Araştırma Makalesi
The Relationship between Sustainable Development Index and Financial Development and Globalization in Developed and Developing Countries
Öz
Bu çalışma son yıllarda yaşanan çevresel felaketler ve iklim olayları ile birlikte ülkelerin büyümesinde sürdürülebilir kalkınma hedeflerinin önemine dikkat çekmektedir. Hickel (2020) insani gelişmişlik göstergesine ek olarak yaşam süresi, eğitim ve gelir ile birlikte CO2 emisyonu ve karbon ayak izi verilerini içeren ülkelerin sürdürülebilir gelişmişliğini içine alan Sürdürülebilir Gelişmişlik Endeksi’ni (SDI) oluşturmuştur. Bu çalışma, 1990-2019 yılları arasında gelişmiş ve gelişmekte olan ülkelerin SDI ile Küreselleşme Endeksi ve finansal gelişmişlik arasındaki ilişkiyi incelemeyi amaçlamaktadır. Ortalama Grup (MG) testi sonucunda gelişmiş ve gelişmekte olan ülkelerde hata düzeltme parametresinin negatif ve istatistiksel olarak anlamlı olduğuna ulaşılmaktadır. Gelişmiş ve gelişmekte olan ülkelerde küreselleşme artıkça uzun dönemde SDI da artmaktadır. Finansal gelişmişlik gelişmiş ve gelişmekte olan ülkeler için uzun dönemde SDI’yı negatif etkilemektedir. Bütün ülkelerin küreselleşme sürecine dahil olması ile karbon emisyonlarının azaltılmasına ve sürdürülebilir kalkınma hedefine ulaşılmasına katkıda bulunulacağı öngörülmektedir.
Anahtar Kelimeler
Sürdürülebilir Gelişmişlik Endeksi Finansal Gelişmişlik Panel Veri Analizi ve Küreselleşme
Kaynakça
- Anwar, S., Shabir, G., & Hussain, Z. (2011). Relationship between financial sector development and sustainable economic development: Time series analysis from Pakistan. International Journal of Economics and Finance, 3(1), 262–270. https://doi.org/10.5539/ijef.v3n1p262
- Ashwin Kumar, N.C., Smith, C., Badis, L., Wang, N., Ambrosy, P., & Tavares, R. (2016). ESG factors and risk-adjusted performance: A new quantitative model. Journal of Sustainable Finance and Investment, 6(4), 292–300. https://doi.org/10.1080/20430795.2016.1234909
- Ayres, R.U., Van Den Bergh, J.C.J.M., & Gowdy, J.M. (2001). Strong versus weak sustainability: Economics, natural sciences, and “consilience.” Environmental Ethics, 23(2), 155–168. https://doi.org/10.5840/enviroethics200123225
- Baru, S. (1998). Mahbub ul haq and human development: A tribute. Economic and Political Weekly, 33(35), 2275–2279. http://www.jstor.org/stable/4407121
- 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. https://doi.org/10.2307/2297111
- Brundtland Report. (1987). Our common future (‘the brundtland report’): World commission on environment and development. In the top 50 sustainability books. https://doi.org/10.9774/gleaf.978-1-907643-44-6_12
- Chen, Y., Zhao, J., Lai, Z., Wang, Z., & Xia, H. (2019). Exploring the effects of economic growth, and renewable and non-renewable energy consumption on China’s CO₂ emissions: Evidence from a regional panel analysis. Renewable Energy, 140, 341–353. https://doi.org/10.1016/j.renene.2019.03.058
- Din, S.U., Khan, M.Y., Khan, M.J., & Nilofar, M. (2022). Nexus between sustainable development, adjusted net saving, economic growth, and financial development in South Asian emerging economies. Journal of the Knowledge Economy, 13(3), 2372–2385. https://doi.org/10.1007/s13132-021-00818-6
- Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38(10), 1091–1110. https://doi.org/10.1080/00036840500392078
- Dumitrescu, E.I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
- Furuoka, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430–444. https://doi.org/10.1016/j.rser.2015.07.120
- Goodland, R., & Daly, H. (1996). Environmental sustainability: Universal and non-negotiable. Ecological Applications, 6(4), 1002–1017.
