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Doğrudan Yabancı Yatırım ve Fosil Enerji Tüketimi İlişkisi: BRICS-T Ülkelerinde Bootstrap Panel Nedensellik Analizleri

Year 2023, Volume: 7 Issue: 3, 1105 - 1122, 29.09.2023
https://doi.org/10.29023/alanyaakademik.1216550

Abstract

Çalışmanın amacı, BRICS-T ülkelerinde doğrudan yatırım ve fosil enerji tüketimi arasındaki ilişkiyi göstermektir. BRICS ülkeleri ve Türkiye'nin ele alındığı bu çalışmada, 1992-2018 yıllarına ait Dünya Bankası (WB), İngiliz Petrol (BP) ile Dünya Kalkınma Gösterge (WDI) verileri kullanılmıştır. Veriler, Bootstrap Panel Nedensellik analizi ile test edilmiştir. Rusya ve Hindistan’da doğrudan yabancı yatırımların fosil enerji kullanımının artmasına neden olduğu anlaşılmaktadır. Çin ve Güney Afrika’da artan fosil enerji tüketimi ülkelere daha fazla doğrudan yabancı yatırım gelmesine neden olmaktadır. Brezilya ve Türkiye’de doğrudan yabancı sermaye yatırımları ile fosil enerji tüketimi arasında herhangi bir nedensellik ilişkisine ulaşılamamıştır. BRICS-T ülkelerinde fosil enerji kullanımı azaltmak için karbon vergilendirmesi ve düzenlemeler kritik öneme sahiptir. Ülkelerin bu durumu göz önünde bulundurarak politika geliştirmesi çevresel risklerin azaltılması açısından önemlidir.

References

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  • MENYAH, K., NAZLIOGLU, S., & WOLDE-RUFAEL, Y. (2014). “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach”, Economic Modelling, 37: 386-394.
  • MERT, M., & BÖLÜK, G. (2016). “Do foreign direct investment and renewable energy consumption affect the CO2 emissions? New evidence from a panel ARDL approach to Kyoto Annex countries”, Environ Sci Pollut Res., 23(21): 21669–21681
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The Relationship between Foreign Direct Investment and Fossil Energy Consumption: Bootstrap Panel Causality Analysis in BRICS-T Countries

Year 2023, Volume: 7 Issue: 3, 1105 - 1122, 29.09.2023
https://doi.org/10.29023/alanyaakademik.1216550

Abstract

The aim of the study is to reveal the relationship between direct investment and fossil energy consumption in BRICS-T countries. In this study, which deals with the developing BRICS countries and Turkey, data from the World Bank, British Petrolium and World Development Indicators databases for the years 1992-2018 were used. Data were tested with Bootstrap Panel Causality analysis. It is understood that foreign direct investments in Russia and India cause an increase in the use of fossil energy. Increasing fossil energy consumption in China and South Africa causes more foreign direct investment to come to the countries. No causality relationship was found between foreign direct investment and fossil energy consumption in Brazil and Turkey. Carbon taxation and regulation are critical to reduce fossil energy use in BRICS-T countries. It is important for countries to develop policies considering this situation in terms of reducing environmental risks.

