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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 The contributory capacity of natural capital to energy transition in the European Union(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2022) Kassouri, Yacouba; Altuntaş, Mehmet; Alola, Andrew AdewaleIn spite the growing attention on the role of carbon capturing and sequestration schemes in mitigating emissions, its contribution to the deployment of renewable energy remains uncomfortably low, especially in Europe. Thus, the current study contributes to the literature by investigating how natural capital captured by biocapacity amidst carbon emission influences renewable energy deployment by controlling for the role of openness to trade and oil utilization among the European countries. Based on a panel data analysis of over the period 1990e2016, we follow rigorous econometric approaches that accommodates country-specific factors such as the cross-sectional dependence, country-specific heterogeneity, and the non-stationarity dimension of the variables. Fundamentally, the results confirm the presence of significant long-term association among variables. The empirical results also authenticate that oil utilization and carbon emissions discourage renewable energy deployment by inelastic proportions. In essence, the result suggests that energy transition advancement is propelled by the deployment of carbon sequestration techniques through the expansion of natural capital. Moreover, evidence illustrates that the productive capacity of the Europe's ecosystem and openness to trade are critical to the region's energy transition policy, thus an influential factor of renewable energy supply. Furthermore, the causality analysis reveals a feedback effect between biocapacity and renewable energy, and between trade and renewable energy. The findings offer a platform for re-invent policy implications for the region.Öğe The dynamics of material consumption in phases of the economic cycle for selected emerging countries(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Kassouri, Yacouba; Alola, Andrew Adewale; Savaş, SavaşDomestic materials are vital for production and consumption patterns and their sustainable use holds a prominent place in supporting a virtuous circle of wellbeing-environment-ecological system. In this context, this study contributes to the comprehension of material use dynamics during different phases of the economic cycle, bringing new insights into the dematerialization process. Therefore, this paper examined the effect of economic cycles on material consumption using a STIRPAT framework for 12 emerging economies for the period 1970–2017. In order to ascertain robustness, our estimation techniques account for (country-specific factors) endogenous economic growth, cross-sectional dependence, and cross-country heterogeneity within a panel framework. Thus, evidence suggests that economic expansion constitutes periods of increase in material consumption mainly due to the consumption side effect of expansion, while the occurrence of recession is associated with economic dematerialization. In addition, we found a moderating effect of material productivity on materials utilization. Based on these insights, we submit that increasing material productivity leads to sustainable practices and patterns of materials utilization. On this note, policymakers should understand the effective mechanisms that are detrimental to achieving the sustainable development goals (SDGs) such as curbing material consumption during the recession and maintain a smooth material consumption balance over economic cycles.Öğe Examining the sustainable development approach of migrants' remittances and financial development in sub-Saharan African countries(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Kacou, Kacou Yves Thierry; Kassouri, Yacouba; Alola, Andrew Adewale; Altuntaş, MehmetIn achieving a desirable sustainable economic growth in developing countries, the role of financial development and international migrant remittances cannot be underplayed. This study attempts to investigate the dynamic interactions between the migrant remittances and the financial sector development from a multidimensional perspective in 22 sub-Sahara African countries using a panel vector autoregression model over the period 2004–2017. Specifically, the study focuses on the multidimensions of financial development including financial depth, financial access, and financial efficiency in financial institutions (FI) and their relationship with the remittances. The findings suggest that: First, the migrant's remittances are detrimental for the overall FI while the FI are found to positively influence the remittances inflows. Second, the relationship between the remittances and the FI varies with the dimensions of FI. There is a positive dynamic interaction between the remittances, the financial efficiency, and financial access, except for the financial depth. The analysis in this investigation offers relevant policy directives especially on the role of remittances in building stable FI of the sub-Saharan African economies and other developing states.