International Congress on Eurasian Economies
26-28 June 2024 – Bishkek, KYRGYZSTAN
Paper properties
Paper ID : 2949
Status : Paper published
Language : Turkish
Topic : Natural Resources and Environment
Presenter: Asst. Prof. Dr. Gözde Bozkurt
Session : 2B Çevre ekonomisi
The Situation of the Eurasian Economic Union in Ecological Openness: Fourier Unit Root Test
Ekolojik Açıklıkta Avrasya Ekonomik Birliği'nin Durumu: Fourier Birim Kök Testi
- Asst. Prof. Dr. Gözde Bozkurt (Istanbul Beykent University, Türkiye)
- Prof. Dr. Volkan Öngel (Istanbul Beykent University, Türkiye)
- Asst. Prof. Dr. İsmail Erkan Çelik (Doğuş Üniversitesi, Türkiye)
Abstract
Stationarity analysis, used to discern whether shocks in environmental indicators are temporary or permanent, is crucial for assessing the impacts of environmental policies and devising appropriate strategies for sustainable economic growth. Ecological deficit arises when a community's footprint surpasses its available biological capacity, serving as a comprehensive environmental indicator of demand and supply. In this context, Eurasian economies, with a higher tendency to overlook ecological considerations in growth policies than Western economies, were examined. Data from 1992-2022 for the official member countries of the Eurasian Economic Union (Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia) and Turkey, which participates in projects to bolster regional cooperation, were analyzed using the Global Footprint Network data. Given the decreasing number of sustainable living spaces due to environmental degradation, it's crucial to investigate the stochastic properties of ecological openness in these countries. Therefore, stationarity analysis was conducted using ADF (Augmented Dickey-Fuller) and Fourier ADF unit root tests. Based on the Fourier ADF test results, unit root was only detected in Kazakhstan and Kyrgyzstan, indicating the potential permanence of environmental shocks and policies in these countries. For instance, the Eurasian Economic Union has initiated steps towards regional energy integration and sustainable energy production by supporting renewable energy projects like Kyrgyzstan's Kambarata Hydroelectric Power Plant. However, considering hydroelectric plants' potential ecological footprint impacts, thorough environmental impact assessments and sustainable management strategies are imperative.
JEL codes: C10, R11
Bozkurt, Gözde, Öngel, Volkan, Çelik, İsmail Erkan (2024). "The Situation of the Eurasian Economic Union in Ecological Openness: Fourier Unit Root Test " in Proceedings of International Conference of Eurasian Economies 2024, pp.133-139, Bishkek, KYRGYZSTAN.
DOI: https://doi.org/10.36880/C16.02949
