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Öğe Does financial development reduce environmental degradation? Evidence from a panel study of 129 countries(SPRINGER HEIDELBERG, 2015) Al-mulali, Usama; Tang, Chor Foon; Öztürk, İlhanThe purpose of this study is to explore the effect of financial development on CO2 emission in 129 countries classified by the income level. A panel CO2 emission model using urbanisation, GDP growth, trade openness, petroleum consumption and financial development variables that are major determinants of CO2 emission was constructed for the 1980-2011 period. The results revealed that the variables are cointegrated based on the Pedroni cointegration test. The dynamic ordinary least squares (OLS) and the Granger causality test results also show that financial development can improve environmental quality in the short run and long run due to its negative effect on CO2 emission. The rest of the determinants, especially petroleum consumption, are determined to be the major source of environmental damage in most of the income group countries. Based on the results obtained, the investigated countries should provide banking loans to projects and investments that can promote energy savings, energy efficiency and renewable energy to help these countries reduce environmental damage in both the short and long run.Öğe Energy consumption and economic growth in Vietnam(PERGAMON-ELSEVIER SCIENCE LTD, 2016) Tang, Chor Foon; Tan, Bee Wah; Öztürk, İlhanThis study attempts to analyse the relationship between energy consumption and economic growth in Vietnam using the neoclassical Solow growth framework for the 1971-2011 period. The concept and methods of cointegration and Granger causality are used to establish the relationship between the variables of interest. Our results confirm the existence of cointegration among the variables. In particular, energy consumption, FDI and capital stock were found positively influence economic growth in Vietnam. The Granger causality test revealed unidirectional causality running from energy consumption to economic growth. Hence, Vietnam is an energy-dependent economy and any energy or environment policy drawn up in an attempt to conserve energy will jeopardise the process of economic development in Vietnam. For this reason, the renewable energy policy should be given attention to provide sufficient supplies of energy to speed up economic expansion. Investment in R&D may be required to incentivise private/public institutions to engage in this innovation, while the awareness for energy-saving policy among public could be integrated to meet social economic developmentÖğe Estimating the environment Kuznets Curve hypothesis: evidence from Latin America and the caribbean countries(PERGAMON-ELSEVIER SCIENCE LTD, 2015) Al-mulali, Usama; Tang, Chor Foon; Öztürk, İlhanThis study explores the effect of economic growth (GDP), renewable energy consumption (RE) and financial development (FD) on CO2 emission (CO2) in Latin America and Caribbean countries. To achieve this goal, a panel CO2 model was built over the period 1980-2010. The Kao cointegration test results revealed that the variables are cointegrated. The Fully Modified OLS (FMOLS) results indicated an inverted U-shape relationship between CO2 and GDP, thus confirming the Environmental Kuznets Curve hypothesis. Furthermore, FMOLS results also revealed that FD can improve environmental quality by its negative long-run effect on CO2. However, RE has no long-run effect on CO2 indicating that the RE does not contribute to CO2 reduction. The VECM Granger causality results revealed feedback causality between GDP, RE, FD and CO2 in both short- and long-run. Additionally, Granger causality results also revealed that RE, GDP, and FD can be a good solution to reduce environmental damage since they have a causal effect on CO2. This study shows the investigated countries should increase their banking loans on green energy, energy efficiency and energy saving projects to reduce environmental damage. In addition, the above recommendation can increase the contribution of renewable energy in reducing environmental damage .Öğe How stable is the export-led growth hypothesis? evidence from Asia's four little dragons(ELSEVIER SCIENCE BV, 2015) Tang, Chor Foon; Lai, Yew Wah; Öztürk, İlhanThis study re-investigates the export-led growth hypothesis for Asia's Four Little Dragons using cointegration and rolling causality analyses. Employing both bivariate (exports and GDP) and trivariate (exports, GDP and exchange rate) models, the study finds that exports and GDP are cointegrated for all the four economies, implying that there is a long run relationship between the variables. However, the rolling regression-based MWALD test shows that export-led growth in each of the four economies is not stable over their respective period of analysis. Instead of export, policymakers should start to search for alternative catalyst of growth to continuously as well as effectively promote long-term economic growth in the Four Little Dragon economies. (C) 2014 Elsevier B.V. All rights reserved.Öğe Is tourism a catalyst of growth in Egypt? evidence from granger non-causality and the generalised variance decomposition analysis(routledge journals, taylor & francıs ltd, 2017) Tang, Chor Foon; Öztürk, İlhanThis study attempts to analyze the role of tourism in economic growth in Egypt over the period of 1982-2011. Our empirical results reveal that economic growth, tourism, and capital stock are cointegrated. The results of TYDL causality tests indicate that tourism and economic growth is bi-directional causality. Furthermore, we find that that tourism explained most of the variation in economic growth, especially in the long-run. Therefore, we conclude that the tourism-led growth hypothesis is valid and tourism expansion would effectively stimulate long-term economic growth in Egypt. As a policy implication, Egypt should improve its economic growth performance by strategically improving the contribution of the tourism industry.Öğe The determinants of foreign direct investment in Malaysia: A case for electrical and electronic industry(ELSEVIER SCIENCE BV, 2014) Tang, Chor Foon; Yip, Chee Yin; Öztürk, İlhanThis study attempts to analyse the determinants of inward FDI in the electrical and electronic (E&E) industry in Malaysia using bounds test approach for the 1980-2008 period. It is found that GDP, real exchange rate, financial development corporate income tax, macroeconomic uncertainty and social uncertainty factors significantly affect inward FDI in E&E sector in Malaysia. Empirical results indicate that GDP, real exchange rate, financial development and macroeconomic uncertainty are positively related to inward FDI in E&E sector in the long run. However, corporate income tax and social uncertainty have a negative impact on inward FDI in E&E sector. Furthermore, the Granger causality results also indicate that all explanatory variables Granger-cause FDI in the long-run, but in the short-run only macroeconomic and social uncertainties Granger-cause FDI. The impact of social uncertainty is found tote greater than macroeconomic uncertainty. Thus, foreign investors in E&E sector seem to be more concern about the level of social security and safety when choosing their investment destination.Öğe The nexus of electricity consumption and economic growth in gulf cooperation council economies: evidence from non-stationary panel data methods(TAYLOR & FRANCIS LTD, 2019) Al-Mulali, Usama; Tang, Chor Foon; Tan, Bee Wah; Öztürk, İlhanThis paper investigates the electricity-growth nexus of Gulf Cooperation Council (GCC) member countries from 1980 to 2014. To achieve the goal of this research, both panel cointegration and causality approaches are utilised to examine the long-term and causal relationships between variables. Empirical results confirm the presence of cointegration between variables. Moreover, this study finds that electricity consumption affects the long-term economic growth. Given that GCC member countries are energy-dependent economies, policies that aim to conserve energy consumption may jeopardise economic growth.
