23 results on '"Kirikkaleli, Dervis"'
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2. Does quality management system help organizations in achieving environmental innovation and sustainability goals? A structural analysis
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Zhao, Long, Gu, Jianqiang, Abbas, Jawad, Kirikkaleli, Dervis, and Yue, Xiao-Guang
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AbstractThe swift decline in the quantity and quality of natural resources and the public’s increased awareness about it is putting steep pressure on manufacturing and services firms to follow eco-friendly practices. The United Nations has made it imperative for organizations to ensure sustainability in their operations. This study investigates whether the quality management system within an organization helps them achieve environmental innovation and sustainable development goals? It also examines does environmental innovation facilitates firms in achieving sustainable development goals? Six quality management practices are taken from the American ‘Malcolm Baldrige National Quality Award’; environmental innovation includes product and process innovation, and corporate sustainability includes environmental, social, and economic dimensions. The authors followed the non-probability convenience sampling technique to collect data from the junior, middle, and senior managers from medium and large-size services and manufacturing firms from July 2019 to October 2019. The structural analysis indicated that quality management facilitates firms to achieve their environmental innovation and sustainability goals; environmental innovation significantly enables organizations to achieve sustainability goals. Dimensional analysis indicated that quality management significantly impacts all studied dimensions. However, environmental innovation is found to have an insignificant impact on social sustainability. The findings of this study provide valuable insights to the managers of the manufacturing and services firms concerning eco-innovation and sustainability goals and conclude by offering recommendations for future studies.
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- 2023
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3. Economic complexity and environmental sustainability in eastern European economy: Evidence from novel Fourier approach
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Kirikkaleli, Dervis, Sofuoğlu, Emrah, Abbasi, Kashif Raza, and Addai, Kwaku
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Globally, economies have become complex and new technologies have transformed and facilitated the modernization of economies. In the previous literature, economic complexity approach has become one of the popular tools in the development and innovation studies of economic geography. Researchers have found that green technology and eco-innovation approaches should be used to decisively reduce the effects of carbon emission on the environment. However, debates about the impact of economic complexity on environment remain unsettled since some emerging production technologies have far-reaching pollution effects. This study explored the impacts of economic complexity on environmental sustainability in Turkey using the novel Fourier-based approaches, namely: Fourier Augmented Dickey-Fuller (FADF) and Fourier autoregressive-distributed lag (FARDL) models. The Fourier-based approaches indicated that all variables (economic complexity index (ECI), GDP, energy consumption, and CO2emission (CO2E)) are cointegrated in the long run. Additionally, the FARDL model implied that (i) in the long run, the effect of ECI (as a proxy for economic complexity), GDP (as a proxy for economic growth), and energy consumption on CO2E (as a proxy for environmental quality) is important; (ii) economic complexity decreases environmental degradation in Turkey; and (iii) economic growth and energy consumption negatively affect environmental quality. The results also showed that economic complexity could be used as a policy tool to tackle environmental degradation. The findings also revealed that the fossil fuel-based economy will continue to expand and undermine Turkey's efforts to meet its net zero emission target by 2053. Therefore, policy-makers should take actions and establish diversified economic, environmental, and energ strategies. For policy insights, the Turkish governments can use the combination of tax exemptions and technical support systems to support knowledge creation and the diffusion of environmentally friendly technologies The governments can also impose strict environmental regulations on the knowledge development phases.
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- 2023
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4. How do energy resources and financial development cause environmental sustainability?
