How does a sustainable ocean economy affect national GDP?

Nguyen, Ngan Bich
A icle
How does a sus ainable ocean economy a ec na ional
GDP?
Cogen Economics & Finance
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How does a sus ainable ocean economy affec
na ional GDP?
Ngan Bich Nguyen
To ci e his a icle: Ngan Bich Nguyen (2024) How does a sus ainable ocean
economy affec na ional GDP?, Cogen Economics & Finance, 12:1, 2435926, DOI:
10.1080/23322039.2024.2435926
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ENVIRONMENTAL ECONOMICS & SUSTAINABILITY | RESEARCH ARTICLE
How does a sus ainable ocean economy a ec na ional GDP?
Ngan Bich Nguyen
Banking Academy o Vie nam, Hanoi, Vie nam
ABSTRACT
A sus ainable ocean economy, o blue economy, encompasses economic ac i i ies u iliz-
ing ma ine esou ces while p io i izing he long- e m heal h o oceans. While i s po en ial
o con ibu e o G oss Domes ic P oduc (GDP) is acknowledged, limi ed esea ch
explo es i s speci ic in luence on na ional economic pe o mance. This s udy in es iga es
how a sus ainable ocean economy impac s GDP by examining he balance be ween eco-
nomic de elopmen and en i onmen al s ewa dship. Th ough li e a u e e iew and
empi ical analysis, ou key sec o s—sus ainable ishe ies, ma ine bio echnology, enew-
able ene gy, and go e nmen policies—a e iden i ied as signi ican con ibu o s o GDP.
The s udy also highligh s he ole o open ade in boos ing economic g ow h. Findings
indica e ha well-managed sus ainable ocean economies enhance GDP, p omo e social
well-being, and s eng hen en i onmen al esilience. The esea ch emphasizes he neces-
si y o in eg a ed policy amewo ks ha suppo sus ainable p ac ices and in es men s
in ma ine esou ces. By unde sco ing he blue economy's po en ial as a d i e o eco-
nomic de elopmen , his s udy ad ances cu en li e a u e and ad oca es o i s pi o al
ole in os e ing na ional p ospe i y and sus ainabili y.
IMPACT STATEMENT
This esea ch examines he c i ical ela ionship be ween a sus ainable ocean economy
and na ional GDP, o e ing insigh s in o how sus ainable p ac ices in ma ine esou ce
u iliza ion d i e economic g ow h. By iden i ying key sec o s such as sus ainable ish-
e ies, ma ine bio echnology, enewable ene gy, and go e nmen policies, he s udy
highligh s hei signi ican con ibu ions o GDP while emphasizing he alue o open
ade in boos ing economic pe o mance. The indings unde sco e he impo ance o
an in eg a ed policy amewo k o balance economic de elopmen wi h en i onmen-
al s ewa dship. This wo k no only ad ances he unde s anding o he blue econo-
my's po en ial bu also p o ides ac ionable ecommenda ions o policymake s o
ha ness i s powe as a d i e o na ional p ospe i y and sus ainabili y, ensu ing long-
e m socio-economic and en i onmen al esilience.
ARTICLE HISTORY
Recei ed 30 July 2024
Re ised 21 No embe 2024
Accep ed 25 No embe 2024
KEYWORDS
Sus ainable ocean economy;
G oss Domes ic P oduc ;
sus ainable ishe ies; ma ine
bio echnology; enewable
ene gy; go e nmen ’s policy
SUBJECTS
Ma ine & Aqua ic Science;
En i onmen al Policy;
En i onmen & Economics
1. In oduc ion
The Ocean economy e e s o economic ac i i ies ha occu di ec ly o indi ec ly wi hin he ocean, ely
on ocean-de i ed esou ces, and in eg a e goods and se ices in o ocean- ela ed indus ies (Pa k &
Kildow, 2014). The sus ainable ocean economy, also known as he blue economy, ep esen s an inc eas-
ingly pi o al a ena wi hin global economic discou se. This concep , which in eg a es he economic
po en ial o he wo ld’s oceans wi h he impe a i e o en i onmen al sus ainabili y, has eme ged as a
c i ical ield o s udy o he pu sui o balanced economic de elopmen (Sil e e al., 2015). As na ions
s i e o econcile g ow h objec i es wi h he p essing need o en i onmen al s ewa dship, he blue
economy o e s a amewo k o le e aging he as esou ces o he ocean in a manne ha is bo h
economically and ecologically esponsible (Voye e al., 2018).
