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Öğe The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Adedoyin, Festus Fatai; Alola, Andrew Adewale; Bekun, Festus VictorThe 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.Öğe Analyzing transport demand and environmental degradation: the case of G‑7 countries(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2022) Erdoğan, Sinan; Sarkodie, Samuel Asumadu; Adedoyin, Festus Fatai; Bekun, Festus Victor; Owusu, Phebe AsantewaaThe debate for green development has been ongoing in the energy and environment literature—especially initiatives to mitigate climate change. On this note, we explore the efects of the air and railway transport demand, fossil-fuel energy consumption, demographic policies, economic growth, and alternative energy consumption on environmental degradation in Group of Seven (G7) economies. Using robust panel estimation techniques that account for cross-sectional dependence, empirical results afrm the presence of long-run relationships among variables. Besides, the results give credence to the environmental Kuznets curve hypothesis (EKC) in G7 countries over the sampled period. We observe that demand for air transport, energy from fossil fuel sources, and economic development dampen environmental quality by 0.12%, 0.33%, and 46.54%, respectively. Interestingly, renewable energy and rail transportation demand improve environmental quality. This outcome resonates with the need for alternative and clean energy production and consumption (Sustainable Development Goals 11 and 12) while enhancing the fght against climate change—especially the adoption of clean energy technologies in the air transport sector for sustainable growth.Öğe The anthropogenic consequences of energy consumption in E7 economies: Juxtaposing roles of renewable, coal, nuclear, oil and gas energy: Evidence from panel quantile method(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Gyamfi, Bright Akwasi; Adedoyin, Festus Fatai; Bein, Murad A.; Bekun, Festus Victor; Agozie, Divine Q.The emerging industrialized seven (E7) economies are not excluded from the global warming issues which is a major problem for most economies. The E7 member countries have partaken in policies to mitigate against global warming in terms of decoupling CO2 emission from economic growth trajectory in the highlighted economies. It is on this premise that the present study is motivated to consider the connection among economic growth, pollutant emissions, coal rent while accounting for the role of other co-variates such as CO2 damage and energy from a nuclear energy source, oil gas energy between 1990 and 2016 on an annual frequency. This study adopts the use of panel ordinary least squares alongside panel quantile regression to explore the coal rent-energy and environment nexus. The empirical result shows a positive and significant effect of both real GDP and coal rent on CO2 emissions. More precisely, a 1% increase in GDP growth increases pollution emission by 0.400% while for coal rent, an increase in coal consumption dampens environmental quality by 0.088% as reported by the panel regression which is resonated by the quantile regression estimations at different tails of the data. Nevertheless, we observe that 0.95 percentile GDP growth strongly contributes to environmental pollution while at the median tail i.e. 0.5 percentile renewable energy consumption dampens the adverse effect of environmental degradation. Additionally, renewable energy, on the other hand, was found a negative and significant impact on CO2 emissions in E7 countries as a 1% increase in renewable energy consumption improves environmental quality by 0.588% Moreover, the estimated results indicate that regulation of coal consumption through the rent in addition to the cost of carbon damage will further increase the CO2 emissions in E7 countries. This study implies that putting stringent regulations on coal consumption as it concerns the increasing cost of carbon damage will not be of help to environmental sustainability within the E7 economies. The adoption of renewable energy consumption, nuclear energy, oil energy will reduce CO2 emissions in E7 countries. Thus, suggesting a paradigm shift for low-carbon energy sources which are more environmentally friendly.Öğe An assessment of environmental sustainability corridor: The role of economic expansion and research and development in EU countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Adedoyin, Festus Fatai; Alola, Andrew Adewale; Bekun, Festus VictorGiven that the European Union-28 countries proposed a target of 3% of the Gross Domestic Product on research and development (R&D) expenditure by 2020, the current study attempts to examine the role of R&D on environmental sustainability. In addition, the study further investigates the long-run and causal interaction between, renewable energy consumption, nonrenewable energy consumption, and economic growth in an ecological footprint-income function. Notably, the study incorporates research and development (R&D) expenditure to the model as an additional variable, and measures impact of each variable on ecological footprint. Empirical evidence is based on a balanced panel data between annual periods of 1997-2014 for selected EU-16 countries. The Pedroni, Johansen Multivariate and Kao tests all reveal a cointegration between ecological footprint, economic growth, research and development expenditure, renewable, and