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Öğe Bitcoin’s Reaction to the Federal Reserve’s Announcements and Stimulus Measures, the Equity Market, and Economic Policy Uncertainty: Evidence during the COVID-19 Pandemic(CRC Press, 2024) Bein, Murad A.; Gyamfi, Bright Akwasi; Bekun, Festus Victor; Taha, AmjadThe COVID-19 pandemic is still underway, which means that the crisis’s full extent cannot yet be known. Nevertheless, investigations into the economic effects of the pandemic and its impact on the financial markets have begun. Since the onset of the COVID-19 crisis, the stock markets in both developing and developed economies and the international crude oil and currency markets have experienced the worst volatility on record. During periods of uncertainty, investors typically attempt to reduce their exposure or diversify their investments and search for safer assets. Recently, there has been an increase in the debate regarding whether Bitcoin can serve as a haven during periods of market turmoil. While regular currencies are guaranteed by the governments or organizations that issue them, Bitcoin, as a digital currency, is not guaranteed by anybody (Weber 2016). © 2024 Andrew Adewale Alola, Festus Victor Bekun and Uju Violet Alola.Öğe Can Energy Efficiency Help in Achieving Carbon-Neutrality Pledges? A Developing Country Perspective Using Dynamic ARDL Simulations(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2022) Hossain, Md. Emran; Rej, Soumen; Saha, Sourav Mohan; Onwe, Joshua Chukwuma; Nwulu, Nnamdi; Bekun, Festus Victor; Taha, AmjadThe current research sheds light on the nexus between environmental degradation as proxied by carbon dioxide emissions (CO2 ), energy efficiency (EE), economic growth, manufacturing value-added (MVA), and the interaction effect of EE and MVA in India. Using yearly data from 1980 to 2019, the current study employs dynamic auto-regressive distribution lag (DARDL) simulations and Fourier Toda and Yamamoto causality techniques. The findings of DARDL reveal that as income and MVA rise, environmental quality decreases, while EE improves environmental conditions in both the long and short run. Surprisingly, the interaction term of EE and MVA has a detrimental influence on environmental quality, meaning that India remains unable to provide energy savings technologies to the manufacturing industry. Furthermore, the environmental Kuznets curve (EKC) hypothesis is well-founded for India, as the long-run income coefficient is smaller than the short-run coefficient, implying that India is in its scale stage of economy, where economic growth is prioritized over environmental quality. The results of the causality technique reveal that CO2 emissions and EE have a bidirectional association. Therefore, policymakers in India should embrace realistic industrialization strategies combined with moderate decarbonization and energy efficiency initiatives under the umbrella of sustainable industrial and economic growth.Öğe Environmental Kuznets Curve hypothesis from lens of economic complexity index for BRICS: Evidence from second generation panel analysis(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2022) Agozie, Divine Q.; Gyamfi, Bright Akwasi; Bekun, Festus Victor; Öztürk, İlhan; Taha, AmjadThe present study contributes to the ongoing discussion on environmental sustainability, energy efficiency for the case of Brazil, Russia, India, China, and South Africa economies by investigating the dynamic connection regarding foreign direct investment, economic complexity index, renewable energy, natural resources, urbanization, and CO2 emission for annual frequency data from 1990 to 2019. The present study employs robust econometric techniques including Augmented Mean Group with Fully Modified-Ordinary Least Squares estimators as estimation techniques. Empirical outcome shows both inverted U-Shaped and N-Shaped EKC relationship between ECI and CO2 emission. The empirical findings also lend support to the Pollution Haven Hypothesis, which suggest that foreign direct investment influx is a contributing factor to environmental degradation in Brazil, Russia, India, China, and South Africa economies. Furthermore, renewable energy and the interaction between economic complexity index and urbanization is found to have adverse impact on emission while natural resources and urbanization have positive impact on the environment. Finally, the results from the Dumitrecu and Hurlin causality reveals a bi-directional causality between economic complexity and CO2 emission. Similar causality is found between economic complexity index and urbanization and CO2 emission while a one-way causality is seen running from foreign direct investment to CO2 emission over study period. These findings encourage authorities of the investigated countries to offer a broader energy strategy on alternative energies i.e., renewables improve Brazil, Russia, India, China, and South Africa environmental quality. Furthermore, emphasis on economic strategies that foster a healthier manufacturing activity to engender environmental sustainability without compromise for economic prosperity should be pursued among the examined economies.