Impact Of Monetary Policy On Economic Growth

Impact Of Monetary Policy On Economic Growth – Sustainability, Natural Gas Consumption and Environmental Pollution in Turkey during Industry 4.0: MS-Granger Causality and Fourier Granger Causality Analysis

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Impact Of Monetary Policy On Economic Growth

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Effects of Fiscal and Monetary Policy, Energy Consumption and Economic Growth on CO2 Emissions in the Turkish Economy: NARDL Nonlinear Bootstrapping and Nonlinear Causality Methods

By Melike BildiriciMelike Bildirici SciProfiles Scilit Preprints.org Google Scholar 1, Sema Yilmaz GençSema Yılmaz Genç SciProfiles Scilit Preprints.org Google Scholar 1 and Özgür Ömer ErsinÖzgür Ömer Ersin SciProfiles * Scilit Preprints.org Google Scholar

Submissions received: 17 May 2023 / Revised: 6 June 2023 / Accepted: 24 June 2023 / Published: 3 July 2023

How Can Monetary Policy Impact The Economy And Our Daily Lives?

Governments use fiscal and monetary policies to steer the economy toward economic expansion. However, both policies can have an impact on the environment. The study examines the effects of fiscal and monetary policy, energy consumption, and economic growth on carbon dioxide emissions for the Turkish economy from 1978 to 2021 using the new nonlinear bootstrap NBAARDL and nonlinear NBVARDL. The methods are robust to breaking cointegration. The difference between expansionary and contractionary fiscal and monetary policies, results determine the presence of long-term cointegrating relationships between the analyzed variables and emissions. In addition to the effects of increasing emissions from energy consumption and growth, the positive effects of both economic policies on emissions, which will be particularly evident for expansionary policies, cannot be ruled out. The effects of contractionary monetary policy are also positive in contrast to the literature sector. Nonlinear causality tests support unidirectional causality from energy consumption and growth to emissions. The unidirectional causality from energy consumption and economic growth to emissions shows feedback effects that do not lead to environmental concerns. Expansionary and recessionary fiscal policies have a unidirectional causal effect on energy, leading to further environmental degradation. The results show the importance of environmental problems caused by economic policies. Important policy recommendations were made.

Monetary policy; fiscal policy; environmental sustainability; non-linear econometrics; cointegration; download; ARDL; business cycles; expansionary and contractionary economic policies

Environmental problems on a global scale, such as rising temperatures and unusual weather patterns, are on the rise. Increasing emissions of carbon dioxide (CO2e) is one of the most pressing environmental problems facing the world today. Burning fossil fuels is the main cause of CO2e. Environmental degradation (EB) caused by increased energy consumption has become another challenge for the global economy in addition to the positive effects of continued economic growth (EG) unless effective environmental policies are adopted.

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A graphical presentation of the conceptual framework is presented in Figure 1. Economic policy, that is, fiscal policy (FP) and monetary policy (MP) has a significant impact on the environment and ED. Both of these policies are key political instruments that influence political activity. Although policy generally favors expansion over contraction, established economic prosperity also requires a shift in energy consumption. Therefore, growth-oriented economic policies have a negative impact on environmental sustainability.

In practice, economic cycles tend to take a relatively long time for expansions compared to recessions, a finding that stems from policymakers’ desire to avoid recessions and achieve economic growth to stimulate economic growth. In case of recession, policies are also aimed at achieving recovery from these recessions by favoring FP and MP policies to bring the economy back into the growth phase. However, from an environmental perspective, growth produces greenhouse gases. Therefore, achieving environmental sustainability and economic growth at the same time presents a dilemma for many economies between growth and the environment, unless growth policies are accompanied by a strong commitment to smart solutions that address the negative environmental impacts of expansionist policies.

These smart solutions include a strong commitment to renewable energy including solar, wind and various other forms, greening of production and distribution channels, strong social awareness of green and circular economy and avoiding such consumption habits, and use of carbon tax policies. . FP and green. and a sustainable financial market policy under the MP, subsidies for investments in carbon capture technologies and high-obligation net-zero policies. Despite this, the motivation for economic policy is largely based on growth, which prevents the adoption of the above smart decisions because they are considered expensive or taken involuntarily because such measures can slow down economic expansion. . Political motivations generally also lead to political cycles aimed at achieving long economic expansions. However, in the long term, the CO2e trend will indicate a continuing lack of climate change commitment and challenge the sustainability of environmental and economic policies. FP and MP should work together to implement adaptation and mitigation solutions against climate change and global warming. Therefore, it is important to investigate the long-term relationship between FP and MP politics and CO

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Emissions require non-linear analyses, which reflect the asymmetric nature of policy and the non-linear response of ES to economic policy.

Currently, recent literature suggests that the net exposure to MP and FP should contribute to environmental damage. Sustainability is very important in this context, as it highlights important issues for maintaining a balance between EG and environmental sustainability in FP and MP. Central banks can contribute to environmental change by managing interest rates and controlling inflation, and by influencing the amount of money in the economy and implementing MP [1]. Among other things, changes in interest rates affect how much energy is used and the amount of pollution. Industry reacts to reduced MP by choosing conventional technology over green investments, and as a result, pollutant emissions increase as a result of greater use of less environmentally damaging technology. FP has the potential to improve environmental quality. Environmental quality and overall energy use are directly and indirectly related to FP tools. Changes in government spending can result from expansionary fiscal policy (EFP) or contractionary fiscal policy (CFP). In order to improve industrial production, EFP also favors less environmentally friendly technology that uses more fossil fuels and CO2e [1, 2, 3]. In addition, tax incentives in FP have a positive and significant effect on CO2e [4, 5]. Yuelan et al. in China and Halkos and Paizanos in the United States study fiscal instruments and obtain results that highlight the significant impact of economic policy on CO2e and environmental degradation [6, 7].

Recent studies have explored how fiscal decentralization can change the course of ED. Therefore, fiscal decentralization is established to improve the efficiency of public spending, which leads to better allocation of resources, and improved allocation efficiency leads to lower CO2e [8]. According to Oates, who focuses on economic development and fiscal decentralization, decentralization is found as the slope of GDP per capita and governments are more fiscally centralized for developing nations compared to developed nations [9]. Increased government and regulatory bureaucracy increases economic activity, resulting in increased CO2e [10]. Millimet examines the consequences of decentralized environmental policy in the United States and shows that decentralization leads to higher competition, the paper empirical results show an increase in hazardous emissions at low levels of GDP, and the process reverses at higher levels of development. level [1] 11]. Therefore, fiscal decentralization is believed to help regional governments improve the efficiency of resource allocation, which is also expected to help environmental sustainability [11]. Cheng et al. emphasizes the effectiveness of fiscal policy in terms of decentralization and how it can improve the quality of the environment [12]. Micro-level evidence suggests that companies’ environmental performance improves after fiscal decentralization [13]. Therefore, the aforementioned network links the concept of fiscal decentralization, which is observed in higher levels of income and development, possibly leading to environmental improvements.

The Impact Of Fiscal And Monetary Policies On Economic Growth And Stability In Tanzania

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