IDEAS home Printed from https://ideas.repec.org/a/eee/jrpoli/v81y2023ics0301420723001150.html
   My bibliography  Save this article

Energy resources, tourism development and growth-emission nexus in developing countries

Author

Listed:
  • Guo, Yang
  • Zhao, Luwei
  • Zhang, Congcong

Abstract

The primary purpose of this research is to evaluate the interrelationship between economic growth, carbon dioxide emissions, fossil fuel resource consumption, renewable energy resource consumption, and the development of the tourism industry. To this end, the panel VAR (Vector Autoregressive) approach is employed to analyze the annual data over 2000–2021 for 40 developing Asian countries. The major findings confirmed the Environmental Kuznets Curve hypothesis only for economic growth in the industry and services sectors. In addition, there are bi-directional linkages between economic growth in all three sectors and tourism development, revealing the existence of both TLGH (the Tourism-led growth hypothesis) and ELTG (Economic Lead Tourism Growth) hypotheses. Regarding the value of the growth rate of CO2 (Carbon dioxide) emissions, the growth rates of all variables in the previous period positively impact it. In contrast, the growth rate of the green energy index negatively affects the value of the growth rate of carbon emissions in the examined Asian developing economies. Developing green financing markets and promoting green culture are two recommended practical policies by this research.

