1,721,022 research outputs found
Are Clean Energy and Carbon Emission Allowances Caused by Bitcoin? A Novel Time-Varying Method
No full textMajeed, Muhammad Tariq/0000-0001-9374-5025; Dogan, Eyup/0000-0003-0476-5177; Luni, Tania/0000-0002-7022-1920;The bitcoin market has substantially grown in recent years. The researchers are exploring its various repercussions for socioeconomic and political matters; however, the literature still lacks clear evidence on how bitcoin interacts with energy and the environment. This study aims to explore the causal relationship between bitcoin, clean energy, and carbon emissions allowances by applying the novel time-varying Granger causality test on the daily data spanning from Sept 17, 2014, to October 12, 2021. The empirical findings confirm that both clean energy and emission allowances are causally associated with bitcoin. However, this causal relationship varies over time and the duration of causality is longer as suggested by the recursive evolving procedure. The outcome is robust when bitcoin is measured by the volume and the price. Furthermore, the results obtained from robustness analysis conducted through heteroskedastic consistent test also validate the findings that bitcoin causes clean energy and carbon allowance. The findings offer a platform for government officials and policy managers to improve clean energy and carbon allowance markets for sustainable development by managing and using the tools to control and regulate cryptocurrency markets
Analyzing the nexus of COVID-19 and natural resources and commodities: Evidence from time-varying causality
No full textDogan, Eyup/0000-0003-0476-5177; Luni, Tania/0000-0002-7022-1920; Majeed, Muhammad Tariq/0000-0001-9374-5025Even though a few studies have focused on natural resources and commodity sectors by considering the pandemic, they have only compared their status in pre-COVID19 to post-COVID19. None of the studies has directly examined the causal relationship between the pandemic, and natural resource index and the primary commodity-related sector indices. This study fills the gap of exploring the dynamic association between them by analyzing the causal relationship between the COVID19, and natural resources index and the primary commodity-related sectors (i.e., agribusiness, energy, and metals & mining) by applying a novel time-varying causality test on daily data from January 23, 2020, to November 12, 2021. The empirical results support the presence of time-varying causality from COVID19 to natural resources, agribusiness, energy and metals & mining. The results obtained from the rolling window algorithm support causal linkages between the variables however at several points it fails to capture the dynamics of linkages between the variables which is captured by the recursive window algorithm. The outcome is robust when the pandemic is proxied by either number of cases or deaths. Similarly, the findings obtained from heteroskedastic-robust specification also validate our findings. Several policy implications are further discussed in the study
The nexus between global carbon and renewable energy sources: A step towards sustainability
No full textLuni, Tania/0000-0002-7022-1920; Tzeremes, Panayiotis/0000-0002-0746-3839; Majeed, Muhammad Tariq/0000-0001-9374-5025; Dogan, Eyup/0000-0003-0476-5177;The energy transition is at the core of sustainable development as it helps to combat global warming and climate change. Similarly, carbon markets also support the climate change mitigation. Therefore, by realizing the potential role of clean energy and carbon markets in ensuring environmental sustainability, this study analyzes the spillovers and connectedness between the environment (global carbon) and renewable energy sources (wind, solar, geothermal, biofuel, and fuel cell). The empirical analysis is conducted by applying the novel "TVP-VAR" connectedness framework of Balcilar et al. (2021) on the daily data over the period from August 1, 2014, to February 4, 2022. The findings show that solar and biofuel appear as the highest net shock transmitter among alternative renewable sources while global carbon is shown as the net receiver of shocks. The largest transmission of shocks to global carbon is observed from wind followed by solar. Although these findings support the connectedness between renewable energy and the environment, however this connectedness is influenced by economic crises such as the oil crisis and pandemic crisis. During COVID-19, the fuel cell was the highest transmitter of shocks. The results are important for policy formulation, investment, and portfolio management as they provide insights into the interconnectedness and help in boosting climate actions
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Information and communication technology (ICT) and environmental sustainability: A comparative empirical analysis
