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Öğe Accounting for carbon dioxide emission effect of energy use, economic growth, and urbanization in the OPEC member states(John Wiley and Sons Inc, 2022) Alao, Rasheed O.; Payaslioglu, Cem; Alhassan, Abdulkareem; Alola, Andrew AdewaleWhile extant studies have largely associated environmental degradation with energy sources and energy consumption, the procedure of oil exploration has not been excluded in the discus of environmental sustainability. On this note, the current study examined the effect of per capita energy consumption and urban population for the 14 Organization for Petroleum Exporting Countries (OPEC) members from 1980 to 2017. In addition, the validity of Environmental Kuznets curve (EKC) hypothesis is investigated by using the State-of-the-art second-generation panel data techniques. The main finding reveals that at an early stage, economic growth endangers the environment by release of pollutant emissions. However, sustained economic growth ameliorates environmental problems. Therefore, study validates the EKC hypothesis for the case of OPEC. Additionally, both energy use per person and urban population adversely affects environmental sustainability. Besides, the findings infer that economic growth brings about an increase in energy consumption and not the other way round. Thus, energy conservation policies aimed at rationing energy consumption and controlling carbon dioxide emissions would hurt economic growth. © 2021 John Wiley & Sons Ltd.Öğe Accounting for environmental sustainability from coal-led growth in South Africa: The role of employment and FDI(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Joshua, Udi; Alola, Andrew AdewaleAs much as energy supply remains a major challenge in most of the African countries, the compounding environmental effect of energy consumption has continued to be a serious concern to policymakers and environmental stakeholders. On this note, this study seeks to investigate the coal-led growth hypothesis for South Africa by incorporating employment as a control variable for the first time. The incorporation of the employment in investigating the coal-led growth hypothesis especially for the case of South Africa is novel given that the World Coal Association (2016) reported that the country is the sixth largest exporter and seventh largest producer of coal globally. The study implemented an Autoregressive Distributed Lag (ARDL) bound testing to cointegration for the data spanning from 1970 to 2017. As such, the empirical result revealed that coal usage is the highest emitter of carbon, suggesting that a 1% increase in coal consumption account for about 68% emission in the short run, and 56% in the long run, respectively. On the other hand, foreign direct investment (FDI) inflow discourages carbon emission in the short-run and long run so that a 1% increase in FDI inflow causes a reduction in CO2 by about 0.003% and 001%. The novelty of this study is proven in the estimation of the interaction between employment and coal consumption. However, employment induced by economic growth and coal consumption both have significant tendencies of inflicting adverse environmental impacts in the short-run and long run. Thus, this study put forward relevant policy and for onward recommendation for the government to woo new foreign investors and to switch to renewable energy as an alternative sources as a possible approach of energy efficiency and environmental sustainability with a view to achieving sustainable development goals.Öğe The alternative energy utilization and common regional trade outlook in EU-27: Evidence from common correlated effects(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Adedoyin, Festus Fatai; Alola, Andrew Adewale; Bekun, Festus VictorThe role of low-carbon energy and trade on the environment has drawn several studies that have looked at issues from different perspectives, thus yielding differing conclusions. Considering the current emphasis on the COP25 conference and the commitment to cut down carbon emissions level, this study also draws strength from the United Nations Sustainable development Goals (UNSDGs) that comprises of positive strides for access to clean and responsible energy consumption (SDGs 7, 12) and climate change mitigation issues (SDG-13). To this end, this study is a timely outlook that underpins the case of the European Union (EU) countries as well as the root cause of anthropogenic activities on clean trajectory of global environment. Hence, we investigate the connection between alternative and sustainable energy source, trade, income and emissions in 27 selected European Union economies by utilizing data covering the period 1990–2017 on an annual frequency. We used second-generation panel model estimators to analyze the relationship between the variables in the long-run. Specifically, the long run results from the MG (Mean Group), AMG (Augmented Mean Group), and CCEMG (Common Correlated Effects Mean Group) estimators reveal that sustainable and alternative energy sources have a negative significant impact on pollutant emissions while trade and income have a positive impact on carbon emissions except that the impact of trade is insignificant. Although the positive impact of openness in trade on carbon emission is insignificant, the positive impact suggests that the free-trade policy that is currently in place in the EU should further incorporate sustainable development goals (SDGs) to avoid the outsourcing of carbon emissions among the member countries. Causality tests reveal a feedback hypothesis between renewable energy, income, trade, and carbon emanations. The investigation proposes expanded utilization of sustainable power source to mitigate carbon emissions in the European Union.