We are delighted that you are interested in publishing with us. These author submission guidelines should give you all the information you need for a quick and easy submission process. 100% Open Access Immediate free access makes articles easy to find and cite. Indexing in key databases assures quality and integrity. Constructive feedback Rigorous and helpful peer review guides you to improve your manuscript. “Pay what you can” Our ‘Freedom Article Publishing Charges’ allow you to select the article publishing charge contribution you can afford. Authors love us Survey results show that our authors rate us 9.4/10 for their overall satisfaction with the publishing experience. Submit your Manuscript About the Journal ISSN: 2332-2039 Editorial Board [email protected]Cogent Economics & Finance is a fully peer- reviewed, open access journal with a mission to help researchers reach a truly global audience, interact with experts in their field, and discover connections across diverse fields of economics and beyond. Manuscripts submitted to the journal should be scholarly research, should have relevance to the subject remit of the journal, and should present the work with suitable clarity. Our academic editors take an objective and constructive approach to peer review. Manuscripts are not rejected purely on the grounds of perceived importance or impact on the research community, but each manuscript will be evaluated on its own scholarly merits and research integrity. Indexed in: Web of Science Emerging Sources Citation Index (ESCI), Scopus, International Bibliography of the Social Sciences (IBSS), Australian Business Deans Council (ABDC) Journal Quality List (B rating), EconBiz, RePEc, Directory of Open Access Journals (DOAJ), Business Source Ultimate (EBSCO), ABI/INFORM Global (ProQuest), British Library, Cabell’s International, Cengage, Finnish Publication Forum, Norwegian Register for Scientific Journals, Series and Publishers, Ontario Council of University Libraries (OCUL), DTU Library, Ulrich’s, Google Scholar, CrossRef and Taylor & Francis Online. Journal Sections You will be asked to select the thematic section that is most appropriate for your article. Cogent Economics & Finance considers original research, review articles, replication studies and letters in any of the following branches of economics and finance research: • Econometrics • Economic Methodology • Economic Philosophy & History • Financial Economics • General & Applied Economics
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We are delighted that you are interested in publishing with us. These author submission guidelines should give you all the information you need for a quick and easy submission process.
100% Open AccessImmediate free access makes
articles easy to find and cite. Indexing in key databases assures
quality and integrity.
Constructive feedbackRigorous and helpful peer
review guides you to improve your manuscript.
“Pay what you can”Our ‘Freedom Article Publishing
Charges’ allow you to select the article publishing charge contribution you can afford.
Authors love usSurvey results show that our
authors rate us 9.4/10 for their overall satisfaction with the
Cogent Economics & Finance is a fully peer-reviewed, open access journal with a mission to help researchers reach a truly global audience, interact with experts in their field, and discover connections across diverse fields of economics and beyond.
Manuscripts submitted to the journal should be scholarly research, should have relevance to the subject remit of the journal, and should present the work with suitable clarity.
Our academic editors take an objective and constructive approach to peer review. Manuscripts are not rejected purely on the grounds of perceived importance or impact on the research community, but each manuscript will be evaluated on its own scholarly merits and research integrity.
Indexed in: Web of Science Emerging Sources Citation Index (ESCI), Scopus, International Bibliography of the Social Sciences (IBSS),
Australian Business Deans Council (ABDC) Journal Quality List (B rating), EconBiz, RePEc, Directory of Open Access Journals (DOAJ), Business Source Ultimate (EBSCO), ABI/INFORM Global (ProQuest), British Library, Cabell’s International, Cengage, Finnish Publication Forum, Norwegian Register for Scientific Journals, Series and Publishers, Ontario Council of University Libraries (OCUL), DTU Library, Ulrich’s, Google Scholar, CrossRef and Taylor & Francis Online.
