Biomass energy consumption and economic growth: Evidence from top 10 biomass consumer countries

This study aims to investigate the economic efficiency of biomass energy consumption for the period from 1980 to 2013 in top 10 biomass energy consumer countries. For this purpose, this study uses both augmented mean group (AMG) estimator and panel bootstrap causality method which are suitable for dependent and heterogeneous panels. The results of AMG estimator shows that economic growth is positively affected by biomass energy use in Brazil, China, Finland, Germany, Italy and Sweden. In addition, empirical findings from panel bootstrap causality test show that the growth hypothesis is valid for Brazil, Germany, India and Italy; the conservation hypothesis is supported in Sweden, the feedback hypothesis is confirmed in China and the US; the neutrality hypothesis is valid in Finland, Japan and the UK

Investigation on the role of economic, social and political globalization on environment: Evidence from CEECs

This study aims to investigate the impact of different dimensions of globalization (i.e. overall globalization index, economic globalization index, social globalization index and political globalization index) on environmental pollution by incorporating the real gross domestic product and energy consumption in Central and Eastern European Countries (CEECs). In doing so, the annual period from 1995 to 2015 is examined with second generation panel data methodologies to consider the possible cross-sectional dependence among observed countries. The findings show that increasing overall globalization, economic globalization and social globalization increases the carbon emissions while increasing political globalization reduces the environmental pollution. In addition, it is also found that Environmental Kuznets Curve (EKC) hypothesis is confirmed

Dimensions of globalization and income inequality in transition economies: taking into account cross-sectional dependence

This study aims to investigate the impact of different globalization dimensions on income inequality for the period from 1991 to 2013 in a panel of 11 transition economies. For this purpose, the relationship between economic, social and political globalization indices and Gini coefficient is examined with second generation panel data methods such as CCE (common correlated effect) estimator and Konya causality procedure to consider the cross-sectional dependence across transition economies. The result reveals that economic globalization negatively correlated with income inequality in China and Russia; social globalization negatively correlated with income inequality in Belarus and Poland; and the political globalization negatively correlated with income inequality in Kazakhstan. In addition, the causality test results show that economic globalization causes income inequality in China, Hungary, Moldova and Russia; social globalization causes income inequality in Hungary, Belarus, Kazakhstan and Poland; and political globalization causes income inequality in Kazakhstan, Poland and Russia

Financial development and energy consumption nexus in emerging economies

This study aims to examine the relationship between financial development, energy price, real income and energy consumption in 17 emerging economies. In doing so, the financial development has been handled with three different dimensions (banking sector, stock market and bond market i.e) and the effects of each financial development dimension on energy consumption is investigated. For this purpose, the annual data of 1991-2015 is analyzed using with common correlated effect (CCE) estimator to take into account the cross-sectional dependence. The results show that bond market development is the most efficient dimension to reduce the energy consumption

Are fluctuations in coal, oil and natural gas consumption permanent or transitory? Evidence from OECD countries

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Does pollution haven hypothesis hold in newly industrialized countries? Evidence from ecological footprint

This study aims to investigate the validity of pollution haven hypothesis for the period from 1982 to 2013 in ten newly industrialized countries. For this purpose, we examine the relationship between real income, foreign direct investment, energy consumption and ecological footprint using with second generation panel data methodology to take into account the cross-sectional dependence among newly industrialized countries. In doing so, the possible non-linear relationship between foreign direct investment and environmental degradation is also searched. The results show that increased energy consumption and economic growth leads to increase in ecological footprint. Moreover, the U-shaped relationship between foreign direct investment and ecological footprint is confirmed in newly industrialized countries

The relationship between financial development and income inequality in Turkey

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An Empirical Research on Fragile Eight Countries

This study investigates the possible reasons of the financial fragility of 10 countries with examining the stability properties of current account balance, budget balance and unemployment rate. For this purpose, the stability process of current account balance of 10 countries is examined for the period from 2005 to 2014; the unemployment of 10 countries is investigated for the period from 2004 to 2013; the budget balance of 8 countries is searched for the period of 2004-2012. The stability properties are examined using with panel unit root test and it is concluded that the current account of Chile and Indonesia is found stationary. In case of unemployment, stationary process is confirmed in South Africa, India, Poland and Indonesia. Finally, the stationary of budget balance is only supported in Brazil. Keywords: Fragile eight, Current Balance, Budget Balance, Unemployment JEL Classifications: F14, F37, G3

Foreign direct investment, stock market capitalization and sustainable development: Relative impacts of domestic and foreign capital

It is well acknowledged that achieving sustainable development goals without negatively impacting a country's economic activity is complicated. The question of whether foreign or domestic capital can be used to address the financial demands of the nations who lack the financial resources for a green transformation should now be resolved. Based on this, the main goal of this research is to analyze the impacts of domestic and foreign capital on carbon emissions for a heterogeneous panel of 42 countries for the period from 1990 to 2017. Aside from capital accumulation, the environmental impact of elements such as economic growth, urbanization, trade openness, and energy usage are also studied. The newly developed quantile via moment approach is utilized to isolate the impacts according to the countries' emission levels. Finally, the impact of these variables on the recently constructed sustainable development index is investigated in order to ensure its robustness. The findings of the study reveal that the environmental efficiency of domestic capital accumulation in countries with low emission levels is higher than in countries with high emission levels. Foreign capital, on the other hand, has no substantial effect on emission levels in all quantiles

Investigation of Environmental Kuznets Curve for Ecological Footprint: The Role of Energy and Financial Development

Climate change has become a global phenomenon due to its threat to sustainable development. However, economic development plays a complementary role in both climate change and sustainability. Thus, the environmental Kuznets curve hypothesis is critical to climate change policy formulation and development strategies. Accordingly, this study aims to examine the validity of environmental Kuznets curve hypothesis by investigating the relationship between economic growth, energy consumption, financial development, and ecological footprint for the period from 1977 to 2013 in 11 newly industrialized countries. For this purpose, this study uses both augmented mean group (AMG) estimator and heterogeneous panel causality method which are suitable for dependent and heterogeneous panels. The results of the estimator show that there is an inverted U-shaped relationship between economic growth and ecological footprint. According to the causality test results, it is concluded that there is bi-directional causality between economic growth and ecological footprint