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    A COMPARISON OF PORTFOLIO OPTIMIZATION RESULTS WITH FUZZY KONNO-YAMAZAKI LINEAR PROGRAMMING IN BULL AND BEAR MARKETS: THE CASE OF TURKEY
    (Acad Economic Studies, 2019) Iskenderoglu, Omer; Akdag, Saffet
    In this study, it is aimed to test whether or not the market regimes have impacts on portfolio optimization results by using fuzzy linear programming model.In this context, the bull and the bear market regimes of BIST 100 index as an accepted market indicator, between January 2000 and December 2016, are determined by Markov regime switching model. Portfolio optimization is carried out by using the fuzzy linear programming model for each of two different bulls and two different bear markets determined as the result of the analysis.According to optimization results, the bear markets have similarities within themselves while the bull markets differ. Thus, optimization results in the bull and the bear markets indicate discrepancies.
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    ABD Para Politikaları Belirsizliğinin Pay Senedi Getirileri Üzerine Etkisi: BİST100 Örneği
    (2023) Yıldırım, Hakan; Akdag, Saffet; Kaya, İ. Gökçe
    Bu çalışmada, ABD para politikası belirsizliğinin Türkiye’de hisse senetlerinin getirilerine etkileri araştırılmıştır. Bu bağlamda Husted vd. (2017) çalışmasında geliştirilen ve ABD ulusal gazetelerinde para politikaları belirsizliğini tartışan makalelerin ölçeklendirilmiş frekans sayıları kullanılarak hesaplanan ABD Para Politikaları Belirsizlik Endeksi ile BİST100 endeksinin Ocak 1990 ile Nisan 2023 tarihleri arasındaki aylık verilerin kullanıldığı çalışmada Granger (1969) çalışmasında geliştirilen nedensellik testi ile Breitung ve Candelon (2006) çalışmasında geliştirilen Frekans Nedensellik testi uygulanmıştır. Granger nedensellik testi sonuçları MPU endeksinden BİST100 endeksine doğru istatistiksel olarak anlamlı bir nedenselliğin varlığına işaret ederken, frekans nedensellik testi sonuçlarına göre nedenselliğin kalıcı olduğu tespit edilmiştir.
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    Causal inference of financial development and institutional quality across the globe
    (Elsevier, 2023) Uzar, Umut; Eyuboglu, Kemal; Akdag, Saffet; Alola, Andrew Adewale
    The world has experienced increased integration of economic activities in the last decades, thus necessitating the unending examination of the responsible factors. In this case, the causal connection between institutional quality and financial development in 102 countries during the period 1990-2016 is examined. Beyond examining this relationship for the entire countries, the countries are further divided into four different income groups (low-income, lower-middle income, upper-middle income, and high-income countries). By employing empirical method that accounts for country-specific factors in the panel, the result of the study demonstrates bidirectional causality between institutional quality and financial development in the whole panel. In terms of country-income groups, the evidence of the study designates that there is two-way causality between institutional quality and financial development in upper-middle income and high-income countries. Moreover, no causality relationship is found in low-income and lower-middle income countries. These results provide policy guide on the effective way of promoting foreign direct investment across the globe.(c) 2023 The Author(s). Published by Elsevier B.V. THis is an open access article under the CC BY license (http://creativecommons.org/license/by/4.0/)
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    Comparative benefits of environmental protection expenditures and environmental taxes in driving environmental quality of the European countries
    (Wiley, 2024) Akdag, Saffet; Yildirim, Hakan; Alola, Andrew Adewale
    Environmental protection and tax policies are part of the crucial pillars and the evolving aspects of environmental sustainability drive. These policies are increasingly employed to counter the 21st century's global climate problem alongside providing economic relief for the implementing economies. Being on the frontier (i.e., the European Union [EU]) of these policies, the current study examines and compares the impacts of environmental protection expenditures and environmental tax on energy consumption on the ploy to mitigate greenhouse gas (GHG) emissions in the panel of EU member countries. With the use of system generalized method of moments and panel causality analyses, the study established the effectiveness of both environmental protection expenditure and environmental tax at improving environmental quality by respectively mitigating GHG emissions by elasticities of similar to 2.08 and similar to 0.18. Importantly, environmental protection expenditure is found to be about two times more effective at mitigating GHG emissions than environmental tax policy, thus providing a novel perspective in the literature. Moreover, energy intensity and Gross Domestic Product help to improve environmental quality by mitigating GHG emissions while population causes more pollutant effects. Additionally, the investigation reveals evidence of Granger causality from environmental protection expenditure to GHG emissions in seven of the EU countries and Granger causality from environmental tax to GHG emissions in 10 European countries. Notably, measurable dimensions of policy guidelines that are relevant for globally and/or nationally defined sustainable development goals are induced from the result of this investigation.
