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Öğe Comparison of nuclear energy and renewable energy consumption in terms of energy efficiency: An analysis on the EU members and candidates(Econjournals, 2019) İskenderoğlu, Ömer; Akdağ, SaffetEnergy efficiency is one of the main dynamics of sustainable development. As energy is used efficiently, the energy need for economic growth will be reduced, and the costs of energy sources will be reduced. In this context, nuclear and renewable energy are compared in terms of energy efficiency. The data of the energy efficiency index of 13 countries and the data on nuclear energy and renewable energy consumption over the years 1995-2016 and the dynamic ordinary least squares and fully modified ordinary least squares tests are performed. As a result of the analysis, it is determined that there is a long-term relationship between the variables and that both energy sources have a positive effect on energy efficiency, but renewable energy is more advantageous than nuclear energy in terms of energy efficiency. © 2019, Econjournals. All rights reserved.Öğe COVID-19 PANDEMİSİ İLE YATIRIMCI RİSK İŞTAHI ARASINDAKİ NEDENSELLİK İLİŞKİSİ: TÜRKİYE ÖRNEĞİ(Mehmet Ali KARAMAN, 2022) Akdağ, Saffet; Yıldırım, HakanDünya Sağlık Örgütü’nün 2020 yılında COVID-19’u pandemi ilan etmesiyle birlikte devam eden süreç küresel ekonomide büyük şokların yaşanmasına sebep oldu. Pandemiyle birlikte küresel tedarik zincirleri ve beraberinde emtia fiyatları ciddi şekilde etkilendi. Emtia fiyatlarındaki yükseliş ülke ekonomileri üzerindeki enflasyonist baskıları artırdı. Enflasyonist baskılar ise firmaların nakit akışlarını dolayısıyla pay senetlerinin fiyatlarını da etkiledi. Bu durumda finansal yatırımcıların risk iştahının etkilemesi kaçınılmazdı. Bu çalışmada COVID-19 pandemisinin finansal piyasalara yansıması olarak kabul gören Bulaşıcı Hastalıklar Endeksi (EMVID) ile Türkiye’deki yatırımcılar için risk iştahı göstergesi olan Risk İştahı Endeksi (RISE) endeksi arasındaki nedensellik ilişkisi araştırılmıştır. İlgili değişkenlerin Ocak 2000 – Eylül 2022 tarihleri arasında haftalık veriler kullanılarak Granger Nedensellik ve Breitung ve Candelon Frekans nedensellik testleri gerçekleştirilmiştir. Granger Nedensellik testi sonuçlarına göre EMVID endeksinden RISE endeksine doğru bir nedensellik ilişkisi tespit edilmiştir. Breitung ve Candelon Frekans Nedensellik test sonuçlarına göre ise EMVID endeksinden RISE endeksine doğru hem kalıcı hem de geçici nedensellik ilişkisi tespit edilmiştir.Öğe Does economic policy uncertainty drive outbound tourism expenditures in 20 selected destinations?(Springer Science and Business Media B.V., 2023) Akdağ, Saffet; Kılıç, İlker; Gürlek, Mert; Alola, Andrew AdewaleAcross several destinations, tourism receipts and the aspects of tourism industry has continued to influence the quality of life of the people as well contributing to the national development and sustainable growth. However, the uncertainties and risks experienced in the tourism industry and other economy sectors have remained the drawback of most economies and destinations. As such, the panel of 20 selected destinations is investigated via the common correlated effect method to examine the nexus of economic policy uncertainty and tourism development over the period 2001–2017. Interestingly, the result established a long term relationship between the economic policy uncertainty index and outbound tourism expenditures. Specifically, the finding revealed that outbound tourism expenditures are affected negatively by the rise of uncertainty in economic policies, thus suggesting instability of economic-related policy is the bane of tourism development in the destinations. This result stands to have important policy guide for especially for tourism-related activities in the panel of 20 selected countries. © 2022, The Author(s), under exclusive licence to Springer Nature B.V.