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Although the literature on the contribution of tourism to economic expansion vis-à-vis the tourism-led growth hypothesis has been widely explored, so far, limited attention has been paid to the specificity of the role of tourism-related loans or financial inducement in economic growth. This paper examines the short-run and long-run relationships between bank loan disbursements to the tourism sector and economic growth in Northern Cyprus. We structurally derive empirical equations for co-integration and error-correction models by extending the original Solow growth model, applying a cointegration approach that is strengthened by the autoregressive distributed lag and Granger causality approaches to reveal important findings. The empirical findings suggest unidirectional causality from loans disbursed to the tourism sector to economic growth in Northern Cyprus for the period under study. Additionally, we show that tourism-related loans and human and technological advancement all spur economic growth in the short- and long-run. These findings’ main policy implication is that long-term complementary policies in the domestic banking system can increase the access to financial sources for tourism enterprises and, consequently, promote tourism-led economic growth, especially in small tourism-dependent economies where capital sources are scarce.
Setareh Shirkhani; Sami Fethi; Andrew Adewale Alola. Tourism-Related Loans as a Driver of a Small Island Economy: A Case of Northern Cyprus. Sustainability 2021, 13, 9508 .
AMA StyleSetareh Shirkhani, Sami Fethi, Andrew Adewale Alola. Tourism-Related Loans as a Driver of a Small Island Economy: A Case of Northern Cyprus. Sustainability. 2021; 13 (17):9508.
Chicago/Turabian StyleSetareh Shirkhani; Sami Fethi; Andrew Adewale Alola. 2021. "Tourism-Related Loans as a Driver of a Small Island Economy: A Case of Northern Cyprus." Sustainability 13, no. 17: 9508.
While aiming to reach its 20% energy efficiency target for 2020 and subsequently reaching at least 32.5% by 2030, the European Union (EU) countries are consistently encouraged to implement the bloc's energy efficiency directives of 2012/27/EU and the (EU) 2018/2002. Without sacrificing existing energy standards and environmental quality, the EU has consistently favored behavioral and economic changes that are capable of increasing energy efficiency. In view of this motivation, this study examines the impact of energy efficiency on economic growth in 21 EU member countries over the 1995–2016 period. Importantly, the study examined both the regional and country-specific impacts of energy intensity, energy dependency, and renewable energy utilization on economic expansion. With a respective elasticity of 0.94, 0.17, and 0.01 by the MG (Mean Group) estimator, we found that energy efficiency, renewable energy utilization, and energy dependency positively trigger economic expansion in the region. This result does not only provide a desirable economic outlook for the EU countries, the observation further offers a positive feedback on the bloc's drive for environmental sustainability. The empirical results obtained from panel causality test indicate that there is a bilateral Granger causality from economic growth to energy efficiency, energy intensity, and renewable energy. Moreover, the result provides that energy efficiency, energy intensity, energy dependency, and renewable energy utilization exhibits a different degree of economic impact across the sections of examined EU countries. In general, the study captures a policy reflection of the economic and environmental sustainability status and outlook of the EU countries.
Ferhat Pehlivanoglu; Ozgur Kocbulut; Saffet Akdag; Andrew Adewale Alola. Toward a sustainable economic development in the EU member states: The role of energy efficiency‐intensity and renewable energy. International Journal of Energy Research 2021, 1 .
AMA StyleFerhat Pehlivanoglu, Ozgur Kocbulut, Saffet Akdag, Andrew Adewale Alola. Toward a sustainable economic development in the EU member states: The role of energy efficiency‐intensity and renewable energy. International Journal of Energy Research. 2021; ():1.
Chicago/Turabian StyleFerhat Pehlivanoglu; Ozgur Kocbulut; Saffet Akdag; Andrew Adewale Alola. 2021. "Toward a sustainable economic development in the EU member states: The role of energy efficiency‐intensity and renewable energy." International Journal of Energy Research , no. : 1.
The United Nations Sustainable Development Goals (UNSDGs) elaborately encompass a global goal for sustainable consumption and production (Goal 12: SDGs), thus providing potential drivers and/or pathways to attaining sustainable consumption. In view of this global goal, this study examined the role of real income per capita, urbanization and especially inbound tourism in domestic material consumption for the panel of OECD countries. The study is conducted for the period of 1995 to 2016 by employing the panel quantile approach. Interestingly, an inverted U-shaped relationship between outbound tourism and domestic material consumption is established across the quantiles, thus indicating that sustainable domestic consumption is achievable after a threshold of domestic material consumption is attained. In addition, achieving sustainable consumption through economic or income growth is a herculean task for the OECD countries because the current reality indicates that income growth triggers higher consumption of domestic materials. However, the results suggest that urbanization is a recipe for sustainable domestic consumption since there is a negative and significant relationship between the two parameters across the quantiles. Nevertheless, the study presents relevant policy for efficient material and resources utilization and that is suitable to drive the SDGs for 2030 and other country-specific sustainable ambitions.