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    COMPARISON OF THE EFFECT OF VIX FEAR INDEX ON STOCK EXCHANGE INDICES OF DEVELOPED AND DEVELOPING COUNTRIES: THE G20 CASE
    (Walter De Gruyter Gmbh, 2020) Iskenderoglu, Omer; Akdag, Saffet
    This study aims to examine the potential causal relationship between the VIX and the indicator stock exchange index returns of G20 (9 developed and 10 developing) countries. Nineteen countries of the sample are G20 countries with available data. In this respect, the frequency domain Granger causality test of Breitung and Candelon (2006) is employed for the daily data between March 2011 and December 2017. The results obtained from the study indicate that there is no causal relationship between the VIX and the returns of the NASDAQ 100 index in developed countries. Similarly, no causal relationship is detected which runs from the VIX to the BIST100, BOVESPA, MERVAL, S&P/BMV IPC and TADAWUL stock index returns in developing countries. As a result, the causal relationship is more tend to be found in developed countries in comparison to developing countries.
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    Does VIX scare stocks of tourism companies?
    (Springer Heidelberg, 2019) Akdag, Saffet; Kilic, Ilker; Yildirim, Hakan
    In the recent time, there has been increasing importance of tourism development to the global economic dynamics inspite of the global uncertainties. In this regard, the current study is aimed to find out if the volatility index (VIX) affects the returns of the firms operating in the tourism sector in 11 countries. The relationship between the variables in the study was tested through causality and cointegration tests. As a result, the change in the VIX was found to have causality towards the change in the tourism indices of the countries except for the USA and Sri Lanka. In addition, it was found that there was a long-term relationship between the variables and that the increase in VIX caused a decrease in the return of tourism indices. Hence, the current study offers significant policy direction for the tourism industry operations and the government of the examined destination countries.
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    DOLAR KURU İLE SEÇİLMİŞ BİST SEKTÖR ENDEKSLERİ ARASINDAKİ İLİŞKİ: ASİMETRİK NEDENSELLİK ANALİZİ
    (2019) Akdag, Saffet; Yıldırım, Hakan
    Döviz kurlarındaki oynaklık birçok finansal göstergeyi yakındanetkilemektedir. Bu nedenle döviz kurları, hem yatırımcılar tarafından takip edilen enönemli göstergelerden biri olarak kabul görmekte hem de akademik çalışmalarakonu olmaktadır. Bu çalışmada Dolar kurunda meydana gelen pozitif ve negatifşokların BİST Sanayi ve BİST Finans endeksi üzerinde etkisinin ve aralarındakarşılıklı bir ilişkinin var olup olmadığının tespit edilmesi amaçlanmıştır.01.01.2000 ile 31.12.2018 tarihleri arasındaki günlük kapanış fiyatlarınınkullanıldığı çalışmada, değişkenler arasındaki nedensellik ilişkisi Granger (1969)nedensellik analizi ve Hatemi-J (2012) asimetrik nedensellik analizi ile testedilmiştir. Granger (1969) nedensellik analizi sonucunda değişkenler arasındakarşılıklı bir nedenselliğin var olduğu, Hatemi-J (2012) nedensellik analizisonucunda ise dolar kurundaki pozitif ve negatif şoklardan hem BİST Sanayi hem deBİST Finans endeksindeki pozitif ve negatif şoklara doğru bir nedenselliğin varolduğu tespit edilmiştir. BİST Sanayi ve BİST Finans sektöründeki negatifşoklardan, Dolar kurundaki pozitif ve negatif şoklara doğru bir nedenselliğin varolduğu; ancak BİST Sanayi ve BİST Finans sektöründeki pozitif şoklardan, Dolarkurundaki pozitif ve negatif şoklara doğru bir nedensellik tespit edilememiştir.
