The Impact of Shipping Connectivity on Environmental Quality, Financial Development, and Economic Growth in Regional Comprehensive Economic Partnership Countries

Xhelil Bekteshi, Sevdie Alshiqi, Bartosz Jóźwik (), Fatma Gul Altin, Mesut Dogan and Tatyana Petrossyants
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Xhelil Bekteshi: Department of Tourism and Management, St. Clement of Ohrid University of Bitola, 7000 Bitola, North Macedonia
Sevdie Alshiqi: Faculty of Economics, University of Prishtina “Hasan Prishtina”, 10000 Prishtina, Kosovo
Bartosz Jóźwik: Institute of Economics and Finance, The John Paul II Catholic University of Lublin, 20-950 Lublin, Poland
Fatma Gul Altin: Customs Management, Bucak Zeliha Tolunay School of Applied Technology and Business Administration, Burdur Mehmet Akif Ersoy University, Burdur 15100, Turkey
Mesut Dogan: Vocational School of Bozuyuk, Bilecik Seyh Edebali University, Bilecik 11300, Turkey
Tatyana Petrossyants: Department of Economics and Finance, Yessenov University, Aktau 130000, Kazakhstan

JRFM, 2024, vol. 17, issue 12, 1-16

Abstract: This study investigates the relationship between shipping connectivity, environmental quality, financial development, and economic growth among 14 countries in the Regional Comprehensive Economic Partnership (RCEP) from 2006 to 2019. Using panel-corrected standard error, Dynamic Seemingly Unrelated Regression, and Driscoll–Kraay estimation methods, the analysis reveals that shipping connectivity significantly contributes to financial development and economic growth, while also exerting a negative impact on environmental quality. These findings suggest that the maritime sector can have significant impacts not only on economic growth and financial development but also on environmental sustainability. In countries where maritime shipping has increased, particularly with the growth of trade, positive outcomes are observed in terms of financial development and economic growth, while negative impacts on environmental quality are also evident. This study provides insights for policymakers to develop strategies that maximize economic benefits while reducing environmental harm in order to achieve sustainable development in the maritime sector.

Keywords: shipping connectivity; environmental sustainability; financial development; economic growth; regional comprehensive economic partnership (RCEP) (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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