The G oss Domes ic P oduc (GDP) o a na ion, a s anda d me ic o e alua ing economic pe o m-
ance, is in ica ely linked o he heal h and p oduc i i y o ocean-based indus ies. These indus ies
CONTACT Ngan Bich Nguyen [email p o ec ed]
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2435926
h ps://doi.o g/10.1080/23322039.2024.2435926
encompass a wide ange o ac i i ies, om adi ional ishe ies o eme ging sec o s, such as ma ine bio-
echnology and ocean enewable ene gy (Hoegh-Guldbe g e al., 2015). The sus ainable managemen o
hese esou ces is no me ely an en i onmen al conce n, bu a undamen al economic s a egy ha can
enhance na ional p ospe i y, job c ea ion, and social wel a e (Cos anza e al., 1997). In addi ion, o p o-
mo e he sus ainable de elopmen o he ocean economy and boos na ional GDP, e ec i e go e nmen
managemen policies a e c ucial (Benzaken e al., 2022). Na ional ocean go e nance se es as he co ne -
s one o blue economic de elopmen (Huang, 2022) and i is impe a i e o go e nmen s o o mula e
policies ha engage all s akeholde s o ensu e he sus ainabili y o economic ac i i ies (Aijaz, 2021).
In eg a ed ocean managemen is undamen al o achie ing a sus ainable ocean economy (Win he
e al., 2020), his app oach in ol es balancing ocean-based economic ac i i ies wi h en i onmen al p o-
ec ion o enhance social well-being (Gue ei o, 2022).
The ansi ional mechanism h ough which a sus ainable ocean economy impac s na ional GDP is
mul i ace ed, encompassing bo h he di ec and indi ec pa hways. Di ec ly sus ainable p ac ices wi hin
key ocean-based sec o s such as ishe ies, aquacul u e, ma i ime anspo , and ou ism enhance he
p oduc i i y and longe i y o hese indus ies, he eby con ibu ing o economic ou pu and employ-
men (Smi h-God ey, 2016). Fo ins ance, sus ainable ishe ies, by p e en ing o e ishing, ensu e he
long- e m iabili y o ish s ocks and suppo bo h cu en and u u e economic gains (Cos ello e al.,
2016). Indi ec ly, a sus ainable ocean economy con ibu es o GDP h ough he p o ision o ecosys em
se ices ha unde pin economic ac i i ies beyond he immedia e ocean sec o s. These include coas al
p o ec ion, ca bon seques a ion, and biodi e si y main enance, which a e c ucial o mi iga ing clima e
change impac s and suppo ing ag icul u e, insu ance, and o he sec o s ha a e ulne able o en i on-
men al changes (Pendle on e al., 2012). Howe e , he mechanisms h ough which sus ainable ocean
p ac ices di ec ly and indi ec ly con ibu e o GDP lack comp ehensi e empi ical examina ion.
Speci ically, while sec o s such as ishe ies, aquacul u e, ma ine bio echnology, and o sho e enewable
ene gy a e acknowledged as con ibu o s o na ional economic me ics, hei indi idual and collec i e
con ibu ions unde a sus ainabili y amewo k emain ambiguous. This gap unde sco es a c i ical
esea ch p oblem: How does he ansi ion o a sus ainable ocean economy quan i a i ely and quali a-
i ely in luence na ional GDP, and wha pa hways d i e his impac ?
Mo eo e , inno a ion and echnological ad ancemen s d i en by in es men s in sus ainable ocean
economy sec o s, such as o sho e enewable ene gy, ha e he po en ial o spu new indus ies and
business models, u he con ibu ing o economic g ow h and di e si ica ion (OECD, 2016). Regula o y
amewo ks and policies ha os e a sus ainable ocean economy also s imula e p i a e sec o in es -
men by c ea ing a s able and p edic able business en i onmen , encou aging he de elopmen o sus-
ainable ma ine echnologies and se ices (Gaines e al., 2019). Bu in ac , he ex en o which
go e nmen policies, egula o y amewo ks, and in e na ional coope a ion acili a e o hinde he eal-
iza ion o economic bene i s om sus ainable ocean p ac ices emains inconsis en and con ex -depend-
en (Taebenu, 2020). This c ea es a agmen ed unde s anding o how di e en go e nance and policies
impac GDP g ow h h ough sus ainable ocean ini ia i es.