nonrenewable energy consumption. The Fully Modified and Dynamic Ordinary Least Squares models (FMOLS and DOLS) both suggest a negative significant relationship between the countries' research and development expenditure and ecological footprint in the long-run. This implies that spending on R&D significantly impacts on environmental sustainability of the panel countries. Our study affirms that nonrenewable energy consumption and economic growth increase carbon emission flaring while renewable energy consumption declines ecological footprint. The panel causality analysis reveals a feedback mechanism between ecological footprint. R&D expenditure, renewable, and nonrenewable energy consumption. We further observed a one-way causality between ecological footprint and economic growth. The current further validates that the Environmental Kuznet Curve Hypothesis (EKC) holds for this panel of EU countries examined. Effective policy implications could be drawn toward modern and environmentally friendly energy sources, especially in attaining the Sustainable Development Goals via spending on R&D.Öğe The asymmetric impact of air transport on economic growth in Spain: fresh evidence from the tourism-led growth hypothesis(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2021) Balsalobre-Lorente, Daniel; Driha, Oana M.; Bekun, Festus Victor; Adedoyin, Festus FataiThe tourism sector has emerged as an essential driver for economic growth strategies during the last decades. An asymmetric long-run effect of air transport on economic growth is validated assuming a process of social globalization in Spain between 1970 and 2015. To achieve the study’s objective, the recent asymmetric autoregressive distributed lag methodology framework advanced by Shin, Yu, and Greenwood-Nimmo (2014) is applied. For determining the causality direction, this methodology is applied in conjunction with the nonparametric causality test proposed by Diks and Panchenko (2006). The current study also accounts for the effects of renewable energy use and urbanization process over economic growth. Empirical results showed that air transport, urbanization process and social globalization exert positive and significant implications over economic growth, while renewable energy use reduces economic growth, as consequence of an energy mix sustained by fossil sources. Based on these outcomes several policy recommendations were offered in the concluding section.Öğe Consequences of COVID-19 on the social isolation of the Chinese economy: accounting for the role of reduction in carbon emissions(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2020) Balsalobre-Lorente, Daniel; Driha, Oana M.; Bekun, Festus Victor; Sinha, Avik; Adedoyin, Festus FataiThe main contribution of the present study to the energy literature is to explore the relationship between economic growth and pollution emission amidst globalization. In contrast to the existing studies, this research examines the effects of economic and social isolation as dimensions of globalization. The present paper allows underpinning the impact on the Chinese economic development of the isolation phenomenon as a consequence of coronavirus (COVID-19). To this end, annual time-frequency data is used to achieve the hypothesized claims. The study resolutions include (1) the existence of a long-run association between the outlined variables; (2) the long-run estimates suggest that the Chinese economy, over the investigated period, is inelastic to pollutant-driven economic growth; and (3) the Chinese isolation is less responsive to its economic growth while the country political willpower is elastic as demonstrated by a government commitment to dampen the effect of the COVID-19 pandemic. This confinement is marked by the aggressive response by the government officials resolute by flattening the exponential impact of the pandemic. Based on these robust results, some far-reaching policy implications are underlined in the concluding remarks section.Öğe Designing policy framework for sustainable development in Next-5 largest economies amidst energy consumption and key macroeconomic indicators(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2022) Bekun, Festus Victor; Adedoyin, Festus Fatai; Balsalobre-Lorente, Daniel; Driha, Oana M.Global travel and tourism have enjoyed a signifcant boost due to the progress in air transport. However, the debate on air transport and the infux of foreign investments and global energy demand on economic development remains questionable. Therefore, this study is an attempt to contribute to the body of knowledge in the energy-tourism-led growth hypothesis literature. For this purpose, a novel approach to the efects of international tourism on economic growth is introduced for the Next-5 largest economies, namely (China, India, Indonesia, Turkey and the USA) between 1990 and 2018. Empirical results reveal a positive connection between foreign direct investment and income levels, electricity production and income levels, as well as between urbanization and economic growth. Moreover, the validation of the environmental Kuznets curve and the halo efect of foreign direct investment on the environmental degradation process provides a shred of more substantial evidence and ftting environmental instruments for policymakers. The empirical results encourage sustainable economic growth in these countries, mainly through the attraction of clean and high-technology foreign investment, the increase of the share of renewable energy sources in the energy mix and the regulation in the tourism industry. The novel contribution of this study to the empirical literature is the unifcation in the same research of the TLGH and the EKC for the Next-5 largest economies, establishing recommendations for tourism, energy efciency and environmental correction process.