Suggested Citation

  • Guo, Yang & Zhao, Luwei & Zhang, Congcong, 2023. "Energy resources, tourism development and growth-emission nexus in developing countries," Resources Policy, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:jrpoli:v:81:y:2023:i:c:s0301420723001150
    DOI: 10.1016/j.resourpol.2023.103407
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301420723001150
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.resourpol.2023.103407?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
    2. Sun, Yunpeng & Guan, Weimin & Cao, Yuning & Bao, Qun, 2022. "Role of green finance policy in renewable energy deployment for carbon neutrality: Evidence from China," Renewable Energy, Elsevier, vol. 197(C), pages 643-653.
    3. Xu, Xiaoying, 2022. "The impact of natural resources on green growth: The role of green trade," Resources Policy, Elsevier, vol. 78(C).
    4. Naoyuki Yoshino & Ehsan Rasoulinezhad & Farhad Taghizadeh-Hesary, 2021. "Economic Impacts of Carbon Tax in a General Equilibrium Framework: Empirical Study of Japan," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 23(01n02), pages 1-25, June.
    5. Joakim Westerlund, 2007. "Testing for Error Correction in Panel Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(6), pages 709-748, December.
    6. Shokoohi, Zeinab & Dehbidi, Navid Kargar & Tarazkar, Mohammad Hassan, 2022. "Energy intensity, economic growth and environmental quality in populous Middle East countries," Energy, Elsevier, vol. 239(PC).
    7. Sun, Yunpeng & Ajaz, Tahseen & Razzaq, Asif, 2022. "How infrastructure development and technical efficiency change caused resources consumption in BRICS countries: Analysis based on energy, transport, ICT, and financial infrastructure indices," Resources Policy, Elsevier, vol. 79(C).
    8. Comunale, Mariarosaria, 2022. "A panel VAR analysis of macro-financial imbalances in the EU," Journal of International Money and Finance, Elsevier, vol. 121(C).
    9. Wang, Kai-Hua & Zhao, Yan-Xin & Jiang, Cui-Feng & Li, Zheng-Zheng, 2022. "Does green finance inspire sustainable development? Evidence from a global perspective," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 412-426.
    10. Ozcan, Burcu, 2013. "The nexus between carbon emissions, energy consumption and economic growth in Middle East countries: A panel data analysis," Energy Policy, Elsevier, vol. 62(C), pages 1138-1147.
    11. Liu, Yaping & Sadiq, Farah & Ali, Wajahat & Kumail, Tafazal, 2022. "Does tourism development, energy consumption, trade openness and economic growth matters for ecological footprint: Testing the Environmental Kuznets Curve and pollution haven hypothesis for Pakistan," Energy, Elsevier, vol. 245(C).
    12. Li, Wenqing & Qiao, Yuanbo & Li, Xiao & Wang, Yutao, 2022. "Energy consumption, pollution haven hypothesis, and Environmental Kuznets Curve: Examining the environment–economy link in belt and road initiative countries," Energy, Elsevier, vol. 239(PE).
    13. Midilli, Adnan & Dincer, Ibrahim & Ay, Murat, 2006. "Green energy strategies for sustainable development," Energy Policy, Elsevier, vol. 34(18), pages 3623-3633, December.
    14. Andrews, Donald W. K. & Lu, Biao, 2001. "Consistent model and moment selection procedures for GMM estimation with application to dynamic panel data models," Journal of Econometrics, Elsevier, vol. 101(1), pages 123-164, March.
    15. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
    16. Pata, Ugur Korkut & Caglar, Abdullah Emre, 2021. "Investigating the EKC hypothesis with renewable energy consumption, human capital, globalization and trade openness for China: Evidence from augmented ARDL approach with a structural break," Energy, Elsevier, vol. 216(C).
    17. Yoon, Seong-Min, 2022. "On the interdependence between biofuel, fossil fuel and agricultural food prices: Evidence from quantile tests," Renewable Energy, Elsevier, vol. 199(C), pages 536-545.
    18. Frodyma, Katarzyna & Papież, Monika & Śmiech, Sławomir, 2022. "Revisiting the Environmental Kuznets Curve in the European Union countries," Energy, Elsevier, vol. 241(C).
    19. Fourcroy, Charlotte & Gallouj, Faiz & Decellas, Fabrice, 2012. "Energy consumption in service industries: Challenging the myth of non-materiality," Ecological Economics, Elsevier, vol. 81(C), pages 155-164.
    20. Reilly, John M., 2012. "Green growth and the efficient use of natural resources," Energy Economics, Elsevier, vol. 34(S1), pages 85-93.
    21. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    22. Zhao, Linhai & Rasoulinezhad, Ehsan, 2023. "Role of natural resources utilization efficiency in achieving green economic recovery: Evidence from BRICS countries," Resources Policy, Elsevier, vol. 80(C).
    23. Ehsan Rasoulinezhad, 2020. "Environmental Impact Assessment Analysis in the Kahak’s Wind Farm," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 22(01n02), pages 1-15, June.
    24. Ye, Xiang & Rasoulinezhad, Ehsan, 2023. "Assessment of impacts of green bonds on renewable energy utilization efficiency," Renewable Energy, Elsevier, vol. 202(C), pages 626-633.
    25. Cheng, Zhonghua & Li, Lianshui & Liu, Jun, 2020. "Natural resource abundance, resource industry dependence and economic green growth in China," Resources Policy, Elsevier, vol. 68(C).
    26. Ayesha Afzal & Ehsan Rasoulinezhad & Zaki Malik, 2022. "Green finance and sustainable development in Europe," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 5150-5163, December.