Taiwo Lasisi; Kayode Eluwole; Uju Alola; Luigi Aldieri; Concetto Vinci; Andrew Alola. Do Tourism Activities and Urbanization Drive Material Consumption in the OECD Countries? A Quantile Regression Approach. Sustainability 2021, 13, 7742 .
AMA StyleTaiwo Lasisi, Kayode Eluwole, Uju Alola, Luigi Aldieri, Concetto Vinci, Andrew Alola. Do Tourism Activities and Urbanization Drive Material Consumption in the OECD Countries? A Quantile Regression Approach. Sustainability. 2021; 13 (14):7742.
Chicago/Turabian StyleTaiwo Lasisi; Kayode Eluwole; Uju Alola; Luigi Aldieri; Concetto Vinci; Andrew Alola. 2021. "Do Tourism Activities and Urbanization Drive Material Consumption in the OECD Countries? A Quantile Regression Approach." Sustainability 13, no. 14: 7742.
In the energy-environment literature, a handful of the advanced economies, mostly the European Union countries, have met some of the national environmental sustainability targets. Consequently, most of these countries are renewing their policies for 2040, while the African bloc largely seems to have a longer path to emerge from the woods. Giving this insight, we are compelled to draw inferences from the role of major energy sources (conventional and renewable) in the sub-Saharan Africa’s drive for environmental sustainability target. To achieve this objective, we examine the validity of an N-shaped hypothesis for sub-Saharan region which has received less documentation in the extant literature. Thus, this study employed the pooled mean group autoregressive distributed lag (PMG-ARDL) and Dumitrescu and Hurlin panel causality approaches as estimation techniques. Our empirical results show that conventional and renewable energy aspects respectively worsen and improve environmental quality in both short and long run. Importantly, the study establishes the validity of the N-shaped hypothesis in the two periods (short and long run) as reported by the study regression with 17.830% for GDP growth, −2.241 % for quadratic form of GDP, and 0.094% for cubic form of GDP growth, respectively, in the long run. Moreso, renewable energy shows a magnitude of −1.306% and −0.157% for short- and long-run period, respectively, on carbon dioxide emission. The implication is that environmental quality in the sub-Saharan region is potentially characterized in cycles of worse (decreased quality), improvement (better quality), and again worse (deceased quality) resulting from the significant change in the region’s economic prosperity. In addition to the ARDL approach, the causality analysis further reiterates that there is significant causality from the energy forms and economic expansion to carbon emission at least in one direction. While examining the validity of N-shaped hypothesis for the first time for Africa, the study offers policy perspective to the governments and environmental stakeholders in the panel countries, especially to re-engineer the region’s economic dynamics if the region must meet the anticipated Sustainable Development Goals 2030.
Festus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Asiedu Benjamin Ampomah. The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid? Environmental Science and Pollution Research 2021, 1 -14.
AMA StyleFestus Victor Bekun, Andrew Adewale Alola, Bright Akwasi Gyamfi, Asiedu Benjamin Ampomah. The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid? Environmental Science and Pollution Research. 2021; ():1-14.
Chicago/Turabian StyleFestus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Asiedu Benjamin Ampomah. 2021. "The environmental aspects of conventional and clean energy policy in sub-Saharan Africa: is N-shaped hypothesis valid?" Environmental Science and Pollution Research , no. : 1-14.
The intricacy associated with policy design for environmental sustainability has necessitated a reconsideration of the output and environmental degradation relationship. Like many economies across the globe, the sector contributions to environmental woe are likely contingent on the respective economic performance of the sectors. From this perspective, this study examines the environmental effects of the contributions of agriculture value-added, merchandize value-added, export value-added, and share value-added over the period 1991-2019. By employing a combination of econometric techniques, the result revealed that agriculture value-added and export value-added mitigate environmental hazards, while a 1% increase in total energy utilization, merchandize value-added, and share value-added induce carbon emission by about 0.6%, 0.02%, and 0.001%. Moreover, the environmental Kuznets curve (EKC) hypothesis is validated for agriculture value-added and carbon emission nexus. However, there is a significant U-shaped relationship between carbon emission and economic contributions from the merchandize value-added, export value-added, and share value-added, thus suggesting that the EKC hypothesis is not valid. The study suggests that Turkey's agricultural sector is possibly living to the expectation of adopting and incorporating environmental sustainability practices. On the other hand, sustainable environmental policies related to other sectors of the economy are proffered in consonance with the indicated result from the study.
Tugba Bas; Funda Kara; Andrew Adewale Alola. The environmental aspects of agriculture, merchandize, share, and export value-added calibrations in Turkey. Environmental Science and Pollution Research 2021, 1 .
AMA StyleTugba Bas, Funda Kara, Andrew Adewale Alola. The environmental aspects of agriculture, merchandize, share, and export value-added calibrations in Turkey. Environmental Science and Pollution Research. 2021; ():1.
Chicago/Turabian StyleTugba Bas; Funda Kara; Andrew Adewale Alola. 2021. "The environmental aspects of agriculture, merchandize, share, and export value-added calibrations in Turkey." Environmental Science and Pollution Research , no. : 1.
