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Öğe Economic performance of India amidst high CO2 emissions(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2021) Udemba, Edmund Ntom; Güngör, Hasan; Bekun, Festus Victor; Kırıkkaleli, DervişIn recent times, the Indian economy has enjoyed a positive economic trajectory. However, the economy remains vulnerable to domestic and geographical risk as it relates to environmental degradation. The Indian economy is reputed as one of the leading emitters of carbon dioxide (CO2 ) emissionsglobally.. In the literature, there is no consensus on the contradiction between decoupling economic growth from CO2 emission in India and other regions of the globe. By drawing on the Sustainable Development Goals (SDGs) agenda and its 2030 targets, this study examines the relationship between responsible energy consumption (SDGs 7, 12), climate issues (SDGs 13), and economic growth (SDGs 8) for the case of India. Thus, the present study seeks to investigate the implications of CO2 emissions on Indian economic growth (GDP) with a focus on the energy intensity in the country’s economy. To explore the nexus between economic growth and environmental degradation in a carbon income function, openness to trade and energy use were added as additional variables to circumvent the problem of omitted variable bias. Autoregressive Distributed Lag (ARDL) with the modified Wald test of Toda Yamamoto (T-Y) were applied to annual time series data from 1975-2017. The study reveals a long-term equilibrium association among the described variables over the considered period. Furthermore, a statistically significant negative relationship is observed between CO2 emissionsand trade openness and economic growth. This study validates the energy-induced economic growth as reported by the ARDL regression. This is also corroborated by the causality analysis results, as a uni-directional relationship was observed running from energy utilization to income (GDP). Thus, the Indian government officials should not adopt conservative energy policies, as this will be detrimental for economic growth given that the economy is dependent on energy. However, based on the growing environmental consciousness around the world, there is a need to shift the energy mix in India to renewables to make uses of cleaner energy sources and create environmentally friendly ecosystems.Öğe Economic Policy Uncertainty and Energy Prices: Empirical Evidence from Multivariate DCC-GARCH Models(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2022) Ringim, Salim Hamza; Alhassan, Abdulkareem; Güngör, Hasan; Bekun, Festus VictorCrude oil and natural gas are crucial to the Russian economy. Therefore, this study examined the interconnections between crude oil price, natural gas price, and Russian economic policy uncertainty (EPU) over the period 1994–2019 using multivariate DCC-MGARCH models. The findings show that there are strong interconnections (co-movement) between the energy prices and EPU in Russia, and that it might be misleading to assume independence or neutrality between the variables. Although Russia is also a crucial player in both the natural gas and the crude oil markets, this study reveals that there is a stronger co-movement of the EPU with gas price than with the oil price. Russia is the largest exporter of natural gas and the second-largest producer; it is plausible that the natural gas price correlates with EPU more than the crude oil price. Further, the correlation between gas price and EPU and the correlation between crude oil price and EPU have similar patterns. Each declines almost in the same period and, equally, increases concurrently. In addition, the results revealed that significant global shocks and crises, such as the 2008 global financial crisis, the 2014–2017 Russian financial crisis, the 9/11 terrorist attack, and the Russo–Ukrainian conflicts, influence the interconnections between the energy prices and Russian EPU.Öğe Environmental implication of offshore economic activities in Indonesia: a dual analyses of cointegration and causality(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2019) Udemba, Edmund Ntom; Güngör, Hasan; Bekun, Festus VictorGlobal warming issues have become a pertinent theme for many economies and policy initiatives. The Indonesian economy is no exception as government officials and stakeholder are working seriously to decouple carbon emission from economic growth. It is on this premise that the present study attempts to investigate the nexus between the environmental implication of offshore economic activities, economic growth, energy use, and environment (CO2) with the integration of foreign direct investment (FDI) and trade openness over recent time series data from 1980 to 2017. A series of analysis were conducted with Pesaran’s autoregressive distributed lag (ARDL) methodology and the Granger causality test as estimation techniques over the outlined variables. Empirical findings from ARDL long-run (elasticity) shows that economic growth is significantly positively associated with carbon emissions at the initial stage but a negative association is established at lags 1 and 2. A significant positive relationship is witnessed between economic growth and FDI. Also, statistical positive relationship is observed between economic growth and energy use, while an inverse relationship is observed between openness and economic growth. For causality analysis, we observe that a unidirectional causality is running from economic growth to foreign direct investment at 5% significant level. This outcome is in support of the growth-induced FDI hypothesis in Indonesia. Furthermore, a one-way causality is seen from energy to openness, CO2 emissions, and from FDI to CO2 emissions while there is a feedback causality between openness and CO2 emissions. The findings of this study have implications to the environmental quality of Indonesia via economic growth; hence, the higher and better the economic growth of the country, the lesser the carbon emissions and the better the environmental quality. This proposition aligns with the pollution halo hypothesis (PHH), where FDI inflow enhances economic growth as well as impacts energy consumption and reduces carbon emissions in the host country.Öğe Revisiting the linkage between oil and agricultural commodity prices: Panel evidence from an Agrarian state(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Gökmenoğlu, Korhan K.; Güngör, Hasan; Bekun, Festus VictorThis paper utilizes panel methods to consider the dynamic relationship between oil and agricultural commodity prices. The study makes use of monthly measures realized data for six agricultural commodity prices, including cocoa, coffee, wheat, palm oil, soybeans, beef and crude oil. The dataset spans the period 2006–2015 and includes a measure for the effective exchange rate. The results of a panel unit root test suggest that all the variables are stationary after taking the first difference. The Fisher/Johansen cointegration test is then used to suggest that the dataset includes a single cointegrating vector. A regression on the long-run characteristics of the data is then used to show that crude oil prices are positively correlated to agricultural commodity prices. This suggests that oil price for the case of Nigeria drives demand for agricultural crop commodity. The results show that agricultural commodity prices in Nigeria are responsive to global oil prices. The subsequent causality test that account for heterogeneity tests performed on the first difference of the variables reject the null hypothesis of no Granger causality in either direction between crude oil prices and agricultural crop commodity. This suggests that oil prices drive agricultural commodity prices and vice versa. Based on these outcomes several policy directions were rendered in concluding section.