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Do Trade and Financial Cooperation Improve Environmentally Sustainable Development: A Distinction Between
Mehmet Akif Destek1, İbrahim Halil Oğuz1, Nuh Okumuş2
1Department of Economics, Gaziantep University, Gaziantep, Turkey.
Evaluation Review
|June 6, 2023
Summary
Financial globalization increases carbon emissions in transition economies, while renewable energy use improves environmental quality. Trade globalization shows no significant environmental impact. De jure financial globalization is particularly damaging.
Area of Science:
- Environmental Economics
- International Political Economy
- Sustainable Development
Background:
- Globalization, driven by foreign trade, has increased economic output but also raised environmental concerns.
- Complex claims exist regarding the environmental impacts of liberal policies and globalization.
- Transition economies face unique challenges in balancing economic growth with environmental sustainability.
Purpose of the Study:
- To analyze the effects of global collaborations on the environmental sustainability of 11 transition economies.
- To investigate the impact of financial and commercial globalization indices on carbon emissions.
- To differentiate the environmental consequences of de facto vs. de jure and trade vs. financial globalization.
Main Methods:
- Utilized the Cross-Sectional Autoregressive Distributed Lag (CS-ARDL) estimation technique to analyze short and long-run influences.
- Employed the Common Correlated Effects Mean Group (CCE-MG) estimator for robustness checks.
- Dissected the effects of real GDP, energy efficiency, and renewable energy use on environmental pollution.
Main Results:
- Economic growth and increased energy intensity correlate with higher carbon emissions.
- Increased consumption of renewable energy positively impacts environmental quality.
- Trade globalization has no significant environmental effect; financial globalization increases carbon emissions, with de jure being more detrimental.
Conclusions:
- Financial globalization, particularly de jure, negatively impacts environmental quality in transition economies.
- Policies facilitating investment relocation may inadvertently increase pollution-intensive industries in these nations.
- Promoting renewable energy is crucial for improving environmental quality amidst globalization.
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