This study investigates empirically an extended version of the Environmental Kuznets Curve model that controls for tourism development. We find that international tourist arrivals into Turkey alongside income, squared income and energy consumption, cointegrate with CO2 emissions. Tourist arrivals, growth, and energy consumption exert a positive and significant impact on CO2 emissions in the long-run. Our results provide empirical support to EKC hypothesis showing that at exponential levels of growth, CO2 emissions decline. The findings suggest that despite the environmental degradation stemming from tourism development, policies aimed at environmental protection should not be pursued at the expense of tourism-led growth.

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The relationship between financial development and economic growth has been the subject of considerable debate in development and growth literature. Therefore this chapter provides evidence on the role of financial development in accounting for economic growth in 23 OECD countries (Italy, Japan, Luxemburg, Holland, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, England, USA, Australia, Austria, Belgium, Canada, Denmark, Finland, Turkey, France, Germany, Greece, Iceland) via panel data analysis using the annual data for the period 1980-2012. The authors find a positive relationship between financial development and economic growth for all countries. Also this result means that financial development leads economic growth in these countries. So the results may help policymakers formulate effective financial sector policies as a tool to promote economic growth.