- Gygli, S., Haelg, F., Potrafke, N., & Sturm, J. (2019). The KOF globalisation index. The Review of International Organizations, 14, 543–574.
- Hao, Y. (2022). Effect of economic indicators, renewable energy consumption and human development on climate change: An empirical analysis based on panel data of selected countries. Frontiers in Energy Research, 10(March), 1–19. https://doi.org/10.3389/fenrg.2022.841497
- Haseeb, A., Xia, E., Danish, Baloch, M.A., & Abbas, K. (2018). Financial development, globalization, and CO₂ emission in the presence of EKC: evidence from BRICS countries. Environmental Science and Pollution Research, 25(31), 31283–31296. https://doi.org/10.1007/s11356-018-3034-7
- Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. http://www.jstor.org/stable/1913827%5Cnhttp://www.jstor.org/%5Cnhttp://www.jstor.org/action/showPublisher?publisherCode=econosoc.%5Cnhttp://www.jstor.org
- Hediger, W. (2006). Weak and strong sustainability, environmental conservation and economic growth. Natural Resource Modeling, 19(3), 359–394. https://doi.org/10.1111/j.1939-7445.2006.tb00185.x
- Hickel, J. (2020). The sustainable development index: Measuring the ecological efficiency of human development in the anthropocene. Ecological Economics, 167(May 2019), 106331. https://doi.org/10.1016/j.ecolecon.2019.05.011
- Kandlikar, M. (1995). The relative role of trace gas emissions in greenhouse abatement policies. Energy Policy, 23(10), 879–883. https://doi.org/10.1016/0301-4215(95)00108-U
- Kelley, A.C. (1991). The human development index : "handle with care". Population and Development Review (English Edition), 17(2), 315–324.
- Khan, D., & Ullah, A. (2019). Testing the relationship between globalization and carbon dioxide emissions in Pakistan: Does environmental Kuznets curve exist? Environmental Science and Pollution Research, 15194–15208. https://doi.org/10.1007/s11356-019-04913-9
- Kovacevic, M.S. (2014). Review of hdi critiques and potential improvements. New York.
- Kwatra, S., Kumar, A., & Sharma, P. (2020). A critical review of studies related to construction and computation of sustainable development indices. Ecological Indicators, 112(January), 106061. https://doi.org/10.1016/j.ecolind.2019.106061
- Leitão, N.C., & Shahbaz, M. (2013). Carbon dioxide emissions, urbanization and globalization: A dynamic panel data. The Economic Research Guardian, 3(1), 22–32.
- Liu, M., Ren, X., Cheng, C., & Wang, Z. (2020). The role of globalization in CO₂ emissions: A semi-parametric panel data analysis for G7. Science of the Total Environment, 718, 137379. https://doi.org/10.1016/j.scitotenv.2020.137379
- Monacelli, T., & Lovino, L. (2012). Financial development and human development index (Issue February). University of Bocconi.
- Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels. SSRN Electronic Journal, 1240. https://doi.org/10.2139/ssrn.572504
- Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal Of Applied Econometrics, 22, 265–312. https://doi.org/10.1002/jae
- Pesaran, M.H., Shin, Y., & Smith, R.P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621–634. https://doi.org/10.1080/01621459.1999.10474156
- Pesaran, M.H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79–113. https://doi.org/10.1016/0304-4076(94)01644-F
- Pesaran, M.H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
- Pope, J., Annandale, D., & Morrison-Saunders, A. (2004). Conceptualising sustainability assessment. Environmental Impact Assessment Review, 24(6), 595–616. https://doi.org/10.1016/j.eiar.2004.03.001
- Rani, T., Amjad, M.A., Asghar, N., & Rehman, H.U. (2022). Exploring the moderating effect of globalization, financial development and environmental degradation nexus: A roadmap to sustainable development. Environment, Development and Sustainability, 0123456789. https://doi.org/10.1007/s10668-022-02676-x
- Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999–1006. https://doi.org/10.1016/j.enpol.2010.11.034
- Sagar, A.D., & Najam, A. (1998). The human development index: A critical review. Ecological Economics, 25(3), 249–264. https://doi.org/10.1016/S0921-8009(97)00168-7
- Sasa, O. (2013). Financial development and human development in the European Union. In Theses and Dissertations (Issue December). University of North Dakota.
- Sehrawat, M., & Giri, A.K. (2014). The relationship between financial development indicators and human development in India. International Journal of Social Economics, 41(12), 1194–1208. https://doi.org/10.1108/IJSE-11-2013-0268
- Shahbaz, M., Khan, S., Ali, A., & Bhattacharya, M. (2015). The impact of globalization on CO₂ emissions in China. Munich Personal RePEc Archive, 64450, 0–28. https://mpra.ub.uni-muenchen.de/64450/
- Shahbaz, M., Shahzad, S.J.H., & Mahalik, M.K. (2018). Is globalization detrimental to CO₂ emissions in Japan? New threshold analysis. Environmental Modeling and Assessment, 23(5), 557–568. https://doi.org/10.1007/s10666-017-9584-0
- Solomon, S., Plattner, G.K., Knutti, R., & Friedlingstein, P. (2009). Irreversible climate change due to carbon dioxide emissions. Proceedings of the National Academy of Sciences of the United States of America, 106(6), 1704–1709. https://doi.org/10.1073/pnas.0812721106
- Sutton, P. (2004). A perspective on environmental sustainability? A paper for the victorian commissioner for environmental sustainability, 1–32
- Wang, Z., Danish, Zhang, B., & Wang, B. (2018). Renewable energy consumption, economic growth and human development index in Pakistan: Evidence form simultaneous equation model. Journal of Cleaner Production, 184, 1081–1090. https://doi.org/10.1016/j.jclepro.2018.02.260
The Relationship between Sustainable Development Index and Financial Development and Globalization in Developed and Developing Countries
Öz
This study draws attention to the importance of sustainable development goals in the growth of countries along with environmental disasters and climate events in recent years. In addition to the human development indicator, Hickel (2020) created the Sustainable Development Index (SDI), which includes the sustainable development of countries, including life expectancy, education and income, as well as CO2 emissions and carbon footprint data. This study aims to examine the relationship between SDI, Globalization Index and financial development of developed and developing countries in the 1990-2019. As a result of the Mean Group (MG) test, it is found that the error correction parameter is negative and statistically significant in developed and developing countries. As globalization increases in developed and developing countries, SDI also increases in the long run. Financial development affects SDI negatively in the long run for developed and developing countries. It is predicted that with the inclusion of all countries in the globalization process, it will contribute to the reduction of carbon emissions and the achievement of the goal of sustainable development.
