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Öğe Accounting for the combined impacts of natural resources rent, income level, and energy consumption on environmental quality of G7 economies: a panel quantile regression approach(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Gyamfi, Bright Akwasi; Onifade, Stephen Taiwo; Nwani, Chinazaekpere; Bekun, Festus VictorAs the argument widens on the need to cut down on global carbon emissions, this study addresses environmental degradation using a combination of second-generation empirical methodologies including, quantile regression (QR), augmented mean group (AMG), fully modified ordinal least square (FMOLS), and dynamic ordinal least square (DOLS) to examine the impacts of natural resource rents alongside disaggregated energy consumption on the environmental quality of the G7 economies within the framework of the stochastic impact by regression on population, affluence, and technology (STIRPAT) model. The empirical findings reveal that the total natural resources rent indicates a positive significant relationship with pollution in all the quantiles except Q 0.05. Additionally, the findings for renewable energy consumption are adverse and significant throughout the assessed quantiles while fossil fuel energy consumption is reported to have a positive and significant effect on carbon dioxide emissions, thus, increasing environmental degradation experienced in the G7 economies. The extended findings from the Granger causality analysis also show that income levels combined with fossil fuel use have a strong effect on environmental degradation, while the total natural resources rent granger causes clean energy consumption within the G7 countries. This finding supports the assertions that natural resource revenue is mostly channeled into further productivity avenues which consequently lead to further environmental degradation. As such, while maintaining targeted revenue agenda, we strongly recommend that productivity gains from natural resource rents within the G7 economies should be harnessed for investment in clean energy for a more sustainable environment.Öğe Beyond the environmental Kuznets Curve in E7 economies: Accounting for the combined impacts of institutional quality and renewables(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Bekun, Festus Victor; Gyamfi, Bright Akwasi; Onifade, Stephen Taiwo; Agboola, Mary OluwatoyinThis study explores the applicability of conventional environmental Kuznets curve (EKC) with an extension for the case of emerging industrialized economies, comprised of China, India, Brazil, Mexico, Russia, Indonesia, and Turkey, for annual time frequency from 1995 to 2016. This study is distinct from that already documented in the extant literature by extending the traditional EKC phenomenon by accounting for the combined impact of institutional quality and renewables in E7 blocs. The countries under review are known to be emerging and still at their scale stage of their growth path. As such, the need to explore the theme is pertinent for stakeholders. Empirical framework is built on second-generational panel econometrics strategies that consist of Augmented Mean Group, Common Correlated Effects Mean Group estimator, Driscoll-Kraay and Dumitrescu and Hurlin Causality analysis, which is superior to first-generation methods. Our study validates the EKC phenomenon in E7, i.e., where emphasis is placed on economic expansion relative to the quality of the environment. The EKC phenomenon is validated by the deteriorating effect of fossil-fuel energy consumption in the bloc. However, renewables are seen as a panacea to reduce pollution emission as renewable energy exerts a negative and statistical relationship with CO2 emission over the sampled period. Additional results show that weak institution also dampens the quality of the environment in E7. These outcomes are suggestive to policy makers to reinforce their commitment to the quality of the environment in terms of growth and energy transition from fossil fuel to clean energy sources. Further policy prescriptions are presented in the concluding section.Öğe Beyond the environmental Kuznets curve: Do combined impacts of air transport and rail transport matter for environmental sustainability amidst energy use in E7 economies?