Öğe Evaluating the Hierarchical Contagion of Economic Policy Uncertainty among the Leading Developed and Developing Economies(Multidisciplinary Digital Publishing Institute (MDPI), 2023) Alkan, Serkan; Akdağ, Saffet; Alola, Andrew AdewaleAn array of global events, including the global financial crisis, natural disasters, and the recent coronavirus pandemic, have consistently shown the vulnerability of global systems and humans to externally undesirable contagions. In order to further provide alternative approaches to information valuation, this study utilized the economic policy uncertainty (EPU) of 21 leading developed and developing economies (Australia, Brazil, Canada, Chile, China, Colombia, Denmark, France, Germany, Greece, India, Ireland, Italy, Japan, Korea, Netherlands, Russia, Spain, Sweden, the United Kingdom, and the United States of America) over the period January 1997 to May 2021. The information theory reveals the hierarchy of degrees of randomness in the EPU indices; it shows the information flow among the EPU indices through the mutual information metric and the graphical illustration of the information flows using network theory. Importantly, the Entropy measures indicate higher predictability of the Netherlands and Ireland’s EPU indices, suggesting that they have less randomness than other indices. Contrarily, Greece and the United Kingdom share the lowest predictability of the EPU indices. Moreover, the complex networks analysis shows that the EPU indices is generally shaped by geographic location. In order of significance, the United States of America’s EPU index exhibits the strongest correlation with other countries’ EPU indices and followed by the EPU indices of France, the United Kingdom (UK), and Germany. In general, the result of the investigation communicates relevant policy measures that potentially ameliorate shocks from external contagions. © 2023 by the authors.Öğe Examining the Existence of Speculative Bubbles in Oil and Natural Gas Prices(CRC Press, 2024) Yildirim, Hakan; Eyüboğlu, Kemal; Akdağ, Saffet; Alola, Andrew AdewaleAlthough most energ-dependent countries have consistently aimed at implementing economic diversification policy, the approach is not as easy as it is always suggested. İn addition, the energy market has in recent time been significantly driven by the environmental sustainability and sustainable growth campaign of United Nations Development Programmes (UNDP) and other environmental-oriented intergovermental agencies such as the United Nations Framework Convention in Climate Change (UNFCCC) (United Nations 2020, UNFCCC 2020). While the global energy outlook by 2050 is attributed to the driving force of the global energy transition, the manner of energy utilization across the main sectors (primary energy consumption by end-use sectors) of the economy will play a significant role (British Petroleum 2021). In specific, the British Petroleum (2021) report noted that the industrial sector accounted for the largest sectoral (45%) of global energy utilization in 2018, while residential and commercial building, transportation, and the non-combusted use of fuels respectively accounted for 29%, 21%, and 5% of global energy use in the same year. © 2024 Andrew Adewale Alola, Festus Victor Bekun and Uju Violet Alola.Öğe GELİŞMEKTE OLAN ÜLKELERDE ENERJİ VERİMLİLİĞİ, YENİLENEBİLİR ENERJİ VE EKONOMİK BÜYÜME ETKİLEŞİMİNİN TEST EDİLMESİ(Tarsus University, 2021) Eyüboğlu, Kemal; Akdağ, Saffet; Özçelik, MusaBu çalışmada, 22 ülkeyi (Arjantin, Brezilya, Şili, Çin, Hindistan, Endonezya, Ürdün, Malezya, Meksika, Nijerya, Pakistan, Peru, Filipinler, Polonya, Romanya, Rusya, Güney Afrika, Tayland, Tunus, Türkiye, Ukrayna, Uruguay) dikkate alarak enerji verimliliği ile yenilenebilir enerji tüketiminin ekonomik büyüme üzerindeki etkileri Westerlund (2007) eşbütünleşme ve Dumitrescu ve Hurlin (2012) nedensellik testleri kullanılarak 1990-2014 dönemi için araştırılmıştır. Elde edilen eşbütünleşme testi sonuçları değişkenler arasında uzun dönemde herhangi bir ilişki olmadığını ortaya koymuştur. Dumitrescu ve Hurlin (2012) nedensellik testi sonuçları ise kısa dönemde enerji verimliliği ile ekonomik büyüme ve yenilenebilir enerji ile ekonomik büyüme arasında çift yönlü nedensellik ilişkisi olduğunu göstermiştir.