Journal SectionsYou will be asked to select the thematic section that is most appropriate for your article. Cogent Economics & Finance considers original research, review articles, replication studies and letters in any of the following branches of economics and finance research:
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Do energy consumption and economic growth lead to environmental degradation? Evidence from Asian economiesLamia Jamel1 and Abdelkader Derbali2*
Abstract: The main purpose of this study is to investigate empirically the impact of energy consumption and economic growth on the environmental degradation as measured by CO2 emissions. We utilize the cointegration test, the fully modified OLS, and the panel causality to examine the causality between environmental pollution and economic aggregates from a panel data of eight Asian countries during the period 1991–2013. We find that the cointegration tests confirm long run relationship among environmental degradation and energy consumption and economic growth along with financial development, trade openness, capital stocks, and urbanization as control vari-ables. In addition, FMOLS results confirm that economic growth and energy consump-tion have a positive and significant impact on environmental degradation. Besides, panel causality through VECM verifies that bidirectional causal connection is found between energy consumption and economic growth and environmental degradation.
Subjects: Asian Studies; Development Studies, Environment, Social Work, Urban Studies; Economics; Energy policy and economics
Keywords: environmental degradation; economic growth; energy consumption; Asian countries
JEL classification: C3; F1; G2; O4; Q4; Q5
*Corresponding author: Abdelkader Derbali, Department of Finance, Higher Institute of Management of Sousse, Sousse University, Tunisia E-mail: [email protected]
Additional information is available at the end of the article
ABOUT THE AUTHORSLamia Jamel is a PhD degree in Economics at the Faculty of Economic Sciences and Management of Sousse, Tunisia. He is one of the Editorial Board members in the Cogent Economics and Finance, International Journal of Risk and Contingency Management, International Journal of Sustainable Economies Management, International Journal of Food and Beverage Manufacturing and Business Models, and International Journal of Managerial Studies and Research.
Abdelkader Derbali is an assistant professor in Finance at the Higher Institute of Management of Sousse, Tunisia. He is one of the Editorial Board members in the African Journal of Accounting, Auditing and Finance, in Cogent Economics and Finance, and in International Business Review. He has published articles, among others, in Research in International Business and Finance, The Journal of Energy Markets, International Journal of Economics and Accounting, International Journal of Critical Accounting, and International Journal of Trade and Global Market.
PUBLIC INTEREST STATEMENTThis paper investigates empirically the impact of energy consumption and economic growth on the CO2 emissions. We use the cointegration test, the fully modified OLS, and the panel causality to examine the causality between environmental pollution and economic aggregates from a panel data of eight Asian countries over the period 1991–2013. The empirical findings show that the cointegration tests confirm long run relationship among environmental degradation and energy consumption and economic growth along with financial development, trade openness, capital stocks, and urbanization as control variables. In addition, FMOLS results confirm that economic growth and energy consumption have a positive and significant impact on environmental degradation. Besides, panel causality through VECM verifies that bidirectional causal connection is found between energy consumption, economic growth, and CO2 emissions.
Received: 16 December 2015Accepted: 22 March 2016Published: 11 April 2016
The major economies of Southeast Asia, such as Indonesia and Thailand, will face tightening of global financial conditions and an increase in household debt. In Malaysia, growth will accelerate slightly to 4.9% in 2014. Exports will increase, but the increase in the debt service and the fiscal consolidation underway will weigh on domestic demand. In the Philippines, where growth could decline to 6.6%, accelerating reconstruction spending would offset the decline in consumption fol-lowing the natural disasters in 2013. The economies of smaller size should experience sustained growth, and face risks of overheating that may require further tightening of monetary policy.
Structural reforms are essential to reduce vulnerabilities and ensure long-term sustainable growth. China has undertaken a series of reforms in finance, market access, mobility of labor, and taxation in order to increase the efficiency of growth and boost demand interior. Over time, these measures will sustain the economy on a more stable basis, inclusive and sustainable. Some initia-tives already announced by the government, such as tax reform and reducing barriers to private investment, could also boost short-term growth.If they are successful, reforms in China could have tremendous positive effects on trading partners that supply agricultural products, consumer goods, and modern services. However, a disorderly adjustment of the Chinese economy would have a nega-tive impact on regional and global growth, particularly in countries dependent on natural resource exports.