    27. Dinda, Soumyananda, 2004. "Environmental Kuznets Curve Hypothesis: A Survey," Ecological Economics, Elsevier, vol. 49(4), pages 431-455, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Xu, Da & Shang, Yunfeng & Yang, Qin & Chen, Hui, 2023. "Population aging and eco-tourism efficiency: Ways to promote green recovery," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 1-9.
    2. Fengxiao Gong & Hui Chen, 2023. "Ways to bring private investment to the tourism industry for green growth," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xu, Jiaqi & Zhao, Jingfeng & Liu, Wen, 2023. "A comparative study of renewable and fossil fuels energy impacts on green development in Asian countries with divergent income inequality," Resources Policy, Elsevier, vol. 85(PA).
    2. Xu, Chunguang & Li, Xiaohui, 2023. "The efficiency of natural resource consumption and government administration concerning green economic growth in Asian countries," Resources Policy, Elsevier, vol. 82(C).
    3. Hanzhi Zhang & Qiang Liang & Yu Li & Pengpeng Gao, 2023. "Promoting eco-tourism for the green economic recovery in ASEAN," Economic Change and Restructuring, Springer, vol. 56(3), pages 2021-2036, June.
    4. Sun, Yunpeng & Wang, Jin & Wang, Xiuhui & Wei, Xinyu, 2023. "Achieving energy justice and common prosperity through green energy resources," Resources Policy, Elsevier, vol. 81(C).
    5. Yao, Shun & Li, Tongxin & Li, Ying, 2023. "Promoting sustainable fossil fuels resources in BRICS countries: Evaluating green policies and driving renewable energy development," Resources Policy, Elsevier, vol. 85(PA).
    6. Rafei, Meysam & Esmaeili, Parisa & Balsalobre-Lorente, Daniel, 2022. "A step towards environmental mitigation: How do economic complexity and natural resources matter? Focusing on different institutional quality level countries," Resources Policy, Elsevier, vol. 78(C).
    7. Sun, Yunpeng & Gao, Pengpeng & Tian, Wenjuan & Guan, Weimin, 2023. "Green innovation for resource efficiency and sustainability: Empirical analysis and policy," Resources Policy, Elsevier, vol. 81(C).
    8. Yao, Niaoer & Fabus, Michal & Hu, Lifeng & Qian, Fangbin, 2023. "Resource efficiency and economic sustainability in APEC: Assessing the financial sector's role," Resources Policy, Elsevier, vol. 85(PB).
    9. Jaunky, Vishal Chandr, 2011. "The CO2 emissions-income nexus: Evidence from rich countries," Energy Policy, Elsevier, vol. 39(3), pages 1228-1240, March.
    10. Dimitrios Karamanis, 2022. "Defence partnerships, military expenditure, investment, and economic growth: an analysis in PESCO countries," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 173, Hellenic Observatory, LSE.
    11. Al-Jahwari, Salim Ahmed Said, 2021. "Does the Twin-Deficits doctrine apply to the Gulf Cooperation Council? A dynamic panel VAR-X model approach," MPRA Paper 111232, University Library of Munich, Germany.
    12. Sung, Bongsuk & Song, Woo-Yong & Park, Sang-Do, 2018. "How foreign direct investment affects CO2 emission levels in the Chinese manufacturing industry: Evidence from panel data," Economic Systems, Elsevier, vol. 42(2), pages 320-331.
    13. Le, Thai-Ha & Chang, Youngho & Park, Donghyun, 2016. "Trade openness and environmental quality: International evidence," Energy Policy, Elsevier, vol. 92(C), pages 45-55.
    14. Jian Han & HaiYan Gao, 2024. "Green finance, social inclusion, and sustainable economic growth in OECD member countries," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-8, December.
    15. Usman, Muhammad & Jahanger, Atif & Makhdum, Muhammad Sohail Amjad & Balsalobre-Lorente, Daniel & Bashir, Adnan, 2022. "How do financial development, energy consumption, natural resources, and globalization affect Arctic countries' economic growth and environmental quality? An advanced panel data simulation," Energy, Elsevier, vol. 241(C).
    16. Jaunky, Vishal Chandr, 2012. "Is there a material Kuznets curve for aluminium? evidence from rich countries," Resources Policy, Elsevier, vol. 37(3), pages 296-307.
    17. José Carlos Araújo Amarante & Cássio da Nóbrega Besarria & Helson Gomes de Souza & Otoniel Rodrigues dos Anjos Junior, 2021. "The relationship between economic growth, renewable and nonrenewable energy use and CO2 emissions: empirical evidences for Brazil," Greenhouse Gases: Science and Technology, Blackwell Publishing, vol. 11(3), pages 411-431, June.
    18. Acheampong, Alex O., 2018. "Economic growth, CO2 emissions and energy consumption: What causes what and where?," Energy Economics, Elsevier, vol. 74(C), pages 677-692.
    19. Ismail M. Cole, 2023. "The political economy triangle of government spending, interest‐group influence, and income inequality: Evidence and implications from the US states," Economics and Politics, Wiley Blackwell, vol. 35(3), pages 1122-1176, November.
    20. Renato Santiago & Matheus Koengkan & José Alberto Fuinhas & António Cardoso Marques, 2020. "The relationship between public capital stock, private capital stock and economic growth in the Latin American and Caribbean countries," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 67(3), pages 293-317, September.

    More about this item

    Keywords

    Carbon dioxide emissions; Economic growth; Tourism development; Energy resources; Panel VAR technique;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • Z30 - Other Special Topics - - Tourism Economics - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jrpoli:v:81:y:2023:i:c:s0301420723001150. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30467 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.