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Ali, Kishwar, Jianguo, Du, and Kirikkaleli, Dervis
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The United Nations’ Sustainable Development Goals for 2030 provide a foundation for this study. These SDGs encompass crucial targets pertaining to sustainable development (SDG-8), responsible energy consumption (SDGs 11 and 12), access to clean and affordable energy (SDG-7), and environmental sustainability action (SDG-13) and among others. To this end, the research employs advanced panel methodologies to investigate the heterogeneous effects of energy resources and financial development on a sustainable environment. The study adopts second-generation econometric tools to evaluate the model’s cross-sectional dependence, and the cointegration methodology proves the long-run correlation between the indicators. Additionally, the ordinary least square and the panel quantile regression results reveal long-run estimations. These long-run studies provide reliable information on environmental sustainability dynamics in the E-7 economies. The analysis reveals that the effects of the high financial development, rapid economic growth and fast-growing nonrenewable energy resources significantly impact environmental sustainability from 2000–2020 within the E-7 bloc. Furthermore, the results from both the OLS and the PQR indicate that the coefficients for renewable energy resources and globalization are negative across all quantiles (Q25to Q95quantiles) with regard to CO2emissions. These findings advocate for a policy framework that aligns with the SDGs. The study also proposes a comprehensive policy framework for the E-7 nations to promote progress toward SDGs (7, 8, 9, 11, 12, 13, and 16).
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- 2023
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5. Analyzing research trends of universities' carbon footprint: An integrated review.
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Ma, Beiling, Bashir, Muhammad Farhan, Peng, Xuewen, Strielkowski, Wadim, and Kirikkaleli, Dervis
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[Display omitted] • Carbon footprint is main environmental hurdle towards sustainable development goals. • Accurate assessment of carbon footprint is key to achieve SDGs. • We use used integrative review strategy to report novel findings. An accurate assessment of carbon footprint is one of the key elements to evaluate progress towards sustainable development. Although, recent studies have extensively analyzed carbon footprint, the scientific contribution related to universities and higher education institutes requires further consideration. The current study provides a detailed integrative review of universities' carbon footprint to provide contextual information and novel findings. Our novel review strategy allows us to report thematic analysis, co-citation analysis, research collaboration analysis, and methodological and topical contribution. As policymakers prioritize sustainable development, we allow them to understand different dynamics of academic institutions' carbon footprint and report policy suggestions to improve it. As any change at higher research institutions has a wider impact on society in general, it is our opinion that developing sustainable university campuses also has implications for future research, management practices and compliance with sustainable development goals. [ABSTRACT FROM AUTHOR]
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- 2023
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6. Testing the role of digital financial inclusion in energy transition and diversification towards COP26 targets and sustainable development goals.
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Ali, Kishwar, Jianguo, Du, Kirikkaleli, Dervis, Mentel, Grzegorz, and Altuntaş, Mehmet
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[Display omitted] • The role of financial inclusion and energy transition on the environment is examined. • PQR, AMG, and CCEMG tests are employed. • Energy transition and diversification are negatively correlated with CO 2 emissions. • Digital finance inclusion is an essential player in CO 2 emissions. This study investigates the impact of digital financial inclusion, energy transition, and diversification on achieving the United Nations Sustainable Development Goals (SDGs) and Climate Change Conference (COP26) targets in the context of emerging seven economies (E-7). The SDGs include objectives related to sustainable energy consumption, the availability of sustainable energy, economic growth, sustainable development through technology, and climate change actions. This research employs novel econometric panel quantile regression and ordinary least square methods for benchmark estimations and pooled mean group for causality analysis. The empirical results indicate that energy transition and diversification, technological innovation, and foreign direct investment negatively correlate with CO 2 emissions across all quantiles. Conversely, digital finance inclusion, energy consumption, and economic growth are the primary contributors to the environmental deterioration in the E-7 region. The PMG causality findings demonstrate a feedback effect for the indicators. Furthermore, our results are robust to alternative measures by Augmented Mean Group (AMG) and Common Correlated Effect Mean Group (CCEMG), which may assist policymakers in developing long- and short-term environmental protection initiatives. Based on the outcomes, we suggest that strategies to reduce carbon emissions and achieve the SDGs and COP26 targets should prioritize sustainable energy, and policymakers should enhance incentives for inclusive green funding. The findings recommend a comprehensive policy framework through which E-7 states may proceed toward reaching the SDGs (7-8-9-11-12 and 13) and COP26 commitments. [ABSTRACT FROM AUTHOR]
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- 2023
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7. The impacts of globalization, renewable energy, and agriculture on CO2 emissions in India: Contextual evidence using a novel composite carbon emission-related atmospheric quality index.
