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- ArticleAçık Erişim2024How do energy consumption, globalization, and income inequality affect environmental quality across growth regimes?
Çatık, Abdurrahman Nazif; Bucak, Çağla; Ballı, Esra; Manga, Muge; Destek, Mehmet Akif
This paper investigates the impacts of renewable and nonrenewable energy consumption, income inequality, and globalization on the ecological footprints of 49 countries for the period of 1995–2018. Panel cointegration test reveals a long-run relationship between the variables. Long-run parameter estimates derived from AMG and CCEMG, increasing income and nonrenewable energy consumption, have a significant positive impact on the ecological footprint, while countries that consume more renewable energy have seen an improvement in the quality of the environment. Conversely, neither income inequality nor globalization has a significant effect on national EFs. Evidence from the estimation of the panel threshold error correction model, where GDP growth is used as the transition variable, indicates a significant threshold effect, which supports a nonlinear relationship among the variables by identifying two distinct growth regimes: lower and upper. For the estimation sample, the positive and significant parameter estimates for economic growth in both growth regimes do not support the EKC hypothesis. The results indicate that renewable and nonrenewable energy consumption has a larger impact on the EF in the upper than lower growth regime. The threshold estimates are in line with the linear long-run estimates that do not indicate that income inequality has a significant impact on ecological footprint. However, globalization appears to negatively affect environmental quality in the lower growth regime.
RDL Kalıcı Kaydıİncele - ArticleAçık Erişim2024Time-varying Income and Price Elasticities of Oil Demand in OECD Countries
Helmi, Mohamad Husam; Çatık, Abdurrahman Nazif; Bucak, Çağla; Balli, Esra; Akdeniz, Coşkun
This study examines the long-run income and price elasticities of oil demand in 21 OECD countries using quarterly data from 1980:Q1 to 2021:Q3. We find that oil demand is inelastic with respect to both income and prices at 0.117 and −0.179, respectively. The cointegration tests reveal instability in oil price elasticities over time. The time-varying panel data estimates support these findings, showing significant variations in elasticities influenced by oil market dynamics and global events. Income elasticities reached their highest levels during the COVID-19 pandemic, while price elasticities ranged from −0.396 to 0.275. Significantly, the sign of oil price elasticities shifted from negative to positive after 2015, contrary to the law of demand, probably because of declining oil prices during that period. The largest positive and statistically significant price elasticity occurred in early 2020, which can be attributed to the COVID-19-induced decline in oil prices. Overall, this analysis contributes to understanding oil demand dynamics and highlights the impact of economic and oil market factors on elasticities.
RDL Kalıcı Kaydıİncele - ArticleAçık Erişim2023The Time-Varying Effects of Oil Shocks on the Trade Balance of Saudi Arabia
Helmi, Mohamad Husam; Eleyan, Mohammed I. Abu; Çatık, Abdurrahman Nazif; Ballı, Esra
This study aims to analyze the impact of oil shocks on the external balance of Saudi Arabia, as one of the largest net oil-exporting countries. To this end, a time-varying parameter vector autoregression model (TVP-VAR) is estimated by using quarterly data covering the period between 1991: Q1 and 2021: Q4. We find that identifying the source of shocks plays an important role in understanding the time-varying impact of shocks on its economy. Our findings indicate that the global oil production shocks excluding Saudi Arabia have a negative and significant impact on the trade balance and are greater than the impact of the Saudi oil production shocks, which is not significant for most of the period. In addition, we found that oil price shocks have more profound and much greater impacts than global and domestic oil supply shocks. This may be attributed to the fact that oil price shocks are more than oil supply shocks, and supply shocks are linked to oil price shocks. However, impulse responses show that the effects of oil shocks are volatile over time and their effects are generally more pronounced during and immediately after global shocks. Our findings have serious implications for the trade balance of Saudi Arabia, particularly in the low and volatile oil price environment.
RDL Kalıcı Kaydıİncele - ArticleYalnız künye2023The relationship between FDI, CO2 emissions, and energy consumption in Asia-Pacific economic cooperation countries
Balli, Esra; Sigeze, Ciler; Ugur, Mehmet Sedat; Çatık, Abdurrahman Nazif
This paper investigates the relationship between CO2 emissions, energy consumption, economic growth, and foreign direct investment for a sample of Asia-Pacific Economic Cooperation Countries (APEC) countries from 1981:Q1 to 2021:Q1 employing panel data methodology. We identify cross-sectional dependence and hence utilize the cross-sectional augmented Dickey-Fuller panel unit root test for appropriate estimation. The cointegration test developed by Westerlund (2008) reveals a long-run equilibrium between CO2 emissions, energy consumption, economic growth, and foreign direct investment. Long-run parameter estimates based on Common Correlated Effect Mean Group indicate that an increase in FDI inflows has a negative impact on air quality, supporting the pollution haven hypothesis. The cointegration test results also show that the impact of Gross Domestic Product (GDP) on CO2 emissions varies by country in the estimation sample. In contrast to the mixed evidence on the effects of other variables, the increase in energy consumption is positively and significantly affecting CO2 emissions in all APEC countries. Emirmahmutoglu and Kose Econ Model 28:870-876, (2011)’s panel causality test results show a bidirectional relationship between FDI and CO2 emissions in Japan. Furthermore, there is a bidirectional causal relationship between GDP and energy consumption in Australia, China, Japan, and Singapore. Overall, empirical evidence suggests that APEC countries should adhere to strict regulations and invest in environmental-friendly clean technologies to attract foreign direct investment.
