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1
GENERAL & APPLIED ECONOMICS | RESEARCH ARTICLE
Do energy consumption and economic growth
lead to environmental degradation? Evidence
from Asian economies
Lamia Jamel and Abdelkader Derbali
Cogent Economics & Finance (2016), 4: 1170653
Page 1 of 19
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Jamel & Derbali, Cogent Economics & Finance (2016), 4: 1170653
http://dx.doi.org/10.1080/23322039.2016.1170653
GENERAL & APPLIED ECONOMICS | RESEARCH ARTICLE
Do energy consumption and economic growth lead
to environmental degradation? Evidence from Asian
economies
3
Lamia Jamel1 and Abdelkader Derbali2*
Received: 16 December 2015
Accepted: 22 March 2016
Published: 11 April 2016
Corresponding author: Abdelkader
Derbali, Department of Finance, Higher
Institute of Management of Sousse,
Sousse University, Tunisia
E-mail: [email protected]
*
Reviewing editor:
Lanouar Charfeddine, Qatar University,
Qatar
Additional information is available at
the end of the article
2
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 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 and economic growth and environmental degradation.
Subjects: Asian Studies; Development Studies, Environment, Social Work, Urban Studies;
Economics; Energy policy and economics
6
Keywords: environmental degradation; economic growth; energy consumption; Asian countries
JEL classification: C3; F1; G2; O4; Q4; Q5
4
ABOUT THE AUTHORS
PUBLIC INTEREST STATEMENT
Lamia 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.
This 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.
© 2016 The Author(s). This open access article is distributed under a Creative Commons Attribution
(CC-BY) 4.0 license.
Page 2 of 19
5
Submit your Manuscript
Jamel & Derbali, Cogent Economics & Finance (2016), 4: 1170653
http://dx.doi.org/10.1080/23322039.2016.1170653
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 following 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 initiatives 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 negative 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.
7
Figure 1. CO2 emissions, energy
consumption, economic growth,
and financial development in
China.
CO2 emissions
Energy consumption
7,8
16,2
16,0
7,6
15,8
7,4
15,6
7,2
15,4
7,0
15,2
6,8
15,0
6,6
14,8
14,6
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
6,4
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
GDP
2,7
2,6
Financial development
32,5
32,0
31,5
2,5
31,0
2,4
30,5
2,3
30,0
29,5
2,2
29,0
2,1
2,0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
28,5
28,0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
Page 7 of 19
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Jamel & Derbali, Cogent Economics & Finance (2016), 4: 1170653
http://dx.doi.org/10.1080/23322039.2016.1170653
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 confirm 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 (environmental degradation) and five variables: economic growth, trade openness, energy consumptions, 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 economic 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 between environmental degradation and energy consumption, economic growth, and financial development. 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 development 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.
8
Acknowledgment
I would like to thank the editor and anonymous reviewers
for their supportive comments and suggestions.
Funding
The authors received no direct funding for this research.
Author details
Lamia Jamel1
E-mail: [email protected]
Abdelkader Derbali2
E-mail: [email protected]
1
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 information
Cite 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.
9
Cover image
Source: http://theconversation.com/an-economy-focusedsolely-on-growth-is-environmentally-and-sociallyunsustainable-39761.
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