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    Analyzing the role of income inequality and political stability in environmental degradation: Evidence from South Asia
    (Elsevier, 2022) Pata, Ugur Korkut; Yilanci, Veli; Hussain, Bilal; Naqvi, Syed Asif Ali
    South Asian economies have experienced considerable growth over the last two decades, which has brought with it a number of problems. Despite the rapid growth, income inequality has increased in South Asia and political instability continues mainly due to territorial disputes between Pakistan and India. In addition to these factors, the increase in population and energy consumption has also contributed to the environmental problems in South Asia. Therefore, there is a need to analyze the role of income inequality and political stability in environmental degradation and thus take measures to prevent irreversible environmental consequences. In this background, this study examines the role of income inequality and political stability on environmental degradation in four South Asian countries (Pakistan, India, Sri Lanka, and Bangladesh). For this purpose, the study employs second-generation panel data approaches on a Stochastic Impacts by Regression on Population, Affluence, and Technology model (STIRPAT). Based on annual data for the period 2002-2016, the empirical results show that economic growth, income inequality, urbanization, and financial development increase the ecological footprint, while political stability and renewable energy utilization help to reduce environmental degradation. The findings of the panel causality test also suggest unidirectional causality from urbanization, renewable energy, economic growth, and income inequality to ecological footprint. According to these findings, ensuring political stability, reducing income inequality, and promoting renewable energy are essential policy instruments for sustainable and green development in four South Asian countries. (c) 2022 International Association for Gondwana Research. Published by Elsevier B.V. All rights reserved.
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    COVID-19, stock prices, exchange rates and sovereign bonds: a wavelet-based analysis for Brazil and India
    (Emerald Group Publishing Ltd, 2023) Yilanci, Veli; Pata, Ugur Korkut
    Purpose This study aims to investigate the impact of the rise in coronavirus disease 2019 (COVID-19) cases on stock prices, exchange rates and sovereign bond yields in both Brazil and India. Design/methodology/approach The authors employ the wavelet transform coherence (WTC) and continuous wavelet transform (CWT) techniques on daily data from March 17, 2020 to May 8, 2021. Findings The findings show that COVID-19 has no impact on exchange rates but slightly increases sovereign bond yields from 2021 onwards. In contrast, the effect of COVID-19 on stock prices is quite high in both countries. There is a considerable consistency between COVID-19 cases and stock prices across different time-frequency dimensions. The rise in COVID-19 cases has an increasing effect on stock prices in Brazil and India, especially in the high-frequency ranges. Originality/value As far as the authors know, no prior study has simultaneously analyzed the effects of the COVID-19 pandemic on exchange rates, stock prices and sovereign bonds in Brazil and India.
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    Does financial development promote renewable energy consumption in the USA? Evidence from the Fourier-wavelet quantile causality test
    (Pergamon-Elsevier Science Ltd, 2022) Pata, Ugur Korkut; Yilanci, Veli; Zhang, Qianxiao; Shah, Syed Ale Raza
    To achieve environmental sustainability, it is important to change the energy pattern from dirty fossil fuels to renewable-clean energy sources. For this transition, countries should use their financial re-sources effectively and efficiently. Against this background, this study aims to examine the impact of financial development on renewable energy consumption in the United States over the period 1980-2019, considering urbanization, economic structure, and economic growth as control variables. The study contributes to the existing literature by testing the effect of six sub-indicators, namely efficiency, depth, and accessibility of financial markets and institutions on renewable energy consumption. This is done using the novel Fourier quantile causality test with wavelet transforms. The empirical results show that financial development encourages renewable energy consumption at high quantiles in the medium -and long-run. Moreover, depth and access to financial markets are the two most important factors that promote renewable energy consumption. Based on the overall findings, the study suggests that the United States government should adopt policies that improve the depth and access to financial markets rather than financial institutions to support green growth. (c) 2022 Elsevier Ltd. All rights reserved.
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    Testing the Persistence of Shocks on Ecological Footprint and Sub-accounts: Evidence from the Big Ten Emerging Markets
    (Springer Int Publ Ag, 2022) Yilanci, Veli; Pata, Ugur Korkut; Cutcu, Ibrahim
    This study aims to analyze whether the effect of shocks on the ecological footprint and its sub-accounts in the Big Ten emerging economies is transitory or not. To this end, we employ the Fourier augmented Dickey-Fuller unit root test with a fractional frequency (FADF) and the recently developed fractional unit root test with a Fourier function (FUR) on annual data from 1961 to 2017. The results of the FADF unit root test suggest the validity of stationarity for about 30% of the series, while the FUR test indicates evidence of stationarity for almost all footprint series. These results imply that policy shocks to ecological footprints are temporary and policies to reduce environmental pollution in the Big Ten countries do not have the expected impact. Since shocks have temporary effects on ecological footprints, the Big Ten countries should not cause irreversible environmental degradation. The Big Ten governments need to implement permanent structural reforms to counteract the growth of the ecological footprint. Article Highlights The persistence of the ecological footprint and its six subaccounts in the Big Ten emerging markets is investigated. Novel Fourier-based and fractional frequency unit root tests are performed. Almost all series are stationary. Policy shocks will have temporary effects on the ecological footprint.