Öğe Are oil-clean energy and high technology stock prices in the same straits? Bubbles speculation and time-varying perspectives(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Kassouri, Yacouba; Kacou, Kacou Yves Thierry; Alola, Andrew AdewaleMotivated by the drive to improve the performance and growth of clean energy technology amidst related high-tech innovations, the vulnerability of clean energy and high-tech stock prices to oil shocks is examined, by illustrating the potential bubbles and time-varying interactions among the commodities over the period from January 2004 to December 2017. In this regard, we contribute to the literature in two aspects. First, we analyze an empirically important issue with the SADF (Supremum Augmented Dickey-Fuller) approach for explosive bubbles in oil price, clean energy, and high-tech stock prices. Second, the Markov Chain Monte Carlo (MCMC) approach of the Bayesian time-varying parameter Vector Autoregressions model with stochastic volatility (TVP-SVAR) technique is used to account for timevarying and state dependent interactions between commodities. We found that the time varying behavior of the dependence among clean energy, high technology stocks and oil prices is mainly due to major bubbles identified in the underlying series. We established contrasting evidence between the responses of clean energy and high-tech stocks to oil disruption shocks. Moreover, the stock return volatilities of high technology stocks have no effect on investors’ expectations of clean energy returns across different time horizons. Overall, this study presents significantly relevant policy guideline.Öğe Assessing the human development aspects of CO, PM2.5, PM10, NOX, and SO2 in the United States(Cell Press, 2023) Alola, Andrew Adewale; Udemba, Edmund Ntom; Iwuagwu, Chikaodinaka; Abdallah, IbrahimExploring the effect of environmental pollution on human development does not only afford the opportunity to show how human health is impacted, it further exposes the role of environmental pollution in humans' knowledge development and living standard. To shed lighter on this perspective, we consider environmental aspects of human development by employing the national air quality standards of United States Environmental Protection Agency which outlines the main environmental pollutants (carbon monoxide, nitrogen oxides, sulfur dioxide, particulate matters less than 2.5 & mu;m (PM2.5), particulate matters less than 10 & mu;m (PM10)). By using series of empirical techniques for the United States' dataset that covers the period 1990-2019, the investigation revealed that economic performance improves human development (with elasticity relationship) while the square of economic performance causes a declining effect (inelasticity not more than 0.7). Thus, the relationship suggests a vicious and virtuous cycle scenarios that is characterized by economic performance threshold. Moreover, except for PM10, the examined environmental pollutants hamper human development aspects. To provide a robust perspective, a frequency domain Granger causality approach further revealed causative only from economic performance, carbon monoxide, sulfur dioxide, PM2.5, and PM10 to human development largely in the long-run at varying frequencies. Meanwhile, human development Granger causes nitrogen oxides and sulfur dioxide in the short-run and long-run respectively at different frequency magnitudes. By implication, the result of the study further highlights the criticality of sustainable development and the complexity associated with economic expansion amidst environmental factors.Öğe An assessment of environmental sustainability corridor: The role of economic expansion and research and development in EU countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Adedoyin, Festus Fatai; Alola, Andrew Adewale; Bekun, Festus VictorGiven that the European Union-28 countries proposed a target of 3% of the Gross Domestic Product on research and development (R&D) expenditure by 2020, the current study attempts to examine the role of R&D on environmental sustainability. In addition, the study further investigates the long-run and causal interaction between, renewable energy consumption, nonrenewable energy consumption, and economic growth in an ecological footprint-income function. Notably, the study incorporates research and development (R&D) expenditure to the model as an additional variable, and measures impact of each variable on ecological footprint. Empirical evidence is based on a balanced panel data between annual periods of 1997-2014 for selected