(SPRINGER, VAN GODEWIJCKSTRAAT 30, 3311 GZ DORDRECHT, NETHERLANDS, 2022) Gyamfi, Bright Akwasi; Bekun, Festus Victor; Balsalobre-Lorente, Daniel; Onifade, Stephen Taiwo; Ampomah, Asiedu BenjaminThis study is motivated by the United Nations Sustainable Development Goals (UNSDG-7,8,11,12 and 13) on the need for clean and responsible energy consumption in view of anticipated actions for environmental sustainability. The world has been plagued with various consequences of environmental degradation including the attendant risks of climate change which has been exacerbated by rising greenhouse gas (GHGs) emissions over the years. To this end, we explore the combined efect of rail, air transportation, and urbanization in an EKC framework for the case of the E7 economies between 1995 and 2016. This study distinguishes itself from the extant ones by extending the EKC framework to explore the nexus between air transport, rail transport, urbanization, and the environment. The empirical evidence obtained from the study is based on second-generation panel econometric methods that are robust to heterogeneity and cross-sectional issues. Firstly, the fndings lend support to the EKC phenomenon for E7 economies, thereby, implying that emphasis is placed on higher-income status in the bloc relative to environmental sustainability. Secondly, conventional energy from fossil fuel and air transport signifcantly dampen environmental quality among the E7 economies. Thirdly, rail transport and urban population, on the contrary, strongly aid the improvement of environmental quality among the E7 countries thus underscoring the signifcance of green urban mass (rail) transportation to the environmental sustainability agenda. Hence, in view of the economic growth trajectory among the E7 economies, useful policy blueprints were highlighted in the concluding section of the studyÖğe Carbon emission in MINT economies: The role of poverty, population, energy use and economic factors(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2024) Bekun, Festus Victor; Uzuner, Gizem; Onifade, Stephen Taiwo; Alola, Andrew AdewalePoor environmental quality is usually observed in developing blocs. Some plausible explanations are due to the high poverty level and their economic characterisation. The present study focuses on exploring the effect of poverty on environmental degradation over annual data from 1990 to 2018 for MINT economies (Mexico, Indonesia, Nigeria, Turkiye). By leveraging panel econometrics procedures that are robust to cross-sectional and slope homogeneity issues, the results show evidence of an equilibrium relationship among the examined variables namely households final consumption expenditure, CO2 emissions, GDP, electricity consumption and population over the sampled period. Findings from this study establish that poverty is a core to environmental degradation in Türkiye and the plausible explanation is due to the country's demography while on the contrary, Nigeria, Indonesia and Mexico show that poverty is not a core contributor to environmental degradation. Thus, from a policy lens, there is need for concerted efforts by government officials and all stakeholders in the examined countries to reduce environmental degradation by improving per capita income (SDG-8) in the region productive economic activities to raise income level in the bloc. Additionally, there is a need for energy transition from fossil fuel-based energy to cleaner energy alternative options. More policy caveats are elucidated in the concluding section.Öğe Does financialization enhance renewable energy development in Sub-Saharan African countries?(Elsevier, 2023) Appiah, Michael; Ashraf, Sania; Tiwari, Aviral Kumar; Gyamfi, Bright Akwasi; Onifade, Stephen TaiwoThis study examines the influence of financial development, fiscal policy, and foreign capital on renewable energy development in 21 Sub-Saharan African nations from 2000 to 2021. The aim is to address the dearth of information on how the financial sector affects renewable energy. Using panel data and the Panel Quantile Autoregressive Distributed Lag (PQARDL) technique, we analyze the short- and long-term impacts of these factors while considering industrialization and institution quality. Our findings indicate that financial development and fiscal policy pose significant obstacles to renewable energy development across all quantile distributions in the long run. However, foreign capital positively contributes to renewable energy development across most quantiles, except the 70th quantile. We also observe a declining trend in Sub-Saharan Africa's share of renewable development due to industrialization and institutional quality in the long term. Furthermore, the interactive roles of fiscal policy and institutional quality hinder renewable advancement in the region over time. These empirical outcomes provide valuable insights on how to attract foreign capital and allocate investments in renewable development. By doing so, we can offer consumers cost-competitive choices and strive towards extending high-value-added facilities within a sustainable environment.Öğe Does it take international integration of natural resources to ascend the ladder of environmental quality in the newly industrialized countries?