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Öğe Clean energy development in the United States amidst augmented socioeconomic aspects and country-specific policies(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Alola, Andrew Adewale; Saint Akadiri, SeyiThe drive toward the attainment of sustainable environment globally through clean energy development or energy efficiency is not more desirable than in the 21st century, thus the existential policy moderations of economic, trade and security mechanisms. On this premise, and foremost in the literature, the current study examined the country-specific (for the United States) and the driving impacts of economic policy uncertainty, trade policy and national security on the development of cleaner energy sources by using quarterly frequency time series data for period 1990:Q1-2018:Q2. By employing economic expansion as additional factor, the study implemented the Autoregressive Distributed Lag Bounds Testing approach to reveal interesting results: (1) there is a significant evidence that economic expansion, economic policy uncertainty (EU), trade policy (TP), and national security (NS) exhibits long term properties in common, (2) the increase in economic expansion and NS effectiveness significantly yields more cleaner energy development, and (3) a more tightened TP and high EU are statistically significant and detrimental to the development of clean energy. The Granger causality evidence substantiates the role economic expansion, TP, EU and national security in renewable energy development. Generally, the study posits cleaner and energy efficiency policy directive for policymakers in the United States and other countries of interest from the framework of climate action and sustainable development.Öğe Cooling and heating degree days in the US: The role of macroeconomic variables and its impact on environmental sustainability(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2019) Alola, Andrew Adewale; Saint Akadiri, Seyi; Akadiri, Ada Chigozie; Alola, Uju Violet; Fatigun, Ayodeji SamsonBeyond employing the cooling and heating degree days variables for evaluating the climatic conditions and the expected energy needs in the United States, a subtle concern is the underpinning role of the environmental sustainability amidst socio-economic activities. As such, the current study is design to examine the role of fossil fuel energy consumption, ecological footprint, and urban population on the degree days viz-a-vis the cooling and heating days in the United States over the period 1960-2015. The Autoregressive Distributed Lag bound testing model employed reveals the importance of the ecological footprint, fossil fuel energy consumption, and urban population on the cooling and heating degree days of the United States. Result posits that each of fossil fuel and the urban population plays a positive and negative role as regard the cooling degree days and the heating degree days respectively, especially in the long run. Importantly, the empirical results support the argument that the increase in the consumption of the fossil fuel sources of energies are responsible to cause more cooling degree days, thus resulting to longer and hotter periods in the United States but vice versa for the heating degree days. Similarly, the investigation outcome draws from the argument that the increase in the urban population is a potential cause of high environmental temperature, thus responsible for lengthy heat periods (cooling degree days) and resulting in more energy needs and technologies for cooling. As expected, the reverse is the case for the heating degree days, especially in the long-run. As a policy standpoint, policymakers are to further adopt improved and effective guideline for housing and building constructions that are weather specifics. In formulating policy vehicle for each of the seasonal dynamics, the economic benefits of each of the climatic measurements should be considered especially for both the short- and long-run environmental sustainability. (c) 2019 Elsevier B.V. All rights reserved.Öğe Does electricity consumption and globalization increase pollutant emissions? Implications for environmental sustainability target for China(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Saint Akadiri, Seyi; Alola, Andrew Adewale; Bekun, Festus Victor; Etokakpan, Mfonobong UdomGiving that People's Republic of China is one of the two new frontiers of globalization, the country has continued to contend with the bottleneck of sustaining its economic growth amidst environmental hiccups arising from the drawbacks of globalization and energy consumption. By investigating the challenges of the country's drive toward environmental sustainability, the present study offers a new perspective on the role of electricity consumption and economic growth in a carbon-income function setting. This study also incorporates globalization into CO2 emissions equation for the experimental period of 1970-2014. Stationarity properties were ascertained by the Zivot and Andrew unit root test under a single structural break. Subsequently, the recent and novel combined cointegration test of Bayer and Hanck (2013) in conjunction with the Pesaran bounds testing approach is used to establish a cointegration relationship among the selected variables. Finally, the modified Wald test of the Toda-Yamamoto Granger causality test is employed to detect the direction of causality flows among the variables. Empirical piece of evidence finds a statistically positive correlation between electricity consumption and economic growth as seen in the long-run regression. This result is also affirmed by the Granger causality test. The test corroborates with the electricity-induced growth hypothesis in the case of China. However, there is an environmental trade-off, as more electricity consumptions spur increased carbon dioxide emissions (CO2). Our study finds empirical support that globalization reduced pollutant emissions in both the short and long run over our sampled period. Based on these results and outcomes, several policy prescriptions on the energy-income and environment nexus are renders for policymakers. Among such policy recommendations are (a) the need for the diversification of the Chinese energy mix to cleaner energy sources and renewables and (b) the need for decarbonization and adoption of carbon capturing and storage technologies.