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    Examining the moderating role of environmental regulations on financial development and ecological footprint in the MENA region
    (Springer, 2024) Zhou, Dejun; Saeed, Ummar Faruk; Kongkuah, Maxwell; Wiredu, Ishmael
    This study investigates the moderating impact of environmental regulations (ER) on the relationship between financial development (FD), foreign direct investment (FDI), and ecological footprint (EF) within the frameworks of the Environmental Kuznets Curve and Porter's hypothesis. The problem addressed is the dual challenge of fostering economic growth through FD and FDI while mitigating environmental degradation in the MENA region. The aim is to understand how ER can balance these dynamics. Utilizing panel data from 18 MENA countries spanning 1990-2022, the study employs Dynamic Common Correlated Effects and Pooled Mean Group estimations for the empirical analysis. Our results reveal that all three FD indicators-financial development of the banking sector, financial sector, and private sector-are associated with a reduction in EF. FDI outflows also contribute to lowering the EF, whereas FDI inflows have an adverse effect, increasing EF. A curvilinear relationship is observed among FD, FDI, and EF, indicating that while the initial impact is positive, it diminishes beyond a certain threshold. Importantly, ER is found to positively influence the relationship between FD, FDI, and EF, mitigating negative environmental impacts. GMM modeling was applied in the study to handle issues of endogeneity. The findings highlight the necessity for policymakers to prioritize and enhance ER and policies to achieve Sustainable Development Goals. Strengthening ER can ensure that economic development via FD and FDI does not come at the expense of environmental sustainability.
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    FDI Inflows-Economic Globalization Nexus in ASEAN Countries:The Panel Bootstrap Causality Test Based on Wavelet Decomposition
    (Springer, 2023) Görüş, Muhammed Sehid; Yılancı, Veli; Kongkuah, Maxwell
    This study aims to investigate the causal linkage between foreign direct investment (FDI) inflows and economic globalization (considering de facto and de jure indexes) for 7 Association of Southeast Asian Nations (ASEAN) countries for 1985–2018. Our sample consists of Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Empirically, we propose the panel bootstrap causality test based on wavelet decomposition to find a causal link between the series in different time scales. The main advantages of the methodology can be listed as follows; (a) testing the unit root behavior of the series, or existence of a cointegration relationship between the series are not pre-requisites, (b) one can test the causal relationship between the series in different time scales. Also, we employ the panel bootstrap causality test of Kónya (Econ Modell 23:978–992, 2006) to compare our results with the panel bootstrap causality test based on wavelet decomposition. In addition to the causality analyses, this study utilizes the panel bootstrap cointegration test of Westerlund-Edgerton (2007) to find long-run relationship between variables. The proposed method’s results exhibit that ASEAN countries’ FDI inflows and types of economic globalization levels have mutually affected each other, especially in the long-run. The empirical findings offer some significant implications for policymakers.
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    Nuclear energy consumption and CO2 emissions in India: Evidence from Fourier ARDL bounds test approach
    (Korean Nuclear Soc, 2022) Ozgur, Onder; Yilanci, Veli; Kongkuah, Maxwell
    This study uses data from 1970 to 2016 to analyze the effect of nuclear energy use on CO2 emissions and attempts to validate the EKC hypothesis using the Fourier Autoregressive Distributive Lag model in India for the first time. Because of India's rapidly rising population, the environment is being severely strained. However, with 22 operational nuclear reactors, India boasts tremendous nuclear energy potential to cut down on CO2 emissions. The EKC is validated in India as the significant coefficients of GDP and GDP.2 The short-run estimates also suggest that most environmental externalities are corrected within a year. Given the findings, some policy recommendations abound. The negative statistically significant coefficient of nuclear energy consumption is an indication that nuclear power expansion is essential to achieving clean and sustainable growth as a policy goal. Also, policymakers should enact new environmental laws that support the expansion and responsible use of nuclear energy as it is cleaner than fossil fuels and reduces the cost and over-dependence on oil, which ultimately leads to higher economic growth in the long run. Future research should consider studying the nonlinearities in the nuclear energy-CO2 emissions nexus as the current study is examined in the linear sense. (c) 2021 Korean Nuclear Society, Published by Elsevier Korea LLC. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).