(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2022) Adebayo, Tomiwa Sunday; Onifade, Stephen Taiwo; Alola, Andrew Adewale; Muoneke, Obumneke BobAmong the new revelation in the natural resources-environment and climate change nexus literature is the criticality of ascending the environmental sustainability ladders of the industrialized economies such as the newly industrialized countries (NICs). This study considers the panel of top ten NICs (Brazil, China, India, Mexico, Malaysia, Philippines, South Africa, Turkey, Indonesia, and Thailand) by utilizing the novel Method of Moments Quantile Regression (MMQR) and other approaches including the Fully Modified Ordinary Least Square (FM-OLS), Dynamic Ordinary Least Square (D-OLS), and the Fixed-effects Ordinary Least Square (FE-OLS) to analyze the related dataset between 1990 and 2018. The combined empirical approaches help to measure the countries’ drive for carbon neutrality. With a startling and unanimous evidence from the employed empirical techniques, natural resource rent is detrimental to the global goal carbon neutrality in the examined panel countries. However, there is a significant relieve that is brought about when globalization moderate the effect of natural resource rent on carbon emission. Another favorable outlook from the study is that economic growth and environmental nexus yields the affirmative validity of environmental Kuznets curve while renewable energy utilization and globalization independently promotes environmental quality in the examined panel countries. Therefore, the result from the study favours a more relaxed border to allow international integration of economic and financial aspects especially for the natural resources-related and environmental-friendly goods and services.Öğe An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy(Springer, 2020) Onifade, Stephen Taiwo; Çevik, Savaş; Erdoğan, Savaş; Asongu, Simplice; Bekun, Festus VictorThe impacts of public expenditures on economic growth have been revisited in this paper with respect to capital expenditure, recurrent expenditure and the government fiscal expansion in line with support for the budgetary allocations to various sectors in the context of the Nigerian economy. Pesaran’s ARDL approach has been applied to carry out the impact analysis using annual time-series data from 1981 to 2017. Empirical findings support the existence of a level relationship between public spending indicators and economic growth in Nigeria. Incisively, recurrent expenditures of government were found to be significantly impacting on economic growth in a negative way while the positive impacts of public capital expenditures were not significant to economic growth over the period of the study. Further results from the Granger Causality Test reveal that fiscal expansion of the government that is hinged on debt financing is strongly granger causing public expenditures and domestic investment with the latter also Granger causing real growth in the economy. We, therefore, provide some important policy recommendations following the results of the empirical analysis. © 2020, The Author(s).Öğe Energy innovations and pathway to carbon neutrality in Finland(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2022) Alola, Andrew Adewale; Onifade, Stephen TaiwoGiven the determination to maintain the status of a low-carbon energy and clean energy technology country, Finland has remained committed to facing out coal energy and subsequently halve the domestic utilization of fossil oil all by 2030. To assess these laudable national targets, this study applies a two-scenario approach to examine the environmental effects of Finland’s disaggregated energy mix for the period between 1974 and 2019. The first scenario of analysis focuses on the environmental effect of the disaggregated energy mix with environmental technologies, while the second scenario explores the case of without environmental technologies. The application of the autoregressive distributed lag (ARDL) technique for the analysis revealed some insightful results. Firstly, the deployment of environmental technologies in coal energy development will yet exert a significant environmental cost. Secondly, with innovations in the development of oil, natural gas, and nuclear energy sources, a statistically significant environmental benefit is attainable. Thirdly, without the deployment of environmental technologies, the utilization of the disaggregated energy forms (coal, natural gas, nuclear, and oil) will continue to constitute an environmental nuisance. Furthermore, the environmental Kuznets curve hypothesis is only valid for Finland when the environmental technologies deployed in the country’s disaggregated energy utilization are considered. Lastly, the independent deployment of environmental technologies mitigates carbon emission with an elasticity of 0.1 in the long run. Intuitively, the result suggests that energy and climate financing policy that promotes innovation via research and development is vital to achieving the decade-long target.