EU-16 countries. The Pedroni, Johansen Multivariate and Kao tests all reveal a cointegration between ecological footprint, economic growth, research and development expenditure, renewable, and nonrenewable energy consumption. The Fully Modified and Dynamic Ordinary Least Squares models (FMOLS and DOLS) both suggest a negative significant relationship between the countries' research and development expenditure and ecological footprint in the long-run. This implies that spending on R&D significantly impacts on environmental sustainability of the panel countries. Our study affirms that nonrenewable energy consumption and economic growth increase carbon emission flaring while renewable energy consumption declines ecological footprint. The panel causality analysis reveals a feedback mechanism between ecological footprint. R&D expenditure, renewable, and nonrenewable energy consumption. We further observed a one-way causality between ecological footprint and economic growth. The current further validates that the Environmental Kuznet Curve Hypothesis (EKC) holds for this panel of EU countries examined. Effective policy implications could be drawn toward modern and environmentally friendly energy sources, especially in attaining the Sustainable Development Goals via spending on R&D.Öğe Assessment of the role of renewable energy consumption and trade policy on environmental degradation using innovation accounting: Evidence from the US(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2020) Usman, Ojonugwa; Alola, Andrew Adewale; Sarkodie, Samuel AsumaduRenewable energy technologies are promising, yet, very little is known about its role as a limiting factor in fossil fuel-attributable environmental degradation - especially in high-income countries. This study investigated the dynamic effect of renewable energy consumption, economic growth, biocapacity and trade policy on environmental degradation in the United States from 1985Q1 to 2014Q4. To achieve this objective, the study applied an autoregressive distributed lag (ARDL) model to obtain the long-run and short-run dynamic coefficients. Toda-Yamamoto causality test was used to examine the direction of causality while Cholesky decomposition test was for innovative accounting to validate the estimated models. The empirical results divulged that a decline in environmental degradation can be attributed to an increase in renewable energy consumption through its negative effects on ecological footprint. Economic growth and biocapacity were found to exert upward pressure on ecological footprint; however, trade policy exerts downward pressure on ecological footprint. A two-sided causal relationship was established between economic growth and ecological footprint as well as economic growth and biocapacity. In contrast, a one-way causality was confirmed running from trade policy to renewable energy consumption and from renewable energy consumption to biocapacity. The innovative accounting revealed that 14.79% and 8.41% of renewable energy consumption and trade policy caused 0.60% and 9.88% deterioration in the environment. Hence, country-specific energy policies that increase the share of renewable energy in the energy portfolio are recommended.Öğe Asymmetric effect of environmental cost of forest rents in the Guinean forest-savanna mosaic: The Nigerian experience(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2023) Usman, Ojonugwa; Alola, Andrew Adewale; Usman, Monday; Uzuner, GizemSeveral studies have identifed deforestation as a major cause of environmental degradation, but little is known about the asymmetric efect of the environmental cost of forest rents. To fll this gap, our study uses the nonlinear autoregressive distributed lag (NARDL) model and asymmetric causality test to examine the environmental implication of forest rents in the Guinean Forest-Savanna Mosaic of Nigeria over the period 1990:Q1 to 2016:Q4. The empirical results show that forest rents increase CO2 emissions when the shock to forest rents is positive and decreases CO2 emissions when the shock to forest rents is negative. The results further show evidence of asymmetric efects of crop production, fossil fuel energy consumption, and economic growth on CO2 emissions. Moreover, the efects of both positive and negative shocks in economic growth are elastic, suggesting that CO2 emissions respond in a larger magnitude to a 1% positive or negative shock in economic growth. While the positive shock to crop production and economic growth stimulates CO2 emissions, their negative shocks dampen CO2 emissions. In addition, the positive (negative) shocks to fossil energy consumption exert upward (downward) pressure on CO2 emissions. Furthermore, the asymmetric causality test divulges that a positive change in forest rents causes a negative change in CO2 emissions and a negative change in forest rents causes a positive change in CO2 emissions. Based on these fndings, the study recommends the need for policymakers to formulate sound policies to protect the forests and transit toward clean energy consumption to minimize energy-related CO2 emissions in the country.