RDL Kalıcı Kaydıİncele - ArticleAçık Erişim2023Renewable Energy Consumption Convergence in G-7 Countries
Helmi, Mohamad Husam; Çatık, Abdurrahman Nazif; Coşkun, Nuran; Ballı, Esra; Sigeze, Çiler
This study examines the convergence of renewable energy consumption in G-7 countries. We employ LM unit root and RALS version of LM unit root tests with endogenously determined with structural one or two breaks. Despite the increase in renewable energy consumption in G-7 countries, it is important to identify whether renewable energy consumption converges across these countries to formulate appropriate policies to support sustainable energy consumption and reduce CO2 emissions. Our analysis indicated that Germany, Italy, and Canada exhibit evidence of convergence. However, after employing both the LM and RALS versions of the LM unit root tests, which consider level shifts with one or two breaks or trend shifts with one or two breaks, we found that there is no evidence of convergence for France, Japan, and the United Kingdom. Overall, our results highlight the importance of formulating country-specific policies to support renewable energy consumption and reduce CO2 emissions. Policymakers need to identify the drivers of renewable energy consumption and adopt appropriate measures to ensure that the countries can meet their climate goals while also ensuring energy security.
RDL Kalıcı Kaydıİncele - ArticleAçık Erişim2023Time-varying impact of income and fossil fuel consumption on CO2 emissions in India
Ugur, Mehmet Sedat; Çatık, Abdurrahman Nazif; Sigeze, Ciler; Balli, Esra
This paper investigates the time-varying effects of fossil fuel consumption on CO2 emissions in India utilizing the time-varying cointegration test, allowing for multivariate long-run time-varying cointegration parameter developed by Bierens and Martins (2010) and the time-varying vector autoregressive (TVP-VAR) model developed by Primiceri (2005). The long-run time-varying coefficients reveal that GDP has a positive and increasing impact on CO2 emissions over time. Moreover, results confirm the polluting effects of all fossil fuels. Besides, the TVP-VAR model findings also demonstrate that changes in income and fossil fuel consumption have a positive and significant impact on environmental degradation. Coal is found to be the most polluting fuel, followed by oil consumption. Furthermore, the time-varying responses show that increased natural gas consumption has the least influence when compared to other fossil fuels on CO2 emissions.
RDL Kalıcı Kaydıİncele - ArticleYalnız künye2022Inflationary effects of oil price and exchange rate shocks in South Africa: Evidence from time-varying pass-through coefficients
Akdeniz, Coşkun; Çatık, Abdurrahman Nazif; Ballı, Esra
This paper estimates the exchange rate and oil price pass-through to South African domestic prices (ERPT and OPPT, respectively). This study adopts a novel approach to compute pass-through coefficients along the pricing channel using the time-varying responses of the time-varying parameter (TVP)-VAR model. Our findings show that both ERPT and OPPT are incomplete, despite varying responses to local and global economic events that cause fluctuations in the exchange rate and oil prices. The ERPT coefficients have peaked in 1998 and 2001, coinciding with the crisis that caused the excessive depreciation of the domestic currency. The OPPT coefficients, on the other hand, reach their maximum effect during the 2008 global financial crisis. Our findings do not reveal a significant decline in ERPT compared with the 1980s. In contrast to a significant first-stage effect, the direct ERPT and OPPT coefficients are found to be insignificant. The findings also show that direct OPPT to consumer fuel prices is significantly higher than that of import prices.
RDL Kalıcı Kaydıİncele - ArticleAçık Erişim2021Are long-run income and price elasticities of oil demand time-varying? New evidence from BRICS countries
Eleyan, Mohammed I.Abu; Çatık, Abdurrahman Nazif; Balcılar, Mehmet; Ballı, Esra
This study investigates and estimates long-run time-varying income and price elasticities of oil demand in Brazil, Russia, India, China, and South Africa (BRICS). A time-varying cointegration (TVC) approach allowing for the smooth changes in the parameters is employed, using quarterly data covering the period from 1990:Q1 to 2018:Q4. TVC tests confirm the variation in the long-run parameters over time for all countries by rejecting the null hypothesis of time-invariant cointegration. Moreover, results reveal that time-varying parameters of income and oil prices are inelastic for all counties’ oil markets. BRICS's oil demand is significantly affected by the real economic activity, although the evidence on inelastic income implies oil as a necessary commodity. The sign of time-varying price elasticities implies oil as an ordinary good for Brazil, Russia, and China whereas an inferior good in some intervals for India and South Africa. The evidence on the insignificance of price elasticities in most of the analysis periods indicates that regulation of oil product prices cannot control domestic oil demand. Hence, one can infer that taxes imposed on petroleum product prices are not an effective policy instrument to reduce greenhouse emissions.
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