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Shabbir Alam, Md, Duraisamy, Pachiyappan, Bakkar Siddik, Abu, Murshed, Muntasir, Mahmood, Haider, Palanisamy, Manigandan, and Kirikkaleli, Dervis
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[Display omitted] • The determinants of CO2-related atmospheric pollution in India are assessed. • A composite CO2-related atmospheric pollution index is introduced. • Economic and social globalization stimulate atmospheric pollution. • The renewable energy consumption-atmospheric pollution nexus is inverted U-shaped. • Agricultural output expansion triggers more atmospheric pollution. • More urbanization and population density worsen atmospheric pollution levels. At the 26th Conference of Parties in Glasgow, India declared the environmental agendas of turning carbon neutral by 2070 and substantially lowering its carbon intensity level. Thus, it can be assumed that India is committed to improving its atmospheric health over the next couple of decades. Thus, strategizing plans for limiting carbon emission-related environmental pollution has gone on to become a critically important objective of the Indian government. Against this backdrop, this current study aims to examine the factors influencing atmospheric quality in India. As opposed to the previously adopted approaches in the existing studies, a composite atmospheric quality index is estimated using data concerning different carbon dioxide emission-related atmospheric quality indicators (total carbon dioxide emissions, carbon footprints, and carbon intensity levels). Furthermore, the analysis of the possible non-linear association between renewable energy use and atmospheric pollution makes an additional contribution to the environmental literature. Using quarterly frequency data from 1990q1 to 2018q4 and employing advanced econometric techniques suitable for handling structural break issues, the empirical results reveal that globalization through economic and social channels, agricultural output expansion, and greater population density trigger atmospheric pollution in the long run. Besides, the relationship between renewable energy consumption and atmospheric quality is found to exhibit an inverted U-shape. In this regard, the threshold share of renewable energy in the total final energy consumption level of India is predicted at around 45.75% which is comparatively higher than India's current renewable energy consumption share. Furthermore, urbanization is evidenced to stimulate the deterioration of India's atmospheric quality, both in the short- and long-run. In line with these major findings, some policy-oriented recommendations are made. [ABSTRACT FROM AUTHOR]
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- 2023
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8. Testing the asymmetric effect of financial stability towards carbon neutrality target: The case of Iceland and global comparison.
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Su, Chi-Wei, Umar, Muhammad, Kirikkaleli, Dervis, Ayobamiji Awosusi, Abraham, and Altuntaş, Mehmet
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Graphical presentation of the NARDL estimator. [Display omitted] • The asymmetric effect of financial stability on environmental quality in Iceland is examined. • Fourier ADL cointegration and non-linear ARDL tests are used. • Financial stability has a negative effect on environmental degradation in Iceland. • Economic growth and energy usage cause to increase carbon emissions. In the last decade, the CO 2 emissions in Iceland continues to relatively decrease; simultaneously, the country has been one of the highly financially stable country in the world. However, Iceland has higher per-capita CO 2 emissions than several other European nations. As a result, the major question arising is, "what are the environmental effect of financial stability in Iceland?" This research scrutinizes the asymmetric effect of financial stability on CO 2 emissions in Iceland. Using the quarterly dataset that span from 1995 to 2019. We employ the nonlinear ARDL and Fourier-based approach to uncover these asymmetric interconnections. The empirical findings of non-linear bound test and Fourier-based approach uncover the evident of cointegration between CO 2 emissions and financial stability and other exogenous variables (such as income, energy use, and trade openness). The outcomes of the NARDL showed that a positive variation in financial stability mitigates CO 2 emissions, whereas negative variation has a neutral impact on CO 2 emissions. Furthermore, the result of other exogenous variables suggested that a positive change in energy use have an increased effects on CO 2 emissions while a negative variation in energy use have mitigating effects on CO 2 emissions. Also, Positive variation in income triggers CO 2 emissions, but a negative variation in income has a neutral effect CO 2 emission. Conversely, a negative variation in trade openness have increased effects on CO 2 emissions, while a positive change in mitigating effects on CO 2 emissions. The Fully modified ordinary least square and Dynamic ordinary least square estimators reveal that energy use and income level increase CO 2 emissions, while trade openness and financial stability mitigate CO 2 emissions. Policymakers in Iceland should focus their significant efforts on enhancing financial stability to encourage environmental innovation, investment, and technology by reducing the negative effect of financial stability. Furthermore, strengthening the trade liberalization policies toward the flow of green goods and services extends the environmental impacts of trade openness in Iceland. [ABSTRACT FROM AUTHOR]
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- 2023
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9. The dynamic impact of energy productivity and economic growth on environmental sustainability in South European countries.
