICT, financial development, growth, and trade openness on CO2 emissions: an empirical analysis. Environ Sci Pollut Res 25(30):30708–30719. https://doi.org/10.1007/s11356-018-3108-6
Rahman S, Chen S, Saud S, Saleem N, Bari MW (2019a) Nexus between financial development, energy consumption, income level, and ecological footprint in CEE countries: do human capital and biocapacity matter? Environ Sci Pollut Res 26(31):31856–31872. https://doi.org/10.1007/s11356-019-06343-z
Rahman S, Chen S, Saud S, Bano S, Haseeb A (2019b) The nexus between financial development, globalization, and environmental degradation: fresh evidence from Central and Eastern European Countries. Environ Sci Pollut Res 26(24):24733–24747. https://doi.org/10.1007/s11356-019-05714-w
Rees WE (1992) Ecological footprints and appropriated carrying capacity: what urban economics leaves out. Environ Urban 4(2):121–130. https://doi.org/10.1177/095624789200400212
Riti JS, Shu Y, Song D, Kamah M (2017) The contribution of energy use and financial development by source in climate change mitigation process: a global empirical perspective. J Cleaner Prod 148:882–894. https://doi.org/10.1016/j.jclepro.2017.02.037
Rudolph A, Figge L (2017) Determinants of ecological footprints: what is the role of globalization? Ecol Indic 81:348–361. https://doi.org/10.1016/j.ecolind.2017.04.060
Sabir S, Gorus MS (2019) The impact of globalization on ecological footprint: empirical evidence from the South Asian countries. Environ Sci Pollut Res 26(32):33387–33398. https://doi.org/10.1007/s11356-019-06458-3
Sadorsky P (2010) The impact of financial development on energy consumption in emerging economies. Energy Policy 38(5):2528–2535. https://doi.org/10.1016/j.enpol.2009.12.048
Saidi K, Mbarek MB (2017) The impact of income, trade, urbanization, and financial development on CO2 emissions in 19 emerging economies. Environ Sci Pollut Res 24(14):12748–12757. https://doi.org/10.1007/s11356-016-6303-3
Saint Akadiri S, Lasisi TT, Uzuner G, Akadiri AC (2019a) Examining the impact of globalization in the environmental Kuznets curve hypothesis: the case of tourist destination states. Environ Sci Pollut Res 26(12):12605–12615. https://doi.org/10.1007/s11356-019-04722-0
Saint Akadiri S, Alola AA, Akadiri AC (2019b) The role of globalization, real income, tourism in environmental sustainability target. Evidence from Turkey. Sci Total Environ 687:423–432. https://doi.org/10.1016/j.scitotenv.2019.06.139
Salahuddin M, Alam K, Ozturk I, Sohag K (2018) The effects of electricity consumption, economic growth, financial development and foreign direct investment on CO2 emissions in Kuwait. Renew Sustain Energy Rev 81:2002–2010. https://doi.org/10.1016/j.rser.2017.06.009
Saud S, Chen S, Haseeb A (2020) The role of financial development and globalization in the environment: accounting ecological footprint indicators for selected one-belt-one-road initiative countries. J Cleaner Prod 250:119518. https://doi.org/10.1016/j.jclepro.2019.119518
Schweikert K (2019) Testing for cointegration with threshold adjustment in the presence of structural breaks. Stud Nonlinear Dyn Econ 24(1):20180034. https://doi.org/10.1515/snde-2018-0034
Shahbaz M, Lean HH (2012) Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy Policy 40:473–479. https://doi.org/10.1016/j.enpol.2011.10.050
Shahbaz M, Mallick H, Mahalik MK, Loganathan N (2015) Does globalization impede environmental quality in India? Ecol Ind 52:379–393. https://doi.org/10.1016/j.ecolind.2014.12.025
Shahbaz M, Shahzad SJH, Ahmad N, Alam S (2016) Financial development and environmental quality: the way forward. Energy Policy 98:353–364. https://doi.org/10.1016/j.enpol.2016.09.002