In summa y, he ansi ion o a sus ainable ocean economy ep esen s a s a egic in es men in he
heal h o he ocean’s ecosys ems and esou ces, which a e indispensable o na ional and global econo-
mies. By ensu ing he sus ainabili y o hese esou ces, coun ies can secu e he economic bene i s
de i ed om hem, such as enhancing hei GDP and suppo ing he well-being o hei popula ions.
This ansi ion necessi a es a holis ic app oach ha in eg a es en i onmen al, economic, and social con-
side a ions in o na ional de elopmen s a egies and policies, unde sco ing he impo ance o in e -
na ional coope a ion and go e nance amewo ks ha align wi h de elopmen goals.
This s udy aims o explo e he e ec o a sus ainable ocean economy on na ional GDP, d awing on a
weal h o schola ly li e a u e and empi ical da a. By examining he economic con ibu ions o key sec o s
wi hin he blue economy, his s udy illumina es how sus ainable p ac ices can d i e economic g ow h,
os e inno a ion, and ensu e he long- e m iabili y o ma ine esou ces. Fu he mo e, i del es in o he
economic alua ion o ma ine ecosys em se ices, such as ca bon seques a ion and coas al p o ec ion,
which a e inc easingly being ecognized o hei ole in mi iga ing clima e change and suppo ing eco-
nomic s abili y (Pendle on e al., 2012). By syn hesizing hese insigh s, his s udy con ibu es o a
nuanced unde s anding o he economic po en ial o he blue economy. I ad oca es in eg a ed policy
2 N.B. NGUYEN
amewo ks ha align economic de elopmen wi h conse a ion goals, emphasizing he ole o sus ain-
able ocean managemen in achie ing b oade economic, social, and en i onmen al objec i es (Uni ed
Na ions, 2017). Th ough his analysis, his s udy ein o ces cu en li e a u es on unde sco ing he impo -
ance o he blue economy as a co ne s one o sus ainable de elopmen and a key d i e o u u e eco-
nomic p ospe i y. Besides, he s udy b oadens simila s udies by deeply analyzing on con ibu ions o
di e en aspec s o sus ainable o economy de elopmen , including sus ainable ishe ies, ma ine bio-
echnology, enewable ene gy and go e nmen ’s policy.
2. Theo e ical amewo k
The concep o a sus ainable ocean economy, o en e e ed o as he blue economy, is oo ed in he
in e sec ion o sus ainabili y heo ies and economic g ow h models. I d aws hea ily on amewo ks such
as ecological economics and sus ainable de elopmen heo y, which ad oca e o he in eg a ion o
en i onmen al conse a ion in o economic planning o ensu e long- e m p ospe i y. This heo e ical
ounda ion unde sco es he idea ha economic ac i i ies, pa icula ly hose elian on na u al esou ces
like he ocean, mus ope a e wi hin he plane ’s ecological bounda ies o emain iable (Cos anza e al.,
1997).
Fi s , a he co e o he sus ainable ocean economy is he concep o na u al capi al, a p inciple
de i ed om ecological economics. Na u al capi al e e s o he wo ld’s s ock o na u al esou ces,
including oceans, which p o ide i al ecosys em se ices such as ca bon seques a ion, biodi e si y, and
coas al p o ec ion (Cos anza e al., 1997). Acco ding o his heo y, he deg ada ion o na u al capi al
leads o a decline in he ecosys em se ices ha unde pin economic ac i i ies, he eby h ea ening long-
e m economic s abili y. In he con ex o he ocean economy, unsus ainable p ac ices such as o e ish-
ing, un egula ed ma i ime anspo , and pollu ion unde mine he ocean’s abili y o p o ide hese se -
ices, which a e essen ial o sus aining GDP g ow h.
