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Öğe Assessment of the influence of institutions and globalization on environmental pollution for open and closed economies(Springer Science and Business Media B.V., 2024) Gyamfi, Bright A.; Agozie, Divine Q.; Ali, Ernest B.; Bekun, Festus V.; Asongu, Simplice A.As the environmental sustainability effectiveness of various political systems is taken into consideration, it is doubtful as to whether the presumption of the overall efficiency of democracy can be sustained in global governance architecture. The effectiveness of autocracies and democracies (i.e., governance indicators are compared in the present study) with reference to strengths and weaknesses in environmental objectives. This analysis explores the effect of autocracy, democracy, as well as the trend of globalization on CO2 emissions for open and closed economies from 1990 to 2020. Crucial indicators such as economic growth, renewable energy and non-renewable energy are controlled for while examining the roles of economic expansion on the disaggregated energy consumption portfolios for both open and closed economies. The empirical analysis revealed some insightful results. First, for the open economies, with the exception of non-renewable energy which shows a positive significant impact on emissions, all variables show a negative effect on emissions. Furthermore, the closed economies result indicate that, apart from renewable energy which has a negative relationship with emissions, all the variables including the interaction terms have a positive relation with emissions. However, an inverted U-shaped environmental Kuznets curve hypothesis was validated for both economies. © The Author(s) 2024.Öğe Toward sustainable use of natural resources: Nexus between resource rents, affluence, energy intensity and carbon emissions in developing and transition economies(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2023) Nwani, Chinazaekpere; Bekun, Festus Victor; Gyamfi, Bright A.; Effiong, Ekpeno L.; Alola, Andrew A.Sustainable use of natural resources would entail ensuring that derived economic benefits today do not undermine the welfare of generations to come. On this basis, this study examines the nexus between natural resource rents and carbon dioxide (CO2) emissions disaggregated into production and consumption-based (i.e., trade-adjusted) CO2 emissions for a selected panel of 45 developing and transition economies over the period 1995-2017. The empirical model also incorporates the impacts of population, affluence, and energy intensity. The results show that affluence increases production-based CO2 emissions by 1.407%, with the EKC's predicted inverted U-shaped curve only explaining consumption-based CO2 emissions. Economic reliance on natural resource rents and energy intensification contribute 0.022% and 0.766%, respectively, to CO2 emissions embedded in territorial production inventories and 0.035% and 0.583%, respectively, to CO2 emissions embedded in consumption inventories. The bootstrap non-causality test shows that historical data on each variable has significant predictive power for future CO2 emissions from both sources. The historical information about natural resource rents has significant predictive power over the future levels of affluence and energy intensity. Clearly, the results show that the environmental impact of natural resource rents is stronger when CO2 emissions are adjusted for trade and varies among the countries, with Bangladesh, Guinea, India, Malaysia, Mexico, Nigeria, Pakistan, Saudi Arabia, Vietnam, and Zimbabwe among the most affected countries. Overall, this study provides motivation for policies to keep the use of natural resources within sustainable limits.Öğe Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment(Sage Publications Inc, 2022) Shahbaz, Muhammad; Gyamfi, Bright A.; Bekun, Festus Victor; Agozie, Divine Q.Background: Technological innovation and its paradigm, that is, the Fourth Industrial Revolution-4IR, have shown strong impact on income levels of adopters across the globe. To this end, this analysis examines the impact of bank funding and institutional quality on technological advancement. Objectives: This study adds additional variables such as high-technology exports and foreign direct investment (FDI) as control variable. Our study period spans from 2000 to 2018 on an annual frequency for E7 economies (Brazil, Indonesia, Mexico, India, Turkey, Russia, and China). Research Design: This study leverages on cross-sectional ARDL, Augmented Mean Group (AMG), and Common Correlated Effects Mean Group Estimates (CCEMG) estimation techniques to examine long-run relationship between the outlined variables. Subjects: Empirical findings show that institution quality, bank finance, income, high-technology exports, and foreign direct investments exert a positive effect on advancements in technology. Furthermore, the interaction between bank finance and institution quality on technological advancement is also positive and statistically significant. Based on the findings, it is concluded that large-scale funding is crucial for businesses to leverage revolutionary technology. Likewise, access to large capital sources if made easier encourages technology affordance as well as innovation and operational excellence. Thus, economies with established legal and financial systems stand to offer businesses such security, which encourages business innovation. Conclusions: Consequently, E7 economies ought to improve their financial and legal systems to boost financial security, creativity, and competitiveness of businesses.