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Do uncertainties and risks have an impact on cryptocurrency returns? Evidence from the symmetric and asymmetric fourier quantile causality test
(Univ Chile Dept Economics, 2025) Kılcı, Esra N.; Yılancı, Veli
This paper explores the impact of uncertainties and risks on the returns of cryptocurrencies by considering the two dimensions of uncertainty sourcing from economic policy uncertainty and geopolitical risk. Therefore, we analyze whether there is a causality from the global economic policy uncertainty (GEPU) and geopolitical risk (GPR) to the cryptocurrency returns in the period from 2015:01 through 2023:05. In our analysis, we use the GEPU and GPR indexes as independent variables and the historical values of Bitcoin, Ethereum, Litecoin, Ripple, Monero, and Dash as dependent variables. We employ the Fourier augmented causality test considering the original series, and also the positive and negative components of the series. Our findings reveal that the GPR has predictive power for all cryptocurrencies while GEPU has not predictive power for only Bitcoin. Furthermore, we find evidence of the causality nexus that runs from negative shocks of GEPU to the negative shocks of Litecoin and Ripple, and from the negative shocks of GPR to the negative shocks of Litecoin and Monero indicating when there are significant decreases at the GEPU, these values can be used to predict the decreases of Litecoin and Ripple. Similarly, we can also imply it for the causality relationship from GPR to Litecoin and Monero. When we consider there might be a causal relationship not only between shocks of the same type but also between different types of shocks we find that there is unidirectional causality from negative shocks of GEPU to the positive shocks of Dash, Ethereum, and Monero at the high return phase, and from positive shocks of GEPU to the negative shocks of Ethereum, and from positive shocks of GPR to the negative components of Bitcoin, Ethereum, and Ripple at the bearish market conditions.
A Revisit of Tourism and Growth Nexus in the Provinces of China based on Bootstrap Panel Causality Test with a Fourier Function
(Inst Economic Forecasting, 2024) Chang, Tsangyao; Yılancı, Veli; Wang, Mei-Chih; Min, Jennifer
In this study, we collect annual data for 30 regions in China using tourism receipts and gross domestic product over the period of 1980-2020. Empirical results from Bootstrap Toda-Yamamoto Granger Causality test with a Fourier function, which consider both cross-sectional dependence and multiple smooth breaks, support the evidence of feedback hypothesis in most of the regions except for Jilin that we find the validity of tourism-led-growth hypothesis, Shanxi, and Qinghai where we find the supportive evidence of growth-led-tourism hypothesis, and for Gansu, Ningxia, and Xinjiang where we find the strong evidence of neutrality hypothesis. These results further show the importance of incorporating cross-sectional dependence and smooth breaks in testing the Granger causality. Our empirical results have important policy implications for the regional governments in China conducting tourism policy to sustain its regional economic growth.
The Strategic Role of Circular Economy Innovations and Stakeholder Engagement in Advancing Responsible Production and Consumption
(Wiley, 2025) KaoDui, Li; Kongkuah, Maxwell
As the urgency of global sustainability goals intensifies, achieving responsible production and consumption (RPC) has become a critical priority, especially in emerging markets where economic growth must be balanced with environmental stewardship. Businesses play a pivotal role in advancing sustainability, and understanding how governance practices influence RPC is essential for aligning corporate strategies with global objectives. This study investigates how circular economy innovations and stakeholder engagement moderate the link between indigenous directors and RPC. Using secondary data from 439 manufacturing firms across MENA countries between 2012 and 2022, we employed the method of moments quantile regression (MMQR) and fixed effects estimations, addressing endogeneity through GMM modeling and propensity score matching techniques. Our findings demonstrate that indigenous directors significantly enhance RPC across all quantiles. Additionally, circular economy innovations not only advance RPC but also amplify the positive effects of indigenous directors on sustainable practices. Stakeholder engagement further strengthens this relationship, particularly in higher quantiles, underscoring the importance of inclusive governance for achieving sustainability goals. These insights provide actionable implications for business leaders and policymakers, particularly in the MENA region, by emphasizing the strategic integration of Indigenous leadership and circular economy innovations into corporate governance. This study offers a framework for aligning business strategies with global sustainability objectives, notably SDG 12 while also contributing to the literature on strategic management and sustainability. By highlighting the role of Indigenous leadership in driving sustainable practices, this research provides valuable guidance for firms and policymakers seeking to advance environmental sustainability in emerging market economies.