Ecological economis s a gue ha adi ional economic indica o s like GDP ail o accoun o he
deple ion o na u al capi al and he alue o ecosys em se ices (Gao e al., 2019; Vaghe i e al., 2015).
This c ea es a gap in unde s anding he ue economic impac o en i onmen al deg ada ion. To add ess
his, inclusi e weal h amewo ks and g een GDP me ics ha e been p oposed o inco po a e he alue
o na u al capi al in o na ional accoun ing sys ems (UNEP, 2013). These amewo ks p o ide a mo e com-
p ehensi e assessmen o economic pe o mance by conside ing bo h ma ke and non-ma ke con ibu-
ions o he ocean economy.
Second, he sus ainable de elopmen heo y, as a icula ed in he B und land Repo [Wo ld
Commission on En i onmen and De elopmen (WCED), 1987] and la e ein o ced by he Uni ed
Na ions’Sus ainable De elopmen Goals (SDGs), emphasizes he need o balance economic g ow h wi h
en i onmen al p o ec ion and social well-being. Goal 14 o he SDGs—Li e Below Wa e —speci ically
calls o he sus ainable use o ocean esou ces o suppo economic de elopmen while p o ec ing ma -
ine ecosys ems.
This heo y posi s ha sus ainable p ac ices wi hin ocean-based indus ies—such as ishe ies, ou ism,
and enewable ene gy—can d i e economic g ow h wi hou comp omising he ecological in eg i y o
ma ine en i onmen s (Uni ed Na ions, 2017). By aligning economic ac i i ies wi h sus ainabili y p inci-
ples, na ions can achie e a iple bo om line: economic p o i abili y, en i onmen al sus ainabili y, and
social equi y (Elking on, 1998).
These heo e ical amewo ks es ablish ha a sus ainable ocean economy is no only an en i onmen-
al impe a i e bu also a s a egic economic app oach. By in eg a ing p inciples om ecological econom-
ics, sus ainable de elopmen , and inno a ion heo ies, his s udy p o ides a comp ehensi e basis o
examining how sus ainable ocean p ac ices con ibu e o na ional GDP. This heo e ical lens unde sco es
he impo ance o aligning economic policies wi h en i onmen al sus ainabili y o achie e long- e m
economic esilience and g ow h.
COGENT ECONOMICS & FINANCE 3

3. Li e a u e e iew
Fi s ly, he concep o a blue economy emphasizes sus ainable de elopmen h ough a GDP-cen ic
app oach. I aims o balance economic g ow h wi h social inclusion, li elihood, and en i onmen al sus-
ainabili y (Louey, 2022; Lou ei o e al., 2022). The blue economy model ad oca es o inclusi i y and
sus ainabili y pilla s beyond GDP conside a ions. This aligns wi h he ision o p omo ing economic
g ow h while ensu ing social equi y and en i onmen al p ese a ion (Louey, 2022). E o s owa d sus-
ainable ocean economies a e c ucial o add ess challenges such as o e ishing, clima e change, and
en i onmen al esou ce managemen . Sus ainable ocean de elopmen no only con ibu es o economic
g ow h bu also suppo s conse a ion managemen and sus ainable economic g ow h (Yousse , 2023).
By in eg a ing sus ainabili y in o ocean economy ad ancemen p og ams, long- e m bene i s can be
achie ed, ensu ing he well-being o bo h he economy and en i onmen .
