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Öğe A study on the macroeconomic and financial determinants of telecommunication infrastructure: Evidence from Turkiye(Elsevier Sci Ltd, 2024) Yilanci, Veli; Kilci, Esra N.This paper investigates the economic and financial determinants of Turkiye's telecommunication infrastructure from 1970 to 2022. To analyze the impact of trade openness, gross domestic product, and foreign direct investments on telecom infrastructure, we employ the Maki cointegration test proposed by Maki (2012) [10], which accounts for multiple endogenous structural changes without requiring the number of these changes to be determined a priori. Following the finding of a long-run relationship between the variables, to assess the effect of the regressors on the telecommunication infrastructure, we estimate the long-run relationship using the fully modified ordinary least squares (FMOLS). The findings of the FMOLS model show that all the coefficients are statistically significant and positive, indicating that all the considered variables have an increasing effect on telecommunication infrastructure. Accordingly, a 1 % increase in trade openness, foreign direct investments, and gross domestic product is associated with an average change of 0.942 %, 0.301 %, and 0.911 %, respectively, in telecommunication infrastructure. Since the significance, magnitude, and sign of the coefficients may change over time, we also estimate the long-run coefficients in a time-varying form. Our findings indicate that while foreign direct investment and gross domestic product have a positive coefficient in most of the sample period, trade openness is insignificant in the majority.Öğe An empirical investigation of resource curse hypothesis for cobalt(Elsevier Sci Ltd, 2022) Yilanci, Veli; Turkmen, N. Ceren; Shah, Muhammad IbrahimNatural resources are considered as one of the most important factors stimulating the economic growth and development of countries. The studies concerning the relationship between the abundance of resources and economic growth, namely the resource curse, are increasing day by day and have produced conflicting results, either accepting, rejecting, or partially accepting the existence of the curse. Since the last decade, cobalt chemicals demand has radically increased because of the usage of Li-ion batteries in consumer electronics and electric vehicles. Due to the increasing importance of cobalt as a resource, this study takes an attempt to explore the resource curse hypothesis for cobalt for Australia, Canada, the Democratic Republic of Congo, Cuba, Morocco, Russia, and South Africa over the period of 2000-2018. The study employs second-generation panel data techniques in order to account for the dependency in the cross-sectional units and parameter heterogeneity. The findings of the study show that while the Democratic Republic of Congo exhibits evidence of the resource curse hypothesis for cobalt resource abundance, Canada, Cuba, and Russia reveal a positive relationship between economic growth and cobalt resource availability. For the whole panel, this study fails to find any evidence of the resource curse hypothesis in terms of Cobalt. Based on the findings, several policy implications are provided.Öğe ANALYSIS OF RELATIONSHIP BETWEEN GOVERMENT DOMESTIC DEBTS AND BASIC MACROECONOMIC INDICATORS IN TURKEY(Mehmet Akif Ersoy Univ, 2022) Gov, Abdullah; Yilanci, VeliMost of the algorithms used in the literature for the Granger (1969) causality test are based on a statistical significance test. The fact that the number of variables included in the model is sufficiently large may lead to some problems in the estimating of Granger causality test equations. Lozano et al. (2009) emphasizes that it is very important for Granger causality methods to formulate the group structure appropriately among lagged values of any time series. Bahadori and Liu (2013) stated that the Granger causality approach may not provide consistent results for a high-dimensional data set within sufficient number observations. In order to solve such problems in Granger causality tests, Granger causality approaches based on various penalized estimators are developed. The applications of Granger causality approaches based on various penalized estimators in the context of economic variables are very few in the literature. In this study, the causality relationship between goverment domestic debts and some basic macroeconomic indicators in Turkey is analyzed with Granger causality approaches based on various penalized estimators. According to the results of LASSO GN, elastic net GN and elastic net CGN tests, it was determined that there are bidirectional causal relationships between government debt, inflation, exchange rate, money supply, interest rate, industrial production index, and primary balance.Öğe 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 AliSouth 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.