This paper sheds light on the causality linkages between economic growth and energy production, that is, natural gas, bioenergy and waste, coal, nuclear, petroleum, wind, solar and hydro for the United Kingdom over the period 1998Q1 to 2017Q4. To this end, we apply time-domain causality tests—Toda-Yamamoto causality test and gradual shift causality test, and frequency domain causality (FDC) test for empirical analysis to sort out the causality among the outlined variables under consideration. Empirical findings from the spectral BC causality test reveal that (a) changes in energy production from natural gas and petroleum spur significant changes in economic growth in the United Kingdom; (b) economic growth causes energy production from natural gas, petroleum, wind, solar, hydro and nuclear and (c) it is worthy of mentioning that time and FDC tests provide consistent outcomes at different significance and frequency levels. On the causality analysis, the hypothesis that natural gas triggers economic growth is valid, while the result also reveals a feedback causality the variables of concern. Similarly, economic growth drives nuclear energy production one-way as well as total energy drives economic growth. These results provide policy implications for energy and environmental sustainability in the United Kingdom where renewable energy sources drive economic growth. Thus, necessitates the need to maintain the current trajectory for more renewable energy promotion in energy mix relative to fossil-fuel energy sources. Highlights Economic impact is revisited for the United Kingdom over the period 1998Q1 to 2017Q4. Toda-Yamamoto, gradual shift and frequency domain causality tests were employed. Distinct roles of natural gas, fossil, nuclear and mix of renewables were explored. Changes in natural gas and petroleum significantly spur economic growth. Frequency domain causality tests offer consistent time and frequency changes.
Dervis Kirikkaleli; Andrew Adewale Alola; Festus Victor Bekun. New insights into economic expansion in the United Kingdom: Does energy mix specificity matter? International Journal of Energy Research 2021, 1 .
AMA StyleDervis Kirikkaleli, Andrew Adewale Alola, Festus Victor Bekun. New insights into economic expansion in the United Kingdom: Does energy mix specificity matter? International Journal of Energy Research. 2021; ():1.
Chicago/Turabian StyleDervis Kirikkaleli; Andrew Adewale Alola; Festus Victor Bekun. 2021. "New insights into economic expansion in the United Kingdom: Does energy mix specificity matter?" International Journal of Energy Research , no. : 1.
The spread of COVID-19 worldwide has shown how quick global economy can become affected when ones’ health and future are at risk. This paper examines the evidence of Granger causality among the housing price, the unemployment rate, crude oil price, and world pandemic uncertainty in France, Germany, the UK, and the USA over the period 1996Q1–2019Q2. In this case, the linear and asymmetric Granger causality approaches of Toda-Yamamoto and Hatemi-J are respectively applied to provide useful insight. Although only significant evidence of linear Granger causality is found among the unemployment rate and the house prices in all the four economies, the investigations revealed asymmetric evidence involving the world pandemic uncertainty. Specifically, there is a significant uni-directional asymmetric Granger causality from the world pandemic uncertainty to the house price in France, Germany, and the USA but not in the UK. The variation in the results among the examined countries is explained by potential differences in economic structures or business cycle and other social and economic factors. Thus, relevant policy guidance is implied from the results especially for the policymakers in the examined countries.
Andrew Adewale Alola; Gizem Uzuner. Testing the asymmetric causal nexus of housing-oil prices and pandemic uncertainty in four major economies. Environmental Science and Pollution Research 2021, 1 -7.
AMA StyleAndrew Adewale Alola, Gizem Uzuner. Testing the asymmetric causal nexus of housing-oil prices and pandemic uncertainty in four major economies. Environmental Science and Pollution Research. 2021; ():1-7.
Chicago/Turabian StyleAndrew Adewale Alola; Gizem Uzuner. 2021. "Testing the asymmetric causal nexus of housing-oil prices and pandemic uncertainty in four major economies." Environmental Science and Pollution Research , no. : 1-7.
As countries compete to achieve a better economic freedom in the last decades, there is almost no empirical query on the likelihood of its environmental quality (de)merit and/or its effect on the attainment of Global Goals. In the case of Russia, the country with a relatively unimpressive economic freedom ranking according to Fraser Institute (2020) and Heritage.org (Heritage 2020), the current study examined the validity of the rise and fall hypothesis via-a-vis U- or inverted U-shaped hypothesis of economic freedom and carbon emissions in comparison to the rise and fall hypothesis of income-environmental degradation relationship. The study found a U-shaped hypothesis and an inverted U-shaped hypothesis for economic freedom-carbon emissions relationship in the short run and long run respectively as against an inverted U-shaped hypothesis for income-carbon emissions relationship in both terms. Moreover, coal, natural gas, and oil energy utilizations that are the country’s main energy sources exert a significant and damaging effect on the country’s environmental quality in the short and long run. However, the study posited that nuclear energy utilization in Russia has an environmental quality benefit in both short run and long run. Importantly, this study offers a significantly useful economic and energy policy for Russia, thus reenacting the country’s 2030 Global Goals outlook.