Öğe Developing environmental policy framework for sustainable development in Next-11 countries: the impacts of information and communication technology and urbanization on the ecological footprint(Springer, 2023) Kongbuamai, Nattapan; Bui, Quocviet; Adedoyin, Festus Fatai; Bekun, Festus VictorThis study is structured on the Environmental Kuznets Curve (EKC) framework to explore the impacts of economic growth, energy consumption, information, and communication technology (ICT), and urbanization on the ecological footprint for the Next-11 (N-11) countries. To accomplish the objective, the Driscoll--Kraay standard error and Feasible General Least Squares (FGLS) methods were applied to investigate the long-run relationship between the highlighted variables. In addition, the Dumitrescu and Hurlin panel causality test was employed for exploring the causality path of the variables under consideration. These methods used in this study circumvent issues of cross-sectional dependence. To accommodate the panel data analysis in this study, the annual frequency data from 1992 to 2015 was used. Empirical results lend an invalid of the EKC behaviour in the N-11 countries. Hence a positive relationship is observed between energy consumption, ICT with the ecological footprint while a negative relation between urbanization and the ecological footprint was found. On the direction of causality, a unidirectional causality is observed running from economic growth, energy consumption, ICT, and urbanization to the ecological footprint. Additionally, feedback causality is observed between (1) urbanization and economic growth and (2) urbanization and ICT. These results have implications on environmental sustainability which are elucidated in the concluding remark.Öğe Do economic policy uncertainty and geopolitical risk surge CO2 emissions? New insights from panel quantile regression approach(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2022) Syed, Qasim Raza; Bhowmik, Roni; Adedoyin, Festus Fatai; Alola, Andrew Adewale; Khalid, NoreenIn recent times, economic policy uncertainty (EPU) and geopolitical risk (GPR) are increasing signifcantly where the economy and environment are afected by these factors. Therefore, the goal of this paper is to investigate whether EPU and GPR impede CO2 emissions in BRICST countries. We employ second-generation panel data methods, AMG and CCEMG estimator, and panel quantile regression model. The conclusions document that most of the variables are integrated at I (1), and there exists co-integration among considered variables of the study. Moreover, we note that EPU and GPR have a heterogeneous efect on CO2 emissions across diferent quantiles. EPU adversely afects CO2 emissions at lower and middle quantiles, while it surges the CO2 emissions at higher quantiles. On the contrary, geopolitical risk surges CO2 emissions at lower quartiles, and it plunges CO2 emissions at middle and higher quantiles. Furthermore, GDP per capita, renewable energy, non-renewable energy, and urbanization also have a heterogeneous impact on CO2 emissions in the conditional distribution of CO2 emissions. Based on the results, we discuss the policy direction.Öğe Does agricultural development induce environmental pollution in E7? A myth or reality(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Adedoyin, Festus Fatai; Bein, Murad A.; Gyamfi, Bright Akwasi; Bekun, Festus VictorEnvironmental degradation caused by various human activities has been a subject of attention over the globe. There is a concern on how to maintain a clean environment and at the same time achieve optimum production of food and non-food products amidst global energy demand. To this end, this study examines the impact of agricultural development, energy use, and economic growth on CO2 emissions in the emerging seven countries that comprises China, India, Brazil, Mexico, Russia, Indonesia, and Turkey for the annual time frequency from 1990 to 2016. The study uses a battery of econometrics techniques for soundness of analysis the consist of pooled mean group autoregressive distributed lag methodology, dynamic ordinary least squares, and fully modified ordinary least squares as estimation techniques alongside Dumitrescu and Hurlin causality test for the direction of causality analysis. Empirical results revealed that value-added agriculture and economic growth are drivers of CO2 emission in the E7 countries, and the rise in renewable energy causes a reduction in CO2 emissions, while in the short run, economic growth has a positive impact on emissions in the focus countries. Causality analysis shows that there is a feedback causality between economic growth and emissions, between value-added agriculture and energy usage, between emission and value-added agriculture, and between economic growth and agricultural development. Furthermore, energy use does not cause emissions directly; it causes economic growth and value-added agriculture which causes emissions. This position aligns with the advocacy of the United Nations Sustainable Development Goal (UN-SDG) Targets 7 and 13 of clean energy access and mitigation of climate changes issues.