Öğe Does the Interaction Between Growth Determinants A Drive For Global Environmental Sustainability? Evidence from World Top 10 Pollutant Emissions Countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Eluwole, Kayode Kolawole; Saint Akadiri, Seyi; Alola, Andrew Adewale; Etokakpan, Mfonobong UdomEconomic interdependence through foreign direct investment and trade of energy resources in a globalized world filled with mixed heritage sites stimulates economic activities thereby serving as a great catalyst for economic growth. However, the importance of these economies' interdependence transcends economic and sodo-cultural-political benefits to coastal protection, carbon sequestration, flood prevention and soil stabilization among others. To this end, this study seeks to examine whether the interdependence and interaction among foreign direct investment, energy consumption, real income is a drive for global environmental sustainability targets or not. In order to achieve our research objective, we make use of a panel-based study of world's top 10 pollutant emissions that comprises 37 developed countries of the world, using the Dynamic Autoregressive Distributed Lag techniques of Pooled Mean Group, Mean Group and Dynamic Fixed Effects estimators over the periods of 1995-2014 that incorporate tourism as an additional variable. Panel cointegration result shows that increase in the explanatory variables contributes to environmental degradation in the long-run. A 1% increase in kg oil equivalent of energy consumed led to 0.918% increase in environmental degradation, while a 1% increase real income and foreign direct investment decrease environmental degradation by 0.635% and 0.064%, with tourism insignificant impact in the long-run. Consequently, economic and environmental sustainability measures that would help to promote a cleaner and healthy environment globally for both the immediate and future generation were suggested. (C) 2019 Published by Elsevier B.V.Öğe Economic Policy Uncertainty and Tourism: Evidence from the Heterogeneous Panel(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2019) Saint Akadiri, Seyi; Alola, Andrew Adewale; Uzuner, GizemIn this paper, we examine whether tourism predicts economic policy uncertainty or not in three regions of America, Europe, and Asia-pacific, using annual frequency panel data that consist of 12 countries in a multivariate Granger causality model that incorporates economic growth as an additional variable over the periods 1995-2016. Using the panel Granger causality method as advanced by Emirmahmutoglu and Kose [(2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876.] that produces country-specific Granger causality test statistic and also controlled for heterogeneity in panel data, we found two-way causality relationship between ITAs and EPU in France, Ireland and United State, and one-way causality relationship from ITAs to EPU in Brazil, Canada, China and Germany and neutrality hypothesis in Chile, Japan, South Korea, Russia and Sweden, respectively. These results suggest tourism-economic policy uncertainty led-hypothesis and economic policy uncertainty-tourism led hypothesis with worthy policy implications for tourism destinations across the world.Öğe Renewable Energy Consumption in Coastline Mediterranean Countries: Impact of Environmental Degradation and Housing Policy(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2019) Alola, Andrew Adewale; Alola, Uju Violet; Saint Akadiri, SeyiThe significance of the natural geographical characteristics and ecological formation of the Coastline Mediterranean Countries (CMC) suggests a further examination of the dynamics of the renewable energy consumption (renewables) within the aforesaid region. As such, the dynamic impact of carbon emissions and the housing construction policy vis-a-vis dwellings, building and residential developments on the renewable energy consumption is investigated among Spain, France, Slovenia, Greece, Turkey, Lebanon and Israel. The dynamic autoregressive distributed lag methods of the pooled mean group, mean group and dynamic fixed-effect estimators are adopted for the empirical investigation over the periods 1999-2014 with real income and tourism employed as an additional variable. Using the PMG estimators, empirical results show that positive and statistically significant relationship exists among the variables in the long run. A 1% increase in housing construction policy, real income tourism and carbon emissions leads to (0.955), (8.622), (0.007) and (6.805) increase in renewable energy growth, while deviations in the short run significantly adjust to long-run equilibrium under an unforeseen disturbance at a moderate annual speed of about 73% annually. The inference from the short-run estimated coefficients indicates that housing construction policy is not a driver of renewables in Israel. From a policy standpoint, proposed strategic housing development policy and environmental pollution mitigation policy by policymakers should be void of causing a disservice toward the enrichment of renewable energy generation domestically in the panel countries.