Financial development, globalization and ecological footprint in G7: further evidence from threshold cointegration and fractional frequency causality tests
This paper empirically explores the dynamic relationships between financial development, globalization, energy consumption, economic growth, and ecological footprint in G7 countries over the period 1980–2015. Using a recently introduced threshold cointegration test with an endogenous structural brea...
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| Veröffentlicht in: | Environmental and ecological statistics 2020-12, Vol.27 (4), p.803-825 |
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| creator | Pata, Ugur Korkut Yilanci, Veli |
| description | This paper empirically explores the dynamic relationships between financial development, globalization, energy consumption, economic growth, and ecological footprint in G7 countries over the period 1980–2015. Using a recently introduced threshold cointegration test with an endogenous structural break, the paper aims primarily to determine the effects of financial development and globalization on environmental degradation. The results confirm the presence of cointegration in Canada, Italy, and Japan. The long-run estimates indicate that globalization significantly reduces ecological footprint in Canada and Italy, while financial development reduces pollution in Japan. The findings also demonstrate that energy consumption stimulates environmental degradation in these three countries. Furthermore, the causality test that considers smooth structural breaks via a fractional frequency flexible Fourier function indicates that globalization causes ecological footprint in all the G7 countries except France, while financial development causes ecological footprint in France, Japan, and the United Kingdom. Finally, the overall results suggest that globalization is a more effective tool than financial development in regulating ecological footprint for G7 countries. Therefore, we recommend that policymakers should make use of the opportunities that globalization offers to solve environmental problems. |
| doi_str_mv | 10.1007/s10651-020-00467-z |
| format | Article |
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Using a recently introduced threshold cointegration test with an endogenous structural break, the paper aims primarily to determine the effects of financial development and globalization on environmental degradation. The results confirm the presence of cointegration in Canada, Italy, and Japan. The long-run estimates indicate that globalization significantly reduces ecological footprint in Canada and Italy, while financial development reduces pollution in Japan. The findings also demonstrate that energy consumption stimulates environmental degradation in these three countries. Furthermore, the causality test that considers smooth structural breaks via a fractional frequency flexible Fourier function indicates that globalization causes ecological footprint in all the G7 countries except France, while financial development causes ecological footprint in France, Japan, and the United Kingdom. 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Using a recently introduced threshold cointegration test with an endogenous structural break, the paper aims primarily to determine the effects of financial development and globalization on environmental degradation. The results confirm the presence of cointegration in Canada, Italy, and Japan. The long-run estimates indicate that globalization significantly reduces ecological footprint in Canada and Italy, while financial development reduces pollution in Japan. The findings also demonstrate that energy consumption stimulates environmental degradation in these three countries. Furthermore, the causality test that considers smooth structural breaks via a fractional frequency flexible Fourier function indicates that globalization causes ecological footprint in all the G7 countries except France, while financial development causes ecological footprint in France, Japan, and the United Kingdom. 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| subjects | Biomedical and Life Sciences Chemistry and Earth Sciences Computer Science Ecological effects Ecological footprint Ecology Economic development Economic growth Economics Energy consumption Environmental degradation Environmental impact Footprint analysis Globalization Health Sciences Industrialized nations Life Sciences Math. Appl. in Environmental Science Medicine Physics Pollution control Statistics for Engineering Statistics for Life Sciences Theoretical Ecology/Statistics |
| title | Financial development, globalization and ecological footprint in G7: further evidence from threshold cointegration and fractional frequency causality tests |
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