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Öğe Accounting for environmental sustainability from coal-led growth in South Africa: The role of employment and FDI(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Alola, Andrew AdewaleAs much as energy supply remains a major challenge in most of the African countries, the compounding environmental effect of energy consumption has continued to be a serious concern to policymakers and environmental stakeholders. On this note, this study seeks to investigate the coal-led growth hypothesis for South Africa by incorporating employment as a control variable for the first time. The incorporation of the employment in investigating the coal-led growth hypothesis especially for the case of South Africa is novel given that the World Coal Association (2016) reported that the country is the sixth largest exporter and seventh largest producer of coal globally. The study implemented an Autoregressive Distributed Lag (ARDL) bound testing to cointegration for the data spanning from 1970 to 2017. As such, the empirical result revealed that coal usage is the highest emitter of carbon, suggesting that a 1% increase in coal consumption account for about 68% emission in the short run, and 56% in the long run, respectively. On the other hand, foreign direct investment (FDI) inflow discourages carbon emission in the short-run and long run so that a 1% increase in FDI inflow causes a reduction in CO2 by about 0.003% and 001%. The novelty of this study is proven in the estimation of the interaction between employment and coal consumption. However, employment induced by economic growth and coal consumption both have significant tendencies of inflicting adverse environmental impacts in the short-run and long run. Thus, this study put forward relevant policy and for onward recommendation for the government to woo new foreign investors and to switch to renewable energy as an alternative sources as a possible approach of energy efficiency and environmental sustainability with a view to achieving sustainable development goals.Öğe Assessment of Foreign Direct Investment-Led Growth Argument in South Africa Amidst Urbanization and Industrialization: Evidence from Innovation Accounting Tests(Springer, 2023) Joshua, Udi; Gungor, Hasan; Bekun, Festus VictorThe objective of this study is to investigate the FDI-led growth hypothesis for the case of South Africa for the period between 1970 and 2017. The preliminary analysis of unit root test using traditional methods shows a different order of integration, which necessitates the use of autoregressive distributive lag (ARDL) methodology. Additionally, the current study also leverages on the innovative accounting techniques which comprised of impulse response function and forecast error variance decomposition (FEVD), which are employed to explore the responsiveness of the variables on each other. Our study results show that FDI inflow exerts a very strong positive impact on economic growth, thus validating the FDI-induced growth nexus in the South African economy. Furthermore, causality results show a one-way link running only from FDI inflow to economic growth and a unidirectional connection from urbanization to FDI inflow. The implication is that only urbanization matters in attracting FDI inflow to South Africa. These outcomes suggest that there is a need for the government administrators to develop urban centers through improving infrastructure facilities and the provision of industrial zones as a way of expanding both the ready market and the absorptive capacity of the country.Öğe Carbon emissions effect of energy transition and globalization: Inference from the low, lower middle, upper middle and high-income economies(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Alola, Andrew Adewale; Joshua, UdiThe importance of income to environmental sustainability especially in the perspective of economic development has been rigorously examined in recent times. To further deepened the income-environmental sustainability narrative, the current study explore the cases of income-classified countries vis-a-vis the high-income, low-income, lower middle-income, and the upper middle-income countries and territories. As such, the current study examined the impact of renewable energy and fossil fuel energy consumption and globalization on CO(2)emissions over the period of 1970 to 2014 for the case of (1) the panel of income-classified countries and territories and (2) the time series of each of the income-classification. By employing the Pooled Mean Group of the Autoregressive Distributed Lag (ARDL) approach, the study found that fossil fuel consumption in the panel of examined income classification aggravates environmental hazards in both the short-long run, while the share of renewable energy usage improves the environmental quality only in the short run. Like the renewable energy consumption, globalization exacts negative and positive impacts in the short run and long run, respectively. From the second (time series) approach, the study found that fossil fuel energy worsen the environment in each of the fours income-categorized economies. Similarly, renewable energy usage exerts a significant and desirable impact on the environment in all but one (lower middle income) of the four income-categorized economies. However, globalization observably plays a significant and desirable role only in the lower middle-income economies. Hence, the study posits policy guide in the context of increased diversification of energy portfolio for each of the four income-categorized countries and territories especially the lower middle-income economies.Öğe New insight into the causal linkage between economic expansion, FDI, coal consumption, pollutant emissions and urbanization in South Africa(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThis study examines the relationship between foreign direct investment inflows and economic growth in a carbon function, by incorporating the role of urbanization, and coal consumption as additional variables to avoid omitted variable bias. The different order of integration from the unit root test suggested the adoption of a dynamic autoregressive distributed lag bounds testing procedure. The results confirmed the existence of a long-run equilibrium relationship between the outlined series within the period under investigation, with a high speed of convergence. The ARDL equilibrium relationship shows that coal consumption is the largest emitter of carbon dioxide emissions in both short- (0.77%) and long-run (0.86%). Economic growth was found to escalate CO2 emission by approximately 0.27% (in the short-run) and 0.19% (in the long-run). The Granger causality test indicates a non-causal effect between FDI inflow and economic expansion in South Africa, which implies that FDI is not a driver of economic advancement. The empirical study shows a bidirectional causal effect between urbanization and foreign direct investment. This suggests that urban development stimulates foreign direct investment in South Africa. The findings reveal a oneway link from GDP to coal consumption, suggesting economic prosperity promotes coal consumption. The study underscores that economic development and the attraction of more economic investments is in part dependent on the conservative policy, development of urban centers through infrastructural improvement, and establishing industrial zones.