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Liu, Min, Chen, Zhonglu, Sowah, James Karmoh, Ahmed, Zahoor, and Kirikkaleli, Dervis
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[Display omitted] • The impact of energy productivity and economic growth on the environment is explored. • Westerlund cointegration, AMG, CCEMG, and DH causality tests are employed. • Energy productivity causes and improves environmental quality in South European countries. • Globalization and economic growth cause environmental sustainability. In the wake of global warming, the world is in an ecological state of disarray. Consequently, governments across the globe are committing to achieving low temperatures with a target of 1.5 °C, of which South European countries play a key role. This study aims to examine the effects of energy productivity (EP), economic growth (GDP), and globalization (GLO) on CO 2 emissions of Cyprus, Spain, Portugal, Italy, Greece, and Malta (Southern European countries). The study covers the time from 1990 to 2018. Unlike earlier studies, the current analysis considers EP a significant factor in determining CO 2 emissions in Southern European countries. Southern European countries primarily represent a group of emerging economies, but it is relatively ignored in empirical environment literature. This study is the first to reveal a newly second-generation connection among EP, GDP, GLO, and CO 2 emissions in the Southern European countries by using the novel method of panel cointegration of Westerlund cointegration, Pedroni cointegration, augmented mean group (AMG), common correlated effects mean group (CCEMG), and followed by Dumitrescu–Hurlin causality tests. The empirical results suggest that the variables' effects are cointegrated, and EP reduces CO 2 emissions while GDP, and GLO increase CO 2 emissions in the South European countries. Furthermore, findings from the Dumitrescu Hurlin panel causality test suggest that any reductions in EP would have a positive impact on the extent of carbon emissions. On the basis of these empirical findings, this study suggests that policy administrators of the South European countries should consider the energy efficiency impact among the variables in setting their environmental, growth, and energy policies. [ABSTRACT FROM AUTHOR]
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- 2023
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10. Carbon neutrality target in Turkey: Measuring the impact of technological innovation and structural change.
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Xu, Yanling, Umar, Muhammad, Kirikkaleli, Dervis, Adebayo, Tomiwa Sunday, and Altuntaş, Mehmet
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[Display omitted] • We assessed the effect of technological innovation and structural change on carbon emissions in Turkey. • We applied the novel dynamic ARDL and frequency domain causality techniques. • We found that technological innovation enhances the quality of the environment. • We also found nonrenewable energy use and economic growth contribute to environmental degradation. • We found no support for the EKC hypothesis in Turkey. Climate change and environmental degradation have become the most complex and contentious global concerns in recent decades, despite growing worldwide accords demanding that these serious issues must be addressed urgently. Thus, we assessed the effect of technological innovation, economic growth, structural change, and nonrenewable energy use on CO 2 emissions in Turkey using a yearly dataset spanning between 1980 and 2019. The current paper utilized the ARDL bounds test, dynamic ARDL, and Breitung Candelon causality tests to assess these interrelationships. The outcomes of both the ARDL bounds and Bayer and Hanck cointegration tests affirmed evidence of cointegration among the variables. Furthermore, the outcomes of the dynamic ARDL disclosed that economic growth and nonrenewable energy use contribute to the degradation of the environment, while technological innovation stimulates the quality of the environment. Using the approach suggested by Itkonen (2012), the current paper does not confirm the EKC hypothesis. Lastly, the outcomes of the Breitung Candelon causality revealed a feedback causality association between nonrenewable and CO 2 emissions, while a unidirectional causality exists from technological innovation, economic growth, and structural change to CO 2 emissions. Based on the above findings, we propose that the government of Turkey should restructure its energy sector to address both carbon emissions and production losses by boosting the use of eco-friendly and efficient technologies in the process of production, while also shifting to a more services-based economy. [ABSTRACT FROM AUTHOR]
