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Öğe Disaggregating renewable energy-growth nexus: W-ARDL and W-Toda-Yamamoto approaches(Pergamon-Elsevier Science Ltd, 2023) Akan, Taner; Gündüz, Halil İbrahim; Emirmahmutoğlu, Furkan; Işık, Ali HaydarThe research on the effects of economic growth on renewable energy faces two significant limitations that may impede the formulation of accurate and effective renewable energy policy. The first limitation pertains to the use of an aggregate methodology, which relies solely on aggregated data for analyzing the relationship between renewable energy and economic growth. The second limitation is the absence of a systematic search for empirical models that could minimize estimation errors. In light of these constraints, this study proposes a disaggregate analysis to examine the concurrent effects of the components of economic growth on the components of aggregate renewable energy. Second, the research introduces two methodologies: wavelet-based and error -adjusted variants of the Auto-Regressive Distributed Lag Model (ARDL) and the Toda-Yamamoto Causality Test. The study presents two major findings. First, it reveals substantial differences between the effects of aggregate growth and growth components on aggregate renewable energy and its components in the ten countries with the highest carbon emissions. Second, the study demonstrates that the predictive accuracy of wavelet-based and error-adjusted ARDL and Toda-Yamamoto tests (W-ARDL and W-Toda-Yamamoto) for all estimated models is significantly higher than that of non-wavelet-based tests. The study suggests prioritizing a disaggregate approach to the renewable energy-growth nexus and utilizing wavelet-based and error-adjusted econometric techniques to improve the accuracy and efficiency of renewable energy policy.Öğe The faster the increase in renewable energy use, the faster the decrease in carbon emissions?(Springer, 2024) Akan, Taner; Işık, Ali Haydar; Gündüz, Halil İbrahimThe annual average near-surface global temperature will temporarily exceed 1.5 degrees C between 2023 and 2027. If this level is irrevocably exceeded, the functions of marine biodiversity, fisheries, and ecosystems may no longer be maintained. In light of this fact, this paper examines whether a shock-like (rapid and substantial) increase in the proportion of renewable energy sources could result in a precipitous reduction in greenhouse gas emissions. In order to accomplish this, the paper analyzes the magnitude and direction of the asymmetric and symmetric impacts of renewables on CO2 emissions, which represent shock-like and ordinary changes, respectively. Second, the paper examines whether there is a functional complementarity between major renewables in reducing CO2 emissions, and whether this complementarity increases when renewables experience asymmetric shocks. The conclusion of the paper is that the negative impact of renewables on CO2 emissions either (i) remains unchanged when they experience asymmetric shocks or (ii) increases by 60-260 percent or 100 percent, respectively, when they experience these shocks simultaneously or separately, respectively. The paper makes two recommendations to prevent the persistent exceeding of 1.5 degrees C. First, policymakers should intensify their efforts to rapidly and substantially increase renewable energy consumption in total. Second, they should accomplish this increase in all renewable sources in a balanced fashion so as to maximize their carbon-reduction effects by functionalizing their green complementarities.Öğe Time-varying disaggregation of the income-emissions nexus: New evidence from the United Kingdom(Academic Press Ltd- Elsevier Science Ltd, 2023) Yılancı, Veli; Akan, Taner; Işık, Ali HaydarThis paper's objective is to investigate the validity of the Environmental Kuznets Curve (EKC) hypothesis utilizing three unique approaches in this era of accelerating climate change and economic volatility. The first step is to introduce and employ a new cointegration test which allows smooth and sharp structural changes through a dummy variable and a Fourier function. Using a time-varying causality approach, the second stage is to assess the EKC hypothesis's validity for each year of a given period, as opposed to the entire period. The third stage is to conduct time-varying analyses not only of the effect of Gross Domestic Product or aggregate income on environmental degradation but also of the effects of the four major economic units' incomes, namely those of the government, non-financial corporations, households, and the rest of the world. This research derives three conclusions using the United Kingdom as a case study from 1830 to 2016. The impacts of aggregate income and the incomes of the three economic units on carbon emissions are consistent with the EKC hypothesis. Second, each of these effects occurs at different times. Thirdly, the EKC hypothesis regarding the association between the nation's trade income and carbon emissions cannot be validated. To provide policymakers with a dynamic, unit specific, and effective strategy for mitigating environmental degradation, the paper proposes testing the EKC hypothesis for each year over a specific time period, as well as for the effects of both aggregate income and the disaggregate income of four major economic units.Öğe Why are some countries cleaner than others? New evidence from macroeconomic governance(Springer Science and Business Media B.V., 2023) Akan, Taner; Gündüz, Halil İbrahim; Vanlı, Tara; Zeren, Ahmet Baran; Işık, Ali Haydar; Mashadihasanli, TamerlanThis study aims to investigate why some countries are cleaner than the others with reference to macroeconomic governance (MEG) in order to explain how major macroeconomic aggregates should be governed to mitigate environmental pollution at the level of economic systems. Using per capita carbon dioxide emissions (CPC) as the proxy for air pollution, and macro-non-financial governance (MNFG) and macro-financial governance (MFG) as the proxies for MEG, the study introduces the systemic and fragmented governance of green complementarities (GCMs) and dirty complementarities (DCMs) as analytic concepts to compare the MEG models for managing pollution in 13 high-income countries (HICs), 10 upper-middle-income countries (UMICs), and nine lower-middle-income countries (LMICs) for the period 1994–2014. The paper concludes that (i) HICs reduced their CPC levels thanks to adopting green systemic governance by creating GCMs between both MNFG and MFG variables in the long run; (ii) UMICs experienced a remarkable increase in their CPC levels due to adopting dirty systemic governance by creating DCMs between the MNFG variables, but prevented pollution from being higher through creating GCMs between the MFG variables; and (iii) LMICs experienced the highest comparative increase in CPC due to adopting a fragmented governance in managing both MNFG–pollution and MFG–pollution nexus.