Öğe Energy transition and environmental quality prospects in leading emerging economies: The role of environmental-related technological innovation(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Onifade, Stephen Taiwo; Alola, Andrew AdewaleThe world has witnessed a significant rise in greenhouse gas emissions since the end of the 20th century as several economies begin to emerge into industrial hubs and manufacturing giants across the globe. Thus, in the wake of global interest in clean energy development and campaign for sustainable climate and ecosystem, the role of the emerging countries in the debate is unarguably vital and demanding. Importantly, this study seeks to examine the commitment of the leading emerging countries (E7) of Brazil, China, India, Indonesia, Mexico, Russia, and Turkey to energy transition and carbon-neutral 2050. We employ the cross-sectionally augmented autoregressive distributed lag approach that accounts for potential country-specific factors to examine the role of environmental-related technological innovations (ERT) in achieving climate neutrality in the E7 over the period from 1992 to 2018. Notably, the findings revealed that a 1 percent increase in ERT yields 0.33% (short-run) and 0.17% (long-run) reductions in carbon emission, thus suggesting that the E7 economies could be heading toward environmental sustainability with the application of ERT. Additionally, the result revealed that the application of ERT in the energy utilization profile significantly reduced the undesirable impact of primary energy utilization. However, the result showed that such an impact is not enough to trigger a transition to environmentally desirable cleaner energy that could mitigate carbon emissions. This is because the larger share of the E7 countries' primary energy utilization is from conventional and/or non-renewable energy sources. The environmental Kuznets curve hypothesis is also validated.Öğe Energy Utilization and Output Dynamics in the Middle East and North Africa Countries Is the Export- and Globalization-Led Hypothesis Valid?(CRC Press, 2024) Onifade, Stephen Taiwo; Bekun, Festus Victor; Alola, Andrew AdewaleThe Middle East and North Africa (MENA) region consist of several countries in a vast area of land spreading across the northern part of the continent of Africa up to the Middle East region in Asia. Over the years, trading activities have notably grown in this region, especially the trade of raw primary commodities such as crude petroleum as many of the countries in this region are vastly endowed with oil and gas reserves. As of 2019, countries in the Middle East region alone accounts for about 48.08% of the global proved crude oil reserves, and the MENA region altogether account for about 45.39% of total global crude oil export (BP 2020). This abundant raw commodity endowment partially explains the trend of the growing volume of trade that was witnessed in the region as production in oil and gas industry does not only stimulate larger exports but also helps in footing large import bills through abundant foreign reserves from oil revenues. As such, trade dynamics are expected to have created attendant effects on the general economic performances of the MENA countries over the years. © 2024 Andrew Adewale Alola, Festus Victor Bekun and Uju Violet Alola.Öğe Environmental aspect of energy transition and urbanization in the OPEC member states(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Onifade, Stephen Taiwo; Alola, Andrew Adewale; Erdoğan, Savaş; Acet, HakanMore than any other nations, the crude oil–exporting countries and especially the Organization of the Petroleum Exporting Countries (OPEC) are likely to experience a more difficult energy-transitioning regime because of the economies’ high dependence on crude oil revenue. By using the Pooled Mean Group (PMG) Autoregressive Distributed Lag Models (ARDL) approach, this study examines the impact of the energy transition albeit from conventional to clean energy on carbon emissions in 11 members of the OPEC. While engaging the aforementioned objective, the study further examined the validity of the Environmental Kuznets Curve (EKC) hypothesis amidst urbanization drive among the countries. The result from the long-run estimates shows that fossil fuel utilization exerts a positively significant on environmental degradation in the selected countries, while the observed negative impact of renewable energy utilization and urbanization on carbon dioxide emission (CO2) was insignificant in both the short and long run. The implication is that the current energy transition policy of the OPEC states is not sufficient at driving the states’ environmental sustainability agenda. In addition, the EKC was not valid in the panel of the OPEC countries for the period of study, rather a U-shaped relation is established between income level and environmental degradation. Thus, this further posits that there is a setback in the push for environmental quality especially when there is an improvement in economic well-being through income growth in the OPEC states. Moreover, findings from the panel causality test show that there is no causality running from both fossil fuel and renewable energy consumption to the income level among the countries. On the contrary, a uni-directional causality was obtained from income level to renewable energy consumption, while urbanization strongly Granger causes fossil fuel use and CO2 emissions among the countries. As such, it is concluded that energy conservation policies can be implemented to reduce extreme dependence on fossil fuel use with little or no detrimental consequences, thus positioning the countries for economic prosperity in a sustainable environment.