Secondly, in eali y, a sus ainable ocean economy has a signi ican impac on GDP h ough a ious
ocean-based ac i i ies, as e idenced in some ecen s udies. Fo ins ance, acco ding o Teh e al. (2022),
in B i ish Columbia, he ocean con ibu ed almos $5 billion o he p o incial GDP. The s udy o
Sepponen (2021) showed ha in Iceland, ishing along wi h ish p ocessing accoun ed o 8.1% o GDP,
and o Fa oe Islands, his numbe was 20% o GDP in 2019. In he Uni ed S a es, in 2020, coas al econo-
mies accoun ed o mo e han 80% o he o al US GDP (Kildow, 2022). In wo ldwide ange, he global
ocean economy was alued a USD 1.5 illion in 2010, wi h p ojec ions o double o o e USD 3 illion
by 2030 (Es es e al., 2021). In addi ion, a epo by The Eu opean Commission (2022) indica ed ha seas
and oceans se e as ul ima e eposi o ies o a ious o ms o ma ine pollu an s such as plas ics, li e ,
excess nu ien s, and oxic chemical con aminan s. These pollu an s can ha e de as a ing impac s on
ma ine ecosys ems when combined wi h clima e change. I is p edic ed ha ising sea le els will esul
in annual losses exceeding e200 billion by 2080, p ima ily due o damage o physical asse s and esiden-
ial p ope ies in coas al egions. Coun ies along he sou he n coas line a e expec ed o su e he mos
signi ican economic down u ns, wi h po en ial GDP educ ions o up o 2.7%. K aeme (2017) ound
ha he escala ion o GDP is in ica ely linked o se e al de imen al en i onmen al phenomena. These
include he inc ease in plas ic was e disca ded in o he ocean, he p oli e a ion o oceanic ‘dead zones’
(a eas de oid o oxygen, unable o suppo ecosys ems), and he in ensi ica ion o o e ishing p ac ices.
These igu es and indings highligh he economic impo ance o sus ainable ocean ac i i ies and hei
signi ican con ibu ion o he na ional and global GDP.
4. Da a and me hodology
4.1. Da a
4.1.1. Da a collec ion
In his s udy, p oxies o ou aspec s e lec ing a sus ainable ocean economy, including sus ainable ish-
e ies, ma ine bio echnology, enewable ene gy, and ela ed go e nmen policies, a e all collec ed om
he OECD S a is ics websi e a h p://s a s.oecd.o g. These da a we e collec ed o 36 coun ies all a ound
he wo ld, bo h OECD and non-OECD, and in all egions
1
. The ime ange o da a collec ion was om
2000 o 2020. Da a collec ion is summa ized in Table 1.
Fo he dependen a iable, na ional GDP, he annual GDP g ow h a e (in pe cen age) a he han
he GDP absolu e olume was used o mi iga e issues ela ed o non-s a iona i y and he e oscedas ici y
common in absolu e GDP da a ac oss di e en coun ies wi h a ying economic sizes. The GDP g ow h
a e is he annual pe cen age g ow h a e o GDP a cu en ma ke p ices, based on a cons an local
cu ency o each coun y. The da a o he 36 coun ies’annual GDP _ G ow h a e (GDP_G ow h) we e
ga he ed om he OECD da abase o he pe iod 2000–2020.
To add ess coun y-speci ic cha ac e is ics in he eg ession model, we include con ol a iables ha
cap u e a coun y’s size and openness, as desc ibed in Table 2. These con ol a iables we e collec ed
om he OECD (h p://s a s.oecd.o g) and Wo ld Bank (h p://da a.wo ldbank.o g) da abase.
4 N.B. NGUYEN
Table 1. Da a collec ion summa iza ion o independen a iables.
No Aspec o sus ainable ocean economy P oxy name P oxy explana ion Uni Va iable name
1 Sus ainable ishe ies To al ma ine landing The alue o ish, c us aceans, molluscs and o he aqua ic in e eb a es
(and animals), esidues and seaweeds landed in any po ( o eign o
domes ic) by essels egis e ed o he coun y.
Millions US dolla Ma ine_Landing
To al people employed in ishing sec o People employed in ishing sec o s excluding inland ishe ies in he
coun y. They a e including:
Full- ime ishe s ecei e a leas 90% o hei li elihood om ishing o
spend a leas 90% o hei wo king ime in ha occupa ion.
Pa - ime ishe s ecei e a leas 30% bu less han 90% o hei
li elihood om ishing o spend a leas 30% bu less han 90% o
hei wo king ime in ha occupa ion.
Occasional ishe s ecei e unde 30% o hei li elihood om ishing,
o spend unde 30% o hei wo king ime in ha occupa ion.
Thousands o people Fishing_Employmen
2 Ma ine bio echnology Ocean enewable ene gy in en ions Numbe o ocean enewable ene gy in en ions in he coun y Numbe o in en ions Renewable_In en ion
3 Renewable ene gy O sho e wind RD&D RD&D ( esea ch, de elopmen and demons a ion) budge da abase
collec s budge a y da a on esea ch, de elopmen o cen al o ede al
go e nmen and s a e-owned companies in he coun y, which co e s
basic and applied esea ch, expe imen al de elopmen , and demons a ion
ela ed o he p oduc ion, s o age, anspo a ion, dis ibu ion and a ional
use o all o ms o his ype o ene gy.
