Export diversification and the green economy: the key role of economic risk
Abstract
As countries propose to develop their green economy strategies to achieve sustainable development goals, many researchers and practitioners have analyzed the various factors affecting this special economy and how export diversification impacts the environment. However, there is limited knowledge about the link between export diversification and the green economy. Thus, this research study explored the impact of such diversification on the green economy by considering the role of economic risk. A new dynamic panel threshold approach was applied to the global panel data of 112 countries from 1995 to 2014. The results support the U-shaped correlation between export diversification and the green economy with an increase in economic risk. Export diversification tends to weaken the green economy when economic risk is at lower levels, but it improves the economy after reaching a certain level of economic risk. We also found that the green economy has a persistent effect over time. Under all economic risk levels, the previous level of green economy development promotes current green economy development. These findings thus provide policymakers with crucial implications.
First published online 23 February 2023
Keyword : export diversification, green economy, economic risk, dynamic threshold panel
How to Cite
Lee, C.-C., Xing, W., Wu, W., & Lee, C.-C. (2023). Export diversification and the green economy: the key role of economic risk. Technological and Economic Development of Economy, 29(2), 717–740. https://doi.org/10.3846/tede.2023.18532
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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de Piñeres, S. A. G., & Ferrantino, M. (1997). Export diversification and structural dynamics in the growth process: The case of Chile. Journal of Development Economics, 52(2), 375–391. https://doi.org/10.1016/S0304-3878(96)00446-4
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Fraccascia, L., Giannoccaro, I., & Albino, V. (2018). Green product development: What does the country product space imply? Journal of Cleaner Production, 170, 1076–1088. https://doi.org/10.1016/j.jclepro.2017.09.190
Friedman, M. (1937). The use of ranks to avoid the assumption of normality implicit in the analysis of variance. Journal of the American Statistical Association, 32(200), 675–701. https://doi.org/10.1080/01621459.1937.10503522
Gozgor, G., & Can, M. (2016a). Effects of the product diversification of exports on income at different stages of economic development. Eurasian Business Review, 6(2), 215–235. https://doi.org/10.1007/s40821-016-0045-5
Gozgor, G., & Can, M. (2016b). Export product diversification and the environmental Kuznets curve: Evidence from Turkey. Environmental Science and Pollution Research, 23, 21594–21603. https://doi.org/10.1007/s11356-016-7403-9
Grossman, G. M., & Krueger, A. B. (1995). Economic growth and the environment. Quarterly Journal of Economics, 110(2), 353–377. https://doi.org/10.2307/2118443
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Guo, Y., You, W., & Lee, C. C. (2022). CO2 emissions, income inequality, and country risk: Some international evidence. Environmental Science and Pollution Research, 29, 12756–12776. https://doi.org/10.1007/s11356-020-09501-w
Hausmann, R., Hidalgo, C. A., Bustos, S., Coscia, M., Simoes, A., & Yildirim, M. A. (2014). The atlas of economic complexity: Mapping paths to prosperity. MIT Press.
He, L., Zhang, L., Zhong, Z., Wang, D., & Wang, F. (2019). Green credit, renewable energy investment and green economy development: Empirical analysis based on 150 listed companies of China. Journal of Cleaner Production, 208, 363–372. https://doi.org/10.1016/j.jclepro.2018.10.119
Hussain, J., & Lee, C. C. (2022). A green path towards sustainable development: Optimal behavior of the duopoly game model with carbon neutrality instruments. Sustainable Development, 30(6), 1523–1541. https://doi.org/10.1002/sd.2325
Imanov, G. (2021). Fuzzy estimation of national green economy index and investments distribution. In Studies in fuzziness and soft computing: Vol. 402. Fuzzy models in economics (pp. 55–71). Springer, Cham. https://doi.org/10.1007/978-3-030-61282-5_4
Imbs, J., & Wacziarg, R. (2003). Stages of diversification. American Economic Review, 93(1), 63–86. https://doi.org/10.1257/000282803321455160
International Monetary Fund. (2014a). Sustaining long-run growth and macroeconomic stability in low-income countries – the role of structural transformation and diversification. IMF Policy Paper. https://www.imf.org/external/np/pp/eng/2014/030514.pdf
International Monetary Fund. (2014b). Sustaining long-run growth and macroeconomic stability in low-income countries – the role of structural transformation and diversification – background notes. IMF Policy Paper. https://www.imf.org/external/np/pp/eng/2014/030514a.pdf
Lee, C. C., & Ho, S. J. (2022). Impacts of export diversification on energy intensity, renewable energy, and waste energy in 121 countries: Do environmental regulations matter? Renewable Energy, 199, 1510–1522. https://doi.org/10.1016/j.renene.2022.09.079
Lee, C. C., & Lee, C. C. (2018). The impact of country risk on income inequality: A multilevel analysis. Social Indicators Research, 136(1), 139–162. https://doi.org/10.1007/s11205-016-1534-8
Lee, C. C., & Lee, C. C. (2019). Oil price shocks and Chinese banking performance: Do country risks matter? Energy Economics, 77, 46–53. https://doi.org/10.1016/j.eneco.2018.01.010
Lee, C. C., & Lee, C. C. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, 105863. https://doi.org/10.1016/j.eneco.2022.105863
Lee, C. C., Lee, C. C., & Lien, D. (2020a). Income inequality, globalization, and country risk: A cross-country analysis. Technological and Economic Development of Economy, 26(2), 379–404. https://doi.org/10.3846/tede.2019.11414
Lee, C. C., Liu, Y., & Liu, G. (2020b). Growth sources of green economy and energy consumption in China: New evidence accounting for heterogeneous regimes. Energy Journal, 41(6), 33–63. https://doi.org/10.5547/01956574.41.6.gliu
Lee, C. C., Tang, M., & Lee, C. C. (2023a). Reaping digital dividends: Digital inclusive finance and high-quality development of enterprises in China. Telecommunications Policy, 102484. https://doi.org/10.1016/j.telpol.2022.102484
Lee, C. C., Yuan, Z., & Ho, S. J. (2022a). How does export diversification affect income inequality? International evidence. Structural Change and Economic Dynamics, 63, 410–420. https://doi.org/10.1016/j.strueco.2022.06.010
Lee, C. C., Yuan, Z., & Wang, Q. (2022b). How does information and communication technology affect energy security? International evidence. Energy Economics, 109, 105969. https://doi.org/10.1016/j.eneco.2022.105969
Lee, C. C, Yuan, Z., Lee, C. C., & Chang, Y. F. (2022c). The impact of renewable energy technology innovation on energy poverty: Does climate risk matter? Energy Economics, 116, 106427. https://doi.org/10.1016/j.eneco.2022.106427
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