Abstract: In developing countries, one of the most important
restrictions about the economic growth is the lack of national savings
which are supposed to finance the investments. In order to overcome
this restriction and achieve the higher rate of economic growth by
increasing the level of output, countries choose the external
borrowing. However, there is a dispute in the literature over the
correlation between external debt and economic growth. The aim of
this study is to examine the effects of external debt on Turkish
economic growth by using VAR analysis with the quarterly data over
the period of 2002:01-2014:04. In this respect, Johansen
Cointegration Test, Impulse- Response Function and Variance
Decomposition Tests will be used for analyses. Empirical findings
show that there is no cointegration in the long run.
Abstract: The paper examines the interaction between the
environmental taxation, size of government spending on
environmental protection and greenhouse gas emissions and gross
inland energy consumption. The aim is to analyze the effects of
environmental taxation and government spending on environmental
protection as an environmental policy instruments on greenhouse gas
emissions and gross inland energy consumption in the EU15. The
empirical study is performed using a VAR approach with the
application of aggregated data of EU15 over the period 1995 to 2012.
The results provide the evidence that the reactions of greenhouse gas
emission and gross inland energy consumption to the shocks of
environmental policy instruments are strong, mainly in the short term
and decay to zero after about 8 years. Further, the reactions of the
environmental policy instruments to the shocks of greenhouse gas
emission and gross inland energy consumption are also strong in the
short term, however with the deferred effects. In addition, the results
show that government spending on environmental protection together
with gross inland energy consumption has stronger effect on
greenhouse gas emissions than environmental taxes in EU15 over the
examined period.