The asymmetric nexus of energy-growth and CO2 emissions: An empirical evidence based on hidden cointegration analysis |
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| Affiliation: | 1. China Center for Energy Economics Research, School of Economics, Xiamen University, Xiamen, Fujian 361005, China;2. Paula and Gregory Chow Institute for Studies in Economics, Xiamen University, Xiamen, Fujian 361005, China;3. The Financial College, Jiangxi Normal University, Nanchang, 330022, China;4. MOE Key Laboratory of Econometrics, School of Economics, Xiamen University, Xiamen, 361005, China;5. Faculty of Economics and Business, University of Religions and Denominations, Iran;1. Osmaniye Korkut Ata University, Faculty of Economics and Administrative Sciences, Department of Economics, Merkez, 80000 Osmaniye, Turkey;2. Adnan Kassar School of Business, Lebanese American University, Beirut, Lebanon;3. School of Economics and Management, China University of Petroleum (East China), Qingdao 266580, People’s Republic of China;4. Borsa Istanbul Strategic Planning, Financial Reporting, and Investor Relations Directorate, 34467 İstanbul, Turkey;5. Sunway University Department of Economics & Finance, Subang Jaya, Malaysia;6. University of Economics and Human Sciences in Warsaw, Warsaw, Poland;1. Department of Management Sciences, COMSATS Institute of Information Technology, Lahore, Pakistan;2. Room 5012, Faculty of Business, Multimedia University Malaysia, Melaka, Malaysia;3. DULBEA, Solvay Brussels School of Economics and Management, Belgium;4. Department of Management Sciences, COMSATS Institute of Information Technology, Vehari, Pakistan;1. School of Statistics and Applied Mathematics, Anhui University of Finance and Economics, Bengbu 233030, People’s Republic of China;2. Department of Tourism Studies, School of Business Studies, Central University of Kerala, India;3. Faculty of Economics and Management, Department of Economics, University of Ain Temouchent, Algeria;4. Department of Finance and Credit, North Caucasus Federal University, Pushkin Str. 1, 355017 Stavropol, Russia;1. Department of Economics and Finance, Sunway University, Malaysia;2. Department of Statistics, University of Karachi, Pakistan;3. Department of Accounting, Sunway University, Malaysia;4. Adnan Kassar School of Business,Lebanese American University, Beirut, Lebanon;1. Inst. für Geowissenschaften der Goethe-Universität, Frankfurt a.Main, Germany;2. Institut of Geological Sciences PAS, Research Centre in Wrocław, Podwale 75, 50-449 Wrocław, Poland |
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| Abstract: | Noting the significance of asymmetries in macroeconomic literature, this study aimed to estimate the asymmetric linkages between energy growth and the environment for BRICST countries between 1990 & 2017. For this purpose, this study applied hidden cointegration, panel NARDL, and asymmetric causality tests between the variables. In the first step, the results supported the existence of hidden cointegration between the variables. In the next step, empirical results obtained from panel NARDL results explained that the chosen variables have asymmetric relationships and are highly responsive to macroeconomic shocks. Initially, the positive shocks of energy consumption positively respond to environmental degradation; similarly, the negative shocks also correspond positively to CO2 emissions. In the economic expansion phase, the positive shocks of growth have insignificant, and adverse shocks negatively respond to CO2 emissions in BRICST countries. The results of individual countries along BRICST differ at various levels in response to asymmetric shocks. Different asymmetric causalities between the chosen dimension of variables are explored. From the asymmetric associations between the variables, the study proposes to forecast the energy demand and explore alternative ways to energy resources to shift their fossil energy bases to renewable systems. Similarly, adopting ICT products could make energy efficiency in these countries more productive towards improving environmental quality. |
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| Keywords: | Asymmetric causality Hidden cointegration Panel NARDL: BRICST |
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