Öğe Balancing growth and sustainability: The long-run impact of financial and technological innovations on India's ecological footprint(Wiley, 2024) Ursavas, Ugur; Bil, Erkan; Yilanci, VeliThis study examines the effects of financial and technological innovations on India's ecological footprint-a comprehensive indicator of environmental degradation. Although previous research has addressed the individual impacts of these innovations, their collective influence has not been thoroughly investigated. Using data from 1973 to 2018 and employing ARDL Bounds and Bayer-Hanck cointegration tests, we find a long-run relationship between innovations, economic growth, energy consumption, and the ecological footprint. Notably, while the short-term impact of innovations appears detrimental, both financial and technological innovations demonstrate a long-term beneficial effect on the environment, which suggests that initial investments in innovation may have short-term environmental costs, but ultimately contribute to environmental improvement. Additionally, this study confirms the harmful long-term effects of energy consumption and economic growth on the environment. These findings underscore the importance of transitioning to cleaner energy sources, improving energy efficiency, and implementing robust environmental policies to foster sustainable development in India.Öğe Convergence analysis of ecological footprint at different time scales: Evidence from Southern Common Market countries(Sage Publications Ltd, 2023) Ursavas, Ugur; Yilanci, VeliThis study investigates the convergence in ecological footprint per capita across Southern Common Market countries over the period 1961-2016 within the framework of the environmental convergence hypothesis. However, unlike the existing literature, which mainly tests the convergence for the overall period, this study follows a different path. First, the time series is decomposed into different frequencies using the discrete wavelet transform method. Then, using the Fourier Augmented Dickey-Fuller and Augmented Dickey-Fuller unit root tests, convergence in ecological footprint per capita is tested for different time scales; short-run, medium-run, and finally long-run. The results indicate that countries show different convergence tendencies at different time scales. While the results support the convergence hypothesis for all countries in the short-run, the convergence hypothesis holds for only four and three of the five countries in the medium and long-run, respectively. Besides, the results show that the convergence hypothesis holds for only Uruguay for the whole period.Öğe Convergence in ecological footprint across the member states of ECOWAS: evidence from a novel panel unit root test(Springer Heidelberg, 2022) Yilanci, Veli; Ursavas, Ugur; Ursavas, NeslihanIn this paper, we investigate the convergence in ecological footprint per capita across the ECOWAS (Economic Community of West African States) countries from 1968 to 2017. For this aim, we apply a panel Fourier threshold unit root test recently proposed by Yilanci et al. (2021). This methodology considers both multiple smooth structural changes and nonlinearity, which allows us to get more reliable results. The results of the study support the evidence of nonlinearity for the series, so we test the null of divergence in a nonlinear framework. Since test statistics are statistically significant, we conclude that there is global convergence for the sample. Besides, we find that the type of convergence is absolute, which supports the view that the ecological footprint of the ECOWAS countries will equalize in the long run, and the emission allocation policies should be given priority by policymakers.Öğe 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 KorkutPurpose 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.Öğe Disaggregating renewable and nonrenewable energy consumption in the energy growth nexis: Evidence from the panel frequence domain approach in oecd countries(IGI Global, 2023) Yilanci, Veli; Aslan, Murat; Özgür, ÖnderThe environmentalists argue that climate change is a real threat, and therefore, they believe both developed and developing countries should shift their energy sources from fossil-based to renewable alternatives, including solar, wind, geothermal, hydropower, bio-oils, and ocean power to sustain economic growth. In this context, this study investigates the causal relationship between two sets of pairs-(i) renewable energy consumption and economic growth and (ii) nonrenewable energy consumption-and economic growth for 16 OECD countries for the 1971-2015 period. To fulfill thisobjective, the study employs a recently introduced frequency domain approach in. © 2023 by IGI Global. All rights reserved.Öğe 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 RazaTo 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.Öğe Examining the Impact of Tungsten Production on China's Economic Growth: Evidence for the Resource Curse Hypothesis(Mdpi, 2024) Saglam, M. Selman; Yilanci, Veli; Tunc, Ahmet; Saritas, Merve MertThis study investigates the potential impact of China's dominant position in global tungsten production on its national economic growth, examining the applicability of the resource curse hypothesis. While prior research has extensively explored the resource curse in relation to oil and other resources, the role of tungsten remains largely unexplored. Utilizing annual data from 1994 to 2022, this study employs an autoregressive distributed lag (ARDL) bounds testing approach to analyze the long-run relationship between per capita income from tungsten production and per capita GDP. The results reveal a significant negative relationship, suggesting that the increased income from tungsten production may be associated with a decline in overall economic output, supporting the resource curse hypothesis. The study contributes to the growing body of the literature on the resource curse by investigating the unique case of tungsten and highlighting the importance of sustainable resource management, diversification, and effective governance in maximizing economic benefits while mitigating potential downsides.