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    Ekonomi Politikalarındaki Belirsizliklerin Güven Endeksleri Üzerindeki Etkisi
    (2020) Akdag, Saffet
    Belirsizlikler toplumların karar süreçleri üzerinde etkili olan bir un-surdur. Özellikle ekonomi dünyasında var olan belirsizlikler toplumun hem tüketim hem de yatırım davranışını yakından etkilemektedir. Bu bağlamda çalışmada ekonomi politikalarındaki belirsizliklerin, toplumun ekonomiye güvenini temsil eden tüketici güven endeksi ve üretici güven endeksi üzerindeki etkisi araştırılmıştır. 13 OECD ülkesi ile 3 OECD üye-si olmayan 16 ülkenin Ocak 2003 ile Aralık 2018 tarihleri arasındaki aylık verileri kullanılarak panel nedensellik analizi gerçekleştirilmiştir. Panel nedensellik analiz sonuçlarına göre ekonomi politikalarındaki be-lirsizliklerin, güven endekslerinin nedeni olduğu tespit edilmiştir.
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    Enerji Verimliliği Finansal Gelişmişliğin Nedeni midir? Yatay Kesit Bağımlılığı Altında Panel Nedensellik Analizi
    (2022) Yıldırım, Hakan; Akdag, Saffet
    Enerji verimliliğinin sağlanması hükümet, reel sektör ve akademik kesim ekseninde önem arz eden bir konu\rhaline gelmiş olup, enerji verimliliğinin artırılması, gelişmiş ve gelişmekte olan ekonomilerde iklim değişikliğiyle\rbaşa çıkmanın ve karbon emisyonlarını azaltmanın en etkili yollarından biri olarak kabul edilmeye başlamıştır.\rDaha fazla çıktı, daha az girdi stratejilerinin sadece yatırımların teknolojik alt yapılara yönlendirmesi neticesinde\rsağlanabileceği de su götürmez bir gerçek olarak göze çarpmaktadır. Bu durum çerçevesinde kaynakların etkin\rkullanılması ve bu sayede enerji verimliliğinin arttırılmasına yönelik çeşitli faaliyetler ancak teknolojik\ryatırımlara önemli düzeyde destek olabilecek finansal gelişmişlik ile birlikte sağlanabilir. Söz konusu çalışmada\rda enerji verimliliği ve finansal gelişmişlik arasında bir nedensellik ilişkisinin olup olmadığı test edilmesi\ramaçlanmaktadır. 32 Avrupa ülkesinin finansal gelişmişlik endeksi ve enerji verimliliği endeksinin 1998 ile 2017\rtarihleri arasındaki yıllık verileri kullanılmıştır. Emirmahmutoğlu ve Köse (2011) panel nedensellik analizinin\rkullanıldığı çalışmada elde edilen bulgular panelin geneli için finansal gelişmişlik ile enerji verimliliği arasında\rçift yönlü nedensellik ilişkisinin söz konusu olduğuna işaret etmektedir. Analize dâhil edilen ülkelerin özeline\rbakıldığında ise enerji verimliliğinden finansal gelişmişliğe doğru nedenselliğin Finlandiya, Fransa, Kıbrıs Rum\rKesimi, Hırvatistan, İsveç, İtalya, İzlanda, Letonya, Litvanya, Lüksemburg, Macaristan ve Norveç için geçerli\rolduğu tespit edilmiştir. Finansal gelişmişlikten enerji verimliliğine doğru nedenselliğin İsveç, İtalya, Polonya,\rPortekiz, Romanya, Slovakya ve Yunanistan için geçerli olduğu görülmektedir.
