The impact of climate change on economic growth: A study of ASEAN countries
Nội dung chính của bài viết
Tóm tắt
Climate change is an urgent and worldwide concern that presents substantial risks to a range of industries, such as agriculture, water resources, and economic growth. The purpose of this research is to assess how climate change has affected the economic expansion of ASEAN nations. Land pollution, sea level rise, and carbon dioxide (CO2) emissions are utilized to quantify climate change. Empirically investigating this issue, the Fixed Effects Generalized Least Squares (FGLS) method is utilized in conjunction with panel data spanning the years 1990 to 2018. The findings from the FGLS model estimation suggest that climate change exerts a varied influence on the economic growth of ASEAN member states. More precisely, total pesticide use in agriculture has a positive impact on economic development, whereas CO2 emissions have a detrimental effect. Moreover, economic growth is positively impacted by foreign direct investment, trade openness, and institutional stability. To stimulate economic expansion and bolster growth drivers, ASEAN nations must adopt more robust measures to deal with climate change.
Chi tiết bài viết
Từ khóa
ASEAN countries, Climate change, Economic growth
Tài liệu tham khảo
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Alvarez-Herranz, A., Balsalobre-Lorente, D., Shahbaz, M., & Cantos, J. M. (2017). Energy innovation and renewable energy consumption in the correction of air pollution levels. Energy policy, 105, 386-397.
Asuncion, R. C., & Lee, M. (2017). Impacts of Sea Level Rise on Economic Growth in Developing Asia (No. 507). Asian Development Bank.
Baarsch, F., Granadillos, J. R., Hare, W., Knaus, M., Krapp, M., Schaeffer, M., & Lotze-Campen, H. (2020). The impact of climate change on incomes and convergence in Africa. World Development, 126, 104699. https://doi.org/10.1016/j.worlddev.2019.104699
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647.
Benhamed, A., Osman, Y., Ben-Salha, O., & Jaidi, Z. (2023). Unveiling the spatial effects of climate change on economic growth: International evidence. Sustainability, 15(10), 8197-8197. doi: 10.3390/su15108197
Bretschger, L. (2017). Climate policy and economic growth. Resource and Energy Economics, 49, 1-15.
Desmet, K., Kopp, R. E., Kulp, S. A., Nagy, D. K., Oppenheimer, M., Rossi-Hansberg, E., & Strauss, B. H. (2021). Evaluating the Economic Cost of Coastal Flooding. American Economic Journal: Macroeconomics, 13(2), 444-486. doi: 10.1257/MAC.20180366
Grossman, G., & Krueger, A. (1991). Environmental Impacts of a North American Free Trade Agreement (No. 3914). National Bureau of Economic Research, Inc.
Hallegatte, S. (2012). A framework to investigate the economic growth impact of sea level rise. Environmental Research Letters, 7(1), 015604. doi: 10.1088/1748-9326/7/1/015604
Hamurcu, Ç. (2023). Relationship between the green finance index, CO2 emission, and GDP. Financial Internet Quarterly, 19(1), 66-77.
Hedlund, J. (2018). Agriculture, Pesticide Use, and Economic Development: A Global Examination (1990-2015). North Carolina State University.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata journal, 7(3), 281-312.
Holtz-Eakin, D., & Selden, T. M. (1995). Stoking the fires? CO2 emissions and economic growth. Journal of Public Economics, 57(1), 85-101.
Kuznets, S. (1955). International differences in capital formation and financing. In Capital formation and economic growth (pp. 19-111). Princeton University Press.
Lamperti, F., Bosetti, V., Roventini, A., Tavoni, M., & Treibich, T. (2021). Three green financial policies to address climate risks. Journal of Financial Stability, 54, 100875. https://doi.org/10.1016/j.jfs.2021.100875
Leitão, N. C., & Lorente, D. B. (2020). The linkage between economic growth, renewable energy, tourism, CO2 emissions, and international trade: The evidence for the European Union. Energies, 13(18), 4838. https://doi.org/10.3390/en13184838
Linh, D. H., & Lin, S. M. (2015). Dynamic causal relationships among CO2 emissions, energy consumption, economic growth and FDI in the most populous Asian Countries. Advances in Management and Applied Economics, 5(1), 69-88.
