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Causal Interactions Between CO2 Emissions, Financial Development, Energy and Tourism

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  • Çağatay Başarir
  • Yasin Nuri Çakir

Abstract

Aim of this study is to investigate the casual relationship between tourism, financial development, energy consumptions and carbon emissions in Turkey and four European Union countries France, Spain, Italy and Greece which are the main competitors of Turkish tourism for the 1995-2010 period. According to the results of the study, for the panel as a whole there are statistically significant feedback effects between the variables. One per cent increase in energy consumption will rise CO2 emission by 3.02 %, a one per cent increase in the financial development will decrease CO2 emission by 0.12 % and also one percentage increase in tourist arrival will decrease CO2 emission by 0.11 %. The causality analysis shows uni-directional causal relationship between the tourist arrivals and financial development. And also there is a bi-directional causality relationship between CO2 emission, financial development, and energy and tourist arrival.

Suggested Citation

  • Çağatay Başarir & Yasin Nuri Çakir, 2015. "Causal Interactions Between CO2 Emissions, Financial Development, Energy and Tourism," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(11), pages 1227-1238.
    • Handle: RePEc:asi:aeafrj:v:5:y:2015:i:11:p:1227-1238:id:1435
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    Cited by:

    1. Arletta Isaeva & Raufhon Salahodjaev & Anastas Khachaturov & Shakhnoza Tosheva, 2022. "The Impact of Tourism and Financial Development on Energy Consumption and Carbon Dioxide Emission: Evidence from Post-communist Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 773-786, March.
    2. Mercy T. Musakwa & Nicholas M Odhiambo, "undated". "Does Tourism Influence Financial Development In Kenya," Working Papers AESRIWP15, African Economic and Social Research Institute (AESRI).
    3. Ratneswary Rasiah & Sotheeswari Somasundram & Geetha Subramaniam, 2018. "A Multivariate Cointegration Analysis of the Macroeconomic Determinants of Carbon Emissions in Malaysia," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 202-208.
    4. Brown, Leanora & McFarlane, Adian & Campbell, Kaycea & Das, Anupam, 2020. "Remittances and CO2 emissions in Jamaica: An asymmetric modified environmental kuznets curve," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    5. Isah Wada, 2021. "Institutional Quality and Tourism Growth Nexus in MENA Countries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 24(81), pages 2-14, September.
    6. Destek, Mehmet Akif & Aydın, Sercan, 2021. "An Empirical Note on Tourism and Sustainable Development Nexus," MPRA Paper 114219, University Library of Munich, Germany.
    7. Sun, Ya-Yen & Gossling, Stefan & Zhou, Wanru, 2022. "Does tourism increase or decrease carbon emissions? A systematic review," Annals of Tourism Research, Elsevier, vol. 97(C).
    8. Abdul, Daud & Wenqi, Jiang & Tanveer, Arsalan, 2022. "Environmental stewardship: Analyzing the dynamic impact of renewable energy, foreign remittances, and globalization index on China's CO2 emissions," Renewable Energy, Elsevier, vol. 201(P1), pages 418-425.
    9. Rambeli, Norimah & Awang Marikan, Dayang Affizah & Hashim, Emilda & Mohd. Ariffin, Siti Zubaidah & Hashim, Asmawi & M. Podivinsky, Jan, 2021. "The Determinants of Carbon Dioxide Emissions in Malaysia and Singapore," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 55(2), pages 107-119.
    10. Olugbenga Olaoye & Risikat O.S Dauda, 2022. "Energy Use, Financial Development and Pollution in Selected African Countries," Journal of Economic Impact, Science Impact Publishers, vol. 4(3), pages 188-195.
    11. MT Musakwa & N.M. Odhiambo, 2022. "Does Tourism Influence Financial Development in Kenya?," Working Papers AESRI-2022-15, African Economic and Social Research Institute (AESRI), revised Jun 2022.
    12. Muhammad Shahbaz & Ramzi Benkraiem & Anthony Miloudi & Aviral Kumar Tiwari, 2019. "Tourism-induced financial development in Malaysia: New evidence from the tourism development index," Tourism Economics, , vol. 25(5), pages 757-778, August.
    13. Zhao, Bingyu & Yang, Wanping, 2020. "Does financial development influence CO2 emissions? A Chinese province-level study," Energy, Elsevier, vol. 200(C).
    14. Muthana Mohammad Omoush, 2018. "Time Series Analysis among Tourism, Financial Development, FDI and Economic Growth in Jordan," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(12), pages 150-150, December.
    15. Balsalobre-Lorente, Daniel & Abbas, Jaffar & He, Chang & Pilař, Ladislav & Shah, Syed Ale Raza, 2023. "Tourism, urbanization and natural resources rents matter for environmental sustainability: The leading role of AI and ICT on sustainable development goals in the digital era," Resources Policy, Elsevier, vol. 82(C).
    16. Haroon Rasool & Shafat Maqbool & Md. Tarique, 2021. "The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis," Future Business Journal, Springer, vol. 7(1), pages 1-11, December.
    17. Farid Irani & Salih Katircioglu & Korhan K. Gokmenoglu, 2021. "Effects of Business and Finance Conditions on Tourism Firms’ Financial Performances: Evidence From Major Tourist Destinations," SAGE Open, , vol. 11(3), pages 21582440211, August.
    18. Anuman Chanthawong & Therdchai Choibamroong, 2022. "Dynamic Linkages of Carbon Emissions, Economic Growth, Energy Consumption, Tourism Indicators and Population: Evidence from Second-tier Cities in Thailand," International Journal of Energy Economics and Policy, Econjournals, vol. 12(5), pages 61-72, September.

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