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    Environmental policy, green trade and sustainable development in Europe: New perspective on the Porter hypothesis
    (SAGE Publications Inc., 2023) Olasehinde-Williams, Godwin; Folorunsho, Ajide
    This study tests the validity of the Porter hypothesis through the examination of the joint effects of green trade and environmental policy stringency on sustainable development in the European Economic Area. To achieve the study objective, data for 14 countries within the region between 2003 and 2015 is analyzed using advanced panel estimation techniques – panel method of moments quantile and nonparametric time-varying coefficient panel models. The empirical analysis yields a number of interesting results. In confirmation of the Porter hypothesis, the interaction term is positive and significant. Specifically, a percentage increase in environmental policy stringency raises the positive impact of green trade on sustainable development by 0.005%. This interactive effect also ranges between 0.002% and 0.007% across quantiles. This indicates that the higher the level of sustainable development, the higher the moderating impact of environmental policy stringency on the relationship between green trade and sustainable development. This suggests that stringent policies are able to induce green technological shocks that cause efficiency improvements and innovation, which in turn promote sustainable development either directly or indirectly through their interactions with green trade. Moreover, the individual and synergistic impacts of environmental policy stringency and green trade are time-varying and sensitive to economic conditions. They become more pronounced in periods of major regional/global economic events. Responsible use of strict environmental policies is advocated, and the removal of green trade barriers is encouraged.
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    What does export diversification do for energy demand? Evidence from the Global North
    (SPRINGER HEIDELBERG, 2022) Olasehinde-Williams, Godwin; Lee, Chien-Chiang; Folorunsho, Ajide
    This paper contributes to the trade-energy literature by examining the effect of export product diversification on the energy demand of 30 countries located in the Global North over the period 1980-2014. A nonparametric time-varying coefficient panel data model with fixed effects is employed for its ability to produce robust outcomes in the presence of parameter instabilities, nonstationarity, regime shifts, and time variations. As a second step, the paper also utilizes the nonparametric fixed effects extension of Driscoll and Kraay, which is robust to spatial/cross-sectional dependence, as well as to autocorrelation and heteroscedasticity. The results indicate that export diversification lowers overall energy demand in the Global North, and the size of the impact has been on a gradual increase over the years. The paper concludes that if a conscious effort is made to ensure that product diversification is towards energy-efficient goods, export product diversification can serve as a useful strategy for managing energy consumption and mitigating its negative environmental effects.