Andrew Adewale Alola; Nnamdi Nwulu. Income vs. economic freedom threshold and energy utilities in Russia: an environmental quality variableness? Environmental Science and Pollution Research 2021, 1 -8.
AMA StyleAndrew Adewale Alola, Nnamdi Nwulu. Income vs. economic freedom threshold and energy utilities in Russia: an environmental quality variableness? Environmental Science and Pollution Research. 2021; ():1-8.
Chicago/Turabian StyleAndrew Adewale Alola; Nnamdi Nwulu. 2021. "Income vs. economic freedom threshold and energy utilities in Russia: an environmental quality variableness?" Environmental Science and Pollution Research , no. : 1-8.
With the increasing drive toward cleaner environment, accessing lower risk investment and financing opportunities has remained a pertinent hurdle to achieving a paradigm shift from the business-as-usual approaches to a responsible climate actions and environmental awareness. On this note, the current study examined for the first time the impact of the risk to investment on environmental quality over the period of 1984–2017 for the case of the United States. Considering that the burning of fuels constitutes the largest source of Greenhouse gas in the United States, this study employed energy carbon emissions both as a proxy for environmental quality and dependent variable. The real Gross Domestic Product and renewable energy production were both incorporated in the carbon function model as an additional explanatory variable that was examined by a handful of empirical tools. Importantly, the study found that an associated lower risk to investment is a suitable and significant approach toward improving the quality of the environment in both the short and long run. Similarly, the production and utilization of renewable energy exhibits a statistically significant and desirable impact on environmental quality i.e renewable energy production and utilization improves environmental quality. However, the study found that economic expansion significantly spur hindrance to environmental sustainability. This study justifies that risk associated with all investment aspects is fundamental to environmental quality, and thus posing an indirect health and socioeconomic concerns. Additionally, the result proved that the circumstance of renewable energy waste and energy loss to transmission arising production-consumption disparity is negligible. Moreover, the robustness and diagnostic test affirms the validity of the investigation. Thus, this study proffers a relevant policy mechanism toward the attainment of the country's sustainable development goals via cleaner productivity, especially from the perspective of associated risks in public and private low-carbon and clean technologies financing.
Andrew Adewale Alola. Risk to investment and renewables production in the United States: An inference for environmental sustainability. Journal of Cleaner Production 2021, 312, 127652 .
AMA StyleAndrew Adewale Alola. Risk to investment and renewables production in the United States: An inference for environmental sustainability. Journal of Cleaner Production. 2021; 312 ():127652.
Chicago/Turabian StyleAndrew Adewale Alola. 2021. "Risk to investment and renewables production in the United States: An inference for environmental sustainability." Journal of Cleaner Production 312, no. : 127652.
In reality, economic expansion cannot be paced-up enough. This account for a potential trade-off between income and environmental degradation that is expectedly feasible at a maximum level of income. On this note, the current study looked at the validity of income-environmental degradation (Environmental Kuznets Curve, EKC) hypothesis especially amidst risk to investment in the United States over the period 1984–2017. Considering that the burning of fossil fuels constitutes the largest source of Greenhouse gas (GHG) in the United States, this study employed energy carbon emissions as a proxy for environmental quality and as a dependent variable. While the study employed renewable energy production as additional explanatory variable, it implemented the Autoregressive Distributed Lag (ARDL) technique in addition to a set of cointegration techniques. Importantly, the study found that the EKC hypothesis is valid for the case of the United States but not without a non-significant trade-off of risk to investment. Additionally, renewable energy production exhibits a statistically significant and desirable impact on environmental quality in both the short and long-run. In general, the study posited that while environmental sustainability is achievable at maximum level of income, it is likely attainable at the detriment of risk to investment. Hence, this observation should trigger a potential policy mechanism that minimizes risk to investment in light of the attainment of the country's sustainable development goals (SDGs).
Andrew Adewale Alola; Ilhan Ozturk. Mirroring risk to investment within the EKC hypothesis in the United States. Journal of Environmental Management 2021, 293, 112890 .
AMA StyleAndrew Adewale Alola, Ilhan Ozturk. Mirroring risk to investment within the EKC hypothesis in the United States. Journal of Environmental Management. 2021; 293 ():112890.
Chicago/Turabian StyleAndrew Adewale Alola; Ilhan Ozturk. 2021. "Mirroring risk to investment within the EKC hypothesis in the United States." Journal of Environmental Management 293, no. : 112890.