Malhi, G. S., Kaur, M., & Kaushik, P. (2021). Impact of climate change on agriculture and its mitigation strategies: A review. Sustainability, 13(3), 1318. https://doi.org/10.3390/su13031318
Malik, M. Y., Latif, K., Khan, Z., Butt, H. D., Hussain, M., & Nadeem, M. A. (2020). Symmetric and asymmetric impact of oil price, FDI and economic growth on carbon emission in Pakistan: Evidence from ARDL and non-linear ARDL approach. Science of the Total Environment, 726, 138421. https://doi.org/10.1016/j.scitotenv.2020.138421
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Nováčková, M., & Tol, R. S. (2018). Effects of sea level rise on economy of the United States. Journal of Environmental Economics and Policy, 7(1), 85-115. doi: 10.1080/21606544.2017.1363667
Patil Shreya, R., & Patil Rahul, B. (2022). Global Scenario of Pesticides and Benefits from Pesticide Usage: A Review. International journal of zoological investigations, 8(2), 805-813. doi: 10.33745/ijzi.2022.v08i02.097
Poumanyvong, P., & Kaneko, S. (2010). Does urbanization lead to less energy use and lower CO2 emissions? A cross-country analysis. Ecological economics, 70(2), 434-444.
Pycroft, J., Abrell, J., & Ciscar, J. C. (2016). The global impacts of extreme sea-level rise: a comprehensive economic assessment. Environmental and Resource Economics, 64, 225-253.
Rehman, A., Ma, H., Ozturk, I., & Ulucak, R. (2022). Sustainable development and pollution: The effects of CO 2 emission on population growth, food production, economic development, and energy consumption in Pakistan. Environmental Science and Pollution Research, 1-12.
Roberts, J. T., & Grimes, P. E. (1997). Carbon intensity and economic development 1962–1991: a brief exploration of the environmental Kuznets curve. World Development, 25(2), 191-198.
Souvannasouk, V., Singkam, W., Sinnarong, N., Nunthasen, K., Nunthasen, W., & Wongchai, A. (2021). Estimating the potential effects of climate change on GDP in the agriculture sector by countries in the ASEAN region. Maejo International Journal of Energy and Environmental Communication, 3(1), 1-7.
Stern, N., & Stiglitz, J. E. (2023). Climate change and growth. Industrial and Corporate Change, 32(2), 277-303. doi: 10.1093/icc/dtad008
Weerasekara, S., Wilson, C., Lee, B., Hoang, V. N., Managi, S., & Rajapaksa, D. (2021). The impacts of climate induced disasters on the economy: Winners and losers in Sri Lanka. Ecological Economics, 185, 107043. https://doi.org/10.1016/j.ecolecon.2021.107043
Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. MIT Press.
Zhao, Y., & Liu, S. (2023). Effects of Climate Change on Economic Growth: A Perspective of the Heterogeneous Climate Regions in Africa. Sustainability, 15(9), 7136-7136. doi: 10.3390/su15097136
Alvarez-Herranz, A., Balsalobre-Lorente, D., Shahbaz, M., & Cantos, J. M. (2017). Energy innovation and renewable energy consumption in the correction of air pollution levels. Energy policy, 105, 386-397.
Asuncion, R. C., & Lee, M. (2017). Impacts of Sea Level Rise on Economic Growth in Developing Asia (No. 507). Asian Development Bank.
Baarsch, F., Granadillos, J. R., Hare, W., Knaus, M., Krapp, M., Schaeffer, M., & Lotze-Campen, H. (2020). The impact of climate change on incomes and convergence in Africa. World Development, 126, 104699. https://doi.org/10.1016/j.worlddev.2019.104699
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647.
Benhamed, A., Osman, Y., Ben-Salha, O., & Jaidi, Z. (2023). Unveiling the spatial effects of climate change on economic growth: International evidence. Sustainability, 15(10), 8197-8197. doi: 10.3390/su15108197
Bretschger, L. (2017). Climate policy and economic growth. Resource and Energy Economics, 49, 1-15.
Desmet, K., Kopp, R. E., Kulp, S. A., Nagy, D. K., Oppenheimer, M., Rossi-Hansberg, E., & Strauss, B. H. (2021). Evaluating the Economic Cost of Coastal Flooding. American Economic Journal: Macroeconomics, 13(2), 444-486. doi: 10.1257/MAC.20180366
Grossman, G., & Krueger, A. (1991). Environmental Impacts of a North American Free Trade Agreement (No. 3914). National Bureau of Economic Research, Inc.
Hallegatte, S. (2012). A framework to investigate the economic growth impact of sea level rise. Environmental Research Letters, 7(1), 015604. doi: 10.1088/1748-9326/7/1/015604
Hamurcu, Ç. (2023). Relationship between the green finance index, CO2 emission, and GDP. Financial Internet Quarterly, 19(1), 66-77.