Öğe Asymmetric inference of carbon neutrality and energy transition policy in Australia: The (de)merit of foreign direct investment(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2022) Udemba, Edmund Ntom; Alola, Andrew AdewaleThe current study examines the effect caused by potential shock arising from the Australia’s ‘Direct Action’ policy in renewable energy, fossil fuel energy, and foreign direct investment (FDI). Considering the Australia’s stake in the energy industrial chain system (production, distribution and marketing) that is majorly fossil fuelbased (coal and gas), it can be said that Australia is occupying a strategic position in the global climate development. For effective investigation and discussion of the findings from this study, we utilized the country’s national data of 1996Q1-2018Q4 with different scientific approaches (such as structural break test and short- and long run asymmetric relationships). Emphasis on the findings and discussions is based on both the short run and long inferences arising from positive and negative shocks. The result informed that economic growth and FDI are found to negatively affect environmental quality in Australia by increasing the country’s carbon emissions. This observation is inherent when there are positive and negative shocks on economic growth while only a positive shock on FDI creates an environmental effect. Further into the findings is the mitigating power of Australian renewable energy sources in its economic and environmental development. This is confirmed with positive shocks to renewable energy reducing carbon emission at the level of 23 percent while the negative shock increases carbon emissions by 16 percent. The findings imply that the economic activities and FDI penetration in Australia are done in energy cum carbon intensive ground. Additionally, evidence shows that energy transition policy is vital towards the achievement of Australian climate goal of 2030 as such a negative shock on alternative energy development such as limited energy financing and reduction or discontinued clean technology subsidies should be discouraged.Öğe The asymmetric nexus of entrepreneurship and environmental quality in a developing economy(SPRINGER, ONE NEW YORK PLAZA, SUITE 4600 , NEW YORK, NY 10004, UNITED STATES, 2022) Philip, Lucy Davou; Emir, Fırat; Alola, Andrew AdewaleIn spite of the vital role entrepreneurship plays in an economy, recent observations especially from the perspective of climaterelated economic activities are indications for the inclusive probe of other salient elements responsible for environmental challenges. Considering the aforementioned framework, therefore, this study explores the asymmetric impact of entrepreneurship on the environmental quality for a developing economy such as Turkey. In a unique dimension, this study utilizes the nonlinear autoregressive distributed lag model with the aid of yearly data from 1985–2016 while incorporating other related determinants of environmental sustainability. The estimation results depict the presence of asymmetric short-run and long-run impact of the explanatory variables on environmental quality. Interestingly, the results confrm a negative impact of entrepreneurial activities, energy utilization, fnancial development, and economic growth on the environmental quality irrespective of the nature (either positive or negative) of the shock in the short and long run. However, a positive (negative) shock in trade openness worsens (improve) environmental quality in the short and long run. Furthermore, the investigation afrms the existence of the environmental Kuznets curve (EKC) for Turkey. The main outcome from this paper shows that entrepreneurship has a crucial efect on the environment of Turkey. Generally, this study suggests the introduction of incentives to motivate the creation of sustainable businesses, technological innovation, and smart cities to mitigate its negative impact on the environment is far begging for critical attention in the country.Öğe Capital stock, energy, and innovation-related aspects as drivers of environmental quality in high-tech investing economies(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2023) Çelik, Ali; Alola, Andrew AdewaleBy looking at the technological advancement and climate change mitigation plan of the advanced economies, the current study examines the role of sustainable development aspects such as innovations, high technology export, labor productivity, capital stock, research and development (R&D), information and communication technology (ICT), capital stock, and energy use in mitigating environmental degradation for the selected panel of countries with the most investment in technology (China, Denmark, Finland, France, Israel, Korea, Hong Kong, Germany, Japan, Netherlands, Singapore, Sweden, United Kingdom, and United States) over the period 2000–2018. Foremost, the pooled ordinary least square (POLS) and random-efects (RE) generalized least squares (GLS) approaches provided additional interesting inferences. As such, the POLS result revealed that only capital stock in the panel countries shows a desirable environmental efect. At the same time, labor productivity, innovation, R&D, ICT, and energy further hamper ecological quality in the examined panel countries. Similarly, the GLS result largely afrms the POLS results, with only the capital stock among the explanatory variables showing evidence of emission mitigation efect in the panel. Additionally, the panel Granger causality result illustrates evidence of unidirectional causality only innovation, ICT, and capital stock to environmental degradation.