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    Is there a price bubble in the exchange rates of the developing countries? The case of BRICS and Turkey
    (Emerald Group Publishing Ltd, 2022) Yildirim, Hakan; Akdag, Saffet; Alola, Andrew Adewale
    PurposeThe last decades have experienced increasingly integrated global political and economic dynamics ranging especially from the influence of exchange rates and trade amid other sources of uncertainties. The purpose of this study is to examine the exchange rate dynamics of Brazil, Russia, India, China, and South Africa (BRICS) and the Republic of Turkey.Design/methodology/approachGiven this perceived global dynamics, the current study examined the BRICS countries and the Republic of Turkey's exchange rate dynamics by using the United States (US) monthly dollar exchange rate data between January 2002 and August 2019. The price bubble which is expressed as exceeding the real value of assets' prices which is observably caused by speculative movements is investigated by using the Supremum Augmented Dickey-Fuller (SADF) and the Generalized Supremum Augmented Dickey-Fuller (GSADF) approaches.FindingsAccordingly, the GSADF test results opined that there are price bubbles in the dollar exchange rate of other countries except for the United States Dollar (USD)/Indian Rupee (INR) exchange rate. As the related countries are classified as developing countries in terms of their structure, they are also expectedly the subject of speculative exchange rate movements. Speculative movements in exchange rates may cause serious problems in national economies.Originality/valueThus, the current study provides a policy framework to the BRICS countries and the Republic of Turkey.
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    KOVİD-19 SÜRECİNDE SEKTÖR ENDEKSLERİNİN FİYAT BALONLARI AÇISINDAN TEST EDİLMESİ: TÜRKİYE ÜZERİNE UYGULAMALI BİR ANALİZ
    (2021) Yıldırım, Hakan; Akdag, Saffet
    Piyasalar açısından önem arz eden fiyat balonları uzun vadede yatırımcıların\rgetirileri üzerinde de olumsuz etkilere sebep olmaktadır. Arz ve talebe göre hareket\reden fiyatların seyri üzerinde önemli etkiye sahip olan fiyat balonları finansal\rkrizlerin habercisi olarak kabul görmektedir. Bu durumda fiyat balonlarına ait\roluşumların ve bu oluşumların hangi varlıklar üzerinde oluştuğu konusunun\raraştırılması önem arz etmektedir. Bu çalışmanın amacı Türkiye’de öncü endeks\rolarak kabul gören BİST100 endeksini genelleyerek fiyat balonlarının varlığını test\retmek yerine, endeksin bileşenleri arasında yer alan tüm sektör endekslerini fiyat\rbalonlarının varlığı açısından test etmektir. Bu sayede özellikle pandemi sürecinde\rBorsa İstanbul’da oluşabilecek fiyat balonları farklı sektörler açısından\rdeğerlendirilmiş olacaktır. Küresel piyasalar üzerinde önemli ve olumsuz etkilere\rsahip olan Kovid-19 pandemi sürecinde, 23 farklı sektör endeksi açısından fiyat\rbalonları 11.03.2020 ile 31.12.2020 dönemine ait günlük açılış verileri kullanılarak\rGeneralized Sup-Augmented Dickey Fuller (GSADF) testi ile analiz edilmiştir. Elde\redilen bulgular neticesinde pandemi süreci içerisinde 23 farklı sektör endeksi içinden\ron sektör endeksinde istatistiksel olarak fiyat balonunun varlığına ulaşılırken, geriye\rkalan 13 sektör endeksinde fiyat balonunun varlığına ulaşılamamıştır.\r
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    PİYASA RİSKİ ÖLÇÜMÜ OLARAK RİSKE MARUZ DEĞER: FİNANSAL YATIRIM ARAÇLARI ÜZERİNE BİR UYGULAMA
    (2021) Filik, Abdurrahman; Iskenderoglu, Omer; Akdag, Saffet
