THE NEXUS BETWEEN FINANCIAL DEVELOPMENT AND CARBON EMISSION: SYSTEM GMM APPROACH

Year 2019, , 1 - 16, 30.12.2019

Deniz Güvercin

https://doi.org/10.11611/yead.497559

Abstract

The study examines empirically the nexus between financial development and carbon emission by giving particular emphasis the non-linear relations. To this purpose we used data for 52 countries over the period 2001-2014 and estimated the empirical model with system GMM method. The results indicate the validity of environmental Kuznets curve, and the positive significant effect of urban population and electric consumption on the carbon emission. Results indicate that there is U shaped relation between financial development and carbon emission indicating that at higher stages of financial development carbon emission increases by increasing rates. Moreover, the interaction variable between financial development and GDP per capita is positive significant. 

Keywords

Financial Development, Carbon Emission, System GMM, Environmental Kuznets Curve

FİNANSAL GELİŞME VE KARBON SALINIMI İLİŞKİSİ: SİSTEM GMM YAKLAŞIMI

Abstract

Bu çalışma finansal gelişme ve karbon salınımı arasındaki ilişkiyi  özellikle doğrusal olmayan ilişkilere yer verilerek uygulamalı olarak incelemeyi amaçlamaktadır. Bu amaca uygun olarak 52 ülke verisini 2001-2014 dönemi için tasarlanan ekonometrik model çerçevesinde  Sistem GMM yaklaşımı ile tahmin ettik. Sonuçlar, çevresel Kuznets eğrisinin varlığını ve şehirsel nüfusun ve elektrik tüketiminin karbon salınımı üzerine pozitif etkilerini göstermiştir. Sonuçlar, finansal gelişme ve karbon salınımı arasında U-biçiminde bir ilişkinin olduğunu ve finansal gelişmenin yüksek aşamalarında karbon salınımın yüksek derecelerde arttığını göstermiştir. İlaveten, kişi başına Gayrisafi Yurtiçi Hasıla ve finansal gelişme arasındaki etkileşimin katsayısı pozitiftir.

Keywords

Finansal Gelişme, Karbon Salınımı, Sistem GMM, Çevresel Kuznets Eğirisi

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