Millions US dolla O sho e_Wind
Salini y g adien powe RD&D Salini y_Powe
Wa e ene gy RD&D Wa e_Ene gy
4 Go e nmen ’s policy To al ma ine p o ec ed a ea Ra io o To al ma ine p o ec ed a eas as sha e o exclusi e economic zone.
P o ec ed a ea is any a ea wi hin o adjacen o he ma ine
en i onmen which has been ese ed by legisla ion o o he e ec i e
means so ha i s ma ine and/o coas al biodi e si y enjoys a highe
le el o p o ec ion in he coun y.
Pe cen age P o ec ed_A ea
COGENT ECONOMICS & FINANCE 5
4.1.2. Da a desc ip i e s a is ics
To add ess he issue o uni inconsis encies among he a iables and o educe he skewness o a ia-
bles’dis ibu ions, na u al loga i hm alues o all a iables (excep o GDP_G ow h) we e u ilized. The
eason is ha loga i hm ans o ma ion s anda dizes he scale o hese a iables, allowing hem o be
analyzed mo e e ec i ely in eg ession models. By ans o ming he da a in o a compa able scale, he
coe icien s de i ed om he model e lec pe cen age changes a he han absolu e changes, which is
o en mo e meaning ul in economic s udies. The able below summa izes he da a.
As shown in Table 3, all a iables showed low o mode a e s anda d de ia ions compa ed o hei
means and medians, sugges ing ha hese a iables a e consis en and ha e manageable a iabili y. In
addi ions, he anges o mos a iables we e b oad bu easonable, indica ing ha hey cap u ed a
wide ange o da a. Mo eo e , he means and medians o he a iables we e gene ally close, indica ing
symme ical dis ibu ion. O e all, in his s udy, he a iables appea ed sui able o inclusion in he eg es-
sion models.
4.2. Me hodology
The p ima y objec i e o his analysis is o e alua e he impac o a sus ainable ocean economy on
he na ional GDP. Gi en he po en ial endogenei y issues in he a iables o in e es and he dynamic
na u e o economic da a, he Gene alized Me hod o Momen s was chosen as he mos sui able
econome ic echnique o his s udy. One o he main ad an ages o using GMM is i s abili y o
add ess endogenei y issues in eg ession analysis, as endogenei y can a ise due o omi ed a iable
bias, measu emen e o , o e e se causali y (A ellano & Bond, 1991). In he con ex o his s udy, he
a iables used as p oxies o sus ainable ocean indus ies may be endogenous wi h espec o GDP
due o eedback loops, whe e economic pe o mance migh in luence u he in es men . In addi ion,
economic da a o en exhibi ime dependencies, whe e pas alues in luence cu en s a es. The GMM
app oach is pa icula ly use ul in dynamic panel da a se ings, allowing he inclusion o lagged
dependen a iables as eg esso s o accu a ely cap u e hese dynamics accu a ely (Blundell & Bond,
1998). Mo eo e , he GMM model allows o he use o in e nal ins umen s, such as lagged alues o
he a iables and ex e nal ins umen a iables, which hen helps educe mul icollinea i y and au o-
co ela ion p oblems (Roodman, 2009). O e all, he choice o GMM o in es iga ing he impac o a
sus ainable ocean economy on GDP is unde pinned by i s abili y o p o ide obus es ima es in he
Table 2. Da a collec ion summa iza ion o con ol a iables.
No
Aspec o coun y’s
speci ic P oxy name P oxy explana ion Uni Va iable name
1 Coun y size Na ional popula ion Popula ion da a collec ed by OECD
om na ional s a is ics o ices,
Eu os a and he Uni ed Na ions o
all ci izen aged om 0
Numbe o people Popula ion
2 Coun y openness In e na ional ading Ra io o T ade o GDP. T ade is he sum
o expo s and impo s o goods and
se ices measu ed as a sha e o
g oss domes ic p oduc .
Pe cen age T ade_Openness
Table 3. Desc ip i e s a is ics o a iables.
