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Öğe Another look at the nexus between economic growth trajectory and emission within the context of developing country: fresh insights from a nonparametric causality-in-quantiles test(Springer, 2023) Adebayo, Tomiwa Sunday; Bekun, Festus Victor; Rjoub, Husam; Agboola, Mary Oluwatoyin; Agyekum, Ephraim Bonah; Gyamfi, Bright AkwasiAchieving environmental sustainability has become a global concern amidst increasing climate change threat. Using quarterly frequency data for the case of Russia from 1992 to 2018, the present study explores the interaction between disaggregated energy consumption (renewable energy and non-renewable energy), trade flow and economic growth on a broader measure for environmental degradation (ecological footprint). The choice of the variables draws strength from initiative of the United Nations Sustainable Development Goals (UN-SDG, 7, 8 11 and 13) for responsible energy consumption and clean energy consumption while mitigating climate change issues. The study applied the quantile-on-quantile regression (QQR) and nonparametric causality-in-quantiles to capture these associations. The outcomes from the QQR disclosed that in the majority of the quantiles, trade openness and renewable energy use contribute to environmental sustainability, while nonrenewable energy amplifies ecological footprint. Furthermore, growth in Russia escalates its ecological footprint. Moreover, in the majority of the quantiles, all the exogenous variables can predict ecological footprint. Given the outcomes of this study, it outlines the need for a paradigm shift for alternative and clean energy consumption in Russian energy mix amidst its economic growth trajectory while accounting for green-development approaches. Pathways to fully achieve the sustainability targets are carefully outlined in the concluding section.Öğe Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Bekun, Festus Victor; Gyamfi, Bright Akwasi; Onifade, Stephen Taiwo; Agboola, Mary OluwatoyinThis study explores the applicability of conventional environmental Kuznets curve (EKC) with an extension for the case of emerging industrialized economies, comprised of China, India, Brazil, Mexico, Russia, Indonesia, and Turkey, for annual time frequency from 1995 to 2016. This study is distinct from that already documented in the extant literature by extending the traditional EKC phenomenon by accounting for the combined impact of institutional quality and renewables in E7 blocs. The countries under review are known to be emerging and still at their scale stage of their growth path. As such, the need to explore the theme is pertinent for stakeholders. Empirical framework is built on second-generational panel econometrics strategies that consist of Augmented Mean Group, Common Correlated Effects Mean Group estimator, Driscoll-Kraay and Dumitrescu and Hurlin Causality analysis, which is superior to first-generation methods. Our study validates the EKC phenomenon in E7, i.e., where emphasis is placed on economic expansion relative to the quality of the environment. The EKC phenomenon is validated by the deteriorating effect of fossil-fuel energy consumption in the bloc. However, renewables are seen as a panacea to reduce pollution emission as renewable energy exerts a negative and statistical relationship with CO2 emission over the sampled period. Additional results show that weak institution also dampens the quality of the environment in E7. These outcomes are suggestive to policy makers to reinforce their commitment to the quality of the environment in terms of growth and energy transition from fossil fuel to clean energy sources. Further policy prescriptions are presented in the concluding section.Öğe The criticality of growth, urbanization, electricity and fossil fuel consumption to environment sustainability in Africa(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Asongu, Simplice A.; Agboola, Mary Oluwatoyin; Alola, Andrew Adewale; Bekun, Festus VictorWhile most African economies are primarily sandwiched with the seemingly unsurmountable task of attaining consistent economic growth and unhindered energy supply, the enormous threat posed by environmental degradation has further complicated the economic and environmental sustainability drive. In this context, the present study examines the effect of economic growth, urbanization, electricity consumption, fossil fuel energy consumption, and total natural resources rent on pollutant emissions in Africa over the period 1980-2014. By employing selected African countries, the current study relies on the Kao and Pedroni cointegration tests to cointegration analysis, the Pesaran's Panel Pooled Mean Group-Autoregressive distributive lag methodology (ARDL-PMG) for long run regression while Dumitrescu and Hurlin (2012) is employed for the detection of causality direction among the outlined variables. The study traces long run equilibrium relationships between examined indicators. The ARDL-PMG results suggest a statistical positive relationship between pollutant emissions and urbanization, electricity consumption and non-renewable energy consumption. Dumitrescu and Hurlin (2012) Granger causality test lends support to the long-run regression results. A bi-directional causality is observed between pollutant emissions, electricity consumption, economic growth and pollutant emissions while a unidirectional causality is apparent between total natural resources rent and pollutant emission. Based on these results, several policy implications for the African continent were suggested. (a) The need for a paradigm shift from fossil fuel sources to renewables is encouraged in the region (b) The need to embrace carbon storage and capturing techniques to decouple pollutant emissions from economic growth on the continent's growth trajectory. further policy insights are elucidated.