Öğe Feverish sentiment, lockdown stringency, oil volatility, and clean energy stocks during COVID-19 pandemic(Emerald Group Publishing Ltd, 2022) Solarin, Sakiru Adebola; Gorus, Muhammed Sehid; Yilanci, VeliPurpose - This study seeks to investigate role of the coronavirus disease 2019 (COVID-19) pandemic on clean energy stocks for the United States for the period 21 January 2020-16 August 2021. Design/methodology/approach - At the empirical stage, the Fourier-augmented vector autoregression approach has been used. Findings - According to the empirical results, the response of the clean energy stocks to the feverish sentiment, lockdown stringency, oil volatility, dirty assets, and monetary policy dies out within a short period of time. In addition, the authors find that there is a unidirectional causality from the feverish sentiment index and the lockdown stringency index to the clean energy stock returns; and from the monetary policy to the clean energy stocks. At the same time, there is a bidirectional causality between the lockdown stringency index and the feverish sentiment index. The empirical findings can be helpful to both practitioners and policy-makers. Originality/value - Among the COVID-19 variables used in this study is a new feverish sentiment index, which has been constructed using principal component analysis. The importance of the feverish sentiment index is that it allows us to examine the impact of the aggregate level of fear in the economy on clean energy stocks.Öğe Graphical Causality Test Approach to the Relationship Between Economic Growth, Energy Consumption, Foreign Trade Balance and Financial Development(Istanbul Univ, 2023) Gov, Abdullah; Yilanci, VeliThe aim of this study is to examine the relationships among economic growth, energy consumption, financial development, and foreign trade for 30 developing countries by employing the least absolute shrinkage and selection operator (LASSO) and truncating LASSO (KLASSO) graphical Granger causality (GGN) approaches. The results of the KLASSO GGN test show a unidirectional causality relationship to exist from economic growth to the trade balance, while the findings of the LASSO GGN test indicate a bidirectional causality to exist between these two series. The study has also determined a unidirectional causality to exist from financial development and energy consumption to economic growth. Overall, the empirical findings support the growth hypothesis and the demand-following hypothesis. Evidence has also been obtained showing economic growth to be an important factor affecting the change in the foreign trade balance among the examined country group and period (1990-2019).Öğe Impact of Monetary Aggregates on Consumer Behavior: A Study on the Policy Response of the Federal Reserve against COVID-19(Kasersart Univ, Fac Economics, 2022) Kilci, Esra N.; Yilanci, VeliConsumers have tended to sharply decrease their spending during the COVID-19 pandemic due to pessimistic expectations related to the economic outlook, concerns about their jobs, and a decline in incomes. The Federal Reserve has taken several measures in response to the pandemic, resulting in increases in the money supply and asset sizes. This study aims to analyze the impact of monetary aggregates on consumer behavior before and after the pandemic by employing the bootstrap autoregressive distributed lag (ARDL) cointegration test with an exogenous structural break. The US money supply (M3) and total assets are used as dependent variables and consumer expenditure, consumer credit, and consumer sentiment are the independent variables. The data employed cover the period from January 2003 to August 2020. The results show cointegration relationships among consumer expenditure, the US money supply (M3), and total assets. The effect of the FED???s policy response on consumer behavior has strengthened after the pandemic.Öğe Is the environmental Kuznets curve related to the fishing footprint? Evidence from China(Elsevier, 2022) Yilanci, Veli; Cutcu, Ibrahim; Cayir, BilalThis study tests the validity of the environmental Kuznets curve (EKC) hypothesis by using the fishing grounds footprint (FGF) as the environmental degradation indicator in China from 1961 to 2017. The study also uses China's total fisheries production as a control variable. Since the results of the analysis indicate a long-run relationship between the variables, we estimate the long- and short-run coefficients that present evidence for the validity of the EKC in the long-run. We find that total fisheries production has a detrimental effect on the environment. The findings of the study have important policy implications for decision-makers: Implementing a common fishing policy at the regional and global levels to stabilize the FGF and using new technologies that are harmless to the environment at every stage of fishery production processes may be beneficial for the environment.Öğe Nuclear energy consumption and CO2 emissions in India: Evidence from Fourier ARDL bounds test approach(Korean Nuclear Soc, 2022) Ozgur, Onder; Yilanci, Veli; Kongkuah, MaxwellThis 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/).