Öğe Carbon emission effect of renewable energy utilization, fiscal development, and foreign direct investment in South Africa(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Ekwueme, Daberechi Chikezie; Zoaka, Joshua Dzankar; Alola, Andrew AdewaleIn recent times, the persistent global environmental challenges have paved the way for the underpinning of climate change within the perspective of financial performance. Given this motivation, the current study further examines the interaction of foreign direct investment, fiscal development, renewable energy usage, economic growth, and CO2 outrush of South Africa (1970 to 2014). The unit root test of Zivot-Andrews and augmented Dickey-Fuller (ADF), vector autoregressive (VAR), and Pesaran ARDL (autoregressive distributed lag bounds) approach were employed in the data analysis. The existence of a statistically significant correlation among the series was detected by the Johansen multivariate cointegration in long term and subsequently by the long run coefficient of the vector error correction model test result. Furthermore, in the long run, significant positive correlation existed among renewable energy, GDP (economic growth), development in finance (FD), and CO2 outrush. While in the short run, GDP and development in finance have a statistically positive correlation with outrush of CO2; renewable energy consumption exerts a negative relationship on CO2 in the short run. The Granger causality results show overall causality among the series; proof of bidirectional stimulus running from renewable energy to economic growth; foreign direct investment to trade; and also one causality direction running among the other variables. The policy twist is that the implementation of energy efficiency programs currently pursued by the South African government to enhance renewable energy consumption should be facilitated with more determination. In addition, the government and policymakers should thrive to align these energy efficiency programs with other macroeconomic and financial variables such as foreign direct investment (FDI), fiscal development, and trade openness to achieve minimum CO2 outrush level in South Africa, thus yielding environmental sustainability.Öğe Carbon Emissions and the Trilemma of Trade Policy, Migration Policy and Health Care in the US(TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OR14 4RN, OXON, ENGLAND, 2019-03-04) Alola, Andrew AdewaleAlthough the United States has consistently experienced a recent declining growth in carbon dioxide emissions, the country is currently the largest emitter of CO2 after China and suffers a biocapacity reserve deficit. Against the backdrop of further identifying the determinants of carbon emissions in the United States, this study employed the dynamic Autoregressive Distributed Lag (ARDL) approach to observing the tripartite impact of trade policy, migration index, and health care on carbon emission over the period 1990: Q1-2018: Q2. By incorporating renewable energy consumption and the real gross domestic product (GDP) to control for unobserved factors, the study found that migration and carbon emissions are positively related in the long and short run. The trade policy is only significant in the short run but with negative linkage with carbon emission. There is no significant evidence of short- or long-term health impact on carbon emission. Also, impacts of both renewable energy consumption and the real GDP are significant in terms of carbon emission. With the series of robustness and diagnostic tests employed, the study provides significant valid results. Additionally, a policy framework toward cutting back CO2 emissions to ensure sustainable development is provided in the study.Öğe Carbon emissions effect of energy transition and globalization: Inference from the low, lower middle, upper middle and high-income economies(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Alola, Andrew Adewale; Joshua, UdiThe importance of income to environmental sustainability especially in the perspective of economic development has been rigorously examined in recent times. To further deepened the income-environmental sustainability narrative, the current study explore the cases of income-classified countries vis-a-vis the high-income, low-income, lower middle-income, and the upper middle-income countries and territories. As such, the current study examined the impact of renewable energy and fossil fuel energy consumption and globalization on CO(2)emissions over the period of 1970 to 2014 for the case of (1) the panel of income-classified countries and territories and (2) the time series of each of the income-classification. By employing the Pooled Mean Group of the Autoregressive Distributed Lag (ARDL) approach, the study found that fossil fuel consumption in