No full textThis study conducts a comparative empirical analysis of 132 developed and developing economies to explore the links of ICT with environment over the period 1980-2016. The empirical analysis is based on Pooled Ordinary Least Squares (POLS) and Generalized Method of Moments (GMM) estimation techniques. Theoretically environmental effects of ICT are ambiguous. To settle it empirically, this study points out the heterogeneous consequences of ICT for environment in developed and developing countries. Findings of the study suggest that ICT has the power to determine ecological future of the world. However, its favorable outcomes are observed only in developed countries while adverse impacts prevail in developing countries. The empirical results confirm "Greening through ICT" hypothesis for developed countries implying that ICT is an effective tool to mitigate environmental degradation. Moreover, "Environmental Kuznets" hypothesis is also confirmed which implies that the relationship between CO2 emissions and GDP per capita is non-monotonic. The empirical analysis is based on novel measures of ICT such as online service, telecommunication infrastructure and electronic government unlike previous literature that generally emphasized only internet as a measure of ICT. Moreover, to the best of our knowledge, this is the first study of its kind that identifies heterogeneous outcomes of ICT between developed and developing countries. Findings of the study imply that investment in ICT infrastructure is essential for environmental sustainability only in the case of developed countries
Economic Growth and Income Inequality Nexus: An Empirical Analysis for Pakistan
Full text linkThis study investigates the impact of income inequality on economic growth in Pakistan using annual time series data from 1975 to 2013. The empirical analysis for the effect of income inequality on economic growth is based on the ARDL approach to cointegration. The empirical findings show that inequality exerts significantly positive influence on annual economic growth of Pakistan. It implies that annual growth is not driven by the poor which is also confirmed by the negative influence of poverty on growth. Though inequality exerts positive influence on growth but such type of growth cannot be sustained as the poor are not part of the growth process
Quality of Life and Globalization:Econometric Evidence from Asian Economies
Full text linkThe impact of global integration on economic growth is largely discussed in the literature. However, little attention has been paid to analyze the association of globalization with quality of life. In particular, the role of globalization in influencing the quality of life in Asian economies has not been yet analyzed. This study investigates the effect of globalization on quality of life of Asian economies using a comprehensive measure of globalization including its disaggregated dimensions that are economic, social and political forms of globalization. The results show that globalization helps to enhance quality of life of Asian economies. All dimensions of globalization, however, are not causing significant effect on quality of life. Political globalization does not increase quality of life while other forms of globalization increase quality of life
Inequality, Trade Openness and Economic Growth in Asia
Full text linkUsing a panel data set for 18 Asian countries over the period 1970-2008, this study explores the relationship between economic growth and income inequality with special focus on the role of credit market imperfections in shaping the linkage. The study identifies credit market imperfections in developing countries as the likely reason for a positive relation between inequality and economic growth. Countries in the region with high financial intermediation tend to grow more as compare to low financial intermediation. Moreover, this paper finds evidence that more physical and human capital investment have statistically significant and positive effect on economic growth. Finally, openness to trade has been confirmed positive and significant in this region, thereby implying outward looking economies grow more
Distributional consequences of remittances: Evidence from sixty-five developing countries
Full text linkThis paper investigates the distributional consequences of international remittances using a panel data set from sixty five developing economies from 1970 to 2015. It focuses on complementarity between financial development and remittances in determining the inequality-impact of remittances using instrumental variables techniques of panel data for empirical analysis. The study finds out that inequality-effect of remittances differs between developing economies depending upon the strength of financial sector. International remittances help to the poor by reducing inequality in developing countries where financial markets are comparatively developed. However, the inequality-effect of remittances turns out to be adverse in developing economies where financial markets are underdeveloped. This effect arises because the strength of financial sector and remittances has a complimentary role in determining inequality-effect of remittances. The empirical findings of the study are robust to different specifications, econometrics techniques, additional control variables and sub-samples. This research paper contributes into the literature on inequality and remittances by highlighting the heterogeneity of developing economies in shaping the distributional effects of international remittances. It is first study of its kind, to my knowledge, that provides an empirical analysis of complementarity between financial development and remittances in shaping the inequality-effect of remittances. The main message of this research is that the strength of financial sector in remittances receiving economies is critical in determining the inequality impacts of remittances. Therefore, the governments of developing economies need to improve their financial sectors to take the maximum advantages of international remittances
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