Purpose The recent dynamics of trade policy, especially that is associated with the United States of America (USA) and China, has not only triggered policy adjustments in two economies, it has also implied an uncertainty spillover to other economies across the globe. Consequently, the current study attempts to examine the effect of uncertainties in the USA–China trade policies on stock market indexes. In addition, the cointegration evidence between the USA–China trade policy uncertainty index and of the leading Global South fragile quintet (Brazil, Indonesia, South Africa, India and Turkey) stock market indices is investigated. Design/methodology/approach Mainly, the FMOLS and DOLS Granger causality analysis with cointegration coefficient estimators were employed for the dataset over the monthly data period of March 2003 and July 2019. Findings Accordingly, the study found a long-term relationship between the USA–China Trade Policy Uncertainty index and the stock exchange indexes. In addition, a causal relationship was established from the change in the USA–China Trade Policy Uncertainty index to the change in the stock market indexes of almost all of the examined countries (Brazil, Indonesia, South Africa, India and Turkey). In addition, the nonlinear Autoregressive Distributed Lag approach further offers evidence of asymmetric relationship among the examined indicators. Originality/value Moreover, this study contributed to the existing literature because it employed the indexes of BIST100, BOVESPA, BSE Sensex 30, IDX Composite and South Africa 40 in a novel approach. Thus, the study posited a useful policy guideline for associated economic uncertainties arising from the trade dispute, such as the case of the world’s two largest trading giants or partners (i.e. the USA and China).
Saffet Akdag; Hakan Yildirim; Andrew Adewale Alola. The USA–China trade policy uncertainty and inference for the major global south indexes. Journal of Economic and Administrative Sciences 2021, ahead-of-p, 1 .
AMA StyleSaffet Akdag, Hakan Yildirim, Andrew Adewale Alola. The USA–China trade policy uncertainty and inference for the major global south indexes. Journal of Economic and Administrative Sciences. 2021; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleSaffet Akdag; Hakan Yildirim; Andrew Adewale Alola. 2021. "The USA–China trade policy uncertainty and inference for the major global south indexes." Journal of Economic and Administrative Sciences ahead-of-p, no. ahead-of-p: 1.
Motivated by the drive to improve the performance and growth of clean energy technology amidst related high-tech innovations, the vulnerability of clean energy and high-tech stock prices to oil shocks is examined, by illustrating the potential bubbles and time-varying interactions among the commodities over the period from January 2004 to December 2017. In this regard, we contribute to the literature in two aspects. First, we analyze an empirically important issue with the SADF (Supremum Augmented Dickey-Fuller) approach for explosive bubbles in oil price, clean energy, and high-tech stock prices. Second, the Markov Chain Monte Carlo (MCMC) approach of the Bayesian time-varying parameter Vector Autoregressions model with stochastic volatility (TVP-SVAR) technique is used to account for time-varying and state dependent interactions between commodities. We found that the time varying behavior of the dependence among clean energy, high technology stocks and oil prices is mainly due to major bubbles identified in the underlying series. We established contrasting evidence between the responses of clean energy and high-tech stocks to oil disruption shocks. Moreover, the stock return volatilities of high technology stocks have no effect on investors’ expectations of clean energy returns across different time horizons. Overall, this study presents significantly relevant policy guideline.
Yacouba Kassouri; Kacou Yves Thierry Kacou; Andrew Adewale Alola. Are oil-clean energy and high technology stock prices in the same straits? Bubbles speculation and time-varying perspectives. Energy 2021, 232, 121021 .
AMA StyleYacouba Kassouri, Kacou Yves Thierry Kacou, Andrew Adewale Alola. Are oil-clean energy and high technology stock prices in the same straits? Bubbles speculation and time-varying perspectives. Energy. 2021; 232 ():121021.
Chicago/Turabian StyleYacouba Kassouri; Kacou Yves Thierry Kacou; Andrew Adewale Alola. 2021. "Are oil-clean energy and high technology stock prices in the same straits? Bubbles speculation and time-varying perspectives." Energy 232, no. : 121021.
Since the turn of twenty first century, economic policy uncertainty (EPU) and geopolitical risk (GPR) have escalated across the globe. These two factors have both economic and environmental impacts. However, there exists dearth of literature that expounds the impact of EPU and GPR on environmental degradation. This study, therefore, probes the impact of EPU and GPR on ecological footprint (proxy for environmental degradation) in selected emerging economies. Cross-sectional dependence test, slope heterogeneity test, Westerlund co-integration test, fully modified least ordinary least square estimator, dynamic OLS estimator, and augmented mean group estimator are employed to conduct the robust analyses. The findings reveal that EPU and non-renewable energy consumption escalate ecological footprint, whereas GPR and renewable energy plunge ecological footprint. In addition, findings from the causality test reveal both uni-directional and bi-directional causality between a few variables. Based on the findings, we deduce several policy implications to accomplish the sustainable development goals in emerging economies.
Muhammad Anser; Qasim Syed; Hooi Lean; Andrew Alola; Munir Ahmad. Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies. Sustainability 2021, 13, 5866 .
AMA StyleMuhammad Anser, Qasim Syed, Hooi Lean, Andrew Alola, Munir Ahmad. Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies. Sustainability. 2021; 13 (11):5866.
Chicago/Turabian StyleMuhammad Anser; Qasim Syed; Hooi Lean; Andrew Alola; Munir Ahmad. 2021. "Do Economic Policy Uncertainty and Geopolitical Risk Lead to Environmental Degradation? Evidence from Emerging Economies." Sustainability 13, no. 11: 5866.