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- 2022
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11. A comparative analysis of COVID-19 and global financial crises: evidence from US economy
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Li, Zongyun, Farmanesh, Panteha, Kirikkaleli, Dervis, and Itani, Rania
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AbstractThe COVID-19 crisis has had deep adverse effects on a global level, affecting many economies and worsening their conditions which may have led to severe recession or even depression. The numbers of positive cases have risen sharply over the last few months, and the fatalities have also reached their peak. This study aims to examine the impact of the global financial crisis, and the COVID-19 pandemic on the macroeconomic variables of the US economy. It also provides an understanding in a descriptive format, to analyze and compare the global financial crisis and COVID-19 pandemic, in a tabulated and graphical format. For analysis purposes, the tables and average method have been used. For the graphical formats, charts have been used for the later year of 2008, and the beginning of the 2009 global financial crisis. The first six months of the spread of the COVID-19 pandemic have also been taken into consideration. The results have confirmed that the current COVID-19 pandemic shows more severity in terms of economic activity, than the global financial crisis had experienced. Moreover, the impact of the crisis on the recession probabilities in the current pandemic is lower than that at the time of the global financial crisis.
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- 2022
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12. Relevance of hybrid artificial intelligence for improving the forecasting accuracy of natural resource prices.
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Li, Mei, Waheed, Rida, Kirikkaleli, Dervis, and Aziz, Ghazala
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[Display omitted] • Hybrid AI models to forecast the natural resource prices in Saudi Arabia. • We employed six denoising methods and CSD is reporting the superiority over other methods. • CSD-RNN has confirmed the outperforming machine learning technique to forecast the prices. • The CSD-RNN forecasted technique can be used to forecast the other energy index. The prediction performance of traditional forecasting methods is low due to the high level of complexity in a series of energy prices. The present study attempts to compare the traditional regression, machine learning tools and hybrid models to conclude the outperforming model. The first step is to propose the effective denoising technique for Tadawul energy index, which has confirmed the superiority of CSD based denoising. However, we use the CSD-ARIMA, CSD-ANN, and CSD-RNN as hybrid models. As a result, CSD-RNN outperforms both other models in terms of MSE, MAPE, RMSE and D stat. The findings are useful for policy makers, investors and portfolio managers to forecast the energy trends, and hedge the portfolio risk accordingly. [ABSTRACT FROM AUTHOR]
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- 2024
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13. Global competitiveness and capital flows: does stage of economic development and risk rating matter?*
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Athari, Seyed Alireza, Shaeri, Komeil, Kirikkaleli, Dervis, Ertugrul, Hasan Murat, and Ozun, Alper
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ABSTRACTThis paper closes a gap in the relevant literature by investigating the role of a country’s competitiveness on international capital mobility using robust panel multiple regressions with fixed and random effects. In this study, we use the Global Competitiveness Index to measure a country’s competitiveness level. The research empirically investigates the effect of competitiveness on cross-border capital flows, and shows how stages of economic development and country-specific risk ratings influence inflows and outflows of capital under the effect of competitiveness. Overall, we found that competitiveness has a positive and statistically significant impact on aggregated and disaggregated capital flows. However, the magnitude of its impact varies over different stages of development and across country risk levels.
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- 2020
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14. Sovereign credit risk and economic risk in Turkey: Empirical evidence from a wavelet coherence approach
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Kirikkaleli, Dervis and Gokmenoglu, Korhan K.
