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The Impact of Shipping Connectivity on Environmental Quality, Financial Development, and Economic Growth in Regional Comprehensive Economic Partnership Countries

Author

Listed:
  • Xhelil Bekteshi

    (Department of Tourism and Management, St. Clement of Ohrid University of Bitola, 7000 Bitola, North Macedonia)

  • Sevdie Alshiqi

    (Faculty of Economics, University of Prishtina “Hasan Prishtina”, 10000 Prishtina, Kosovo)

  • Bartosz Jóźwik

    (Institute of Economics and Finance, The John Paul II Catholic University of Lublin, 20-950 Lublin, Poland)

  • Fatma Gul Altin

    (Customs Management, Bucak Zeliha Tolunay School of Applied Technology and Business Administration, Burdur Mehmet Akif Ersoy University, Burdur 15100, Turkey)

  • Mesut Dogan

    (Vocational School of Bozuyuk, Bilecik Seyh Edebali University, Bilecik 11300, Turkey)

  • Tatyana Petrossyants

    (Department of Economics and Finance, Yessenov University, Aktau 130000, Kazakhstan)

Abstract

This study investigates the relationship between shipping connectivity, environmental quality, financial development, and economic growth among 14 countries in the Regional Comprehensive Economic Partnership (RCEP) from 2006 to 2019. Using panel-corrected standard error, Dynamic Seemingly Unrelated Regression, and Driscoll–Kraay estimation methods, the analysis reveals that shipping connectivity significantly contributes to financial development and economic growth, while also exerting a negative impact on environmental quality. These findings suggest that the maritime sector can have significant impacts not only on economic growth and financial development but also on environmental sustainability. In countries where maritime shipping has increased, particularly with the growth of trade, positive outcomes are observed in terms of financial development and economic growth, while negative impacts on environmental quality are also evident. This study provides insights for policymakers to develop strategies that maximize economic benefits while reducing environmental harm in order to achieve sustainable development in the maritime sector.

Suggested Citation

  • Xhelil Bekteshi & Sevdie Alshiqi & Bartosz Jóźwik & Fatma Gul Altin & Mesut Dogan & Tatyana Petrossyants, 2024. "The Impact of Shipping Connectivity on Environmental Quality, Financial Development, and Economic Growth in Regional Comprehensive Economic Partnership Countries," JRFM, MDPI, vol. 17(12), pages 1-16, December.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:12:p:559-:d:1544125
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    References listed on IDEAS

    as
    1. Pisit Jarumaneeroj & Amar Ramudhin & Jorge Barnett Lawton, 2023. "A connectivity-based approach to evaluating port importance in the global container shipping network," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(3), pages 602-622, September.
    2. Yifan Wang & Laurence A. Wright, 2021. "A Comparative Review of Alternative Fuels for the Maritime Sector: Economic, Technology, and Policy Challenges for Clean Energy Implementation," World, MDPI, vol. 2(4), pages 1-26, October.
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