Saving the Environment in Emerging Markets: The Synergistic Roles of Corporate Ownership Structure, Financing Strategy, and Innovation Capacity
(Wiley, 2025) Ning, Wu; Saeed, Ummar Faruk; Kongkuah, Maxwell
As global environmental challenges intensify and stakeholder pressure mounts, the imperative for companies, particularly in emerging markets, to adopt sustainable practices has become increasingly critical. Addressing a gap in the literature, this study examines the impact of ownership structure (OS) and financing strategy (FS) on environmental footprint disclosure (EFD) among energy sector firms in the Middle East and North Africa (MENA) region, while also considering the moderating role of innovation capacity. Drawing on the resource-based view, signaling, and stakeholder theories, this study analyzes panel data from 384 firms spanning 2010 to 2023. To address potential endogeneity issues, the study employs the difference GMM modeling to mititgate endogeneity issues. Additionally, the MMQR approach is applied to capture heterogeneous effects across varying levels of EFD practices. The findings reveal that concentrated and state ownership significantly enhance EFD, while managerial ownership exerts a negative influence. Firms relying on equity financing demonstrate higher EFD levels compared to those relying on debt. Moreover, innovation capacity not only directly impacts EFD but also amplifies the influence of OS and FS on EFD. Notably, the findings remain robust after employing various econometric techniques, including DiD, 2SLS, DCCE, and PSM. These results suggest that encouraging concentrated and state ownership, alongside equity financing, can drive improved environmental transparency within MENA firms. This study underscores the strategic role of innovation in strengthening EFD, offering valuable guidance for policymakers and industry leaders on ownership and financing decisions to foster sustainable development and enhance environmental responsibility.
Investigation of the role of technological innovation in reducing carbon dioxide damage in Turkey with Fourier tests: Testing the Kuznets curve hypothesis
(Springer, 2025) Coşkun, Muhammet Fatih; Konat, Gökhan; Yılancı, Veli
Rising global environmental concerns have intensified the need to understand the relationship between technological innovation, economic growth, and environmental degradation, particularly in rapidly industrializing economies. This study examines these relationships in Turkiye within the framework of the Environmental Kuznets Curve (EKC) hypothesis. Using annual data from 1984 to 2019, we employ Fourier-based econometric techniques, including unit root tests, cointegration analysis, and causality testing, to account for potential structural breaks and nonlinearities. Our findings reveal that while technological innovation currently contributes to increased carbon dioxide emissions, with a 1% increase in innovation leading to a 0.061% rise in environmental degradation, there exists an inverted U-shaped relationship between economic growth and environmental degradation, supporting the EKC hypothesis for Turkiye. Causality tests indicate unidirectional relationships flowing from environmental degradation to both technological innovation and economic growth. These results suggest that Turkiye requires strategic policy interventions focusing on green technologies and sustainable innovation to transition toward environmental sustainability while maintaining economic growth.
Decoupling economic growth and carbon emissions: a time-varying analysis of the environmental kuznets curve hypothesis in France (1890-2019)
(Springer, 2025) Sağlam, Muhlis Selman; Yılancı, Veli; Kongkuah, Maxwell
Global concerns regarding climate change and the necessity for sustainable economic pathways have sharpened the focus on the Environmental Kuznets Curve (EKC) hypothesis. For France, grasping the long-term dynamics between economic expansion, energy usage, and technological advancement is vital for creating effective low-carbon strategies. To explore this, we utilize an extensive dataset spanning 1890-2019 and employ sophisticated econometric methods. These include unit root tests incorporating Fourier functions, a cointegration test adept at handling both smooth and abrupt structural breaks, the Fourier Toda-Yamamoto causality procedure, and partial wavelet coherency analysis. Our goal is to rigorously probe the enduring connections among carbon dioxide (CO2) emissions, energy consumption, economic freedom, and total factor productivity. The empirical analysis confirms a stable cointegrating link between these variables. Notably, both energy consumption and economic freedom show a significant positive correlation with CO2 emissions. Evidence supporting the EKC hypothesis-specifically, an inverted U-shaped relationship between economic growth and emissions-appears only during distinct historical periods. Furthermore, time-varying coefficient estimates and causality tests reveal evolving dynamics influenced by structural transformations, economic occurrences, and technological progress. These outcomes suggest that decoupling economic growth from environmental harm in France hinges on policies that bolster energy efficiency, carefully integrate economic freedom with strong environmental rules, and actively promote green technological innovation.
Uncertainty and diversification: Analyzing the impact of energy-related and climate policy uncertainties on environmental degradation in the United States
(Elsevier, 2025) Yılancı, Veli; Ursavaş, Uğur; Yasin, İftikhar
This study examines the complex relationship between environmental degradation, energy-related uncertainty (EUI), climate policy uncertainty (CPU), and energy consumption diversification (ECD) in the United States from January 2001 to September 2022. Employing novel and robust econometric methods, including the Bootstrap ARDL Bounds test with smooth and sharp structural breaks, the Toda-Yamamoto causality test with a Fourier function, and partial wavelet coherency analysis, the study reveals a surprising negative relationship between both EUI and CPU with CO2 emissions which suggests that uncertainties surrounding energy and climate policies may incentivize actors to adopt cleaner technologies and prioritize emission reduction strategies. However, the study also identifies a positive relationship between ECD and CO2 emissions, highlighting the need for strategic diversification prioritizing renewable and low-carbon sources. These findings emphasize the critical role of clear, consistent, and sustained climate policies in fostering clean energy investment and mitigating environmental degradation.