Öğe Does globalization in Turkey induce increased energy consumption: insights into its environmental pros and cons(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Etokakpan, Mfonobong Udom; Adedoyin, Festus Fatai; Yorucu, Vedat; Bekun, Festus VictorGlobalization is the paradigm shift to a more integrated world economy broadly shaping economies and societies around the globe. The wave of globalization is much more eminent on its impact on increased energy demand, knowledge and technology transfer, trade, and financial capital flows. The present study focuses on Turkey, a fast-emerging economy that is no exception to the wave of globalization. This current study explores the dynamics between ecological footprints, energy consumption, and real income level for the case of Turkey in a carbon-income function while accounting for other covariate like globalization to avoid omitted variable bias. The study data spans from 1970 to 2017 on an annual frequency basis. The stationarity properties of the outlined variables were investigated. Subsequently, the equilibrium relationship between the variables is confirmed by the battery of recent robust estimation techniques. While to detect the causality of direction among the variables, the Modified Wald test causality test is utilized. This study reveals that an increase in energy consumption in Turkey reduces environmental pollution by a magnitude of 0.37% in the short run and 0.43% long run, while an increase in economic expansion dampens the quality of the environment 0.42% and 0.72% on both short and long-run basis. This is indicative given that Turkey is more energy conscious and energy efficient, while a positive statistically significant relationship is observed between real income level and ecological footprint and globalization index. The causality analysis also supports the growth-induced energy consumption hypothesis. The study further offers policy direction for the energy sector in Turkey in the face of global interconnectedness.Öğe Does life expectancy, death rate and public health expenditure matter in sustaining economic growth under COVID-19: Empirical evidence from Nigeria?(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Alhassan, Gloria Nnadwa; Adedoyin, Festus Fatai; Bekun, Festus Victor; Agabo, Terhemen JustineThe current health pandemic that has plagued the global of which the global southNigeria is not insulated from is the premise for this empirical investigation. The present study relies on recent annual time-series data to conceptualize the hypothesized claim via Pesaran's Autoregressive distributed lag techniques. Empirical findings from the bounds test traces the long-run relationship between public health expenditure and economic growth over the study span. However, unlike previous studies, we introduce life expectancy and death rates in the model framework. Although health expenditure is not significant, empirical results show that a 1% increase in life expectancy and death rate increases and decreases economic growth by 3.85 and 1.84%, respectively. This suggests the need for Health Policymakers in Nigeria to implement active strategies that reduce the death rate, which is a blueprint for active engagement in the face of a global pandemic such as COVID-19.Öğe The effect of energy consumption on the environment in the OECD countries: economic policy uncertainty perspectives(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Zakari, Abdulrasheed; Adedoyin, Festus Fatai; Bekun, Festus VictorIn this paper, we investigate the impact of energy use and economic policy uncertainties on the environment. To achieve this objective, we use the pooled mean group-autoregressive distributed lag methodology (PMG-ARDL) and Dumitrescu and Hurlin causality test on 22 Organisation for Economic Co-operation and Development (OECD) countries between 1985 and 2017. The PMG-ARDL estimation shows that energy use and economic policy uncertainties have a positive relationship with carbon dioxide emission (CO2) emission, while a negative relationship is confirmed between renewable and CO2 emissions in the long run. The short-run estimation shows a positive relationship between energy use, real gross domestic product, and per capita on CO2 emissions. The Dumitrescu and Hurlin causality results highlight a unidirectional running from real GDP and GDP per capita square to CO2 emissions. Furthermore, one-way causality exists between CO2 emissions to economic policy uncertainties. These results have policy implications on the macroeconomy which are discussed in detail in the concluding section.Öğe The effects of air transportation, energy, ICT and FDI on economic growth in the industry 4.0 era: Evidence from the United States(ELSEVIER SCIENCE INC, STE 800, 230 PARK AVE, NEW YORK, NY 10169, 2020) Adedoyin, Festus Fatai; Bekun, Festus Victor; Driha, Oana M.; Balsalobre-Lorente, DanielThis study analyses the causal and long-run linkage between air transport and economic growth. It was conducted to validate the tourism-led growth hypothesis for the United States (US) during the period 1981–2017 and includes Information and Communication Technologies (ICTs) alongside coal rents in the tourism-led growth hypothesis. This study presents a new direction for future studies by considering the relevance of the fourth industrial revolution (Industry 4.0), particularly in the US. To achieve the stated claim, this study considers as additional explanatory variables how ICTs moderate the impact of Foreign Direct Investment (FDI) on GDP. The empirical result confirms a connection between the Industry 4.0 era and the role of ICTs, which promotes substantial changes in the way of life and productivity. This has led to a vast technological advancement, which is in line with but at a faster pace than the technological advancement of previous revolutions. From empirical results, the study provides relevant policy recommendations related to the role of natural resources, new technologies and tourism on US GDP, while it also provides evidence of the positive effect of ICTs over FDI under the Industry 4.0 era.