Anahtar Kelimeler
Sustainable Development Index Financial Development Panel Data Analysis and Globalization
Kaynakça
- Anwar, S., Shabir, G., & Hussain, Z. (2011). Relationship between financial sector development and sustainable economic development: Time series analysis from Pakistan. International Journal of Economics and Finance, 3(1), 262–270. https://doi.org/10.5539/ijef.v3n1p262
- Ashwin Kumar, N.C., Smith, C., Badis, L., Wang, N., Ambrosy, P., & Tavares, R. (2016). ESG factors and risk-adjusted performance: A new quantitative model. Journal of Sustainable Finance and Investment, 6(4), 292–300. https://doi.org/10.1080/20430795.2016.1234909
- Ayres, R.U., Van Den Bergh, J.C.J.M., & Gowdy, J.M. (2001). Strong versus weak sustainability: Economics, natural sciences, and “consilience.” Environmental Ethics, 23(2), 155–168. https://doi.org/10.5840/enviroethics200123225
- Baru, S. (1998). Mahbub ul haq and human development: A tribute. Economic and Political Weekly, 33(35), 2275–2279. http://www.jstor.org/stable/4407121
- 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. https://doi.org/10.2307/2297111
- Brundtland Report. (1987). Our common future (‘the brundtland report’): World commission on environment and development. In the top 50 sustainability books. https://doi.org/10.9774/gleaf.978-1-907643-44-6_12
- Chen, Y., Zhao, J., Lai, Z., Wang, Z., & Xia, H. (2019). Exploring the effects of economic growth, and renewable and non-renewable energy consumption on China’s CO₂ emissions: Evidence from a regional panel analysis. Renewable Energy, 140, 341–353. https://doi.org/10.1016/j.renene.2019.03.058
- Din, S.U., Khan, M.Y., Khan, M.J., & Nilofar, M. (2022). Nexus between sustainable development, adjusted net saving, economic growth, and financial development in South Asian emerging economies. Journal of the Knowledge Economy, 13(3), 2372–2385. https://doi.org/10.1007/s13132-021-00818-6
- Dreher, A. (2006). Does globalization affect growth? Evidence from a new index of globalization. Applied Economics, 38(10), 1091–1110. https://doi.org/10.1080/00036840500392078
- Dumitrescu, E.I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
- Furuoka, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430–444. https://doi.org/10.1016/j.rser.2015.07.120
- Goodland, R., & Daly, H. (1996). Environmental sustainability: Universal and non-negotiable. Ecological Applications, 6(4), 1002–1017.
- Gygli, S., Haelg, F., Potrafke, N., & Sturm, J. (2019). The KOF globalisation index. The Review of International Organizations, 14, 543–574.
- Hao, Y. (2022). Effect of economic indicators, renewable energy consumption and human development on climate change: An empirical analysis based on panel data of selected countries. Frontiers in Energy Research, 10(March), 1–19. https://doi.org/10.3389/fenrg.2022.841497
- Haseeb, A., Xia, E., Danish, Baloch, M.A., & Abbas, K. (2018). Financial development, globalization, and CO₂ emission in the presence of EKC: evidence from BRICS countries. Environmental Science and Pollution Research, 25(31), 31283–31296. https://doi.org/10.1007/s11356-018-3034-7
- Hausman, J.A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. http://www.jstor.org/stable/1913827%5Cnhttp://www.jstor.org/%5Cnhttp://www.jstor.org/action/showPublisher?publisherCode=econosoc.%5Cnhttp://www.jstor.org
- Hediger, W. (2006). Weak and strong sustainability, environmental conservation and economic growth. Natural Resource Modeling, 19(3), 359–394. https://doi.org/10.1111/j.1939-7445.2006.tb00185.x
- Hickel, J. (2020). The sustainable development index: Measuring the ecological efficiency of human development in the anthropocene. Ecological Economics, 167(May 2019), 106331. https://doi.org/10.1016/j.ecolecon.2019.05.011
- Kandlikar, M. (1995). The relative role of trace gas emissions in greenhouse abatement policies. Energy Policy, 23(10), 879–883. https://doi.org/10.1016/0301-4215(95)00108-U
- Kelley, A.C. (1991). The human development index : "handle with care". Population and Development Review (English Edition), 17(2), 315–324.
- Khan, D., & Ullah, A. (2019). Testing the relationship between globalization and carbon dioxide emissions in Pakistan: Does environmental Kuznets curve exist? Environmental Science and Pollution Research, 15194–15208. https://doi.org/10.1007/s11356-019-04913-9
- Kovacevic, M.S. (2014). Review of hdi critiques and potential improvements. New York.