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This study aims to shed light on the co-movement of sovereign credit risk and economic risk in Turkey using the Toda–Yamamoto causality, Gradual Shift causality, and Wavelet Coherence tests. The study answers the following questions, which, to the best of our knowledge, have not been investigated in the literature: (i) Is there any causal linkage between sovereign credit risk and economic risk?; and (ii) If yes, why? Our findings reveal that (i) economic risk caused sovereign credit risk in 1997 and 2002; and (ii) between 2001 and 2012, sovereign credit risk caused economic risk at different scales. The Toda–Yamamoto causality and Gradual Shift causality tests confirm that, in Turkey, changes in sovereign credit risk significantly lead to changes in economic risk, indicating the importance of sovereign credit risk for predicting economic risk.
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- 2020
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15. Economic Risk Linkages between Israel and Middle East Countries.
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Kirikkaleli, Dervis and Yorucu, Vedat
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INTERNATIONAL economic relations ,EXOGENEITY (Econometrics) ,ECONOMIC equilibrium - Abstract
This study analyses the economic risk relationship between seven of the top economies in the Middle East and Israel. Our findings are of great interest and likely to begin a new debate in the Middle East region. The results of a block exogeneity Wald test reveal that economic stability in Israel does Granger-cause economic stability in Lebanon, Oman, Qatar and the UAE. Reverse causality has been validated for Lebanon and Bahrain only. We also find that there is a positive impact on Israel's economic stability over the stability of Bahrain, Kuwait and the UAE with different seasonal patterns. In the reverse direction, in response to a shock to Israel's economic stability, the stability of the UAE, Saudi Arabia, Oman, and Kuwait are also found to be positive and significant with different seasonal frequencies. [ABSTRACT FROM AUTHOR]
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- 2018
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16. Does patents on environmental technologies matter for the ecological footprint in the USA? Evidence from the novel Fourier ARDL approach.
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Kirikkaleli, Dervis, Sofuoğlu, Emrah, and Ojekemi, Opeoluwaseun
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[Display omitted] • The effect of environmental innovation on ecological footprint is examined. • Fourier ARDL and Fourier TY causality tests are employed. • Patents on environmental technologies cause ecological footprint in the USA. • Environmental innovation contributes to environmental sustainability. • Economic growth causes to increase in environmental degradation. The outcome of patents on environmental (POET) technologies on the EF in the USA has not been comprehensively explored. Therefore, to close this breach in the literature, the present study discovers how patents on ecological technologies affect ecological footprint (EF) in the USA while regulatory for GDP and EC using the Fourier-based approaches. The conclusions of the present study reveal that POET are an important predictor of EF in the USA and cause a reduction in ecological deprivation in the long run; as expected, economic growth negatively affects environmental sustainability. The outcomes suggest that it is possible to resolve conflicts between the economy and the environment by using technological innovation. The USA government must reconsider its policy focus, particularly on coal energy sourcing and industrial energy, while continuing with heavy investments in its ambitious renewable energy technology development plan. Moreover, the government should continue to promote investments in environmental technologies. [ABSTRACT FROM AUTHOR]
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- 2023
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17. Panel cointegration: Long-run relationship between internet, electricity consumption and economic growth. Evidence from oecd countries.
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Kirikkaleli, Dervis, Sokri, Abderrahmane, Candemir, Mehmet, and Ertugrul, Hasan Murat
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Copyright of Investigación Económica is the property of Universidad Nacional Autonoma de Mexico, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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- 2018
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18. Energy efficiency and environment: examining the role of financial expansion for emerging economies
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Mughal, Nafeesa, Alamri, Ahmad Mohammed, Kirikkaleli, Dervis, Wen, Jun, Ramos-Meza, Carlos Samuel, and Hordofa, Tolassa Temesgen
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This research aims to investigate the factors influencing carbon emissions in the emerging economies while particularly focusing on the energy efficiency and financial expansion. Since the debate regarding the influence of economic growth, energy efficiency, and financial expansion is still ongoing with the contradictory arguments during the last few years, such issue may lead to inefficient policy adoption, which lead this research to re-investigate the impact of these variables on CO2emissions. This study uses advance econometric approaches on the data for emerging economies covering the period from 1990 to 2021. The examined results indicate the validity of cross-section dependence and long-run cointegration association between the study variables. Dur the issue of non-normal distribution of the variables, this study uses the novel non-parametric method which offers comprehensive evidence of the positive impact of economic growth and financial expansion on carbon emissions. In contrast, the results illustrate that energy efficiency and research and development investment significantly and adversely affect carbon emissions in the emerging economies and improve environmental sustainability. The robustness of the model is validated via bootstrap quantile regression. This study suggests strengthening financial expansion, improving energy efficiency, and increasing research and development investment to attain low carbon economy.