Öğe Gravitating towards emission reduction targets in the G7 and E7 economies: the financial development and sustainable energy perspectives(TAYLOR & FRANCIS INC, 530 WALNUT STREET, STE 850, PHILADELPHIA, PA 19106, 2024) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Bekun, Festus Victor; Onifade, Stephen TaiwoGovernments throughout the globe are confronted with climate change issues. In the wake of the climate change conference COP26—the Glasgow consensus, the criticality of attaining emission reduction targets to restrain global average temperature to 1.5 degrees has been reemphasized. Hence, we assessed these laudable climate action targets from the financial development and sustainable energy perspectives within the E7 and G7 economies. In lieu of this, the application of Augmented Mean Group (AMG) and Quantile regression techniques on annual frequency data from both blocs between 1990 and 2019 provide useful insights into the cruciality of financial development and renewable energy in CO2 mitigation toward attaining the 1.5°C vis-à-vis the net-zero emission goals. The empirical outcome shows that renewables create paths to emissions reduction targets in both blocs. Furthermore, financial development corroborates renewables’ emission reduction roles specifically in the E7. Additionally, renewables’ interactive roles with the expanding economic growth trajectory of both blocs also induce emission-mitigating effects. Finally, an inverted U-Shaped EKC phenomenon was validated. Hence, green growth policies corroborated by financial expansion strategies are recommended and deemed apt for attaining net-zero emission targets in these strategic economic blocs.Öğe How do technological innovation and renewables shape environmental quality advancement in emerging economies: An exploration of the E7 bloc?(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Onifade, Stephen Taiwo; Bekun, Festus Victor; Phillips, Agboola; Altuntaş, MehmetEmissions from several emerging economies currently constitute the largest contributions to the global carbon emissions levels thereby triggering concerns on the prospects for achieving global environmental sustainability-related goals (SGDs-13 and 11). Thus, this research examines whether technological innovation and renewables pose any moderating roles in the environmental quality advancements of rapidly emerging economies using the bloc of the emerging seven (E7) economies. The empirical framework of the study capitalizes on the strengths of the novel CS-ARDL technique in addressing the pitfalls of cross-sectional dependence (CD) from common factors that marred the understudied panel observations for the bloc between 1992 and 2018. The long-run estimations provide crucial insights into the environmental sustainability dynamics of the E7 bloc. First, the observed impacts of the rapid economic expansion alongside the fast-growing energy consumption were significantly detrimental to environmental sustainability over the period of study (1992– 2018). Second, the duo of technological innovations and renewables place the E7 on an environmental sustainability path as they significantly dampen the CO2 emissions level in the bloc. Third, the inverted U-shape growth-emission conjecture of the EKC was confirmed for these groups of emerging economies within the innovationenvironment nexus exploration. Fourthly, although both innovations and renewable energy consumption enhance sustainability, however, the magnitude of their desirable environmental impacts is quite low compared to the observed impacts of the pollution damages created by the observed energy consumption-driven economic growth expansion in the bloc over the years. Overall, the results are indicative that the E7 needs to do more in terms of investments in environmental-related technological innovations and the expansion of renewables in overall energy portfolios to harness the inherent benefits of the duo to position the bloc on a sustainability path. More recommendations for environmental sustainability enhancement from technological innovation and renewable perspectives were further enunciated for the E7 bloc in the main text.