- Kwatra, S., Kumar, A., & Sharma, P. (2020). A critical review of studies related to construction and computation of sustainable development indices. Ecological Indicators, 112(January), 106061. https://doi.org/10.1016/j.ecolind.2019.106061
- Leitão, N.C., & Shahbaz, M. (2013). Carbon dioxide emissions, urbanization and globalization: A dynamic panel data. The Economic Research Guardian, 3(1), 22–32.
- Liu, M., Ren, X., Cheng, C., & Wang, Z. (2020). The role of globalization in CO₂ emissions: A semi-parametric panel data analysis for G7. Science of the Total Environment, 718, 137379. https://doi.org/10.1016/j.scitotenv.2020.137379
- Monacelli, T., & Lovino, L. (2012). Financial development and human development index (Issue February). University of Bocconi.
- Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels. SSRN Electronic Journal, 1240. https://doi.org/10.2139/ssrn.572504
- Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal Of Applied Econometrics, 22, 265–312. https://doi.org/10.1002/jae
- Pesaran, M.H., Shin, Y., & Smith, R.P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621–634. https://doi.org/10.1080/01621459.1999.10474156
- Pesaran, M.H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79–113. https://doi.org/10.1016/0304-4076(94)01644-F
- Pesaran, M.H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
- Pope, J., Annandale, D., & Morrison-Saunders, A. (2004). Conceptualising sustainability assessment. Environmental Impact Assessment Review, 24(6), 595–616. https://doi.org/10.1016/j.eiar.2004.03.001
- Rani, T., Amjad, M.A., Asghar, N., & Rehman, H.U. (2022). Exploring the moderating effect of globalization, financial development and environmental degradation nexus: A roadmap to sustainable development. Environment, Development and Sustainability, 0123456789. https://doi.org/10.1007/s10668-022-02676-x
- Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999–1006. https://doi.org/10.1016/j.enpol.2010.11.034
- Sagar, A.D., & Najam, A. (1998). The human development index: A critical review. Ecological Economics, 25(3), 249–264. https://doi.org/10.1016/S0921-8009(97)00168-7
- Sasa, O. (2013). Financial development and human development in the European Union. In Theses and Dissertations (Issue December). University of North Dakota.
- Sehrawat, M., & Giri, A.K. (2014). The relationship between financial development indicators and human development in India. International Journal of Social Economics, 41(12), 1194–1208. https://doi.org/10.1108/IJSE-11-2013-0268
- Shahbaz, M., Khan, S., Ali, A., & Bhattacharya, M. (2015). The impact of globalization on CO₂ emissions in China. Munich Personal RePEc Archive, 64450, 0–28. https://mpra.ub.uni-muenchen.de/64450/
- Shahbaz, M., Shahzad, S.J.H., & Mahalik, M.K. (2018). Is globalization detrimental to CO₂ emissions in Japan? New threshold analysis. Environmental Modeling and Assessment, 23(5), 557–568. https://doi.org/10.1007/s10666-017-9584-0
- Solomon, S., Plattner, G.K., Knutti, R., & Friedlingstein, P. (2009). Irreversible climate change due to carbon dioxide emissions. Proceedings of the National Academy of Sciences of the United States of America, 106(6), 1704–1709. https://doi.org/10.1073/pnas.0812721106
- Sutton, P. (2004). A perspective on environmental sustainability? A paper for the victorian commissioner for environmental sustainability, 1–32
- Wang, Z., Danish, Zhang, B., & Wang, B. (2018). Renewable energy consumption, economic growth and human development index in Pakistan: Evidence form simultaneous equation model. Journal of Cleaner Production, 184, 1081–1090. https://doi.org/10.1016/j.jclepro.2018.02.260
Toplam 42 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Finans |
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Ocak 2024 |
| Kabul Tarihi | 20 Ocak 2024 |
| Yayımlandığı Sayı | Yıl 2024 Cilt: 8 Sayı: 1 |