References

  • ACHARYYA, J. (2009). “FDI, growth and the environment: evidence from India on CO2 emission during the last two decades”, Journal of Econcomic Development, 34(1):43–58
  • AJIDE, K.B., & ADENIYI, O. (2010). “FDI and the environment in developing economies: evidence from Nigeria”, Environ Res Journal, 4(4): 291–297.
  • AKBOSTANCI, E., TUNÇ, G. İ., & TÜRÜT AŞIK, S. (2004). “İmalat Sanayi ve Kirlilik: Bir Kirli Endüstri Sığınağı Olarak Türkiye?”, Economic Research Center Working Paper in Economic, 04/03 T.: 3-18.
  • ALIYU, M.A. (2005). Foreign direct investment and the environment: pollution haven hypothesis revisited. In Eight Annual Conference on Global Economic Analysis, Lübeck, Germany.
  • AL-MULALI, U., & OZTURK, I. (2015). “The effect of energy consumption, urbanization, trade openness, industrial output, and the political stability on the environmental degradation in the MENA (Middle East and North African) region”, Energy, 84: 382–389.
  • AL-MULALI, U., & TANG, C. F. (2013). “Investigating the validity of pollution haven hypothesis in the gulf cooperation council (GCC) countries”, Energy Policy, 60, 813-819.
  • ALTINTAŞ, H., & MERCAN, M. (2015). “Ar-Ge harcamaları ve ekonomik büyüme ilişkisi: OECD ülkeleri üzerine yatay kesit bağımlılığı altında panel eşbütünleşme analizi”, Ankara Üniversitesi SBF Dergisi, 70(2), 345-376.
  • ASGHARI, M. (2013). “Does FDI promote MENA region’s environment quality? Pollution halo or pollution haven hypothesis”, Int J Sci Res Environ Sci, 1(6):92–100.
  • BAEK, J. (2016). “A new look at the FDI–income–energy–environment nexus: dynamic panel data analysis of ASEAN”, Energy Policy, 91: 22– 27.
  • BALSALOBRE-LORENTE, D., GOKMENOGLU, K.K., TASPINAR, N., & CANTOS-CANTOS, J.M. (2019). “An approach to the pollution haven and pollution halo hypotheses in MINT countries”, Environmental Science and Pollution Research, 26(22): 23010-23026. https://doi.org/10.1007/s11356-019-05446-x
  • BALTAGI, B. H. (2013). Econometric analysis of panel data. 5.ed. John Wiley & Sons Ltd.
  • BLANCO, L., GONZALEZ, F., & RUIZ, I. (2013). “The Impact of FDI on CO2 Emissions in Latin America”, Oxford Development Studies, 41(1): 104–121.
  • BREUSCH, T.S., & PAGAN, A.R. (1980). “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1): 239-253.
  • BRITISH PETROL (2022). Fossil Fuel Consumption. (Erişim Tarihi:15.03.2022). https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
  • CHANDRAN, V.G.R., & TANG, C. F. (2013). “The impacts of transport energy consumption, foreign direct investment and income on CO2 emissions in ASEAN-5 economies”, Renewable and Sustainable Energy Reviews, 24, 445-453.
  • DENG, Q. S., ALVARADO, R., CUESTA, L., TILLAGUANGO, B., MURSHED, M., REHMAN, A., ... & LÓPEZ-SÁNCHEZ, M. (2022). “Asymmetric impacts of foreign direct investment inflows, financial development, and social globalization on environmental pollution”, Economic Analysis and Policy, 76: 236-251.
  • DUMITRESCU, E.I., & HURLIN, C. (2012). “Testing for Granger non-causality in heterogeneous panels”, Economic modelling, 29(4): 1450-1460.
  • EMIRMAHMUTOGLU, F., & KOSE, N. (2011). “Testing For Granger Causality in Heterogeneous Mixed Panels”, Economic Modelling, 28(3): 870-876.
  • ESCOBAR, J.C., LORA, E.S., VENTURINI, O.J., YÁÑEZ, E.E., CASTILLO, E.F., & ALMAZAN, O. (2009). “Biofuels: environment, technology and food security”, Renew Sust Energ Rev., 13(6): 1275–1287.
  • ESMAEILI, P., LORENTE, D. B., & ANWAR, A. (2023). “Revisiting the environmental Kuznetz curve and pollution haven hypothesis in N-11 economies: Fresh evidence from panel quantile regression”, Environmental Research, 115844. https://doi.org/10.1016/j.envres.2023.115844
  • FANG, G., TIAN, L., FU, M., & SUN, M. (2013). “The impacts of carbon tax on energy intensity and economic growth—a dynamic evolution analysis on the case of China. Appl Energy 110:17–28
  • GÖKMENOĞLU, K., & TASPINAR, N. (2015). “The relationship between CO2 emissions, energy consumption, economic growth and FDI: the case of Turkey”, J Int Trade Econ Dev, 25(5): 706–723.
  • GRANGER, C.W. (1969). “Investigating causal relations by econometric models and cross-spectral methods”, Econometrica: journal of the Econometric Society, 424-438.
  • GROSSMAN, G.M., & KRUEGER, A.B. (1991). “Environmental impacts of a North American free trade agreement. National Bureau of Economic Research Working Paper”, 3914; NBER, Cambridge MA.
  • HACIİMAMOĞLU, T. (2022). “BRICS-T Ülkelerinde Ekonomik Büyüme, Doğrudan Yabancı Yatırım ve Çevresel Kirlilik İlişkisi: Çevresel Kuznets Eğrisi ve Kirlilik Sığınağı Hipotezlerinin Ampirik Analizi”, Fiscaoeconomia, 6(3): 1457-1478. https://doi.org/ 10.25295/fsecon.1088461
  • HAO, Y., & LIU, Y.M. (2015). “Has the development of FDI and foreign trade contributed to China’s CO2 emissions? An empirical study with provincial panel data”, Nat Hazards, 76(2): 1079–1091.
  • HOFFMANN, R., LEE, C.G., RAMASAMY. B., & YEUNG, M. (2005). “FDI and pollution: a granger causality test using panel data”, The Journal of the Development Studies Association, 17(3): 311-317. IMF (2009). Balance of and ınternational investment position manual. Washington.