Öğe Energy consumption, economic policy uncertainty and carbon emissions; causality evidence from resource rich economies(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Adams, Samuel; Adedoyin, Festus Fatai; Olaniran, Eniola; Bekun, Festus VictorThe study uses the World Uncertainty Index to analyze the long-run relationship of economic policy uncertainty and energy consumption for countries with high geopolitical risk over the period 1996–2017. The Kao test shows a cointegration association between energy consumption, economic growth, geopolitical risk, economic policy uncertainty, and carbon dioxide (CO2) emissions. The results based on the Panel Pooled Mean GroupAutoregressive Distributed lag model (PMG-ARDL) show that energy consumption and economic growth contribute to (CO2) emissions. Additionally, there is a significant association between economic uncertainty and CO2 emissions in the long-run. The panel causality analysis by Dumitrescu and Hurlin (2012) shows a bidirectional relationship between CO2 emissions and energy consumption, economic policy uncertainty and CO2 emissions, economic growth and CO2 emissions, but a unidirectional causality from CO2 emissions to geopolitical risks. The findings call for vital changes in energy policies to accommodate economic policy uncertainties and geopolitical risks.Öğe Environmental consequences of economic complexities in the EU amidst a booming tourism industry: Accounting for the role of brexit and other crisis events(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Adedoyin, Festus Fatai; Agboola, Phillips O.; Öztürk, İlhan; Bekun, Festus Victor; Agboola, Mary OluwatoyinThe European Union (EU) is one of the strongest, but most complex unions in the world with a competitive tourism industry. The aim of this study, therefore, is to account for economic complexity index (ECI), Brexit and other crisis episodes in the growth-energy-emissions nexus. Theoretically, the traditional Environmental Kuznets Curve (EKC) model is assessed by adopting a One-step System Generalized Method of Moment (Sys GMM) on data for 26 EU member states over the period from 1995 to 2018. For the first time, an EU-macro regional analysis is conducted with and without the UK. Empirical results reveal that an increase in tourism, real GDP per capita, and energy use across the four EU macro regions leads to increase in carbon emission. In some regions, it was observed that tourism, ECI, Brexit, and the Greece bailout have no significant impact on carbon emission. This suggests that the increase in international travel, complexity of the economy, and financial crisis do not accelerate environmental crisis in such regions. However, where such factors are statistically significant, Brexit and the Greece bailout crisis both heighten emissions. Particularly, when the UK is excluded, Brexit and the Greece bailout crisis increase and reduce emissions, respectively. The EKC hypothesis, however, holds in either scenario. Based on these empirical findings, vital policy directions are suggested for a post-Brexit EU-UK energy and environmental relations.Öğe Environmental degradation, energy consumption and sustainable development: Accounting for the role of economic complexities with evidence from World Bank income clusters(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Adedoyin, Festus Fatai; Nwulu, Nnamdi; Bekun, Festus VictorThe anthropogenic consequences of renewable and non-renewable energy consumption, economic growth, and air transport have been assessed enormously in the literature. However, given the complexities in many economies of the world today, it is important to reassess the ecological concerns of these factors in light of the Environmental Kuznets Curve framework. Therefore, this current study investigates the global assessment using data from World Bank Development database from 1995 to 2016. Evidence from the method employed, sys-GMM, revealed that the economic complexities index increases the carbon emission in low-income groups while it significantly decreases the carbon emission for upper-middle and highincome groups. For the combined group, the EKC hypothesis holds, and ECI significantly hampers carbon emissions. For the other variables, it is worthy of note that (1) economic growth contributes to the high carbon contents across the income group especially for low-income, upper-middle-income and high-income group; (2) the effects of air transport on carbon emission is positive for lower-middle-income and high-income group and negative for the upper-middle-income group; (3) the use of coal rents and energy use leads to high release of carbon contents across all the income groups; and (4) a significant increase in the utilization of energy leads to increase in carbon contents except for lower-income group, it leads to a decrease. From this empirical assessment, vital energy policy directions are suggested.