Öğe Investigating the determinants of household energy consumption in Nigeria: insights and implications(Bmc, 2024) Abubakar, Ismaila Rimi; Alola, Andrew Adewale; Bekun, Festus Victor; Onifade, Stephen TaiwoBackground The present study draws motivation from the United Nations Sustainable Development Goals and explores the nexus between access to modern cooking energy sources, responsible energy consumption, climate change mitigation, and economic growth. Using 2018 demographic and health survey data, the study examines the influence of key socioeconomic and demographic factors on household choice of cooking energy in Nigeria.Results The empirical results show that traditional energy sources are dominant among Nigerian households (74.24%) compared to modern energy sources (25.76%). Regarding energy demographics, male-headed households show more usage of modern energy sources (19.86%) compared to female-headed households (5.90%). Regional analysis reveals that the northwest region predominantly uses traditional energy sources (18.60% of the share of total traditional energy sources), while the southwest region shows the greatest usage of modern energy sources (10.52% of the share of total modern energy sources). Binary logistic regression analysis reveals the positive and statistically significant influence of wealth index, education, and geopolitical region on the likelihood of utilizing modern energy sources. Conversely, household size and place of residence indicate an inverse relationship with the likelihood of adopting modern energy sources.Conclusions These findings have important policy implications for energy efficiency, environmental sustainability, and improving the quality of life in Nigeria, which is currently plagued with significant energy poverty, especially in rural communities. Examination of household energy utilization in Nigeria. We found that traditional energy utilization is accounted for by 74.24% of households. Clean energy source is accounted for by 25.76% of the household. 19.86% and 60.86% of male-headed households utilize clean and traditional energy, respectively. 5.90% and 13.38% of female-headed households utilize clean and traditional energy, respectively. 18.60% and 7.14% of Northwestern region and Southwest region has the highest traditional and cleaner energy sources, respectively.Öğe Modeling the volatility of exchange rate and international trade in Ghana: empirical evidence from GARCH and EGARCH(Emerald Group Publishing Ltd, 2024) Yussif, Abdul-Razak Bawa; Onifade, Stephen Taiwo; Ay, Ahmet; Canitez, Murat; Bekun, Festus VictorPurpose The volatility of exchange rate has generally been sighted as a primary cause for various shocks and instability in international trade of Ghana as witnessed over the years and most especially in recent times. Hence, owing to the increasing trade levels between Ghana and Ghana's global trading partners, the study aims to investigate if the trade-exchange rate volatility nexus in Ghana supports the positive, negative or ambiguous hypotheses? Design/methodology/approach The study investigates the effects of Ghana's exchange rate volatility on international trade by designing import and export equations to estimate both short- and long-run specifications of the effect and employing the multivariate generalized autoregressive conditional heteroskedasticity (GARCH) with Baba, Engle, Kraft and Kroner (BEKK) specification developed by Engle and Kroner (1995) as a further check for the robustness of the findings. Monthly data between 1993 and 2017 on the real effective exchange rates of Ghana's trade with 143 trading partners were taken as the series for modeling the volatility using GARCH andexponential generalized autoregressive conditional heteroskedastic (EGARCH) models. Findings The empirical results show that the volatility of exchange rate negatively impact export performances in the Ghanian economy. On the other hand, there was no sufficient evidence to support the observed positive effect of exchange rate volatility on imports, as the effects were only significant at 10% level in the long run. Thus, it is concluded that the finding cannot confirm a relationship between volatility and import. Thus, the results present differences in the direction of the effect of exchange rate volatility on imports and exports in the context of the Ghanaian economy. Research limitations/implications Considering the fragility of the Ghanaian economy and Ghana's macro-economic indicators, the study points at the crucial need for more integration of well-informed trade policies within the country's macro-economic policy framework to contain the impacts of exchange rate volatility on trade performances. Practical implications The study contributes to literature by scope and method. More specifically, empirical studies have failed or provided little evidence uniquely on the Ghanaian economy's reaction to exchange rate volatility on the country's imports and exports. Additionally, most of the existing empirical studies measure exchange rate volatility using the standard deviation of the moving averages of the logarithmic transformation of exchange rates. This method is criticized because the method is unsuccessful in capturing the effects of potential booms and bursts of the exchange rate. The authors' study circumvents for these highlighted pitfalls. Social implications The study contributes to literature by scope and method. More specifically, empirical studies have failed or provided little evidence uniquely on the Ghanaian economy's reaction to exchange rate volatility on the country's imports and exports. Thus, the study chat a course for socio-economic dynamic of Ghanaian economy. Originality/value The study contributes to literature by its scope and method, as extant empirical studies have provided little evidence specifically on the Ghanaian economy's reaction to exchange rate volatility. Additionally, most of the existing empirical studies measure exchange rate volatility using the standard deviation of the moving averages of the logarithmic transformation of exchange rates. This method is criticized because of the method's inadequacies in capturing the effects of potential booms and bursts of the exchange rate. The study thereby essentially circumvents for these highlighted pitfalls.