Öğe Impact of financial development, trade flows, and institution on environmental sustainability in emerging markets(Sage Publications Ltd, 2023) Bekun, Festus Victor; Gyamfi, Bright Akwasi; Koksal, Cihat; Taha, AmjadThe present study is motivated by the need to decouple economic growth from environmental degradation given the new wave of chase for higher economic growth trajectories comes with its environmental cost implications, especially among developing blocs like the Emerging 7 (E7) countries. There is a consistent trade-off between economic growth versus environmental quality. Government apparatus are perpetually on the chase for low-carbon emission policies via the pursuit for green economy. To this end, this present study extends the conventional environmental Kuznets curve (EKC) argument by incorporating the role of institution in emerging industrialized economies (E7) and using second-generation panel analysis methods like mean group (MG), augmented mean group (AMG), common correlated effects mean group (CCEMG), and the Dumitrescu and Hurlin causality test for more robust estimates and inferences. To this end, we explore the long-run and causality relationship between economic growth, quadratic form of economic growth, institutional quality, trade flow, investment in energy sector, and financial development in an EKC environment. Empirical analysis established a long-run equilibrium relationship among the outlined variables over the study period. The long-run regression shows the presence of EKC in the E7. Thus, suggesting the preference for GDP growth over environmental quality at the earlier stage of growth curve. Interestingly, investment in energy, trade flow dynamics across the blocs, and financial development dampens the detrimental effect of environmental pollution as we observed negative relationship with the ecological footprint. On the contrary, quality of institution is weak as institutional quality increase (worsen) the quality of environment in the E7 economies. From a policy perspective, this current study proposed the need for more stringent environmental treaties and regulations and promotion of green economy without compromising economic growth. In the conclusion part of the study, more details and specifics about the policy blueprint are presented.Öğe Toward a sustainable growth path in Arab economies: an extension of classical growth model(SPRINGER, ONE NEW YORK PLAZA, SUITE 4600 , NEW YORK, NY 10004, UNITED STATES, 2023) Taha, Amjad; Aydin, Mucahit; Lasisi, Taiwo Temitope; Bekun, Festus Victor; Sethi, NarayanBackground/Objectives: Many economies are on the trajectory of alternative growth drivers other than conventional capital and labor. Access to credit facilities is a pertinent indicator of economic growth. In line with the United Nations Sustainable Development Goals (UNSDGs-8) agenda, the national goal for sustainable development for most economies and Arab economies is no exception. Therefore, the current study adopts a traditional growth model by exploring the relationship between gross domestic product (GDP) per capita, credit for private sectors, ratio of exports, real GDP, and per labor force participants for selected Arab economies annually from 2001 to 2020. Research design: This study leverages the Fourier Kwiatkowski–Phillips–Schmidt– Shin (KPSS) unit root test and second-generation panel econometrics as estimation techniques, such as Westerlund and Edgerton panel cointegration test, and the use of two estimators, namely the augmented mean group (AMG) and common correlated error mean group (CCEMG), to obtain robust results. Findings: Empirical fndings from Westerlund and Edgerton panel cointegration tests validate the long-run equilibrium relationship among the outlined variables. Further empirical results indicate that the share of exports is negatively signifcant with economic growth in countries such as Kuwait, Lebanon, Tunisia, and Jordan. Additionally, savings and labor force participation have a positive relationship with economic growth in individual countries such as Algeria and Bahrain. As per the panel, there is no signifcant relationship between labor force participation and economic growth. This indicates that the skilled labor force enhanced economic growth. Conclusions: These fndings come with inherent far-reaching policy suggestions for economies and panels. Further details on country-specifc policy actions are presented in the concluding section.