    Risk çoğunlukla “zarara uğrama tehlikesi’’ olarak tanımlanmaktadır. Bu tehlikenin risk yönetimi ile önceden belirlenmesi, ölçülmesi ve gerekli önlemlerin alınarak olası kayıpların engellenmesi amaçlanmaktadır. Riske maruz değer daha anlaşılabilir olması ve muhtemel kayıp için tek bir rakam tahmini vermesinden dolayı risk yönetimi alanında en fazla tercih edilen yöntemlerden olmuştur. Riske maruz değer, düzenleyici otoritelerin önerileri ve kurumların risklere karşı duyarlılığının artması ile en çok kullanılan risk ölçütlerinden olmuştur. Bu çalışmada, dolar, euro, sterlin, altın, BİST50, BİST100, bitcoin finansal araçlarında piyasa riskinin ölçülmesinde kullanılan varyans-kovaryans yöntemi ile hangi yıllarda ve hangi finansal araçlarda riskin daha fazla olabileceğinin ortaya konulması amaçlanmıştır. Çalışmada Ocak 2009 – Aralık 2018 dönemlerine ait günlük kapanış verileri kullanılmıştır. Çalışma sonucunda, dolar, euro ve sterlin için maksimum riske maruz değer 2018 yılında, BİST50 ve BİST100 endekslerinde en yüksek riske maruz değer 2013 yılında altın ve bitcoin için ise en yüksek riske maruz değer 2014 yılında gerçekleştiği tespit edilmiştir. Ayrıca riske maruz değer hesaplaması yapılan finansal yatırım araçları arasında en yüksek riske maruz değer bitcoin’ de, en düşük riske maruz değer ise dolarda olduğu görülmüştür.
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    The causal nexus between bank indices and geopolitical risk: bootstrap causality analysis under horizontal sector dependence
    (Springer India, 2023) Yildirim, Hakan; Sahin, Eyyup Ensari; Akdag, Saffet; Alola, Andrew Adewale
    As the global economy thrives and pushes for sustainable growth, there are also a plethora of non-economic challenges arising from the respective dimensions of insecurity and geopolitical tensions such as inter- and intra-country conflicts. Geopolitical risk mostly arises from security tensions, war, and terrorist incidents, which hamper peaceful inter-country and regional cooperation, thus endangering state institutions such as financial institutions. Given this observation, the current study examines the relationship between the geopolitical risk index and bank indices by employing the bootstrap panel causality approach over a monthly period from September 2003 to December 2018. In this case, the causality analysis of the geopolitical risk index and bank indices for six (6) countries (China, Indonesia, Israel, Philippines, Saudi Arabia, and Turkey) was performed. Importantly, the investigation found causality only from the geopolitical risk index to bank indices in Turkey and Israel. Given the statistical evidence from the study, we offer related policy recommendations, especially for the examined countries.
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    The causal trend of energy intensity and urbanization in emerging countries
    (Springer Heidelberg, 2022) Eyyuboglu, Kemal; Akdag, Saffet; Yildirim, Hakan; Alola, Andrew Adewale
    Due to economic activities intensification associated with the developing countries, the relationship between population density and energy density in urban areas becomes an important issue in the energy studies. In this study, the relationship between energy intensity and urbanization is examined in 23 developing countries (Argentina, Brazil, Chile, China, India, Indonesia, Jordan, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Hungary, Poland, Romania, Russia, South Africa, Thailand, Tunisia, Turkey, Ukraine, and Uruguay) over the period 1990-2015. The cointegration and causality relationships between variables are examined using Westerlund (2007) cointegration and Dumitrescu and Hurlin (2012) Granger causality tests. The cointegration test results revealed that there is no long-term relationship between variables. However, the Granger causality test results showed that there is a bidirectional causality relationship between energy density and urbanization, energy density and economic growth, economic growth and energy density in the short-term. Thus, the result posit a policy direction that could guide the governments of the respective economies especially on achieving a sustainable environment to avoid feasible consequence of trade-off between energy and population growth.
