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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 Beyond the environmental Kuznets curve: Do combined impacts of air transport and rail transport matter for environmental sustainability amidst energy use in E7 economies?(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2022) Gyamfi, Bright Akwasi; Bekun, Festus Victor; Balsalobre-Lorente, Daniel; Onifade, Stephen Taiwo; Ampomah, Asiedu BenjaminThis study is motivated by the United Nations Sustainable Development Goals (UNSDG-7,8,11,12 and 13) on the need for clean and responsible energy consumption in view of anticipated actions for environmental sustainability. The world has been plagued with various consequences of environmental degradation including the attendant risks of climate change which has been exacerbated by rising greenhouse gas (GHGs) emissions over the years. To this end, we explore the combined efect of rail, air transportation, and urbanization in an EKC framework for the case of the E7 economies between 1995 and 2016. This study distinguishes itself from the extant ones by extending the EKC framework to explore the nexus between air transport, rail transport, urbanization, and the environment. The empirical evidence obtained from the study is based on second-generation panel econometric methods that are robust to heterogeneity and cross-sectional issues. Firstly, the fndings lend support to the EKC phenomenon for E7 economies, thereby, implying that emphasis is placed on higher-income status in the bloc relative to environmental sustainability. Secondly, conventional energy from fossil fuel and air transport signifcantly dampen environmental quality among the E7 economies. Thirdly, rail transport and urban population, on the contrary, strongly aid the improvement of environmental quality among the E7 countries thus underscoring the signifcance of green urban mass (rail) transportation to the environmental sustainability agenda. Hence, in view of the economic growth trajectory among the E7 economies, useful policy blueprints were highlighted in the concluding section of the studyÖğe 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 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 Fresh Validation of the Low Carbon Development Hypothesis under the EKC Scheme in Portugal, Italy, Greece and Spain(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2021) Balsalobre-Lorente, Daniel; Leitao, Nuno Carlos; Bekun, Festus VictorThe present study is in line with the United Nations Sustainable Development Goals (UN-SDGs) that address pertinent global issues. This study focuses on the need for access to clean and affordable energy consumption, responsible energy consumption, sustainable economic growth, and climate change mitigation. To this end, this paper evaluates the relevance of the renewable energy sector on the environmental Kuznets curve (EKC) framework in Portugal, Italy, Greece, and Spain for the period 1995–2015. As an econometric strategy, we adopt the use of panel data over the highlighted countries. In the first step, we apply the unit root test recommended by Levin, Lin, and Chu in conjunction with ADF-Fisher, and Phillips-Perron for robustness and consistency. We found that the variables used in this study are integrated I (1) in the first difference. In the second step, we apply the Pedroni cointegration test, and Kao Residual cointegration test, and we observe that the variables are cointegrated in the long run. The generalized least squares (GLS), the panel fully modified least squares (FMOLS), ordinary least squares robust (OLS), and panel quantile regression are considered in this research. The econometric results validate the assumption of the environmental Kuznets curve, i.e., and there is a positive correlation between income per capita and a negative effect of squared income per capita on carbon dioxide emissions. In contrast, we observe that renewable energy reduces CO2 emissions. Finally, we also find a direct connection between the urban population and the environmental degradation in the examined blocs. These results show that in Portugal, Italy, Greece, and Spain, more is required to achieve environmental sustainability in the respective countries growth trajectory. Further policy prescriptions are appended in the concluding section of this study.Öğe Implications of Social Isolation in Combating COVID-19 Outbreak in Kingdom of Saudi Arabia: Its Consequences on the Carbon Emissions Reduction(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2021) Agboola, Mary Oluwatoyin; Bekun, Festus Victor; Balsalobre-Lorente, DanielThe aftermath of the COVID-19 pandemic has two striking impacts on the economy of the Kingdom of Saudi Arabia. First, the economic contraction of business and economic activities. Second, the effect of oil prices dropping as energy demand decreases in the international market. This study seeks to underpin the linkage between GDP growth, oil price, foreign direct investment (FDI), air transport, social globalization and carbon dioxide emission by applying time-series econometrics techniques of the following: fully modified ordinary least squares, dynamic ordinary least squares and canonical tests. The results of the Johansen cointegration test and empirical analysis trace a long-run equilibrium relationship between the highlighted variables. Our study shows that a 1% increase in FDI attraction increases economic growth by 0.004%; similarly, air transport and oil rent from KSA increased economic growth by 0.547% and 0.005%, respectively. These outcomes are indicative of the GDP growth ambition of the KSA economy in order to intensify FDI attraction and the air transportation sector. However, we also observe that increases in CO2 emission increase GDP growth. Thus, this suggests that the economic growth in KSA is not green, indicating the need for green economic growth pursuit targets.