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Article

Impact of Trade and Financial Globalization on Renewable Energy in EU Transition Economies: A Bootstrap Panel Granger Causality Test

1
Faculty of Economics and Administrative Sciences, Bandirma Onyedi Eylul University, Bandirma/Balikesir 102000, Turkey
2
Faculty of Economics and Administrative Sciences, Usak University, Usak 64000, Turkey
*
Author to whom correspondence should be addressed.
Energies 2021, 14(1), 19; https://doi.org/10.3390/en14010019
Received: 27 November 2020 / Revised: 12 December 2020 / Accepted: 18 December 2020 / Published: 22 December 2020
The globalized world has experienced significant environmental degradation together with raising global production and population. In this context, the employment of renewable energy use has become crucial for a sustainable environment and development. In the research, the mutual causality among renewable energy, trade and financial globalization, real GDP per capita, and CO2 emissions in EU transition economies experiencing the integration with global economy was explored through bootstrap panel Granger causality test for the period of 1995–2015. The causality analysis revealed a unilateral causality from trade globalization to renewable energy in Estonia, Latvia, and Slovenia, and from renewable energy to trade globalization in Croatia and Lithuania. However, no significant causality between financial globalization and renewable energy was revealed. On the other side, a unilateral causality from CO2 emissions to renewable energy in Lithuania and Slovenia, and from renewable energy to CO2 emissions in Czechia, Hungary, and Latvia and a reciprocal causality between renewable energy to CO2 emissions in Romania and Slovakia and a unilateral causality from real GDP per capita to renewable energy in Czechia, Romania, and Slovenia was discovered in the causality analysis. View Full-Text
Keywords: trade globalization; financial globalization; CO2 emissions; real GDP per capita; renewable energy; bootstrap panel Granger causality; EU transition economies trade globalization; financial globalization; CO2 emissions; real GDP per capita; renewable energy; bootstrap panel Granger causality; EU transition economies
MDPI and ACS Style

Bayar, Y.; Sasmaz, M.U.; Ozkaya, M.H. Impact of Trade and Financial Globalization on Renewable Energy in EU Transition Economies: A Bootstrap Panel Granger Causality Test. Energies 2021, 14, 19. https://doi.org/10.3390/en14010019

AMA Style

Bayar Y, Sasmaz MU, Ozkaya MH. Impact of Trade and Financial Globalization on Renewable Energy in EU Transition Economies: A Bootstrap Panel Granger Causality Test. Energies. 2021; 14(1):19. https://doi.org/10.3390/en14010019

Chicago/Turabian Style

Bayar, Yilmaz, Mahmut U. Sasmaz, and Mehmet H. Ozkaya. 2021. "Impact of Trade and Financial Globalization on Renewable Energy in EU Transition Economies: A Bootstrap Panel Granger Causality Test" Energies 14, no. 1: 19. https://doi.org/10.3390/en14010019

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