Considering the prevailing wave of global warming and other environmental challenges, which can be attributed to increasing environmental pollution as a result of economic activity, thus, it is essential to understand the effect of economic progress on the environment. More importantly, this endeavor is especially suited for the European Union (EU) member states, which account for a sizable portion of the world economy. However, by considering the open border or trade policy approach of the bloc, this study applies a battery of econometrics analysis that consists of mean group, augmented mean group, common correlated effect mean group estimators, and Dumitrescu and Hurlin causality analysis for direction of causality. These techniques are superior to first-generation methods to substantiate the relationship between real income, energy intensity, and carbon emission between annual frequency data from 1990 to 2017. Empirical results from series of cointegration tests reveal the long-run equilibrium relationship between the highlighted variables in the EU. Our study validates the existence of EKC phenomenon where emphasis is based on GDP growth at the expense of environmental quality. This implies that EU growth trajectory comes with an environmental trade-off and consequences. However, few countries in the region have made substantial strides of carbon reduction but not as a bloc. This position is resonated by the regression from all estimators in harmony where energy intensity dampens environmental quality in the blocs investigated. On the direction of causality, feedback Granger causality is observed running from GDP growth and carbon emission. A similar direction of causality is seen between energy intensity and carbon emission. These outcomes have far-reaching consequences on the environment. This study recommends the need for energy transition to cleaner and friendlier energy technologies by EU officials. That is, the need for a paradigm shift from conventional energy based on fossil fuel to renewable energy should be pursued in the region. More policy directions are outlined in the concluding section.
Festus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Sarpong Steve Yaw. The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27. Environmental Science and Pollution Research 2021, 1 -12.
AMA StyleFestus Victor Bekun, Andrew Adewale Alola, Bright Akwasi Gyamfi, Sarpong Steve Yaw. The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27. Environmental Science and Pollution Research. 2021; ():1-12.
Chicago/Turabian StyleFestus Victor Bekun; Andrew Adewale Alola; Bright Akwasi Gyamfi; Sarpong Steve Yaw. 2021. "The relevance of EKC hypothesis in energy intensity real-output trade-off for sustainable environment in EU-27." Environmental Science and Pollution Research , no. : 1-12.
Health is regarded as a universal asset and how this translates into sustainable development has remained a subject of discourse in the growth and health literature. This disposition is in line with the United Nations Sustainable Development Goals-3, 8, and 13, which highlight the need for good health, sustainable economic growth, and environmental sustainability, respectively, especially for the United States. To this end, this study explores the nexus of turning point such that a subsequent growth in income level decreases the prevalence of obesity. Similarly, the study examined the existence of the minimum turning point after which the increase in the ecological footprint (EFP) escalates the prevalence of obesity. A recent time-series data of annual frequency from 1975 to 2016 are used for econometrics analysis to examine the reality of ellipsoidal hypothesis. The autoregressive distributed lag techniques are adopted for this study. Thus, an empirical investigation revealed that higher income per capita level leads to obesity until a certain threshold. Thus, the inverted U-shaped relationship between income and obesity is validated, while the nexus between EFP and obesity resonates with the U-shaped. The validity of these two forms of (obesity-income-EFP) relationship is captured as the ellipsoidal hypothesis. Additionally, an increase in life expectancy decreases obesity prevalence in the United States. Based on these outcomes, policy mechanisms should be geared toward adopting more sustainable productivity approaches and more push for higher income status for the citizenry.
Andrew Adewale Alola; Festus Victor Bekun. Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE). The European Journal of Health Economics 2021, 22, 1095 -1101.
AMA StyleAndrew Adewale Alola, Festus Victor Bekun. Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE). The European Journal of Health Economics. 2021; 22 (7):1095-1101.
Chicago/Turabian StyleAndrew Adewale Alola; Festus Victor Bekun. 2021. "Obesity Kuznets curve and the reality of eco-income ellipsoids (EIE)." The European Journal of Health Economics 22, no. 7: 1095-1101.
Considering that the rigor of economic activities has widely been linked with the turbulent nature of the increasing global atmospheric and environmental hazards thus hampering environmental sustainability, it then presented a suggestive dilemma realizing that increasing unemployment, i.e., de-economizing human activities posit a desirable environmental quality effect. Given this backdrop, and employing the more recent estimation techniques, the current study probes the validity of the novel environmental Phillips curve (i.e., negative relationship between unemployment and environmental degradation) opined by Kashem and Rahman (Environ Sci Pollut Res 1–18, 2020). In this case, the panel of BRICST (Brazil, Russia, India, China, South Africa, and Turkey) economies for the selected data set over the experimental period 1992-2016 is analyzed. After using related approaches that are designed to account for probable country-specific factors, i.e., the cross-sectional dependence concern, the findings from the PMG-ARDL model affirmed the validity of the environmental Phillips curve for the BRICST countries. Thus, there is a significant trade-off between unemployment and environmental degradation. Moreover, this study concludes that renewable energy consumption improves the environmental quality, while conventional energy sources remained detrimental factors to environmental quality in the panel of the examined countries. Therefore, the study identified that the share of renewable energy in the energy mix should be escalated to improve environmental quality and maintain or improve the employment level, thus advancing the sustainable development goals (SDGs) of the BRICST countries.