Shahbaz M, Khan S, Ali A, Bhattacharya M (2017) The impact of globalization on CO2 emissions in China. Singapore Econ Rev 62(04):929–957. https://doi.org/10.1142/S0217590817400331
Shahbaz M, Shahzad SJH, Mahalik MK (2018) Is globalization detrimental to CO2 emissions in Japan? New threshold analysis. Environ Model Assess 23(5):557–568. https://doi.org/10.1007/s10666-017-9584-0
Shahzad SJH, Kumar RR, Zakaria M, Hurr M (2017) Carbon emission, energy consumption, trade openness and financial development in Pakistan: a revisit. Renew Sustain Energy Rev 70:185–192. https://doi.org/10.1016/j.rser.2016.11.042
Sharif A, Afshan S, Qureshi MA (2019) Idolization and ramification between globalization and ecological footprints: evidence from quantile-on-quantile approach. Environ Sci Pollut Res 26(11):11191–11211. https://doi.org/10.1007/s11356-019-04351-7
Tamazian A, Chousa JP, Vadlamannati KC (2009) Does higher economic and financial development lead to environmental degradation: evidence from BRIC countries. Energy Policy 37(1):246–253. https://doi.org/10.1016/j.enpol.2008.08.025
Teräsvirta T (1995) Modelling nonlinearity in US gross national product 1889–1987. Emp Econ 20(4):577–597. https://doi.org/10.1007/BF01206058
Tisdell C (2001) Globalisation and sustainability: environmental Kuznets curve and the WTO. Ecol Econ 39(2):185–196. https://doi.org/10.1016/S0921-8009(01)00234-8
Twerefou DK, Danso-Mensah K, Bokpin GA (2017) The environmental effects of economic growth and globalization in Sub-Saharan Africa: a panel general method of moments approach. Res Int Bus Finance 42:939–949. https://doi.org/10.1016/j.ribaf.2017.07.028
Ulucak R, Bilgili F (2018) A reinvestigation of EKC model by ecological footprint measurement for high, middle- and low-income countries. J Cleaner Prod 188:144–157. https://doi.org/10.1016/j.jclepro.2018.03.191
Wackernagel M (1994) Ecological footprint and appropriated carrying capacity: a tool for planning toward sustainability (Doctoral dissertation, University of British Columbia). https://doi.org/10.14288/1.0088048
World Bank (2019) World development indicators. https://datacatalog.worldbank.org/dataset/world-development-indicators Accessed 22 Apr 2020
WWF (2018) Living planet report 2018: Species and spaces, people and Places. https://s3.amazonaws.com/wwfassets/downloads/lpr2018_full_report_spreads.pdf Accessed 1 May 2020
Xu Z, Baloch MA, Danish MF, Zhang J, Mahmood Z (2018) Nexus between financial development and CO2 emissions in Saudi Arabia: analyzing the role of globalization. Environ Sci Pollut Res 25(28):28378–28390. https://doi.org/10.1007/s11356-018-2876-3
You W, Lv Z (2018) Spillover effects of economic globalization on CO2 emissions: a spatial panel approach. Energy Economics 73:248–257. https://doi.org/10.1016/j.eneco.2018.05.016
Yuxiang K, Chen Z (2011) Financial development and environmental performance: evidence from China. Environ Dev Econ 16(1):93–111. https://doi.org/10.1017/S1355770X10000422
Zaidi SAH, Zafar MW, Shahbaz M, Hou F (2019) Dynamic linkages between globalization, financial development and carbon emissions: evidence from Asia Pacific Economic Cooperation countries. J Cleaner Prod 228:533–543. https://doi.org/10.1016/j.jclepro.2019.04.210
Zakaria M, Bibi S (2019) Financial development and environment in South Asia: the role of institutional quality. Environ Sci Pollut Res 26(8):7926–7937. https://doi.org/10.1007/s11356-019-04284-1
Zafar MW, Saud S, Hou F (2019) The impact of globalization and financial development on environmental quality: evidence from selected countries in the Organization for Economic Co-operation and Development (OECD). Environ Sci Pollut Res 26(13):13246–13262. https://doi.org/10.1007/s11356-019-04761-7