Öğe Re-examining the roles of economic globalization and natural resources consequences on environmental degradation in E7 economies: Are human capital and urbanization essential components?(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Onifade, Stephen Taiwo; Gyamfi, Bright Akwasi; Haouas, Ilham; Bekun, Festus VictorThe impacts of economic globalization on environmental degradation are investigated in the E7 economies in the presence of some control variables including economic growth, natural resources, urbanization, and human capital between 1990 and 2016 in a carbon-income environment. This study implements a panel regression analysis using the Augmented Mean Group (AMG) estimator of Eberhardt and Bond and Eberhardt and Teal method for the long run estimation. Besides, the study also applies the fully modified ordinary least square (FMOLS) and dynamic ordinal least square (DOLS) to estimate the long-run relationship between the variables using both CO2 emission and ecological footprint (ECF) as dependent variables in distinct models. Key important results from the study stand out. Firstly, the study reveals that globalization is negatively correlated with CO2 emission and the ecological footprint of the E7 economies. This finding depicts the significance of economic integration among countries as a significant tool for cushioning environmental degradation. Secondly, the study demonstrates that natural resources, urbanization, and economic growth increase pollution in both models. Thirdly, human capital reduces environmental pollution in the E7 and its pollution abating impacts also cushion environmental degradation from growing urbanization as the interaction between both variables significantly abates pollution in the E7 bloc. Overall, the study suggests some policy ideas including the establishment of clean discovery regulation and the implementation of conservation initiatives, enhanced human capital investment initiatives, and carefully designed economic integration policies to attract foreign investors with innovative technologies to maximize environmental pros of the era of globalization.Öğe Renewables as a pathway to environmental sustainability targets in the era of trade liberalization: empirical evidence from Turkey and the Caspian countries(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Onifade, Stephen Taiwo; Erdoğan, Savaş; Alagöz, Mehmet; Bekun, Festus VictorThe quest for improved environmental quality through low-carbon emission has been explored in this study in the wake of the growing call for a transition to renewable energy use amidst widening trade relations between Turkey and the countries in the Caspian region including Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan. This study draws strength from the United Nations Sustainable Development Goals (UN-SDGs) and their impact by 2030. These SDGs encompass pertinent targets on responsible energy consumption (SDG-12), access to clean and affordable energy (SDG-7), and climate change action (SDG-13). Empirical evidence from the dynamic ordinary least squares (DOLS) technique corroborated by the fully modified ordinary least squares (FMOLS) technique shows that a percent rise in renewable energy consumption level significantly abates carbon emission among these countries by about 0.26% while growing globalization vis-à-vis a percent increase in openness to trade significantly hampers environmental quality via inducement of carbon emission level by 0.32%. Extended findings from the Granger causality analysis corroborate the significance of the long-run coefficients with regard to the double-edged benefits of renewable energy consumption in enhancing both environmental quality and income levels through lower carbon emission and sustainable economic growth stimulations among the countries. The study confirmed the inverted U-shape relation between income growth and environmental deterioration, thus validating the EKC hypothesis for Turkey and the Caspian countries. This suggests that both blocs are still at the scale stage of their growth trajectory, where the emphasis is focused on increasing income level relative to environmental sustainability. As such, important policy measures were provided in the concluding section of this study.