In this section, we present the Asian economies under study in terms of CO2 emissions, GDP per capita, energy consumption, and financial development.
Figure 1. CO2 emissions, energy consumption, economic growth, and financial development in China.
growth, and energy consumption. Fully modified OLS is utilized to find long run elasticity. Short run dynamic relationship is estimated by vector error correction model (VECM). The period of study is from 1991 to 2013.
The main objective of our paper is to examine the impact of energy consumption and economic growth on CO2 emissions. The empirical results of Pedroni, Kao, and Fisher cointegration tests con-firm the presence of a long run relationship between variables used in this paper.
The fully modified OLS results show a positive relationship between carbon dioxide emissions (en-vironmental degradation) and five variables: economic growth, trade openness, energy consump-tions, capital stock, and urbanization rate. However, financial development has a negative impact on environmental degradation. These empirical findings indicate an evidence of bidirectional linkage between environmental degradation and energy consumption, environmental degradation and eco-nomic growth, and environmental degradation and financial development in the case of the Asian countries.
Panel causality tests through VECM elaborate that a bidirectional causal connection is found be-tween environmental degradation and energy consumption, economic growth, and financial devel-opment. Finally, the error correction term’s results confirm adjustment speed and it is significant at the level of 1% which also confirms that the long run relationship holds.
According to these empirical results, the Asian Governments need to promote financial develop-ment with their negative and significant impact on environment pollution. Also, they can promote investment on new resources in the energy sector which are beneficial in terms of CO2 emissions, as renewable energy.
AcknowledgmentI would like to thank the editor and anonymous reviewers for their supportive comments and suggestions.
FundingThe authors received no direct funding for this research.
E-mail: [email protected] Faculty of Economic Sciences and Management of Sousse,
Department of Economics, Sousse University, Tunisia.2 Department of Finance, Higher Institute of Management of
Sousse, Sousse University, Tunisia.
Citation informationCite this article as: Do energy consumption and economic growth lead to environmental degradation? Evidence from Asian economies, Lamia Jamel & Abdelkader Derbali, Cogent Economics & Finance (2016), 4: 1170653.
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Apergis, N., & Payne, J. E. (2014). Renewable energy, output, CO2 emissions, and fossil fuel prices in Central America: Evidence from a nonlinear panel smooth transition vector error correction model. Energy Economics, 42, 226–232. http://dx.doi.org/10.1016/j.eneco.2014.01.003
Arouri, M. H., Ben Youssef, A., M'henni, H., & Rault, C. (2012). Energy consumption, economic growth and CO2 emissions in Middle East and North African countries. Energy Policy, 45, 342–349. http://dx.doi.org/10.1016/j.enpol.2012.02.042
Baek, J., & Pride, D. (2014). On the income–nuclear energy–CO2 emissions nexus revisited. Energy Economics, 43, 6–10. http://dx.doi.org/10.1016/j.eneco.2014.01.015
Baranzini, A., Weber, S., Bareit, M., & Mathys, N. A. (2013). The causal relationship between energy use and economic growth in Switzerland. Energy Economics, 36, 446–470.
Bloch, H., Rafiq, S., & Salim, R. (2012). Coal consumption, CO2 emission and economic growth in China: Empirical evidence and policy responses. Energy Economics, 34, 518–528. http://dx.doi.org/10.1016/j.eneco.2011.07.014
Charfeddine, L., & Ben khediri, K. (2015). Financial development and environmental quality in UAE: Cointegration with structural breaks. Renewable and Sustainable Energy Reviews, 55, 1322–1335.
Chen, S. T., Kuo, H. I., & Chen, C. C. (2007). The relationship between GDP and electricity consumption in 10 Asian countries. Energy Policy, 35, 2611–2621. http://dx.doi.org/10.1016/j.enpol.2006.10.001
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