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    THE EFFECT OF UNCERTAINS IN EUROPEAN ECONOMIC POLICIES ON THE BIST 100 INDEX
    (2021) Akdag, Saffet; Yıldırım, Hakan
    Uncertainties are one of the factors affecting investors' investment decisions. In accordance with the wait-and-see policy, which is the best option for investors in an uncertain environment, investors can postpone their investment and consumption decisions. Uncertainties especially in economic policies affect investors' decisions more deeply. In this context, the goal of this study is to test the effect of European Economic Policy Uncertainty (EPU) index, which represents uncertainties in economic policies of European countries, on BIST 100 index by Vector Error Correction Model (VECM), Johansen Cointegration and cointegration coefficient estimator FMOLS and DOLS. Monthly data between February 1988 and May 2019 were used in this study. Findings of the study, it was reached that there was a long-run interaction between EPU and BIST 100 index and the increases in the EPU index had a negative effect on the BIST 100 index. In addition, oneway causality relationship was determined from the change in EPU index to the change in BIST 100 index.
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    The role of economic freedom and clean energy in environmental sustainability: implication for the G-20 economies
    (Springer Heidelberg, 2022) Alola, Andrew Adewale; Alola, Uju Violet; Akdag, Saffet; Yildirim, Hakan
    With the increasing challenge of attaining sustainable balance in socioeconomic-ecosystem activities, the aspects of the global goals are continously being harnesed in order to ensure a sustainable interaction. As an alliance of the United Nations, the G-20 member countries have not only committed to attaining the Sustainable Development Goals 2030, the alliance body has further fostered frameworks that are targeted at advancing global economic and environmental sustainability. Within this context, the current study examined the environmental sustainability effects arising from the economic freedom prowess in the panel of the G-20 economies over the period 2000-2016. Among the sparse studies, the study employed the indices of economic freedom: freedom to trade internationally, regulation, sound money, legal framework, and property right and alongside the real income and renewable energy consumption as explanatory indicators. With the result of the difference- and two-step system GMM (generalized method of moments), the legal system and property right, sound money, freedom to international trade, and regulatory efficiency are detrimental to the panel countries' environmental quality. Although this is likely to be untrue for countries that have advanced their climate actions and especially the Sustainable Development Goals (SDGs) 2030, it suggests a dearth in the SDGs achievement among the developing and emerging economies. Moreover, it probably shows the depth of traditional or business-as-usual practices (such as the lack of sustainable economic and environmental practices) and the socioeconomic system that are obtainable in most of the developing and emerging economies. Thus, the study put forward tangible policies that are essential for governance and toward attaining desirable country-specific SDGs.
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    The USA-China trade policy uncertainty and inference for the major global south indexes
    (Emerald Group Publishing Ltd, 2023) Akdag, Saffet; Yildirim, Hakan; Alola, Andrew Adewale
    Purpose The recent dynamics of trade policy, especially that is associated with the United States of America (USA) and China, has not only triggered policy adjustments in two economies, it has also implied an uncertainty spillover to other economies across the globe. Consequently, the current study attempts to examine the effect of uncertainties in the USA-China trade policies on stock market indexes. In addition, the cointegration evidence between the USA-China trade policy uncertainty index and of the leading Global South fragile quintet (Brazil, Indonesia, South Africa, India and Turkey) stock market indices is investigated. Design/methodology/approach Mainly, the FMOLS and DOLS Granger causality analysis with cointegration coefficient estimators were employed for the dataset over the monthly data period of March 2003 and July 2019. Findings Accordingly, the study found a long-term relationship between the USA-China Trade Policy Uncertainty index and the stock exchange indexes. In addition, a causal relationship was established from the change in the USA-China Trade Policy Uncertainty index to the change in the stock market indexes of almost all of the examined countries (Brazil, Indonesia, South Africa, India and Turkey). In addition, the nonlinear Autoregressive Distributed Lag approach further offers evidence of asymmetric relationship among the examined indicators. Originality/value Moreover, this study contributed to the existing literature because it employed the indexes of BIST100, BOVESPA, BSE Sensex 30, IDX Composite and South Africa 40 in a novel approach. Thus, the study posited a useful policy guideline for associated economic uncertainties arising from the trade dispute, such as the case of the world's two largest trading giants or partners (i.e. the USA and China).
