Environmental quality and economic growth: A panel analysis of the "U" in Kuznets
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
The primary motivation behind this study was to search for evidence of the link between environmental quality and economic growth so as to answer the relevant question of whether economic growth alone could serve as a long-run solution to environmental damage as implied by the EKC hypothesis. Here we analyze the relationship using a panel of 47 countries over the period 1970-2008. Using Random-effect estimation and two-stage least squares, our results lead to the following conclusions: relying on a quadratic model can easily mislead researchers to ratify the existence of EKC; the EKC hypothesis ceased to hold whenever an alternative functional form (cubic) is employed. At best, the relationship between economic growth and environmental quality is shown to be typified by an N-shaped curve. The paper maintains that simply waiting for an automatic arrival of a delinking point for environmental damage given long-run growth will not be a feasible solution to environmental quality. Proactive policies and measures are required to mitigate the problem.
Abstract
The primary motivation behind this study was to search for evidence of the link between environmental quality and economic growth so as to answer the relevant question of whether economic growth alone could serve as a long-run solution to environmental damage as implied by the EKC hypothesis. Here we analyze the relationship using a panel of 47 countries over the period 1970-2008. Using Random-effect estimation and two-stage least squares, our results lead to the following conclusions: relying on a quadratic model can easily mislead researchers to ratify the existence of EKC; the EKC hypothesis ceased to hold whenever an alternative functional form (cubic) is employed. At best, the relationship between economic growth and environmental quality is shown to be typified by an N-shaped curve. The paper maintains that simply waiting for an automatic arrival of a delinking point for environmental damage given long-run growth will not be a feasible solution to environmental quality. Proactive policies and measures are required to mitigate the problem.
참고문헌 (32)
- Agras, J., "A dynamic approach to the environmental Kuznets curve hypothesis", Ecological Economics, (28), pp.267~277 (1999)
- Akpan, G.E., "Electricity consumption, carbon emissions and economic growth in Nigeria", International Journal of Energy Economics and Policy, 2(4), pp.292~306 (2012)
- Akpan, U.F., "What are the growth effect of foreign direct investment and trade in WAMZ?", European Journal of Business and Management, 5(17), pp.134~145 (2013)
- Akpan, U.F., "Green Energy and Energy Security: Options for Africa", pp.212~234 (2011)
- Beckerman, W., "Economic growth and the environment: Whose growth? Whose environment?", World Development, 20(4), pp.481~496 (1992)
- Breitung, J., "Breitung, J., "Nonparametric tests for unit roots and cointegration", Journal of Econometrics, 108(2), pp.343~363 (2002)
- Caviglia-Harris, J. L., "Taking the "U" out of Kuznets: A comprehensive analysis of the EKC and environmental degradation", Ecological Economics, pp.1149~1159 (2009)
- Choi, I., "Unit root tests for panel data", Journal of International Money and Finance, 20, pp.249~272 (2001)
- Cole, M.A., "US environmental load displacement: Examining consumption, regulations and the role of NAFTA", Ecological Economics, 48(4), pp.439~450 (2004)
- De Bruyn, S.M., "Economic growth and emissions: Reconsidering the empirical basis of environmental Kuznets curves", Ecological Economics, 25, pp.161~175 (1998)
- Friedl, B., "Determinants of CO2 emissions in a small open economy", Ecological Economics, 45, pp.133~148 (2003)
- Galeotti, M., "Desperately seeking (environmental) Kuznets", 1998 World Congress of Environmental and Resource Economics (1999)
- Grossman, G., "Environmental impacts of the North American Free Trade Agreement" (1991), NBER
- Grossman, G., "Economic growth and the environment", Quarterly Journal of Economics, 110(2), pp.352~377 (1995)
- Gujarati, D., "Basic econometrics" (2009), McGraw Hill Publishers
- He, L., "Environmental Kuznets curve for CO2 in Canada", Ecological Economics, 69, pp.1083~1093 (2010)
- Heil, M.T., "Carbon emissions and economic development: Future trajectories based on historical experience", Environment and Development Economics, 6(1), pp.63~83 (2001)
- Holtz-Eakin, D., "Stoking the fires? CO2 emissions and economic growth", Journal of Public Economics, 57, pp.85~101 (1995)
- "World Energy Outlook" (2013)[URL]
- Im, K., "Testing for unit roots in heterogeneous panels", Journal of Econometrics, 115(1), pp.53~74 (2003)
- Levin, A., "Unit root tests in panel data: Asymptotic and finite-sample properties", Journal of Econometrics, 108(1), pp.1~24 (2002)
- Maddala, G.S., "A comparative study of unit root tests with panel data and a new simple test", Oxford Bulletin of Economics and Statistics, 61, pp.631~652 (1999)
- Matinez-Zerzoso, I., "Pooled mean group estimation for an environmental Kuznets curve for CO2", Economic Letters, 82, pp.121~126 (2004)
- Munasinghe, M., "Is environmental degradation an inevitable consequence of economic growth: Turning through the environmental Kuznets curve", Ecological Economics, 29, pp.89~109 (1999)
- Empirical tests and policy analysis of environmental degradation at different stages of economic development, "Panayotou, T", Geneva: International Labor Office, Technology and Employment Programme, ~ (1993)
- Pedroni, P., "Fully modified OLS for heterogeneous cointegrated panels", Advances in Econometrics, 15, pp.93~130 (2004)
- Phillips, P., "Testing for a unit root in time series regression", Biometrica, 75(2), pp.335~346 (1988)
- Sengupta, E., "CO2 emission-income relationship: Policy approach for climate control", Pacific and Asian Journal of Energy, 7, pp.207~229 (1996)
- Economic growth and environmental quality: Time series and cross-country evidence, "Shafik, N", World Bank, ~ (1992)
- Stern, D. I., "The rise and fall of the environmental Kuznets curve", World Development, 32, pp.1419~1439 (2004)
- Stern, D.I., "Economic growth and environmental degradation: A critique of the environmental Kuznets curve", World Development, 24, pp.1151~1160 (1996)
- World Development Indicators, "Global Development Financ", World Bank, 2012