Yazar "Yildirim, Hakan" seçeneğine göre listele

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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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    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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    Examining the Existence of Speculative Bubbles in Oil and Natural Gas Prices
    (CRC Press, 2024) Yildirim, Hakan; Eyüboğlu, Kemal; Akdağ, Saffet; Alola, Andrew Adewale
    Although 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.
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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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    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 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).