Technological innovation, financialization, and ecological footprint: evidence from BEM economies

Destek M. A., Manga M.

ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH, cilt.28, sa.17, ss.21991-22001, 2021 (SCI-Expanded) identifier identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 28 Sayı: 17
  • Basım Tarihi: 2021
  • Doi Numarası: 10.1007/s11356-020-11845-2
  • Dergi Adı: ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus, IBZ Online, ABI/INFORM, Aerospace Database, Aqualine, Aquatic Science & Fisheries Abstracts (ASFA), BIOSIS, CAB Abstracts, EMBASE, Environment Index, Geobase, MEDLINE, Pollution Abstracts, Veterinary Science Database, Civil Engineering Abstracts
  • Sayfa Sayıları: ss.21991-22001
  • Anahtar Kelimeler: Technological innovation, Financialization, Environmental degradation, Carbon emission, Ecological footprint, Panel data, ENVIRONMENTAL KUZNETS CURVE, RENEWABLE ENERGY-CONSUMPTION, CO2 EMISSIONS, CARBON EMISSIONS, GROWTH NEXUS, DEGRADATION, IMPACT, GLOBALIZATION, INCOME, INDUSTRIALIZATION
  • Erzincan Binali Yıldırım Üniversitesi Adresli: Evet

Özet

Despite the growing interest in researches on the impact of technological development on carbon emissions, the effect of technological innovation on the other indicators of environmental degradation is of little interest. In order to close this gap, the aim of this study is to determine the effects of technological innovation on both carbon emission and ecological footprint for big emerging markets (BEM) countries. In doing so, the environmental impacts of the financialization process are also explored, in line with the fact that these countries face constraints in financing technological developments. In this context, the effects of technological development, financialization, renewable energy consumption, and non-renewable energy consumption on environmental degradation are examined through the second-generation panel data methods for the period 1995-2016. The findings indicate that technological innovation is effective in reducing carbon emissions, but does not have a significant impact on the ecological footprint, namely a 1% increase in technological innovations reduces carbon emission by 0.082-0.088%. Moreover, it is found that financialization harms environmental quality for both indicators of the environment because a 1% increase in financialization increases carbon emissions by 0.203-0.222% and increases ecological footprint by 0.069-0.071%.