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    Are policy shocks to forest products footprint permanent or temporary? Evidence from 128 countries
    (Taylor & Francis Ltd, 2025) Shahbaz, Muhammad; Akcan, Ahmet Tayfur; Soyyigit, Semanur; Kilic, Cueneyt
    Sustainable environmental policies are important for future generations to live in a more livable world. Therefore, the environmental damage of the policies implemented is expected to be minimized. In this way, the effects of environmental shocks can be temporary. Rather than analyzing ecological footprint as a deductive approach, analyzing the smaller components that cause ecological footprint will make a different contribution to the literature. For this reason, forest products footprint analysis affecting ecological footprint was investigated. In order to analyze the permanent or temporary nature of environmental shocks, forest product footprint, which is one of the variables used in the calculation of environmental damage, is used for 128 countries covering the period of 1961-2022. We used three different tests in this study. Firstly, the PANIC unit root test, which developed in 2003, secondly the PANIC with sharp breaks test, which developed in 2009 and finally the PANIC with dummy factor break unit root test, which developed in 2022, is used to calculate the permanent and temporary of shocks. According to results of the PANIC with dummy factor break unit root test with two breaks and without trend effect, environmental shocks have a permanent effect in 110 countries and in the model with trend effect, environmental shocks are permanent in 103 countries. In countries where policy shocks are temporary, permanent structural reforms are needed to prevent deforestation.
  • [ X ]
    Öğe
    Impact of Global Risk Factors on the Islamic Stock Market: New Evidence from Wavelet Analysis
    (Springer, 2024) Kazak, Hasan; Saiti, Buerhan; Kilic, Cueneyt; Akcan, Ahmet Tayfur; Karatas, Ali Rauf
    The emergence of Islamic finance as an alternative financial investment area and the increasing political and economic uncertainty around the world necessitated an examination of the relationship between these two factors. This study examines the impact of four important global uncertainty and risk indicators Global Economic Policy Uncertainty-GEPU, Geopolitical Risk Index-GPR, World Uncertainty Index-WUI, and CBOE Volatility Index-VIX on two important Islamic stock market indices (Dow Jones Islamic Market Index and Bist Participation 100) using wavelet coherence (WTC) and asymmetric Fourier TY analyzes Quarterly data for the period March 2011-June 2023 were used in the study. The results of the analysis show that economic instability indicators impact Islamic equity market indices (both in Turkey and the world). This effect is determined as VIX, GEPU, GPR, and WUI. In addition, the fact that the GPR and WUI indices, which have an impact on conventional markets, have truly little and only a partial impact on Islamic equity markets is an important finding. The results of this study make important contributions to the literature and provide important findings for investors and policy makers.