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- 2023
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19. Can environmental sustainability be decoupled from economic growth? Empirical evidence from Eastern Europe using the common correlated effect mean group test
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Addai, Kwaku, Serener, Berna, and Kirikkaleli, Dervis
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The European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) aim to develop long-term policies for their respective member countries. Having observed increasing dangers to the environment posed by rising economic growth, they are seeking pathways to enable policy action on economic growth and environmental sustainability. Given the facts in theoretical and empirical studies, this study assessed the validity of the decoupling hypothesis by investigating asymmetricity in the relationship between environmental sustainability and economic growth in nine Eastern European countries from 1998 to 2017 using the cross-section augmented Dickey-Fuller (CADF) unit root, panel corrected standard errors (PCSE), common correlated effect mean group (CCEMG), and Dumitrescu Hurlin causality approaches. Both population growth and drinking water are used as controlled variables. The outcomes establish strong cointegration among all the variables of interest. According to the results of CCEMG test, first, economic growth exerts short-term environmental degradation but has long-term environmental benefits in Eastern Europe; second, population growth and drinking water exert a positive effect on environmental sustainability in both the short- and long-run. The results of Dumitrescu Hurlin causality test indicate that environmental sustainability is unidirectionally affected by economic growth. Based on these outcomes, the following policy suggestions are made: (1) the EU and OECD should implement member-targeted policies on economic growth and fossil-fuel use towards regulating industrial pollution, water use, and population control; (2) the EU and OECD member countries should invest in environmental technologies through green research and development (R&D) to transform their dirty industrial processes and ensure productive energy use.
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- 2023
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20. TIME–FREQUENCY ANALYSIS BETWEEN ECONOMIC RISK AND FINANCIAL RISK IN THE MINT NATIONS: WHAT CAUSES WHAT?
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ADEBAYO, TOMIWA SUNDAY, KIRIKKALELI, DERVIS, and RJOUB, HUSAM
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This paper addresses a deficiency in the existing literature by examining the time–frequency domain association between economic risk (ER) and financial risk (FR) for the Mexico, Indonesia, Nigeria and Turkey (MINT) nations using dataset from 1984 to 2018. To the authors’ awareness, the relationship between economics and finance has not been thoroughly investigated in the context of risk for the MINT nations. As a result, the outcomes of this research are anticipated to provide an insight on and initiate a fresh discussion regarding the financial-economic nexus. The Breitung and Candelon (BC) causality and the wavelet coherence (WTC) techniques are used to inspect the combined time–frequency causal interrelationship between FR and ER, in accordance with the study goals. The findings from the wavelet revealed the following: (i) a one-way causality exists from ER to FR in Mexico; (ii) a one-way causality exists from FR to ER in Indonesia; (iii) a unidirectional causality exists from ER to FR in Nigeria and (iv) a one-way causality exists from FR to ER in Turkey. Furthermore, the BC causality outcomes validate the WTC outcomes. The study findings are critical for both researchers and macroeconomic policymakers and can be utilized to make appropriate measures, if necessary, by adopting alternative or more appropriate financial and economic decisions.
