Effects of Technology, Energy, Monetary, and Fiscal Policies on the Relationship between Renewable and Fossil Fuel Energies and Environmental Pollution: Novel NBARDL and Causality Analyses

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Atıf İçin Kopyala

Bildirici M. E., Çırpıcı Y. A., Ersin Ö. Ö.

SUSTAINABILITY, cilt.15, ss.1-27, 2023 (SCI-Expanded)

• Yayın Türü: Makale / Tam Makale
• Cilt numarası: 15
• Basım Tarihi: 2023
• Doi Numarası: 10.3390/su152014887
• Dergi Adı: SUSTAINABILITY
• Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus, Aerospace Database, Agricultural & Environmental Science Database, CAB Abstracts, Communication Abstracts, Food Science & Technology Abstracts, Geobase, INSPEC, Metadex, Veterinary Science Database, Directory of Open Access Journals, Civil Engineering Abstracts
• Sayfa Sayıları: ss.1-27
• İstanbul Ticaret Üniversitesi Adresli: Evet

Özet

There is a body of research that focuses on the examination of long-run relations between

energy–environment–economic growth, and there is also a new type of recent research that focuses on

the effects of monetary and fiscal economic policies on the environment. There is a research gap that

exists due to omitting the effects of technology and energy policies, and this paper addresses this gap,

in addition to merging both fields mentioned above, by including the asymmetric effects of fiscal and

monetary policies. To explore the relations between fossil fuel and renewable energies, environmental

pollution, and economic growth, in addition to including the roles of energy, technology, monetary,

and fiscal policies, this paper employs novel NBARDL and NBARDL Granger Causality methods

for yearly data assessments in the USA. The empirical findings of the paper point to the asymmetric

impacts of monetary and fiscal policies in the short- and long-run. Interestingly, both contractionary

and expansionary fiscal policies lead to higher CO2 emissions. Contractionary monetary policies

exert a downward pressure on CO2 emissions, and if expansionary, the monetary policy causes

environmental degradation. As an important policy, the energy policy emerges as a potent tool

for reducing carbon emissions through not only renewable energy, but as a greater impact through

energy efficiency and technology. Therefore, this paper highlights the importance of technology

policies exhibiting varying relationships with environmental pollution, featuring unidirectional

or bidirectional causality patterns. Renewable energy, energy efficiency combined with adequate

technology, and energy policies are determined to have pivotal roles in CO2 emissions outcomes.

Such policies should focus on cleaner energy sources accompanied by energy efficiency technologies

in the USA to curtail environmental impacts; technology policies are vital in fostering innovations

and encouraging cleaner technologies. The policy recommendations include an effective combination

of monetary, fiscal, technology, and energy policies, backed by a strong commitment to achieving

energy efficiency and renewable energy to mitigate environmental pollution and to contribute to

sustainable development.