F60 - Economic Impacts of Globalization: GeneralReturn

This study investigates the impact of economic globalization, geopolitical risk and natural resources on carbon emissions (CO₂) in Turkey, while controlling for economic development and renewable energy. The study uses annual data from 1970 to 2019 and employs a quantile-on-quantile-based regularized least squares (QQKRLS) approach. The findings confirm a weak positive association between economic globalization and CO₂ emissions at low and high quantiles, while this association becomes strong at quantiles from 0.40 to 0.65 of both variables. The study also confirms an overall positive association between geopolitical risk and CO₂ emissions; however, this correlation becomes stronger at quantiles from 0.40 to 0.80 for both variables. In addition, the study also finds an overall inverse relationship between natural resource rents and CO₂ emissions, except for extremely low quantiles of both variables, where the correlation becomes positive. To strengthen the reliability of our results, the study utilizes a non-parametric bivariate quantile-on-quantile regression (QQR) method for a robustness check. Based on the findings, it is recommended that policymakers encourage green trade practices and promote climate change action initiatives by starting joint clean projects to make this world cleaner for current and future generations.

The main topic of this article is the bilateral trade in value added between the USA and China. The goal is to look at this bilateral trade in the context of "the new wave of globalization". To fulfill this broadly specified goal the article tries to answer following questions: How much are the USA and China involved in global value chains (GVC)? What is the development of the classical bilateral trade using the balance of payments methodology? Where does the value added in exports come from (geographical structure)? Are there any differences between different industry sectors? One of the main findings is that domestic value added in trade between these two countries is relatively high (US almost 90%, China more than 80%). There was also a trend of stagnation in the United States and a volatility across most of the indicators in the case of China.

The overall impact of human activities on the Earth's system and its key elements such as biodiversity or climate is so great that the contemporary era is called the Anthropocene, where globalization is overwhelming and the global influence of human action equals natural processes. This brings about many problems of global nature that are difficult to solve as adequate governance of global common goods is not satisfactorily developed. The various historical and contemporary attempts to provide some form of governance at the global level are presented, including the concept of common heritage of mankind or community approaches. An important contribution represents the concept of global public goods that was espoused by many intergovernmental and international organizations, including the UN and the EU. The relationship with the global sustainable development goals and official development assistance is also mentioned.