Öğe Does the twin growth catalyst of oil rent seeking and agriculture exhibit complementary or substitute role? New perspective from a West African country(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2019) Osundina, Olawumi Abeni; Bekun, Festus Victor; Kırıkkaleli, Derviş; Agboola, Mary OluwatoyinOver the last 3 decades, oil rent seeking has emerged to be a key driver of most economies around the globe. Prior to the oil boom, agriculture remain main stay of most economies especially developing economies. This present study seeks to revisit the contribution of both oil and agriculture sector in Nigeria by augmenting the neoclassical growth model by the inclusion of agriculture and oil rent as growth drivers. To do this, recent time series data from 1990 to 2017 is employed. This study adopts the use of contemporary econometrics test to investigate the theme holistically. First, stationarity test was conducted with a battery of both stationarity and unit root tests. Subsequently, Pesaran’s auto regressive distributed lag bounds testing traces long-run equilibrium relationship between agriculture, oil rent, capital, labor and economic growth over the sampled period. Empirical piece of results validate the agriculture induced economic growth hypothesis, which aligns with the physiocracy school of thoughts ideology. This is against previous study; the resource curse hypothesis was not validated for this current study. Our study results show statistical signifcant relationship in both long- and short-run between oil rent and economic growth. These outcomes are quite revealing for decision makers and stakeholders since both sector contributes to economic growth. Based on these results, policy mix strategies were suggested in the course of the main text. Among such policies are reinforcing government and private sector participation in both sector given they show complementary role and not substitute to economic output.Öğe The energy mix-environmental aspects of income and economic freedom in Hong Kong: cointegration and frequency domain causality evidence(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2023) Agboola, Mary Oluwatoyin; Alola, Andrew AdewaleSince the inception of the quantification or qualification of global economic freedom, there has been increasing drive and competition towards for better financial freedom among the global economies. However, balancing the drive towards environmental sustainability and economic freedom, especially from the context of the Global Goals, has remained relatively ignored. Thus, this study tries to reveal the nature of the relationship, that is, a U- or inverted U-shaped hypothesis between economic freedom and environmental degradation in the case of Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR). As the result of the investigation implied, economic freedom and environmental degradation exhibit a U-shaped relationship against the validity of the environmental Kuznets curve in the relationship between environmental degradation and income. The implication is that economic freedom poses more danger to the environment than income growth, especially when both experiences exponential increase. In any case, Hong Kong’s two principal energy sources (coal and oil) constitute a significant source of environmental damage. Moreover, there is Granger-causality evidence with frequency inference in favour of causality between carbon emission and all the explanatory variables except for the fossil oil consumption.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 The implications of renewable and non-renewable energy generating in Sub-Saharan Africa: The role of economic policy uncertainties(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Adedoyin, Festus Fatai; Öztürk, İlhan; Agboola, Mary Oluwatoyin; Agboola, Phillips O.; Bekun, Festus VictorSub-Saharan Africa which is one of the main regions known for various sources of mineral and energy resources in the global market has experienced appreciable rates of economic expansion in the last 10 years. However, apart from the environmental consequences of generating energy, how uncertainties in the economy moderate the impact of energy generation on the environment is yet to be given desired attention. Hence, this study investigates the role of economic policy uncertainty in the energy-growth-emissions nexus for 32 countries in SubSaharan Africa over the period from 1996 to 2014. Results from one-step system-GMM show that real GDP and generation of non-renewable energy both increases CO2 emissions. However, while economic policy uncertainty also propels high levels of emissions in the region, its moderation effect on the impact of both renewable and non-renewable energy generation leads to a reduction in emissions level in the region. This suggests an urgent need for the implementation of sound macroeconomic and energy policies in Sub-Saharan Africa to safeguard the energy sector from disruptions and to mitigate the resultant impact on the degradation of the environment in the region.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 Modelling Coal Energy Consumption and Economic Growth: Does Asymmetry Matter in the Case of South Africa?