The influence of financial openness, trade openness, and energy intensity on ecological footprint: revisiting the enviro
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RESEARCH ARTICLE
The influence of financial openness, trade openness, and energy intensity on ecological footprint: revisiting the environmental Kuznets curve hypothesis for BRICS countries Mucahit Aydin 1
&
Yunus Emre Turan 2
Received: 16 May 2020 / Accepted: 20 July 2020 # Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract This study aims to examine the impact of economic growth, financial openness, trade openness, and energy intensity on the ecological footprint of BRICS countries for the period 1996–2016 in the framework of the environmental Kuznets curve (EKC). In the research phases, the effects of financial openness and trade openness on ecological footprint were examined both individually and as a whole using three models. The results indicate that the EKC hypothesis is not valid in all BRICS countries. Specifically, the individual results demonstrate that the EKC model using financial openness is valid only for India, while the EKC model using trade openness is valid both for India and South Africa. Furthermore, financial openness has reduced environmental pollution in India and South Africa. Trade openness has reduced environmental pollution in China and India, while it has increased in South Africa. Lastly, energy intensity has increased environmental pollution in all countries except Russia for both models. Overall, policy-makers should develop policies to reduce energy intensity in BRICS countries. Keywords Ecological footprint . Energy intensity . Openness . EKC
Introduction At present, as a result of liberalization policies, borders between countries have disappeared economically, and international capital has been transferred from developed countries to developing countries. As a result, although world economic growth has produced positive results in quantitative terms, the pressure on the environment has increased, and the carrying capacity of nature has been exceeded. According to the World Wild Fund (WWF), despite the 27% increase in world biological capacity in the last 50 years, the ecological footprint (EF) has increased by 190% in the same period (WWF 2018). Due Responsible editor: Nicholas Apergis * Mucahit Aydin [email protected] Yunus Emre Turan [email protected] 1
Faculty of Arts and Sciences, Department of Statistics, Sakarya University, Esentepe Campus, Serdivan, Sakarya, Turkey
2
Faculty of Political Sciences, Department of Econometrics, Sakarya University, Esentepe Campus, Serdivan, Sakarya, Turkey
to this gap between ecological footprint and biocapacity, the world is alarmingly undergoing rising temperatures in various regions and extreme weather conditions. Human increased pressure on the world (footprint increase) and lagging biocapacity have caused the emission of carbon not to be absorbed. The resulting global warming from this situation has reduced biological diversity, disrupted the biological organism cycle, and led to natural disasters. As can be seen in Fig. 1, global temperature anomalies have increased in parallel with global GDP incre
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