Öğe Modeling the environmental implications of car ownership and energy consumption in the UK: Evidence from NARDL model(TAYLOR & FRANCIS INC, 530 WALNUT STREET, STE 850, PHILADELPHIA, PA 19106, 2022) Idowu, Obakemi Funsho; Adedoyin, Festus Fatai; Bekun, Festus Victor; Balsalobre-Lorente, DanielWe investigated the asymmetric effects of energy consumption, car ownership and tourism activities on CO2 emissions in the UK. Empirical results from the Non-Linear Autoregressive Distributed Lag (NARDL) model reveal that in the UK, only car ownership has asymmetric effects on emissions with a magnitude of 1.428% (positive) and 10.108% (negative) shocks that highlight the impact of car ownership on emission level in UK while rising energy consumption and GDP have symmetric positive impacts on emissions, and tourism has a negative impact on emissions. Furthermore, on causality analysis, we found a unidirectional causality runs from GDP per capita to car ownership, and that car ownership and tourism both causes energy consumption in a one-way relationship. Apart from encouraging environmentally friendly energy sources to reduce carbon emission in the UK, the short and long-run analyses disclose that economic expansion and energy consumption increase carbon emission. Empirical results also offer a new perspective on the ascending relevance of electric cars in UK. Hence, only policies that discourage the use of carbon emission inputs in the process of production should be encouraged. Electric vehicles seem to be more efficient when compared to combustion engines because most energy put in the battery is used to drive the cars and wastes less energy when they are driven in cities. This can be achieved by increasing tariffs and decreasing quotas on internal combustion-powered cars. Subsequently, promote and increase usage of electric vehicles that reduce greenhouses.Öğe Modelling coal rent, economic growth and CO2 emissions: Does regulatory quality matter in BRICS economies?(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Adedoyin, Festus Fatai; Gumede, Moses Iga; Bekun, Festus Victor; Etokakpan, Mfonobong Udom; Balsalobre-Lorente, DanielGlobal warming issues have been on the front burner ofmost economies and Brazil, Russia, India, China and South Africa countries (BRICS) are no exception. The region has joined the rest of the world on the global strides to mitigate against global warming in terms of decoupling carbon dioxide emissions from economic growth. This is the motivation for the present study to consider the interaction between economic growth, pollutant emissions, coal rent while accounting for the role of other covariates like regulatory quality. The study is conducted in a balanced panel setting over annual frequency data from 1990 to 2014. To this end, Pooled mean group with dynamic autoregressive distributed lag [PMGARDL (1,1,1,1,1)] was conducted to explore the coal-rents-energy nexus. The empirical study shows that for BRICS countries, unlike coal consumption, coal rents have a significant but negative impact on CO2 emissions. Also, in contrast to expectation, regulations on coal rents in form of carbon damage costs have a significant but positive impact on CO2 emissions. This suggest that in line with the drive for growth by BRICS countries, and to achieve a reduction in the levels of CO2 emissions for green growth and sustainable development, more stringent environmental-energy-related regulations are inevitable. Thus, for policymakers it is vital to reinforce the use of stringent regulations as these economies opens up to more use of coal energy. However, the need to shift, the energy mix in BRICS to renewables is pertinent in a time of global environmental consciousness for cleaner energy sources and environmentally friendly ecosystem.Öğe A road to enhancements in natural gas use in Iran: A multivariate modelling approach(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2019) Balsalobre-Lorente, Daniel; Bekun, Festus Victor; Etokakpan, Mfonobong Udom; Driha, Oana M.The primary focus of this study is to empirically investigate the natural gas consumption-economic growth nexus in Iran, while incorporating real gross fixed capital formation (GFCF) and the role of oil revenue (OR) as additional variables to make it a multivariate framework in order to avoid possible omission variable bias in the estimations. To this end, quarterly frequency data from 1990Q1 to 2017Q4. Structural break point unit root test like Zivot and Andrews is employed and complemented with traditional non-stationarity tests such as Augmented Dickey Fuller and Phillips and Perron unit tests to investigate the interest variables stationarity characteristics. Recently developed Bayer and Hanck (2013) combined cointegration test is used alongside the Pesaran et al. (2001) bounds testing cointegration to test for long-run relationship among the variables. Finally, we test for causal relationships through Modified Wald test of Tada-Yamamoto (1995) Granger causality tests is employed. Empirical findings show cointegration relationship between the variables while accounting for structural break. Further piece of empirical results suggest that natural gas consumption exerts a significant positive impact on economic output in Iran, and also that there is a one-way causality from natural gas consumption to economic output. Thus, our study corroborates the natural gas-led growth hypothesis; being natural gas consumption a suitable alternative, as a complementary green energy source (IGU, 2015). One important conclusion reached in our study is that there is need for energy portfolio diversification in Iran in order to attain full gains from the energy sector, reducing other energies' emissions. Further insights are elucidated in the main text. Our findings provide policymakers useful insight into the state of the energy sector in Iran.Öğe The validation of the tourism-led growth hypothesis in the next leading economies: Accounting for the relevant role of education on carbon emissions reduction?(Springer, 2020) Bekun, Festus Victor; Adedoyin, Festus Fatai; Balsalobre-Lorente, Daniel; Driha, Oana M.Over the last few decades, a significant volume of research has been documented on the tourism-led growth hypothesis (TLGH). However, the role of education over environmental degradation is yet to be given the desired attention. This study explores the impact of air transport over economic growth between 1994 and 2014 in China, India and the US, the three economies predicted to be the largest in forthcoming years. This way, TLGH is tested while also introducing the connection between education and pollutant emissions (CO2) for these economies. Thus, suggesting how development in air transport contributes positively to enhance economic growth in the long run. In contrast, ascending CO2 emissions are negatively connected to economic growth contributing to its reduction in selected countries. Further empirical results also confirm the positive effects of energy use and education on economic growth. Based on these results, education is seen to mitigate the pernicious effects of environmental degradation over economic growth's dampening effects. © The Author(s) 2021. All rights reserved.