  • KARLUK, S.R., (2003). Uluslararası ekonomi, teori ve politika. 1.Baskı, Beta Yayınları, İstanbul.
  • KILIÇARSLAN, Z., & DUMRUL, Y. (2017). “Foreign direct investments and CO2 emissions relationship: the case of Turkey”, Bus Econ Res Journal, 8(4): 647–660.
  • KIRKULAK, B., QUI, B., & YIN, W. (2011). “The Impact of FDI on Air Quality: Evidence from China”, Journal of Chinese Economic and Foreign Trade Studies, 4(2): 81-98.
  • KOÇAK, E., & ŞARKGÜNEŞI, A. (2018). “The impact of foreign direct investment on CO2 emissions in Turkey: new evidence from cointegration and bootstrap causality analysis”, Environ Sci Pollut Res., 25: 790–804.
  • KONYA, L. (2006). “Exports and growth: Granger causality analysis on OECD countries with a panel data approach”, Economic Modelling, 23(6): 978-992. doi:10.1016/j.econmod.2006.04.008
  • LAN, J., KAKINAKA, M., & HUANG, X. (2012). “Foreign direct investment, human capital and environmental pollution in China”, Environ Resour Econ, 51(2): 255–275
  • LAU, L.S., CHOONG, C.K., & ENG, Y.K. (2014). “Investigation of the environmental Kuznets curve for carbon emissions in Malaysia: do foreign direct investment and trade matter?”, Energy Policy, 68: 490–497
  • LEE, C.G. (2009). “Foreign direct investment, pollution and economic growth: evidence from Malaysia”, Appl Econ 41(13): 1709–1716. https://doi.org/10.1080/00036840701564376
  • LEE, J.W., & BRAHMASRENE, T. (2013). “Investigating the influence of tourism on economic growth and carbon emissions: evidence from panel analysis of the European Union”, Tour Manag, 38: 69–76.
  • LIN, B., & LI, X. (2011). “The effect of carbon tax on per capita CO2 emissions”, Energy Policy, 39(9): 5137–5146.
  • MAROUFI, N., & HAJILARY, N. (2022). “The impacts of economic growth, foreign direct investments, and gas consumption on the environmental Kuznets curve hypothesis CO2 emission in Iran”, Environmental Science and Pollution Research, 1-14.
  • MASLIN, M. (2004). Global Warming: A Very Short Introduction. Oxford University Press, Oxford.
  • MERT, M., & CAGLAR, A. E. (2020). “Testing pollution haven and pollution halo hypotheses for Turkey: a new perspective”, Environmental Science and Pollution Research, 27, 32933-32943.
  • MENYAH, K., NAZLIOGLU, S., & WOLDE-RUFAEL, Y. (2014). “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from A Panel Causality Approach”, Economic Modelling, 37: 386-394.
  • MERT, M., & BÖLÜK, G. (2016). “Do foreign direct investment and renewable energy consumption affect the CO2 emissions? New evidence from a panel ARDL approach to Kyoto Annex countries”, Environ Sci Pollut Res., 23(21): 21669–21681
  • MERT, M., & CAGLAR, A. E. (2020). “Testing pollution haven and pollution halo hypotheses for Turkey: a new perspective”, Environmental Science and Pollution Research, 27(26): 32933-32943.
  • NAZLIOGLU, S., LEBE, F., & KAYHAN, S. (2011). “Nuclear energy consumption and economic growth in OECD countries: Cross-sectionally dependent heterogeneous panel causality analysis”, Energy Policy, 39(10), 6615-6621.
  • OECD (2008). “OECD Benchmark definition of foreşgn direct investment. 4th Edition, Paris.
  • OMRI, A. (2014). “An international literature survey on energy-economic growth nexus: evidence from country-specific studies”, Renew Sustain Energy Review, 38: 951–959.
  • PESARAN, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Institute for the Study of Labor.
  • PESARAN, M. H., ULLAH, A., & YAMAGATA, T. (2008). “A Bias‐Adjusted LM Test of Error Cross‐SectionIndependence”, The Econometrics Journal, 11(1): 105–127.
  • ŞAHIN, D. (2015). “Çin’de Doğrudan Yabancı Sermaye Yatırımları Ve Ekonomik Büyüme İlişkisinin Analizi, Uluslararası Sosyal Araştırmalar Dergisi”, 8(41): 1296-1302.
  • ŞEKER, F., ERTUGRUL, H.M., & ÇETIN, M. (2015). “The impact of foreign direct investment on environmental quality: a bounds testing and causality analysis for Turkey”, Renew Sust Energ Rev, 52: 347–356
  • SHAARI, M.S., HUSSAIN, N.E., ABDULLAH, H., & KAMIL, S. (2014). “Relationship among foreign direct investment, economic growth and CO2 emission: a panel data analysis”, Int J Energy Econ Policy, 4(4): 706–715.
  • SHAHBAZ, M., NASREEN, S., & AFZA, T. (2011). “Environmental Consequences of Econmic Growth and Foreign Direct Investment: Evidence from Panel Data Analysis”, MPRA Paper No.32547, 1-16.
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There are 65 citations in total.

Details

Primary Language Turkish
Subjects Economics, Finance
Journal Section Makaleler
Authors

Abdulmuttalip Pilatin 0000-0002-2293-2808

Publication Date September 29, 2023
Acceptance Date July 18, 2023
Published in Issue Year 2023 Volume: 7 Issue: 3

Cite

APA Pilatin, A. (2023). Doğrudan Yabancı Yatırım ve Fosil Enerji Tüketimi İlişkisi: BRICS-T Ülkelerinde Bootstrap Panel Nedensellik Analizleri. Alanya Akademik Bakış, 7(3), 1105-1122. https://doi.org/10.29023/alanyaakademik.1216550