Hedlund, J. (2018). Agriculture, Pesticide Use, and Economic Development: A Global Examination (1990-2015). North Carolina State University.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The stata journal, 7(3), 281-312.
Holtz-Eakin, D., & Selden, T. M. (1995). Stoking the fires? CO2 emissions and economic growth. Journal of Public Economics, 57(1), 85-101.
Kuznets, S. (1955). International differences in capital formation and financing. In Capital formation and economic growth (pp. 19-111). Princeton University Press.
Lamperti, F., Bosetti, V., Roventini, A., Tavoni, M., & Treibich, T. (2021). Three green financial policies to address climate risks. Journal of Financial Stability, 54, 100875. https://doi.org/10.1016/j.jfs.2021.100875
Leitão, N. C., & Lorente, D. B. (2020). The linkage between economic growth, renewable energy, tourism, CO2 emissions, and international trade: The evidence for the European Union. Energies, 13(18), 4838. https://doi.org/10.3390/en13184838
Linh, D. H., & Lin, S. M. (2015). Dynamic causal relationships among CO2 emissions, energy consumption, economic growth and FDI in the most populous Asian Countries. Advances in Management and Applied Economics, 5(1), 69-88.
Malhi, G. S., Kaur, M., & Kaushik, P. (2021). Impact of climate change on agriculture and its mitigation strategies: A review. Sustainability, 13(3), 1318. https://doi.org/10.3390/su13031318
Malik, M. Y., Latif, K., Khan, Z., Butt, H. D., Hussain, M., & Nadeem, M. A. (2020). Symmetric and asymmetric impact of oil price, FDI and economic growth on carbon emission in Pakistan: Evidence from ARDL and non-linear ARDL approach. Science of the Total Environment, 726, 138421. https://doi.org/10.1016/j.scitotenv.2020.138421
Nair, M., Arvin, M. B., Pradhan, R. P., & Bahmani, S. (2021). Is higher economic growth possible through better institutional quality and a lower carbon footprint? Evidence from developing countries. Renewable Energy, 167, 132-145. https://doi.org/10.1016/j.renene.2020.11.056
Nováčková, M., & Tol, R. S. (2018). Effects of sea level rise on economy of the United States. Journal of Environmental Economics and Policy, 7(1), 85-115. doi: 10.1080/21606544.2017.1363667
Patil Shreya, R., & Patil Rahul, B. (2022). Global Scenario of Pesticides and Benefits from Pesticide Usage: A Review. International journal of zoological investigations, 8(2), 805-813. doi: 10.33745/ijzi.2022.v08i02.097
Poumanyvong, P., & Kaneko, S. (2010). Does urbanization lead to less energy use and lower CO2 emissions? A cross-country analysis. Ecological economics, 70(2), 434-444.
Pycroft, J., Abrell, J., & Ciscar, J. C. (2016). The global impacts of extreme sea-level rise: a comprehensive economic assessment. Environmental and Resource Economics, 64, 225-253.
Rehman, A., Ma, H., Ozturk, I., & Ulucak, R. (2022). Sustainable development and pollution: The effects of CO 2 emission on population growth, food production, economic development, and energy consumption in Pakistan. Environmental Science and Pollution Research, 1-12.
Roberts, J. T., & Grimes, P. E. (1997). Carbon intensity and economic development 1962–1991: a brief exploration of the environmental Kuznets curve. World Development, 25(2), 191-198.
Souvannasouk, V., Singkam, W., Sinnarong, N., Nunthasen, K., Nunthasen, W., & Wongchai, A. (2021). Estimating the potential effects of climate change on GDP in the agriculture sector by countries in the ASEAN region. Maejo International Journal of Energy and Environmental Communication, 3(1), 1-7.
Stern, N., & Stiglitz, J. E. (2023). Climate change and growth. Industrial and Corporate Change, 32(2), 277-303. doi: 10.1093/icc/dtad008
Weerasekara, S., Wilson, C., Lee, B., Hoang, V. N., Managi, S., & Rajapaksa, D. (2021). The impacts of climate induced disasters on the economy: Winners and losers in Sri Lanka. Ecological Economics, 185, 107043. https://doi.org/10.1016/j.ecolecon.2021.107043
Wooldridge, J. M. (2010). Econometric analysis of cross-section and panel data. MIT Press.
Zhao, Y., & Liu, S. (2023). Effects of Climate Change on Economic Growth: A Perspective of the Heterogeneous Climate Regions in Africa. Sustainability, 15(9), 7136-7136. doi: 10.3390/su15097136
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