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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 Effects of urbanization and international trade on economic growth, productivity, and employment: Case of selected countries in Africa(Cell Press, 2024) Celik, Ali; Bajja, Salwa; Radoine, Hassan; Chenal, Jerome; Bouyghrissi, SoufianeThe rapid urbanization taking place in Africa is resulting in the emergence of large urban agglomerations. Despite the potential and typical economic benefits associated with the emergence of such agglomerations elsewhere, not much can be said of Africa's urbanization. With urbanization projections pointing to a continued increase, there is a need to understand the urbanization and economic dynamics relationship in order to exploit the full potential of this wave. Using a panel data set of urbanization rate, trade, economic growth, productivity and employment in six African countries for the period 1991-2019, we explore this relationship by adopting the crosssectional augmented autoregressive distributed lag (CS-ARDL) approach using data from six African countries. The findings show that there is a significant relationship between urbanization, international trade, economic growth, productivity, and employment. they also show a causal relationship between the variables studied. In addition, the findings of this study reveal that international trade contributes, significantly, to improving the productivity in long run and the economic growth and employment increase the productivity in short run and employment in the selected African countries. This research study, therefore, contributes to the critical argument that African urbanization and international trade have significant economic potential and therefore need to be encouraged and managed effectively. This provides evidence for planners and policymakers to back policy geared toward sustainable urbanization and diversified international trade that will contribute to the structural transformation of African countries.Öğe Examining the environmental aspect of economic complexity outlook and environmental-related technologies in the Nordic states(Elsevier Sci Ltd, 2023) Alola, Andrew Adewale; Celik, Ali; Awan, Usama; Abdallah, Ibrahim; Obekpa, Hephzibah OnyejeUnderstanding the outlook of countries' economic complexity is vital for assessing the future of industries' product characterization. It provides opportunity and insight on how to mitigate the negative externalities that arises from the increasing pressure on the ecosystem. Based on this account, the effect of economic complexity and the corresponding outlook on environmental degradation vis-a-vis greenhouse gas (GHG) emissions alongside other environmental indicators are examined for the panel of Denmark, Finland, Norway, and Sweden for the period 1995 to 2020. After employing Driscoll- Kraay's standard errors for random effect (RE) with individual effects for the examination, the results indicate that the region's level of economic complexity favors environmental sustainability. Contrarily, the economic complexity outlook spurs GHG emissions, thus suggesting that future performance of the region's economic complexity could be detrimental to its ecosystem. Another similar, and undesirable observation is that the increase in urban population hampers environmental quality as it causes a surge in GHG emissions. Meanwhile, the results then conclude that economic growth, economic complexity, and environmental-related technologies are found to be potent drivers of environmental sustainability as the indicators exert negative pressure on GHG emissions in the Nordic region. Important policies that potentially guide immediate, and future sector-wide activities toward enhancing the region's sustainable development programs are posited through the study outcome.Öğe The making-or-breaking of material and resource efficiency in the Nordics(Elsevier, 2023) Alola, Andrew Adewale; Celik, Ali; Obekpa, Hephzibah Onyeje; Usman, Ojonugwa; Echebiri, ChukwuemekaThe relevance of efficient direct material input through both export market and domestic material sources offers useful material and resource productivity guidelines from both economic and environmental sustainability dimensions. In the current context, the drivers of material and resource efficiency in the Nordic region are examined by utilizing requisite empirical approaches over the period 1995-2020. The investigation revealed that economic activities which are characterized by Gross domestic product (GDP) alongside the growth of urban population and utilization of oil energy are all detrimental to the region's resource efficiency. It implies that material utilization efficiency cannot be optimized with the current trend of the region's GDP, urban population growth and the use of dirty energy. Contrarily, the findings, further revealed that alternative energy utilization vis-`a-vis renewables are key indicators to spur material and resource efficiency in the region, thus throwing more support for the region's unavoidable energy transition goal. These highlighted results alongside the Granger causality inference offer sustainable development measures that are specifically motivated through the improvement of efficient and optimization of output.Öğe Material productivity and material intensity as drivers of environmental sustainability in G-7 economies(Taylor & Francis Inc, 2024) Celik, Ali; Usman, Ojonugwa; Alola, Andrew AdewaleTo further understanding the perspective of sustainable consumption and production, which is one of the key elements of the Sustainable Development Goals (SDGs), this study examines the environmental effects of material domestic productivity, material footprint and material intensity in the world's most advanced economies - the Group of Seven (G7) countries by using the dataset that spans over the time 1970 to 2019. The environmental Kuznets curve hypothesis was used as a theoretical framework. By applying the mean group dynamic least squares (DOLSMG) estimation approach and using carbon and greenhouse gas emissions as environmental indicators, the outcome validates the environmental Kuznets curve hypothesis but only in the United States and Germany. Material productivity, footprint and intensity exert a significantly negative impact on the environmental indicators, thus demonstrating the existence of a feasible sustainable consumption and production approach among the countries. By contrast, especially for the country-specific results, material productivity and intensity aggravated environmental degradation by increasing carbon and greenhouse gas emissions in France, Italy, and Japan. A robustness check using the Dumitrescu-Hurlin Granger causality approach aligns with the above-mentioned results. The findings suggest policy recommendations for a more effective approach to reducing material intensification across economic sectors in advanced economies.Öğe Modelling the Relationship Between Public Expenditure, Tax Revenue and Economic Growth in Türkiye Using the AARDL Approach(Vilnius University Press, 2024) Köstekçi, Ahmet; Celik, AliThis study aims to investigate the macroeconomic impact of fiscal policy in Türkiye, where fiscal policy faces several challenges. Using annual time series data from 1980 to 2021, we examine the impact of tax and public expenditure subcomponents on GDP using the augmented autoregressive distributed lag (A-ARDL) bound test approach proposed by Sam et al. (2019). The A-ARDL test results indicate that tax revenue has a positive impact on economic growth in the short run, while tax revenue has a negative impact on economic growth in the long run. Furthermore, we conclude that increases in current and investment expenditures have a positive impact on economic growth in the short and long run, while increases in transfer expenditures have a negative impact on economic growth in the short run. Copyright © 2024 Ali Celik, Ahmet Köstekçi.Öğe Testing the Price Bubbles in Cryptocurrencies using Sequential Augmented Dickey-Fuller (SADF) Test Procedures: A Comparison for Before and After COVID-19(Alexandru Ioan Cuza Univ Iasi Fac Economics & Business Adm, 2023) Celik, Ali; Ulu, CagriBubbles in asset prices have attracted the attention of economists for centuries. Extreme increases in asset prices, followed by their sudden decline, create a turbulent effect on the economy and even invite crises in time. For this reason, some measurement techniques have been employed to investigate the price bubbles that may occur. This study explores the possible speculative price bubbles of Bitcoin, Ethereum, and Binance Coin cryptocurrencies, compares them with the pre-and post-COVID-19 period, and examines asymmetric causality relationships between variables. Therefore, we analyzed the price bubbles of these cryptocurrencies using the closing price for daily data between 16.01.2018 and 31.12.2021 by the Supremum Augmented Dickey-Fuller (SADF) and the Hatemi-J (2012) asymmetric causality test. In this context, 1446 observations, 723 of which were before COVID-19 and 723 after COVID-19, were employed in the study. Looking at the SADF analysis results, we detected 103 price bubbles before COVID-19 for the three cryptocurrencies, while we determined 599 price bubbles after COVID-19. The common finding in the asymmetric causality test results is that there is a causality relationship between the negative shocks faced by one cryptocurrency and the positive shocks faced by the other cryptocurrencies.