Geopolitical Risk and Türkiye's Tourism Growth: Testing a Shifting Relationship
(Editura Ase, 2025) Ursavaş, Uğur; Yılancı, Veli; Ghosh, Sudeshna
This study analyses the relationship between tourism and economic growth in Türkiye, taking a novel approach by considering the impact of geopolitical risk. Using monthly data from 1996 to 2022, we disaggregate tourism markets based on countries' geopolitical risk levels. By employing a fuzzy clustering technique, we reveal how the tourism-growth nexus varies across different geopolitical risk clusters. Furthermore, we utilise Fourier-Toda-Yamamoto Causality test to analyse the causal relationship across short, medium, and long-term horizons. Our findings reveal a consistent tourism-led growth pattern in all countries regardless of geopolitical risk, highlighting the significant role of tourism in the Turkish economy. However, the study uncovers crucial nuances within the tourism-growth relationship, demonstrating a feedback effect in the short run and varying causal relationships across different time horizons. This study contributes to the literature by explicitly incorporating geopolitical risk into the analysis of tourism-led growth, providing valuable insights for policy makers in Türkiye.
A Study on the Effect of Health Expenditures on Selected Healthcare Indicators: Evidence from Türkiye
(AVES, 2025) Kılcı, Esra Nazmiye; Yılancı, Veli
Objective: While the coronavirus outbreak overburdens health systems, leading to a significant global death toll and severe human suffering across the world, the pandemic brought questions regarding how Türkiye manages this huge pandemic and whether Türkiye’s health system is ready for coronavirus-2019 (COVID-19). With the Health Transformation Program (HTP) which was implemented from 2003 to 2013, Türkiye made noteworthy progress in the main measures of health condition by making noteworthy investments in the healthcare sector. The aim of this study is to investigate the effect of health expenditures on the selected health indicators of Türkiye for the 1977-2018 period, which covers the significant transformation process under the HTP. Methods: We employ the Bayer and Hanck cointegration test and the Autoregressive Distributed Lag (ARDL) bounds test to examine the existence of a long-term relationship between the variables by using life expectancy at birth, infant mortality rate, and crude death rate as dependent variables, and health expenditures as a regressor. Results: The results of cointegration tests support the evidence of a long-run relationship between the variables, showing that an increase in health expenditures decreases infant mortality rates and crude death rates while increasing life expectancy rates. Our results also imply that after the HTP, the effect of health expenditures on indicators has increased. Conclusion: We conclude that investments in the healthcare system led to improvements in healthcare indicators. In fighting diseases like the COVID-19 epidemic, the strength of the health system is of great importance. Investing in people’s health as human capital boosts the population’s overall health and strengthens employability, which increases the effectiveness of active employment strategies, aids in securing acceptable living conditions, and promotes growth. © 2025 AVES. All rights reserved.
İSKENDER PAŞA’NIN SARAYBOSNA’DAKİ ZAVİYE VAKFI’NIN FİNANSAL DURUM TABLOSU (1807-1821)
(Marmara Üniversitesi, 2021) Arslanboğa, Kadir
Osmanlı Devleti’nde özel şahıslar ile bürokratların kurmuş olduğu vakıflar iktisadi ve sosyal açıdan birçoktoplumsal görevi yerine getirmekteydi. Bürokratlar, özellikle de Balkanlar’da fetihten sonra bulunduklarıbölgenin idarecileri o şehrin kalkınması açısından gerek kendi gelirlerini gerekse de devletten kendilerinekuracakları vakıflar için tahsis edilen gelirleri toplum yararına adamışlardır. Fatih Sultan Mehmet ve II. Beyazıtdönemlerinin önemli eşhasından olan ve Vezir, Rumeli Beylerbeyliği ve Bosna Sancakbeyliği görevlerindebulunan İskender Paşa da başta şehrin su ihtiyacının karşılanması olmak üzere Bosna’da vakıf kurmuştur.Nehirlerin sularını şehrin muhtelif bölgelerine yönlendirmiş, çeşmeler, köprü, Nakşibendi Tekkesi, imaret,misafirhane, kervansaray ve saray inşa ettirmiştir. İnşa edilen bu yapı ve müesseselerin faaliyetlerinin devamıiçinde çiftlikler, bahçeler, yoncalıklar ve değirmenler vakfetmiştir. Vakıflar açısından tescil belgesi hüviyetindekivakfiye ile evkaf muhasebe bilançoları önem arzetmektedir. İskender Paşa Vakfı’nın vakfiyesi günümüzeulaşamamıştır. Ancak vakıf muhasebesi olarak Başbakanlık Osmanlı Arşivinde 1807-1821 yılları arasındakisüreyi ihtiva eden bir arşiv defteri bulunmaktadır. Çalışmada bu arşiv defterinden elde edilen bilgiler ışığındavakfın finansal durumu incelenmiştir. Olağan süreçte vakfın gelirlerinin giderlerini karşıladığı, ancak 1815yılında yaşanan nehir taşkınlarının vakfın inşa ettiği birimlere zarar verdiği anlaşılmaktadır. Yıkılan birimlerinyeniden inşası, vakfın devam eden yıllarda bir mali daralmaya gitmesine sebebiyet vermiştir.