the panel of examined income classification aggravates environmental hazards in both the short-long run, while the share of renewable energy usage improves the environmental quality only in the short run. Like the renewable energy consumption, globalization exacts negative and positive impacts in the short run and long run, respectively. From the second (time series) approach, the study found that fossil fuel energy worsen the environment in each of the fours income-categorized economies. Similarly, renewable energy usage exerts a significant and desirable impact on the environment in all but one (lower middle income) of the four income-categorized economies. However, globalization observably plays a significant and desirable role only in the lower middle-income economies. Hence, the study posits policy guide in the context of increased diversification of energy portfolio for each of the four income-categorized countries and territories especially the lower middle-income economies.Öğe Carbon neutrality implication of material productivity, total factor productivity and renewable energy uptake in the Nordics(Elsevier, 2024) Celik, Ali; Kostekci, Ahmet; Alola, Andrew AdewaleThe recent report of the European Commission (EC) indicates that the Nordic countries, especially Denmark, Finland, Iceland, Norway, and Sweden have some of the highest and above European Union (EU)'s average consumption per capita of domestic material. While reflecting on the environmental consequence of material uptake, this study examines the role of material productivity, total factor productivity, and renewable energy uptake in the region over the period 1970-2019. With the series of empirical approaches deployed for the panel investigation, the results establish that a gain in material productivity and total factor productivity mitigates carbon emission in the region by a statistically significant amount, thus indicating a positive sign toward green productivity/output and environmental sustainability. This evidence is also complimented by the validity of the environmental Kuznets curve (EKC) i.e., inverted U-shaped nexus between economic output and environmental degradation in the investigation. Moreover, the results reveal that uptake in renewable energy usage also improves environmental quality arising from the energy source's capacity to reduce carbon emission. The findings in this investigation offers relevant policy reference toward improving material and resources efficiency.Öğe The causal nexus between bank indices and geopolitical risk: bootstrap causality analysis under horizontal sector dependence(Springer India, 2023) Yildirim, Hakan; Sahin, Eyyup Ensari; Akdag, Saffet; Alola, Andrew AdewaleAs the global economy thrives and pushes for sustainable growth, there are also a plethora of non-economic challenges arising from the respective dimensions of insecurity and geopolitical tensions such as inter- and intra-country conflicts. Geopolitical risk mostly arises from security tensions, war, and terrorist incidents, which hamper peaceful inter-country and regional cooperation, thus endangering state institutions such as financial institutions. Given this observation, the current study examines the relationship between the geopolitical risk index and bank indices by employing the bootstrap panel causality approach over a monthly period from September 2003 to December 2018. In this case, the causality analysis of the geopolitical risk index and bank indices for six (6) countries (China, Indonesia, Israel, Philippines, Saudi Arabia, and Turkey) was performed. Importantly, the investigation found causality only from the geopolitical risk index to bank indices in Turkey and Israel. Given the statistical evidence from the study, we offer related policy recommendations, especially for the examined countries.Öğe The causal nexus of geopolitical risks, consumer and producer confidence indexes: evidence from selected economies(Springer Science and Business Media B.V., 2021) Pehlivanoğlu, Ferhat; Akdağ, Saffet; Alola, Andrew AdewaleThe effect and significant of risk in every real life situation is increasingly becoming a pertinent subject in almost every field, thus causing potential adverse effects on both the individual’s propensity to consume and invest. Also, the likelihood of the exposure of the developing countries to geopolitical risks amid experience of economic fragilities as indicated by security indexes has remained an important driver of the global market dynamics. On this note, this study is aimed at examining whether related risks in selected economies (Brazil, Indonesia, Republic of Korea, Russia, China, South Africa, Mexico, and Turkey) with geopolitical risks have a significant effect on consumer and producer confidence indexes by employing a monthly data between January 2004 and June 2018. A combination of two panel causality tecniques that examined both the panel and country-specific causality were employed to examine both the panel causal relationship and the country-specific causal relationship. The study found a causality relationship from geopolitical risk index to the consumer and producer confidence index for the overall panel. Also, the results in terms of the individual country showed that causality from the geopolitical risk index to the consumer confidence index is valid for Indonesia, South Africa, and Mexico. Meanwhile, the causality from geopolitical risk index to producer confidence index is valid for China, Indonesia, South Korea, and Mexico. The study presented useful financial and securtity policy measure for the examined panel of selected countries. © 2020, Springer Nature B.V.