Va iable Min Max Mean Median S.D
GDP_G ow h −0.1117 0.2448 0.0208 0.0222 0.0354
Log_Ma ine_Landing −0.0409 4.5147 2.5425 2.7193 1.0447
Log_Fishing_Employmen −1.0969 3.9682 1.2163 1.1204 1.0703
Log_Renewable_In en ions −0.4815 2.5056 0.7735 0.6989 0.6762
Log_O sho e_Wind −1.5229 2.3701 0.0764 0 0.4527
Log_Salini y_Powe −1.5229 0.7952 −0.0032 0 0.1837
Log_Wa e_Ene gy −1.3979 1.2591 0.0126 0 0.3069
P o ec ed_A ea 0.0003 0.453 0.1203 0.0768 0.1221
Log_Popula ion 5.5025 9.1538 7.4215 7.5818 0.7878
T ade_Openness 0.2249 2.5249 0.7808 0.6461 0.4439
Sou ce: The au ho .
6 N.B. NGUYEN
p esence o endogenei y, i s sui abili y o dynamic economic da a, and he s a is ical p ope ies o
GMM es ima o s. These cha ac e is ics make he GMM a highly app op ia e and eliable me hod o
his s udy.
In his s udy, o in es iga e he e ec s o a sus ainable ocean economy on na ional GDP, he GMM
eg ession equa ions employed o coun y iin yea a e as ollows:
GDP G ow hi, ¼b0þb1GDP G ow hi, −1þb2Log Ma ine Landingi, þb3Log Fishing Employmen i,
þb4Log Popula ioni, þb5T ade Opennessi, þei,
(1)
GDP G ow hi, ¼b0þb1GDP G ow hi, −1þb2Log Renewable In en ionsi, þb3Log Popula ioni,
þb4T ade Opennessi, þei, (2)
GDP G ow hi, ¼b0þb1GDP G ow hi, −1þb2Log O sho e Windi, þb3Log Salini y Powe i,
þb4Log Wa e Ene gyi, þb5Log Popula ioni, þb6T ade Opennessi, þei, (3)
GDP G ow hi, ¼b0þb1GDP G ow hi, −1þb2Log P o ec ed A eai, þb3Log Popula ioni,
þb4T ade Opennessi, þei, (4)
5. Reg ession esul s
5.1. Tes ing mul icollinea i y among a iables
The Va iance In la ion Fac o (VIF) was used o de ec he p esence o mul icollinea i y in he eg ession
models. The esul s a e as ollows.
I can be seen om Table 4, all ou models showed low o mode a e VIF alues (less han 10), indi-
ca ing ha mul icollinea i y was no a signi ican issue in hese models.
5.2. Tes ing he au oco ela ion in e o e ms
The B eusch-God ey es was applied o check he au oco ela ion in he e o e ms. The esul s a e as
ollows:
The esul s illus a ed in Table 5 show ha o all ou models, he B eusch-God ey es indica es a
signi ican se ial co ela ion in idiosync a ic e o s. These indings sugges ha he esiduals om hese
panel models a e no independen ly dis ibu ed o e ime, which can lead o ine iciency in he pa am-
e e es ima es. The e o e, he GMM model, which is obus o au oco ela ion in he e o e ms p oblem,
seems o be app op ia e.
Table 4. VIF es esul s.
Model Va iable VIF
Model (1) GDP_G ow h_Lag 1.149730
Log_Ma ine_Landing 1.163492
Log_Fishing_Employmen 3.623803
Log_Popula ion 3.022868
T ade_Openness 1.771344
Model (2) GDP_G ow h_Lag 1.142632
Log_Renewable_In en ions 1.238500
Log_Popula ion 1.823435
T ade_Openness 1.540613
Model (3) GDP_G ow h_Lag 1.101305
Log_O sho e_Wind 1.381047
Log_Salini y_Powe 1.298322
Log_Wa e_Ene gy 1.277848
Log_Popula ion 1.627270
T ade_Openness 1.541341
Model (4) GDP_G ow h_Lag 1.113177
P o ec ed_A ea 1.050801
Log_Popula ion 1.625591
T ade_Openness 1.592434
Sou ce: Reg ession esul om R 4.3.3 so wa e.
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