Öğe Renewable Energy Consumption in EU-28 Countries: Policy Toward Pollution Mitigation and Economic Sustainability(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2019) Saint Akadiri, Seyi; Alola, Andrew Adewale; Akadiri, Ada Chigozie; Alola, Uju VioletA major challenge facing humans in the 21st century is how to strike a balance between the mitigation of environmental degradation and the achievement of sustainable economic growth. On this note, this investigation applies an autoregressive distributed lag (ARDL) methodology to a panel data of 28 European Union (EU-28) countries over the period 1995-2015. The study confirms the existence of positive and significant long-run nexus among environmental sustainability, renewable energy consumption and economic growth in the EU-28 countries. In addition, empirical results indicate that real gross fixed capital formation, carbon emissions and other environmental factors are principal determinants of long-run growth in the EU. Using Dumitrescu and Hurlin (2012) Granger non-causality in heterogeneous panel, results show long-run bidirectional causal relationships among renewable energy consumption, economic growth and other growth determinants. Based on these results, we infer that the exploitation of renewable energy sources in the EU-28 countries is a reliable pathway toward environmental pollution mitigation. Consequently, achieving sustainable development goals (SDGs) by the year 2030 through renewable energy consumption and carbon emission mitigation is very much achievable in the EU28 countries, and should also be adopted by all countries as an effective global policy.Öğe The role of ecological footprint and the changes in degree days on environmental sustainability in the USA(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Saint Akadiri, Seyi; Alola, Andrew Adewale; Alola, Uju Violet; Nwambe, Chioma SylviaIn addition to the adverse effect of extreme weather and weather variation across the globe, the ecological deficit accounting associated with the USA is perceived to have further worsen the country's environmental quality. Considering the aforementioned motivation, this study examined the effects of cooling degree days, heating degree days and ecological footprint on environmental degradation in the USA over the period of 1960 to 2016. While employing the Autoregressive Distributed Lag (ARDL) and Bounds testing to cointegration approaches, the gross domestic product (GDP) per capita is further incorporated in the estimationmodel to avoid estimation bias thus enhancing a robust estimate. The result overwhelmingly found that the cooling degree days, the heating degree days and the ecological footprint accounting aggravates the country's environmental degradation. Worse still, the study further presents that there is short-run adverse impacts of the heating and cooling degree days, and the short-run and long-run ecological footprint on the country's environmental sustainability. Moreover, there is statistical evidence that the income growth in the USA especially in the long run will not also improve the environmental quality. Irrespective of the income-environmental degradation long-run relationship, the relieving impact of income growth on environmental degradation is observed in the short run. In general, the study presents relevant policy pathway for implementation.Öğe The Role of Electricity Consumption, Globalization and Economic Growth in Carbon Dioxide Emissions and its Implications for Environmental Sustainability Targets(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Saint Akadiri, Seyi; Alola, Andrew Adewale; Olasehinde-Williams, Godwin; Etokakpan, Mfonobong UdomIn spite of increased awareness and commitment to climate change, the world is yet to witness a dramatic downturn of pollutant emissions. With the strategic geographical location of Turkey and the country's energy and environmental degradation challenges, this study, therefore, attempts to investigate the linkages among carbon emissions, electricity consumption, economic growth and globalization in Turkey over the period 1970-2014. They posit a more robust interpretation within a multivariate arrangement by employing several econometric techniques such as the Bayer and Hanck (2013) cointegration procedure, the ARDL bounds testing approach to cointegration, ARDL short-run and long-run estimations, and the Toda-Yamamoto Granger causality testing. From our findings, the policy variables relevant to pollution reduction in Turkey are electricity consumption and economic growth, and the common factor to these policy variables is fossil fuel consumption. There is no statistical indication that globalization impacts carbon emissions in Turkey. Our findings have the following important policy implications for Turkey and other countries with high records of carbon emissions; (i) the so-called fossil fuel capitalism needs to be overhauled, and a switch to low carbon, eco-friendly, energy mix content is required, (ii) renewable energy sources should be prioritized, (iii) adoption of electric vehicles not as complements to internal combustion engine vehicles but as substitutes should be encouraged, (iv) levying of environmentally sensitive taxes and subsidies should be intensified, and (v) better participation in the global drive for decarbonization should be encouraged. In summary, we advocate extensive planning and financing, and coordinated action across economic sectors and various stakeholders to achieve a low-carbon energy system.