Öğe The path to achieving environmental sustainability in South Africa: the role of coal consumption, economic expansion, pollutant emission, and total natural resources rent(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Bekun, Festus VictorStatistics from the Intergovernmental Panel on Climate Change (IPCC) reveals that energy consumption remains the main root cause of anthropogenic greenhouse pollutant emissions because of economic expansion. Thus, the need to explore the determinants of environmental degradation in South Africa is pertinent for policymakers and stakeholders. The current study is conducted in a multivariate framework using an augmented carbon income function. The present study explores the theme under review with the inclusion of total natural resource rent as an additional variable to circumvent for omitted variable bias. To this end, annual time series data from 1970 to 2017 is employed for econometrics analysis. The study set off with investigation of stationarity properties with conventional unit root test in conjunction with Zivot-Andrews unit root test that accounts for single structural break. The Pesaran’s bounds testing techniques traces long-run equilibrium relationship between energy (coal) consumption, pollutant emission, total natural resources rent, and economic expansion over the sampled period. Empirical test from the modified Wald test detect and validate feedback causality between energy (coal) consumption and economic expansion. This is instructive to energy stakeholders and policymakers that energy is key determinant of economic growth. Furthermore, total natural resources rent shows significant contribution to pollutant emissions in South Africa. Based on the empirical results, policy direction such as adoption of new technologies and cleaner energy sources were suggested rather than fossil fuel driven economy in South Africa.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 Revisiting the causal nexus between coal energy consumption, economic growth, and pollutant emission: sorting out the causality(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Uzuner, Gizem; Bekun, Festus VictorAnthropogenic activities in search of livelihood come with its environmental implications. This is in line with the current crusade of the United Nations sustainable development goals (SDGs) target 7 and 13 for effective clean energy access and mitigating the adverse effect of climate change issues. Since the seminal study of Kraft and Kraft (1978) on the nexus between energy and gross national product, there has been no consensus in the extant literature in the last four decades. To this end, the current study applies recent data for the case of Nigeria from 1970 to 2017 on an annual frequency. Modified Wald causality test of Toda-Yamamoto is in conjunction with the recent gradual shift causality test with Fourier approximation for robustness and precision of analysis. Empirical results show the pollutant driven economy as one-way causality is seen running from pollutant emission to economic growth. This suggests that economic growth is driven by dirty energy sources that are from non-renewable energy sources. This is further validated in the pollution haven hypothesis (PHH) confirmed in the study by the causality seen running from foreign direct investment and carbon dioxide emissions. Additionally, the exploration of natural resources also engenders economic expansion in Nigeria. Based on the current study findings, a couple of submissions are made such as the need for a paradigm shift to cleaner energy sources. More so, the need for the adoption of cleaner, eco-system friendlier innovations, and technologies will aid in the attainment of the SDGs of mitigating climate and pollution issues.Öğe Toward the path of economic expansion in Nigeria: The role of trade globalization(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ USA, 2020) Joshua, Udi; Salami, Oladimeji M.; Alola, Andrew AdewaleThere are debates regarding the effect of globalization on national economies, and whether or not trade openness has a significant positive or negative influence on economic expansion and development. Thus, this study is aimed at investigating the relationship between trade globalization and Nigeria's economic advancement. The autoregressive distributed lags (ARDL) model was employed for the time series data: real GDP, openness, foreign direct investment, and population growth over the period 1981-2017. The findings of this estimation revealed that population growth is significant but inhibitor of economic prosperity (real GDP) in the short term. However, the significant and long-run determinants of the real GDP are population growth and trade openness but not foreign direct investment. Furthermore, the Granger Causality test revealed that real GDP granger causes population growth. The study therefore concluded that trade openness and globalization are necessary for Nigeria's economic expansion and development. Consequently, the study opined that the land border closure policy recently implemented by the Nigerian government might necessitate a significant reassessment so that the economic development projections of the country are not hindered.Öğe Toward the path of economic expansion in Nigeria: The role of trade globalization(Wiley, 2020) Joshua, Udi; Salami, Oladimeji M.; Alola, Andrew A.There are debates regarding the effect of globalization on national economies, and whether or not trade openness has a significant positive or negative influence on economic expansion and development. Thus, this study is aimed at investigating the relationship between trade globalization and Nigeria's economic advancement. The autoregressive distributed lags (ARDL) model was employed for the time series data: real GDP, openness, foreign direct investment, and population growth over the period 1981-2017. The findings of this estimation revealed that population growth is significant but inhibitor of economic prosperity (real GDP) in the short term. However, the significant and long-run determinants of the real GDP are population growth and trade openness but not foreign direct investment. Furthermore, the Granger Causality test revealed that real GDP granger causes population growth. The study therefore concluded that trade openness and globalization are necessary for Nigeria's economic expansion and development. Consequently, the study opined that the land border closure policy recently implemented by the Nigerian government might necessitate a significant reassessment so that the economic development projections of the country are not hindered.