Öğe Revisiting the trade and unemployment nexus: Empirical evidence from the Nigerian economy(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2020) Onifade, Stephen Taiwo; Ay, Ahmet; Asongu, Simplice; Bekun, Festus VictorThe recent exacerbation of unemployment crisis in Nigeria stands to be a serious threat to both socio-economic stability and progress of the country just as the report from the Bureau of Statistics shows that at least over 8.5 million people had no gainful employment at all as at the last quarter of the year 2017. It is on the above premise, that the present study explores the link between trade and unemployment for the case of Nigeria with the intention of exploring how the unemployment crisis has been impacted within the dynamics of the country's trade performance. The empirical evidence shows that the nation's terms of trade were insignificant to unemployment rate, while trade openness and domestic investment, on the other hand, have significant opposing impacts on unemployment in Nigeria over the period of the study. Further breakdowns from the empirical analysis also revealed that the Philips curves proposition is valid within the Nigerian economic context, while the evidences for the validity of Okun's law only exist in the short-run scenario. Based on the empirical results, we recommend that concerted effort should be geared toward stimulating domestic investment by providing adequate financial and infrastructural facilities that will promote ease of doing business while utmost precautions are taken to ensure that unemployment crisis is not exacerbated when combating inflation in the economy in the wake of dynamic trade relations.Öğe Significance of Air Transport to Tourism-Induced Growth Hypothesis in E7 Economies: Exploring the Implications for Environmental Quality(Institute for Tourism, 2022) Onifade, Stephen Taiwo; Gyamfi, Bright Akwasi; Bekun, Festus Victor; Altuntaş, MehmetThe study seeks to examine the significance of the tourism-induced growth hypothesis from the perspective of air transportation among seven emerging (E7) countries, including China, India, Brazil, Mexico, Russia, Indonesia, and Turkey. The combined impact of energy consumption and globalization was also factored into the analysis in order to draw cogent implications for environmental quality as energy demand in E7 economies continues to rise amidst growing urbanization in recent times. The study leverages on secondgenerational panel data estimators, namely cross-sectional autoregressive distributed lag, augmented Mean Group, and Dumitrescu-Hurlin Causality techniques. Having established a long-run equilibrium relationship among the outlined variables, the result validates the pertinent role of air transport in enhancing economic growth as a percent rise in airline passengers' arrivals significantly enhances growth in the E7 economies by 0.77%. In addition, the feedback causality between the variables also strengthens the pivotal roles of air transport in economic growth, thereby giving credence to the tourism-led growth hypothesis (TLGH) in the E7. However, there are detrimental environmental implications for the E7 when considering the causal nexus between economic growth and the dynamics of carbon-inducing energy consumption among the countries. Hence, investments in clean energy and transport infrastructures are recommended to ensure a sustainable environment where the tourism industry can flourish. © 2022 The Author(s).Öğe The synergistic roles of green openness and economic complexity in environmental sustainability of Europe's largest economy: Implications for technology-intensive and environmentally friendly products(Elsevier Science Inc, 2023) Gyamfi, Bright Akwasi; Agozie, Divine Q.; Musah, Mohammed; Onifade, Stephen Taiwo; Prusty, SadanandaThe degrowth approach posits the idea that sustainable development and economic expansion are mutually exclusive. Conversely, it is believed that international trade within a complex economic system can help distribute green products to simultaneously ensure economic expansion and sustainable development. For this reason, the dynamic ARDL simulations technique was adopted to analyze the German economy's data from 2000 to 2020 toward determining the specific and interactive ecological implications of international green openness and economic complexity in Europe's largest economy. We discovered that green openness and economic complexity each have desirable impacts on ecofootprint, and their interaction further confirms a strong ecological-enhancing synergistic effect. The presence of the EKC phenomenon was also upheld from the analysis while clean energy exerts a positive impact on Germany's environmental quality level. The study further posits that a faster shift into the manufacture of technology-intensive and environmentally friendly products is possible for nations that invest in strengthening their internal technological skills to curb ecological harm. It is therefore advocated that even if the manufacturing of green items is not optimally done domestically, the special op-portunities presented by international trade in the distribution of green products should always be leveraged to foster environmental sustainability.