Muhammad Khalid Anser; Nicholas Apergis; Qasim Raza Syed; Andrew Adewale Alola. Exploring a new perspective of sustainable development drive through environmental Phillips curve in the case of the BRICST countries. Environmental Science and Pollution Research 2021, 1 -11.
AMA StyleMuhammad Khalid Anser, Nicholas Apergis, Qasim Raza Syed, Andrew Adewale Alola. Exploring a new perspective of sustainable development drive through environmental Phillips curve in the case of the BRICST countries. Environmental Science and Pollution Research. 2021; ():1-11.
Chicago/Turabian StyleMuhammad Khalid Anser; Nicholas Apergis; Qasim Raza Syed; Andrew Adewale Alola. 2021. "Exploring a new perspective of sustainable development drive through environmental Phillips curve in the case of the BRICST countries." Environmental Science and Pollution Research , no. : 1-11.
The role of low-carbon energy and trade on the environment has drawn several studies that have looked at issues from different perspectives, thus yielding differing conclusions. Considering the current emphasis on the COP25 conference and the commitment to cut down carbon emissions level, this study also draws strength from the United Nations Sustainable development Goals (UNSDGs) that comprises of positive strides for access to clean and responsible energy consumption (SDGs 7, 12) and climate change mitigation issues (SDG-13). To this end, this study is a timely outlook that underpins the case of the European Union (EU) countries as well as the root cause of anthropogenic activities on clean trajectory of global environment. Hence, we investigate the connection between alternative and sustainable energy source, trade, income and emissions in 27 selected European Union economies by utilizing data covering the period 1990–2017 on an annual frequency. We used second-generation panel model estimators to analyze the relationship between the variables in the long-run. Specifically, the long run results from the MG (Mean Group), AMG (Augmented Mean Group), and CCEMG (Common Correlated Effects Mean Group) estimators reveal that sustainable and alternative energy sources have a negative significant impact on pollutant emissions while trade and income have a positive impact on carbon emissions except that the impact of trade is insignificant. Although the positive impact of openness in trade on carbon emission is insignificant, the positive impact suggests that the free-trade policy that is currently in place in the EU should further incorporate sustainable development goals (SDGs) to avoid the outsourcing of carbon emissions among the member countries. Causality tests reveal a feedback hypothesis between renewable energy, income, trade, and carbon emanations. The investigation proposes expanded utilization of sustainable power source to mitigate carbon emissions in the European Union.
Festus Fatai Adedoyin; Andrew Adewale Alola; Festus Victor Bekun. The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects. Renewable and Sustainable Energy Reviews 2021, 145, 111092 .
AMA StyleFestus Fatai Adedoyin, Andrew Adewale Alola, Festus Victor Bekun. The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects. Renewable and Sustainable Energy Reviews. 2021; 145 ():111092.
Chicago/Turabian StyleFestus Fatai Adedoyin; Andrew Adewale Alola; Festus Victor Bekun. 2021. "The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects." Renewable and Sustainable Energy Reviews 145, no. : 111092.
In recent time, the investigation of the state of environmental quality has largely been conducted with less attention on the situation of environment sustainability especially in different economic regimes (expansion and recession). In the current context, the role of income per capita, energy intensity, and urbanization in driving the ecological footprint of Turkey is examined in the framework of Environmental Kuznets Curve (EKC) hypothesis over the period of 1990–2015. Considering the potential evidence of regime switching, we employed the Threshold Autoregressive Model (TAR) method with a regime change threshold of 14.43505 per hectare per capita and found that the EKC hypothesis is valid for all the 4 models. Moreover, eight observations are below the threshold value in the first regime while fifteen observations are equal or higher than the threshold value in the second regime. With a threshold per capita income of 9340.1326 USD, the study found that Turkey begin to experience a decline in environmental degradation resulting from income growth in 2015. However, this desirable outcome was short-lived in 2018 because the per capita income slightly decreases to 9340.1326 USD. In addition, increases in energy intensity and urbanization level hamper environmental sustainability drive of the country. The frequency domain causality test further supports the nexus evidence among the implied variables. By virtue of observation, this study offers that the government should work toward achieving a sustainable growth in order to attain the country’s environmental sustainability agenda.
Tuğba Koyuncu; Mustafa Kemal Beşer; Andrew Adewale Alola. Environmental sustainability statement of economic regimes with energy intensity and urbanization in Turkey: a threshold regression approach. Environmental Science and Pollution Research 2021, 28, 42533 -42546.
AMA StyleTuğba Koyuncu, Mustafa Kemal Beşer, Andrew Adewale Alola. Environmental sustainability statement of economic regimes with energy intensity and urbanization in Turkey: a threshold regression approach. Environmental Science and Pollution Research. 2021; 28 (31):42533-42546.