Öğe Is PMI a Leading Indicator: Case of Turkey(2020) Akdağ, Saffet; Deran, Ali; İskendereoğlu, ÖmerIn this study, the causal relationships of the Purchasing Managers Index (PMI) with various financial factors are examined. As a result of the analysis, it is determined that the change in the Istanbul-Stock-Exchange-Industry Index (ISEIND) causes the change in the PMI and the changes in the PMI also causes the changes in the Industrial-Production Index (IPI) and the Capacity-UtilizationRates (CUR). It is also determined that the causality towards to PMI from the ISEIND and causality towards IPI from PMI is valid in the medium- and long-run, whereas the causality towards PMI to CUR are valid for the all periods. According to these results, PMI can be considered as a leading indicator for the real sector. However, the same result does not apply to the financial sector.Öğe Pay Endekslerinde En Yüksek Fiyat Oluşumu ile İşlem HacmiArasındaki İlişki: Doğrusal Analizler ve Frekans AlanıNedensellik Analizi ile Karşılaştırmalı Bir Yaklaşım(2020) Erdem, Kerem; Koy, Ayben; Akdağ, SaffetPay piyasaları başta olmak üzere finans piyasalarında menkul kıymetlerin işlem hacmi ve fiyatları arasındaki ilişki üzerine çok sayıda akademik çalışma yapılmıştır. Bu çalışma iki özelliği ile literatürdeki örneklerinden farklılık arz etmektedir. Çalışmada (1) pay endekslerindeki fiyathacim ilişkisi, gün içinde gerçekleşen en yüksek fiyat-hacim ilişkisi ile karşılaştırıldığında ilişkinin yönünün değiştiği; (2) frekans dağılımları açısından ele alındığında ise ilişkinin frekansa göre farklılaştığı gösterilmiştir. 2010-2019 döneminde BİST30 fiyat endeksinin fiyat ve hacim verilerinin analiz edildiği çalışmanın bulguları, VAR analizi ve Granger nedensellik testi yanında Breitung-Candelon’un (2006) frekans alanı nedensellik analizi ile elde edilmiştir. Elde edilen bulgular fiyat-hacim ilişkisinin varlığının, fiyat verisinin türüne; yönünün ise frekansa bağlı olarak değiştiğini göstermektedir.Öğe The causal nexus of geopolitical risks, consumer and producer confidence indexes: evidence from selected economies(Springer Science and Business Media B.V., 2021) Pehlivanoğlu, Ferhat; Akdağ, Saffet; Alola, Andrew AdewaleThe effect and significant of risk in every real life situation is increasingly becoming a pertinent subject in almost every field, thus causing potential adverse effects on both the individual’s propensity to consume and invest. Also, the likelihood of the exposure of the developing countries to geopolitical risks amid experience of economic fragilities as indicated by security indexes has remained an important driver of the global market dynamics. On this note, this study is aimed at examining whether related risks in selected economies (Brazil, Indonesia, Republic of Korea, Russia, China, South Africa, Mexico, and Turkey) with geopolitical risks have a significant effect on consumer and producer confidence indexes by employing a monthly data between January 2004 and June 2018. A combination of two panel causality tecniques that examined both the panel and country-specific causality were employed to examine both the panel causal relationship and the country-specific causal relationship. The study found a causality relationship from geopolitical risk index to the consumer and producer confidence index for the overall panel. Also, the results in terms of the individual country showed that causality from the geopolitical risk index to the consumer confidence index is valid for Indonesia, South Africa, and Mexico. Meanwhile, the causality from geopolitical risk index to producer confidence index is valid for China, Indonesia, South Korea, and Mexico. The study presented useful financial and securtity policy measure for the examined panel of selected countries. © 2020, Springer Nature B.V.