(Hard, 2023) Bekun, Festus Victor; Etokakpan, Mfonobong Udom; Agboola, Mary Oluwatoyin; Uzuner, Gizem; Wada, IsahIn accordance with the Intergovernmental Panel on Climate Change (IPCC), Kyoto protocol and the United Nations Sustainable development goals (UNSDGs) on climate action (SDG-13), there has been a need across economies for transition from fossil-fuel-based energy sources such as coal energy consumption to cleaner energy options i.e., a transition to a low-carbon economy. To this end, the present study explores the asymmetric relationship between coal energy consumption, economic growth, rising urban population and emission level in South Africa. The present study span is conducted on an annual frequency basis from 1965-2018. This study applies the novel Non-linear Autoregressive distributed lag methodology (NARDL) for the highlighted variables. Empirical results validate the asymmetric relationship between the variables under review over the study period. The NARDL regression further shows positive shock by GDP increases CO2 emission level while negative impact affects otherwise in the long run. On the other hand, coal consumption positive shock exhibits a detrimental impact on environmental quality in South Africa. This is insightful for policymakers. The urban population shows non-significant effect on emission levels over the sampled period. The knowledge of both positive and negative shock effects of GDP, coal energy consumption and urban growth is vital for policy construction in terms of both economic and environmental sustainability. Thus, policy prescription ranges from energy transition to alternative and cleaner energy sources like renewables and responsible energy consumption (SDG-12) should be pursued in South Africa. More far-reaching environmental policies are highlighted in the concluding section.Öğe Pathway to environmental sustainability: Nexus between economic growth, energy consumption, CO2 emission, oil rent and total natural resources rent in Saudi Arabia(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Agboola, Mary Oluwatoyin; Bekun, Festus Victor; Joshua, UdiThis study aims to empirically explore the long-run and causality relationship between energy consumption, oil rent, total natural resources rent, economic growth, and CO2 emission for a top oil-exporting country (Saudi Arabia). In this study, we rely on the modified Wald test of Toda-Yamamoto methodology to investigate the direction of causality between the highlighted variables between 1971 and 2016 on an annual frequency. The empirical result shows a long-run equilibrium relationship between the variables as outlined by Pesaran Bounds test. The long-run regression validates the energy-induced environmental pollution as seen where a 1% increase in energy consumption depletes environment by 0.360% and 0.983% in both short and long-run periods, respectively. Similarly, there is increased economic growth-induced environment degradation by 0.952% and 0.625% in both the short and long-run period, respectively, over the sampled period. Furthermore, a significant positive nexus is seen between the country’s’ total natural resource rent and CO2 emissions in both the short and long run. This suggests the over-reliance on natural resource rent affects environmental sustainability in Saudi Arabia if conservation and management options are neglected. Interestingly, oil rent shows evidence to dampen the effect of environmental degradation in Saudi Arabia. In the causality analysis, a feedback relationship is seen between energy consumption and economic growth while one-way causality is observed between energy consumption and CO2 emission; similar unidirectional causality is seen between oil rent and CO2 emission. These outlined results have environmental implications for policy makers and practitioners to present a macroeconomic blueprint, as we see energy conservative agenda will hurt economic progress in Saudi Arabia. However, given increase, energy consumption increases economic growth and its environmental implications call for sustainable and green energy sources, such as renewables, in Saudi Arabia’s energy mix. More insights and policy direction are highlighted in the concluding section.Öğe Renewable and non-renewable energy policy simulations for abating emissions in a complex economy: Evidence from the novel dynamic ARDL(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Adedoyin, Festus Fatai; Öztürk, İlhan; Bekun, Festus Victor; Agboola, Phillips O.; Agboola, Mary OluwatoyinAccording to the Economic Complexity Index, Japan was the number 1 most complex economy in the world. In addition to complexity, Japan pledges to reduce emissions by boosting cleaner energy sources. This study simulates two policies to highlight a path for Japan in achieving this ambitious energy and environmental target. The novel dynamic autoregressive distribution lag (ARDL) model and Kernel-based regularized least squares (KRLS) are adopted over panel data from 1970 to 2018. Empirical evidence from the ARDL and dynamic ARDL models shows that CO2 emissions have a significant long-term relationship with GDP per capita, renewable energy, and economic complexity index while air transport is significant in the short run. Putting it more elaborately, a unit increase in GDP per capita increase the emission by 0.84%e0.96% in the long run and 0.46%e0.48% in the short run. As regards renewable energy, a unit increase in it decrease the carbon emission by 0.07% and 0.04% in the long-run and short-run respectively. Also, an increase in the economic index diminished the emission by 0.81% in the long run. Moreover, economic complexity moderates the role of GDP in environmental degradation as it also has a significant impact on carbon emission.