Chicago/Turabian StyleTuğba Koyuncu; Mustafa Kemal Beşer; Andrew Adewale Alola. 2021. "Environmental sustainability statement of economic regimes with energy intensity and urbanization in Turkey: a threshold regression approach." Environmental Science and Pollution Research 28, no. 31: 42533-42546.
In recent times, the persistent global environmental challenges have paved the way for the underpinning of climate change within the perspective of financial performance. Given this motivation, the current study further examines the interaction of foreign direct investment, fiscal development, renewable energy usage, economic growth, and CO2 outrush of South Africa (1970 to 2014). The unit root test of Zivot-Andrews and augmented Dickey-Fuller (ADF), vector autoregressive (VAR), and Pesaran ARDL (autoregressive distributed lag bounds) approach were employed in the data analysis. The existence of a statistically significant correlation among the series was detected by the Johansen multivariate cointegration in long term and subsequently by the long run coefficient of the vector error correction model test result. Furthermore, in the long run, significant positive correlation existed among renewable energy, GDP (economic growth), development in finance (FD), and CO2 outrush. While in the short run, GDP and development in finance have a statistically positive correlation with outrush of CO2; renewable energy consumption exerts a negative relationship on CO2 in the short run. The Granger causality results show overall causality among the series; proof of bidirectional stimulus running from renewable energy to economic growth; foreign direct investment to trade; and also one causality direction running among the other variables. The policy twist is that the implementation of energy efficiency programs currently pursued by the South African government to enhance renewable energy consumption should be facilitated with more determination. In addition, the government and policymakers should thrive to align these energy efficiency programs with other macroeconomic and financial variables such as foreign direct investment (FDI), fiscal development, and trade openness to achieve minimum CO2 outrush level in South Africa, thus yielding environmental sustainability.
Daberechı Chıkezıe Ekwueme; Joshua Dzankar Zoaka; Andrew Adewale Alola. Carbon emission effect of renewable energy utilization, fiscal development, and foreign direct investment in South Africa. Environmental Science and Pollution Research 2021, 28, 41821 -41833.
AMA StyleDaberechı Chıkezıe Ekwueme, Joshua Dzankar Zoaka, Andrew Adewale Alola. Carbon emission effect of renewable energy utilization, fiscal development, and foreign direct investment in South Africa. Environmental Science and Pollution Research. 2021; 28 (31):41821-41833.
Chicago/Turabian StyleDaberechı Chıkezıe Ekwueme; Joshua Dzankar Zoaka; Andrew Adewale Alola. 2021. "Carbon emission effect of renewable energy utilization, fiscal development, and foreign direct investment in South Africa." Environmental Science and Pollution Research 28, no. 31: 41821-41833.
Purpose In spite of the drive toward environmental sustainability and the attainment of sustainable development goals (SDGs), coal, oil and natural gas energy utilization has remained the Turkey's largest energy mix. In view of this concern, this study examined the role of coal and oil energy utilization in environmental sustainability drive of Turkey from the framework of sustainable development vis-à-vis income expansion over an extended period of 1965–2017. Design/methodology/approach In this regard, the authors employ carbon emission as an environmental and dependent variable while the Gross Domestic Product per capita (GDPC), coal and oil energy consumption are the explanatory variables employed in the study. Findings The study found that both energy mixes (coal and oil) have a detrimental impact on the environment in both the short and long run, but oil consumption exerts a less severe impact as compared to coal energy. In addition, sustainable development via income growth is not feasible because the income–environmental degradation relationship follows a U-shaped pattern (invalidating the Environmental Kuznets curve, EKC hypothesis) especially when coal and oil remained the major source of lubrication to the economy. At least the EKC hypothesis is unattainable in Turkey as long as the country's major energy mix or primary energy (coal and oil) is in use, thus the application of other socioeconomic, macroeconomic policies might be essential. Research limitations/implications Considering the lingering energy challenge associated with Turkey, this novel insight further presented useful policy perspectives to the government and stakeholders in the country's energy sector. Originality/value This evidence (the U-shaped relationship) is further ascertained when the aggregate primary energy is employed. Thus, this study provides a novel insight that attaining a sustainable economic growth in Turkey remained a herculean task as long as a more aggressive energy transition approach is not encouraged.
Andrew Adewale Alola; Ulrich Tiamgne Donve. Environmental implication of coal and oil energy utilization in Turkey: is the EKC hypothesis related to energy? Management of Environmental Quality: An International Journal 2021, 32, 543 -559.
AMA StyleAndrew Adewale Alola, Ulrich Tiamgne Donve. Environmental implication of coal and oil energy utilization in Turkey: is the EKC hypothesis related to energy? Management of Environmental Quality: An International Journal. 2021; 32 (3):543-559.
Chicago/Turabian StyleAndrew Adewale Alola; Ulrich Tiamgne Donve. 2021. "Environmental implication of coal and oil energy utilization in Turkey: is the EKC hypothesis related to energy?" Management of Environmental Quality: An International Journal 32, no. 3: 543-559.