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Connecting Blue Economy and Economic Growth to Climate Change: Evidence from European Union Countries

Author

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  • Roxana Maria Bădîrcea

    (Department of Finance, Banking and Economic Analysis, Faculty of Economics and Business Administration, University of Craiova, 13 A.I. Cuza Street, 200585 Craiova, Romania)

  • Alina Georgiana Manta

    (Department of Finance, Banking and Economic Analysis, Faculty of Economics and Business Administration, University of Craiova, 13 A.I. Cuza Street, 200585 Craiova, Romania)

  • Nicoleta Mihaela Florea

    (Department of Finance, Banking and Economic Analysis, Faculty of Economics and Business Administration, University of Craiova, 13 A.I. Cuza Street, 200585 Craiova, Romania)

  • Silvia Puiu

    (Department of Management, Marketing and Business Administration, Faculty of Economics and Business Administration, University of Craiova, 13 A.I. Cuza Street, 200585 Craiova, Romania)

  • Liviu Florin Manta

    (Department of Mechatronics and Robotics, Faculty of Automation, Computers and Electronics, University of Craiova, 107 Bld. Decebal, 200440 Craiova, Romania)

  • Marius Dalian Doran

    (Doctoral School of Economic Sciences, Faculty of Economics and Business Administration, University of Craiova, 13 A.I. Cuza Street, 200585 Craiova, Romania)

Abstract

Blue Economy represents a new and interesting concept on a global level, both from the economic potential but also by the fact that it can be used to reduce environmental degradation. The main goal of this research is to identify the causality relations between the greenhouse gas emissions, the Blue Economy and economic growth based on a panel of annual data from the 28 countries that are members of the European Union (EU) over the 2009–2018 period. After applying stationarity and cointegration tests, the long term cointegration coefficients shall be determined with the help of the fully modified ordinary least squares (FMOLS) estimator. Granger causality estimation based on the vector error correction model (VECM) was applied to identify the causality relationship between the variables and to detect the direction of causality. Based on the identified causality relations, the Blue Economy has a significant influence on greenhouse gas emissions in the long run. Unidirectional causality relations were identified from the economic growth of greenhouse gas emissions in the long term, as well as from the greenhouse gas emissions on economic growth in the short term.

Suggested Citation

  • Roxana Maria Bădîrcea & Alina Georgiana Manta & Nicoleta Mihaela Florea & Silvia Puiu & Liviu Florin Manta & Marius Dalian Doran, 2021. "Connecting Blue Economy and Economic Growth to Climate Change: Evidence from European Union Countries," Energies, MDPI, vol. 14(15), pages 1-12, July.
    • Handle: RePEc:gam:jeners:v:14:y:2021:i:15:p:4600-:d:604338
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    Citations

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    Cited by:

    1. Marius Dalian Doran & Maria Magdalena Poenaru & Alexandra Lucia Zaharia & Sorana Vătavu & Oana Ramona Lobonț, 2022. "Fiscal Policy, Growth, Financial Development and Renewable Energy in Romania: An Autoregressive Distributed Lag Model with Evidence for Growth Hypothesis," Energies, MDPI, vol. 16(1), pages 1-18, December.
    2. Nicoleta Mihaela Doran & Roxana Maria Bădîrcea & Marius Dalian Doran, 2022. "Financing the Agri-Environmental Policy: Consequences on the Economic Growth and Environmental Quality in Romania," IJERPH, MDPI, vol. 19(21), pages 1-15, October.
    3. George Halkos, 2022. "New Assessment Methods of Future Conditions for Main Vulnerabilities and Risks from Climate Change," Energies, MDPI, vol. 15(19), pages 1-5, October.
    4. José Ramos Pires Manso & Rosa M. Martínez Vázquez & Juan Milán García & Jaime de Pablo Valenciano, 2023. "Renewable Energies and Blue Economy: New Trends in Global Research," Energies, MDPI, vol. 16(10), pages 1-15, May.
    5. Nerea Portillo Juan & Vicente Negro Valdecantos & José María del Campo, 2022. "A New Climate Change Analysis Parameter: A Global or a National Approach Dilemma," Energies, MDPI, vol. 15(4), pages 1-24, February.
    6. Manta, Alina Georgiana & Doran, Nicoleta Mihaela & Bădîrcea, Roxana Maria & Badareu, Gabriela & Țăran, Alexandra Mădălina, 2023. "Does the implementation of a Pigouvian tax be considered an effective approach to address climate change mitigation?," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1719-1731.
    7. Anca Vasilica Tănasie & Luiza Loredana Năstase & Luminița Lucia Vochița & Andra Maria Manda & Geanina Iulia Boțoteanu & Cătălina Soriana Sitnikov, 2022. "Green Economy—Green Jobs in the Context of Sustainable Development," Sustainability, MDPI, vol. 14(8), pages 1-23, April.
    8. Ramona Pîrvu & Laurențiu Dragomir & Bogdan Budică & Răducu-Ștefan Bratu & Sorin Dinulescu & Lili Țenea, 2022. "The Impact of RDP Measures on the Rural Development: The Case of Romania," Sustainability, MDPI, vol. 14(8), pages 1-27, April.
    9. Zhiyuan Gao & Lianqing Li & Yu Hao, 2024. "Financial risk under the shock of global warming: Evidence from China," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 335-351, February.
    10. Pirvu Ramona & Stoicea Ignătescu Dana-Maria & Gruescu Ciobanu Riana Maria & Bratu Răducu Ștefan, 2024. "Sustainable Tourism in Romania: Integrating Economic, Social and Environmental Dimensions," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 2784-2795.

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