Öğe The causal nexus of interest rate policy and gold market: The case of Turkey(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ USA, 2020) Yıldırım, Hakan; Alola, Andrew Adewale; Sengelen, Hakan ErenThe relevance of gold to the financial market and global economies is responsible for the commodity's (gold) link with financial instruments such as the oil price, currency and gold price, stock index, and other commodities price. In this case, the causal analysis between the interest rate and the gold price has been examined in a novel approach. This study uses the standard Granger causality approach to test the relationship for the economy of Turkey over the period June 1, 2000-June 1, 2017. The results revealed that while gold price depends on daily announcements, demand, and supply, the interest rate depends on some factors such as the monetary policy of the central bank, inflation rate, and different macroeconomic parameters. Thus, the causality between the two financial instruments is observed to be significant. According to the conducted statistical analysis, the interest rate and gold price have interaction between each other. Because there is insufficient evidence in the extant literature that establishes a causality relationship between the two variables, the current study is believed to enhance policy directives and contribute to the financial literature. Considering the peculiar situation of the Turkish financial market, this novel approach presents significant policy directions.Öğe The causal trend of energy intensity and urbanization in emerging countries(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2022) Eyyüboğlu, Kemal; Akdağ, Saffet; Yıldırım, Hakan; Alola, Andrew AdewaleDue to economic activities intensification associated with the developing countries, the relationship between population density and energy density in urban areas becomes an important issue in the energy studies. In this study, the relationship between energy intensity and urbanization is examined in 23 developing countries (Argentina, Brazil, Chile, China, India, Indonesia, Jordan, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Hungary, Poland, Romania, Russia, South Africa, Thailand, Tunisia, Turkey, Ukraine, and Uruguay) over the period 1990–2015. The cointegration and causality relationships between variables are examined using Westerlund (2007) cointegration and Dumitrescu and Hurlin (2012) Granger causality tests. The cointegration test results revealed that there is no long-term relationship between variables. However, the Granger causality test results showed that there is a bidirectional causality relationship between energy density and urbanization, energy density and economic growth, economic growth and energy density in the short-term. Thus, the result posit a policy direction that could guide the governments of the respective economies especially on achieving a sustainable environment to avoid feasible consequence of trade-off between energy and population growth.Öğe Clean energy development in the United States amidst augmented socioeconomic aspects and country-specific policies(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2021) Alola, Andrew Adewale; Saint Akadiri, SeyiThe drive toward the attainment of sustainable environment globally through clean energy development or energy efficiency is not more desirable than in the 21st century, thus the existential policy moderations of economic, trade and security mechanisms. On this premise, and foremost in the literature, the current study examined the country-specific (for the United States) and the driving impacts of economic policy uncertainty, trade policy and national security on the development of cleaner energy sources by using quarterly frequency time series data for period 1990:Q1-2018:Q2. By employing economic expansion as additional factor, the study implemented the Autoregressive Distributed Lag Bounds Testing approach to reveal interesting results: (1) there is a significant evidence that economic expansion, economic policy uncertainty (EU), trade policy (TP), and national security (NS) exhibits long term properties in common, (2) the increase in economic expansion and NS effectiveness significantly yields more cleaner energy development, and (3) a more tightened TP and high EU are statistically significant and detrimental to the development of clean energy. The Granger causality evidence substantiates the role economic expansion, TP, EU and national security in renewable energy development. Generally, the study posits cleaner and energy efficiency policy directive for policymakers in the United States and other countries of interest from the framework of climate action and sustainable development.