Öğe The Role of Globalization, Real Income, Tourism in Environmental Sustainability Target. Evidence from Turkey(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2019) Saint Akadiri, Seyi; Alola, Andrew Adewale; Akadiri, Ada ChigozieIn this study, we examine the role of real income, globalization and tourism on environmental sustainability target by applying Autoregressive Distributed Lag (ARDL) bounds testing approach that controls for structural breaks and Vector Error Correction Model (VECM) Granger causality approach that produces robust, efficient and reliable short-run and long-run estimates in the case of Turkey over the periods 1970-2014. To achieve our research objective, we examine stationarity properties of the series via unit root test after which we applied Bayer-Hanck combined cointegration technique to evaluate the presence of a long-run cointegration relationship among the series. The empirical results show that a 1% increase in real income level and international tourists' arrivals led to 0.625% and 0.129% increase in metric ton per capita CO2 emissions in the short-run and 0.345% and 0.071% increase in metric tons per capita CO2 emissions in the long-run, while globalization has nonsignificant negative impacts on CO2 emissions. The causality analysis suggest that tourism Granger causes CO2 emissions both in the short-and long-run, while real income and globalization only Granger cause CO2 emissions in the long-run. Findings also show that a one standard deviation shock to CO2 emissions has a noticeable positive and persistent impact on tourism, globalization and economic growth in the long-run. (C) 2019 Elsevier B.V. All rights reserved.Öğe The role of income and gender unemployment in divorce rate among the OECD countries(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ USA, 2020) Alola, Andrew Adewale; Arikewuyo, Abdulgaffar O.; Saint Akadiri, Seyi; Alola, Mary I.Economic stability is one of the most important factors to consider when examining marriage sustainability or divorce. Consequently, the current study examined the influence of income and gender unemployment on divorce in a panel study of the Organization for Economic Cooperation and Development (OECD) countries over the period 1995-2016. Empirical results show that gross domestic product per capita as a measure of income level has a negative and significant impact on the divorce rate only in the long run. In addition, findings indicated that an increase in the female unemployment level would lead to a decrease in the divorce rate, while increase in male unemployment will lead to an increase in the divorce rate in the long run. Based on the results, we infer that for individuals to sustain their romantic relationships, income sustainability is highly essential. The implication of our findings is that economic stability measured by the income level of an individual is highly essential in achieving marital stability in a romantic relationship. Hence, the study offers useful policy directions for households, governments, and other stakeholders, especially in the OECD countries.Öğe The Role of Renewable Energy, Immigration and Real Income in Environmental Sustainability Target. Evidence from Europe Largest States(ELSEVIER SCIENCE BV, PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS, 2019-07-15) Alola, Andrew Adewale; Yalçiner, Kürşat; Alola, Uju Violet; Saint Akadiri, SeyiIn spite of the continued deployment of technologies, innovations toward addressing the challenges of global warming, forecasting and sustaining quality environment have remained the herculean endeavour of the advanced states. Also, being migrants' destinations, resulting from the availability of economic opportunities, the target of attaining low-carbon, energy efficiency, and the cleaner atmospheric environment by these advanced economies is further bewildered. In that light, we investigate the impact of renewable energy consumption and migration on the carbon dioxide emissions of the panel of European Union's largest economies of France, Germany, and the United Kingdom over the period of 1990-2016. The consistency of the group fully modified least square and dynamic ordinary least square presents elasticity of -0.13 and -0.14 respectively for the nexus of renewables and carbon emissions. Similarly, 0.04 and 0.05 are the respective elasticity of the two models for the nexus of migration and carbon emissions. In support of extant literature, the nexus of carbon emissions with gross domestic product and consumer price index are significant, and respectively positive and negative. In addition, the study reveals evidence of Granger causality with feedback between renewable energy consumption and carbon emissions, and between consumer price index and carbon emissions. On the other hand, a unidirectional Granger causality running from migration to carbon emissions is observed. In practical term, the study presents policy frameworks for the examined countries and other advanced nations. The implementation of the presented policy pathways are potentially geared toward a forecastable, sustainable environmental quality and energy efficiency targets.Öğe Tourist arrivals in four major economies: another side of economic policy uncertainty and fear(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Uzuner, Gizem; Saint Akadiri, Seyi; Alola, Andrew AdewaleIn this paper, we examine the direction of causal relationships among migration-related fear, economic policy uncertainty, tourism, and economic growth in the panel economies of France, Germany, the UK, and the USA. To the best of our knowledge, this study is the first to examine the interaction and interrelationship between these variables in a multivariate causality study, using a quarterly data over the period 1985Q1-2017Q4 via time-series causality approach as advanced by Emirmahmutoglu and Kose (Econ Model 28:870-876,2011) that produces country-specific causality statistic and also captures slope heterogeneity in panel data. Empirical results show that migration-related fear is linked with EPU, tourism arrivals, and real income. Thus, we suggest fear-induced economic policy uncertainty, fear-induced tourism, and economic policy uncertainty-induced growth hypotheses with credible policy suggestions for tourist destinations.