Öğe Revisiting the economic growth and agriculture nexus in Nigeria: Evidence from asymmetric cointegration and frequency domain causality approaches(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Agboola, Mary Oluwatoyin; Bekun, Festus Victor; Osundina, Olawumi Abeni; Kırıkkaleli, DervişThe contribution of different agricultural subsectors to economic growth in Nigeria is investigated and further suggests policy implications for investing in each of these subsectors. To this end, Johansen cointegration test and Gregory–Hansen test for cointegration with regime shift, vector error correction model (VECM), dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), Granger causality, and frequency domain causality test are employed for data from 1981 to 2016. This paper further highlights the long and causal dynamics between the selected agricultural subsector, namely forestry, crop production, fishery and livestock, and economic growth. Findings from time and frequency domain causality tests indicate a one-way causality running from various subsectors of agriculture to economic growth in Nigeria, meaning how various subsectors of agriculture are important for predicting economic growth. In addition, there is 54% speed of adjustment from the error correction model, suggesting a need for diversification of the economy into the agricultural sector as a means for sustainable economic growth in the face of the continuous plunge in the global oil price. In the long-run, the effect of forestry, crop production, and fishery on economic growth is statistically significant and positive. These outcomes have inherent policy implication(s), which are elucidated in the concluding section.Öğe Sterling insights into natural resources intensification, ageing population and globalization on environmental status in Mediterranean countries(Sage Publications Ltd, 2023) Gyamfi, Bright Akwasi; Adebayo, Tomiwa Sunday; Bekun, Festus Victor; Agboola, Mary OluwatoyinAlong with the increasing aging population (AP) and global interconnectedness in the Mediterranean bloc comes climate change issues faced by the Mediterranean region in its trajectory to energy security and sustainable development. To meet the continuous energy consumption demand while cutting down natural resources extraction and exploitation with a view to minimizing environmental impacts, the policy structure in these countries may require readjustment, which is the motivation for the present study. This study advances a strategic framework for investigating the impact of natural resources rent as well as aging reliance on carbon emissions in the Mediterranean region for the annual frequency data from 1990-2016. Using quantile regression to analyze the highlighted variables, empirical results shows that both income and natural resources rent have an inverted U-Shaped connection with CO2 emission, which affirms the Environmental Kuznets Curve (EKC) hypothesis. Subsequently, globalization and energy use show a positive relationship with emissions while AP is negatively correlated with emissions. Depending on the outcomes of this analysis, a multi-stage Sustainable Development Goal (SDG) framework has been developed and SDG- 7, SDG -13 as well as SDG-8 were examined in this context. While these three SDGs are the main targets of the study, the SDG System has also provided a way to test other SDGs.Öğe Testing the Mediating Role of Fiscal Policy in the Environmental Degradation in Portugal: Evidence from Multiple Structural Breaks Co-integration Test(Springer, 2024) Adebayo, Tomiwa Sunday; Gyamfi, Bright Akwasi; Bekun, Festus Victor; Agboola, Mary Oluwatoyin; Altuntas, MehmetUsing Portugal, the present study explores the nexus between fiscal policies advancement and environmental emissions through the channel of carbon-income function framework. We used recent second-generational time series econometrics tests that comprise bounds testing in conjunction with multiple break structural break test of Maki co-integration and gradual shift causality test and wavelet coherence method for soundness of analysis. Furthermore, to circumvent omitted variable bias issues, energy consumption was disaggregated into non-renewable energy and renewable consumption, with GDP growth incorporated as additional variables. Empirical evidence for the Portuguese economy shows that economic growth, non-renewable energy intake, and fiscal policy all dampen the quality of the environment in Portugal. These findings have environmental implications for sustainability targets in Portugal which is currently on the trajectory for healthy and sustainable energy intake. Additionally, renewable energy consumption shows statistically significant strength to improve environmental quality as it reduces CO2 emission, as reported by our study regression. On the direction of causality analysis, we observed that non-renewable energy and fiscal policy drive pollution emission one-way as reported by the gradual shift causality analysis. From a policy lens, there is need for more strides in action plans on fiscal policy development to achieve environmental sustainability in Portugal. Further insights are elucidated in the concluding remarks section.