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- 2022
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21. Do foreign aid triggers economic growth in Chad? A time series analysis
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Kirikkaleli, Dervis, Adeshola, Ibrahim, Adebayo, Tomiwa Sunday, and Awosusi, Abraham Ayobamiji
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This study explores the nexus between foreign aid and Chad's economic growth. Empirical evidence is based on annual data from 1982 to 2018. The study used ARDL, FMOLS, and DOLS techniques to establish interconnection among the economic indicators. Subsequently, the study utilized the wavelet coherence technique to capture causality and correlation between economic growth and the independent variables. One of the wavelet approach's uniqueness is that it shows the pattern and behavior of the variables used, including the different time horizons. Thus, we explore the dynamic influence of gross capital formation, foreign aid, import, and export on Chad's economic growth. The result of the ARDL long-run estimates reveals that gross capital formation and foreign aid exert insignificant impact on GDP growth. However, exports and imports exert a positive and significant impact on GDP growth. Furthermore, the global financial crisis has a negative and significant impact on the economy of Chad. The outcomes of the wavelet coherence test provide supportive evidence for the ARDL long-run outcomes. Hence, we suggested that substantial macroeconomic reforms and economic liberalization initiatives will help in the dissemination of information and promote domestic investment and importation of high-tech goods.
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- 2021
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22. Institutional Quality, Bank Finance and Technological Innovation: A way forward for Fourth Industrial Revolution in BRICS Economies.
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Wang, Chenguang, Qiao, Cuixia, Ahmed, Rahil Irfan, and Kirikkaleli, Dervis
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TECHNOLOGICAL innovations ,INDUSTRIAL revolution ,METHODOLOGY ,SUSTAINABILITY ,SOCIAL context - Abstract
• Examine the impact of bank finance and institutional quality on innovation. • We applied advanced panel econometrics techniques for analysis in BRICS countries. • GDP and bank finance have a positive relationship with technological innovation. • Institutional quality and high-technology exports promote technological innovation. The introduction of new technologies in the fourth industrial revolution (4IR) has increased the world's income by manifold. In this context, the 4IR poses unprecedented implications for the banking sector. This study investigates the effects of bank finance and institutional quality on technological innovation, in the presence of other important control variables such as high technology exports and the gross domestic product (GDP) for BRICS countries. The results of Westerlund's (2007) cointegration method show that there is a stable long-run relationship among the variables. To estimate the long-run coefficient of the explanatory variables, this study uses the CS-ARDL method. The results show that bank finance, institutional quality, high technology exports, and GDP are positively associated with technological innovation. In terms of the policy implications, this study recommends that for industries to adopt innovative technologies, large scale, illiquid capital investment is a prerequisite. Hence, access to finance should be eased, enabling firms to implement advanced technologies and undertake costly ventures of innovation. Countries with developed institutions protect their citizens' property rights and, therefore, provide a conducive environment where they are free to innovate. Therefore, BRICS countries should focus more on strengthening their institutions, in order to improve their innovation performance. [ABSTRACT FROM AUTHOR]
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- 2021
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23. Does natural resources abundance and human capital development promote economic growth? A case study of the Next Eleven countries
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Rahim, Syed, Murshed, Muntasir, Umarbeyli, Sukru, Kirikkaleli, Dervis, Ahmad, Mahmood, Tufail, Muhammad, and Wahab, Salman
- Abstract
This study aims to analyze the effects of natural resources, human capital, financial development, industrialization, technological progress, and international trade on the economic growth of the Next Eleven countries between 1990 and 2019. The novelty of this study lies in its approach to explore the indirect economic growth impacts of human capital development via the transmission channel of the natural resource utilization in these counties. The econometric methods involved are robust for accounting the cross-sectional dependence and slope heterogeneity concerns in the data. The results authenticate the resource curse hypothesis since higher natural resources rent are found to inhibit economic growth of the Next Eleven nations. In contrast, human capital development, financial development, industrialization, technological innovation and international trade participation are found to synthesize economic growth. Besides, another interesting finding in this study shows that human capital and natural resources jointly exert positive impacts on economic growth. Hence, it can be said that human capital development assists to mitigate the resource curse impacts in the case of the Next Eleven countries. Therefore, these findings necessitate the pertinence of boosting investments in human capital development, enhancing the strength of the financial sector, expediting industrialization, facilitating technological innovation, and amplifying international trade volumes for achieving higher economic growth in the Next Eleven countries. More importantly, human capital development should be prioritized for transforming the curse of the natural resources into blessing for these nations.
- Published
- 2021
- Full Text
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