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    The volatility spillover effects among risk appetite indexes: insight from the VIX and the rise
    (Springer Heidelberg, 2020) Akdag, Saffet; Iskenderoglu, Omer; Alola, Andrew Adewale
    This study aims to test the volatility spillover effects among the global risk appetite, the VIX (also known as the fear index) and the RISE index (known as the indicator of investor risk appetite index in Turkey). A temporary or permanent causality Granger and Breitung Candelon (Breitung and Candelon in J Econom 132(2):363-378, 2006) frequency domain causality analyses were performed by using the weekly dataset spanning from January 2010 to December 2018. The results obtained from the study reveals a unilateral causal relationship running from the VIX toward the RISE index. This causality inference is also observed separately in the short-, medium- and the long-run. Consequently, the investigation found that there is a permanent causal relationship running from the VIX toward the RISE index. These results also indicate the existence of the volatility spillover effect among the risk appetite indexes. Consequently, the current study offers significant policy directives from the side of the government and other stakeholders especially that are targeted at mitigating fear factors in the economy.
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    Toward a sustainable economic development in the EU member states: The role of energy efficiency-intensity and renewable energy
    (Wiley-Hindawi, 2021) Pehlivanoglu, Ferhat; Kocbulut, Ozgur; Akdag, Saffet; Alola, Andrew Adewale
    While aiming to reach its 20% energy efficiency target for 2020 and subsequently reaching at least 32.5% by 2030, the European Union (EU) countries are consistently encouraged to implement the bloc's energy efficiency directives of 2012/27/EU and the (EU) 2018/2002. Without sacrificing existing energy standards and environmental quality, the EU has consistently favored behavioral and economic changes that are capable of increasing energy efficiency. In view of this motivation, this study examines the impact of energy efficiency on economic growth in 21 EU member countries over the 1995-2016 period. Importantly, the study examined both the regional and country-specific impacts of energy intensity, energy dependency, and renewable energy utilization on economic expansion. With a respective elasticity of 0.94, 0.17, and 0.01 by the MG (Mean Group) estimator, we found that energy efficiency, renewable energy utilization, and energy dependency positively trigger economic expansion in the region. This result does not only provide a desirable economic outlook for the EU countries, the observation further offers a positive feedback on the bloc's drive for environmental sustainability. The empirical results obtained from panel causality test indicate that there is a bilateral Granger causality from economic growth to energy efficiency, energy intensity, and renewable energy. Moreover, the result provides that energy efficiency, energy intensity, energy dependency, and renewable energy utilization exhibits a different degree of economic impact across the sections of examined EU countries. In general, the study captures a policy reflection of the economic and environmental sustainability status and outlook of the EU countries.
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    Toward a sustainable mitigation approach of energy efficiency to greenhouse gas emissions in the European countries
    (Elsevier Ltd, 2020) Akdag, Saffet; Yıldırım, Hakan
    The efficient use of energy contributes to less energy consumption and the reduction of greenhouse gases released to nature, thus improving environmental sustainability. For this reason, many countries pioneered by the developed nations are trying to develop policies for energy efficiency. In this context, the relationship between energy efficiency and greenhouse gas emissions was tested by panel co-integration, panel causality, and FMOLS and DOLS analysis. Given that the study used the datasets of 29 European countries over the period 1995–2016, there result suggests that there is a long-term relationship between energy efficiency and greenhouse gas emissions and that the quantity of greenhouse gas emission decreases as energy efficiency increases. Finally, the robustness and novelty by employing the Emirmahmutoglu & Kose (2011) Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870–876 approach, the findings illustrated that there is a causal relationship between energy efficiency and greenhouse gas emissions for many European countries. Overall, the current study presents a relevant policy direction for the European bloc countries. © 2020 The Authors; Economics; Energy; Environmental science; Statistics; Environmental analysis; Environmental pollution; Energy efficiency; Energy consumption; Greenhouse gas; Panel analysis; European countries. © 2020 The Authors