Öğe Perspectives on ecological degradation and technological progress(IGI Global, 2023) Yilanci, VeliIn economics, researchers have stated that there is a limit to growth because natural resources are finite. However, with technological developments and the discovery of new natural resource reserves, the limits on growth and development have begun to disappear. New technologies promoting energy efficiency provide growth opportunity in new directions, and the development of technologies have a positive effect on the environment. Perspectives on Ecological Degradation and Technological Progress explores the economic and social impacts of technological progress on environmental degradation from a multidisciplinary perspective. Other factors that may affect environmental degradation are analyzed, and indicators that may be important for the environment are determined. Covering topics such as economic growth, ecological degradation, and environmental violations, this premier reference source is an excellent resource for economists, ecologists, government officials, sociologists, environmental engineers and innovators, students and educators of higher education, librarians, researchers, and academicians. © 2023 by IGI Global. All rights reserved.Öğe Reinvestigation of the validity of the EKC hypothesis extended with energy: A time-varying analysis for the United Kingdom(Elsevier Sci Ltd, 2023) Yilanci, Veli; Gorus, Muhammed Sehid; Andreoni, ValeriaThe Environmental Kuznets Curve (EKC) hypothesis has been extensively analyzed as a long-term relationship between the economic development stages and related environmental impacts. Most of the existing literature has however produced unreliable results as extensive databases have been used without considering the length of the time span. In this study, the EKC hypothesis is re-investigated for the United Kingdom for the time period 1850-2018. The objective is to conduct an innovative methodological approach that, contrary to the conven-tional estimation methods, uses time-varying techniques-the time-varying cointegration test of Bierens and Martins (2010) and the time-varying causality test of Shi et al. (2018, 2020)-to account for the incidence of unexpected historical events, such as socio-economic and policy crises. Results show that, for the considered years, the EKC hypothesis is valid for the UK. In addition, by including income, carbon dioxide emissions, and energy consumption data, the present study also analyses the environmental impacts of energy use and the environmental quality changes that have taken place during the considered period of time. This result proves that energy consumption pollutes the environment significantly; however, the magnitude of its impact can be affected by many shocks. According to the empirical findings, policymakers could adhere to current policies because environmental quality has started to increase for several decades in the United Kingdom. The employed methodology, and the related results, can support the definition of policies and the development of additional research initiatives.Öğe Revisiting purchasing power parity in emerging-7 countries: A powerful unit root test(Universidad Nacional Autonoma de Mexico, 2024) Yilanci, Veli; Ursavas, Ugur; Mike, FarukThis paper introduces a newly developed unit root test procedure named the Fourier Quantile aestar (faestar-qks) test that allows nonlinearity and structural changes. The faestar-qks unit root test is mainly based on the quantile approach and provides more powerful results since it is robust toward non-normal errors. Then, we test the Purchasing Power Parity hypothesis (ppp) [or the mean-reverting properties of real exchange rates] in emerging seven (E7) countries (Brazil, China, India, Indonesia, Mexico, Russia, and Turkey) from 1995:1 to 2023:6 by using a novel faestar-qks test procedure. The results show that the faestar-qks unit root test provides more evidence on the validity of ppp than the traditional unit root test. Accordingly, the ppp hypothesis is valid in all E7 countries except for Turkey in the long run. © 2024 Universidad Nacional Autonoma de Mexico. All rights reserved.Öğe Stochastic convergence of nitrogen oxides by fuel for OECD countries covering 1820-2019(Sage Publications Ltd, 2023) Solarin, Sakiru Adebola; Yilanci, Veli; Gorus, Muhammed SehidAddressing the challenges posed by pollutants is necessary to achieve the Sustainable Development Goals (SDGs) target 12 or achieve sustainable production and consumption patterns. Convergence assessment of air pollution provides information which can be beneficial to how to handle that air pollution across different countries. Nitrogen oxides (NOx) are one of the most popular air pollutants. However, the current empirical literature on environmental economics largely ignores the convergence of per capita NOx. For this reason, this study investigates the stochastic convergence of aggregate and fuel-specific per capita NOx emissions in 20 OECD countries. This paper employs a recently introduced panel stationarity test that considers both smooth and sharp structural changes in the data generation process. The panel results show that the convergence hypothesis is rejected only for NOx from light-oil consumption. However, country-specific results reveal substantial evidence for divergence in the sample countries when NOx emissions per capita generated through diesel consumption, light-oil consumption, and natural gas consumption are considered. Besides, we find that most of the series have convergent behaviour for aggregate NOx, NOx from biomass consumption, NOx from hard-coal consumption, NOx from heavy-oil consumption, and NOx from the process. The policy implications of the empirical results for proper environmental management are elucidated in the paper. Actions taken based on the convergence findings will likely lead to a decrease in NOx emissions per capita as the countries will converge towards a lower level of NOx emissions per capita, in line with SDG's target 12.