Öğe Environmental implications of N-shaped environmental Kuznets curve for E7 countries(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Gyamfi, Bright Akwasi; Adedoyin, Festus Fatai; Bein, Murad A.; Bekun, Festus VictorThe environmental Kuznets curve (EKC) hypothesis is of great importance to understanding the relationship between economic activity and environmental degradation. Given the current wave of climate change and environmental crisis traced to rising environmental pollution from economic activities, it has become important to investigate the impact of economic expansion on the environment especially in the emerging-7 countries that are responsible for a large amount of global economic activity. This study investigates the N-shaped EKC for the E-7 countries using data spanning the period 1995–2018. The study employs the use of PMG-ARDL estimator and heterogeneous causality tests to establish the long run and short run and direction of causality respectively regarding the variables of interest. According to study empirical results, the long-run results fail to confirm the presence of an N-shaped EKC in the emerging 7 countries but rather confirms the existence of an inverted U-shaped EKC in the study countries. While renewable energy and non-renewable energy have a positive and significant relationship with CO2 emissions, short run results show that there is no significant relationship between economic expansion, renewable energy, non-renewable energy and CO2 emissions. Causality tests showed a bi-directional causality between GDP- and GDP-squared and a uni-directional causality from CO2 emissions to GDP-cubed, non-renewable energy and CO2 emissions, renewable energy, and CO2 emissions. The study suggests increased use of renewable energy to mitigate pollutant emissions in the E-7 countries.Öğe Exploring the tourism-CO2 emissions-real income nexus in E7 countries: accounting for the role of institutional quality(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2022) Bekun, Festus Victor; Adedoyin, Festus Fatai; Etokakpan, Mfonobong Udom; Gyamfi, Bright AkwasiThe purpose of this study is to explore the long-run and causality relationship between tourism development and the real income level in an environmental Kuznets Curve (EKC) framework for emerging industrialised economies (E7). The newness of our study to the tourism literature is the inclusion of institutional quality and tradeto the mix. The inclusion of the additional variables in the econometrics setting is worthwhile to circumvent omitted variable bias. Second-generation panel estimation techniques, in conjunction with the Driscoll-Kraay robust estimator, have been employed to accommodate cross-sectional dependency in the panel under review, as well as for robustness of coefficients and estimates. The Empirical results affirm the presence of the EKC phenomenon and tourism-induced emission in E7 economies, thereby suggesting that sustainable tourism has a deteriorating impact on economic growth in the examined industrialised countries. Similarly, real GDP per capita and non-renewable energy also dampen the quality of the environment, as indicated by the robust regression of AMG and CCEMG. Hence, an increase in nonrenewable energy and tourism demand increases CO2emission in E7 economies. Additionally, we observe that the quality of institution improves the quality of the environment, thus, indicating that the role of good governance (institutional quality) improves the quality of the environment in E7. Furthermore, there is a need for a paradigm shift to sustainable tourism development alongside the adoption of the polluters pay principles to mitigate the adverse implications of the consumption of non-renewable energy. More insights are presented in the concluding section.Öğe The export-led growth in Malaysia: Does economic policy uncertainty and geopolitical risks matter?(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Adedoyin, Festus Fatai; Afolabi, Joseph Olarewaju; Yalçiner, Kürşat; Bekun, Festus VictorIn spite of the fact that the connection between exports of goods and services and economic growth has for quite some time been talked about, the examination of the relationship in light of recent global events such as economic policy uncertainty and geopolitical risks is yet to be given the required attention. Various empirical researches have demonstrated that the export-led growth hypothesis (ELGH) holds for singular nations in terms of overall economic development. However, this study re-examines the ELGH with a special focus on the absolute and mediating impact of economic policy uncertainties and geopolitical risks. With data spanning the period 1980 to 2018. Empirical results from the Autoregressive distributed lag model and the error correction models suggest that for Malaysia, Economic Policy Uncertainty (EPU) exerts a negative impact on growth evens as its moderating impact on exports leads to negative economic growth. On the other hand, the impact of Geopolitical risk on growth is both negative and positive but insignificant in the short-run and long-run respectively. The study suggests the government of Malaysia works to ensure macroeconomic and political stability to achieve export-driven growth in the country.
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