Unraveling unemployment hysteresis in Nordic countries: a multifaceted analysis of age, gender and frequency differentials
(Emerald Group Publishing Ltd, 2024) Yılancı, Veli; Kırca, Mustafa; Canbay, Şerif; Sağlam, Muhlis Selman
PurposeThis study aims to test the unemployment hysteresis hypothesis for Nordic countries by considering age and gender differentials at various frequencies.Design/methodology/approachFirst, the authors test the linearity of the unemployment series and apply appropriate unit root tests based on the linearity test results. The authors use these tests for both original and wavelet-decomposed unemployment rates.FindingsThe authors' findings indicate that the results obtained from the original and decomposed series differ. While the authors find evidence of unemployment hysteresis in the six unemployment rates in the short run, they observe supportive results for hysteresis in the three unemployment rates in the long run.Originality/valueThe authors take into account different age and gender groups. Furthermore, the authors propose a testing strategy for unemployment hysteresis that considers the nonlinearity and structural breaks in unemployment rates. Finally, the authors determine whether the unemployment hysteresis is valid at various frequencies.
To Starve the Beast or Not to Starve the Beast? Evidence from Debt-Distressed Region
(Routledge Journals, Taylor & Francis Ltd, 2025) Nzimande, Ntokozo; Yılancı, Veli
The elimination of budgetary disequilibrium remains a contentious issue, with scholars and policymakers debating the efficacy of tax alterations versus limiting government outlays. This topic has garnered significant attention, although research on the spending-revenue nexus is noticeably skewed against Africa, which presents an intriguing research opportunity. The International Monetary Fund (IMF) reported a concerning rise in public debt across Africa, highlighting the urgent need for public finance consolidation. In contrast to the extant literature, this study examines the dynamic link between revenues and expenditures from 1990 to 2022. Applying wavelet decomposition to account for temporary variations, our analysis reveals dynamic patterns in the revenue-expenditure nexus. Our findings support the institutional separation hypothesis in the short run, suggesting a distinct relationship between revenues and outlay. However, in the medium-to long-run, our results support the fiscal synchronization hypothesis, accentuating a more intertwined association between revenues and expenditures. This study sheds light on the nuanced dynamics of budgetary equilibrium in Africa, providing insights that can inform policy priorities and decision-making. Finally, by focusing on the unique context of Africa and using advanced techniques, this study contributes to the existing literature on budgetary equilibrium, filling a crucial gap in our knowledge of the public finance dynamics in the region.
Characteristic functions for cooperative interval games
(Amer Inst Mathematical Sciences-Aims, 2025) Parilina, Elena M.; Savaşkan, Gönül Selin; Zaccour, Georges; Alparslan Gök, Sırma Zeynep
Games where players' payoffs are given by intervals, instead of scalars, provide a conceptually attractive framework to account for uncertainty and vagueness in decision-making processes. In a cooperative game, one needs to determine the characteristic function values for all possible coalitions. In this paper, we extend the classical alpha and beta characteristic functions (CFs), initially defined for scalar payoffs, to cooperative interval games. Both characteristic functions are based on a solution of zero-sum interval games with the coalition being the maximizer player and the anti-coalition the minimizer player. We propose an algorithm to define the interval values of a cooperative game in the form of alpha and beta CFs and illustrate its use on an example with three players. Further, we discuss some properties of cooperative interval games and calculate an interval Shapley value. As expected, different characteristic functions lead to different Shapley values.
Unemployment and Labour Force Participation in South Korea: Johansen-Type Cointegration Analysis with a Fourier Approach
(Prague Univ Economics And Business, 2024) Yılancı, Veli; Özgür, Önder
This study examines the long-run relationship between the unemployment rate and labour force participation rate in South Korea from June 1999 to January 2023. The study utilizes the traditional Johansen cointegration test and augments it with Fourier terms to control for an unknown number of breaks in the cointegration system. The empirical findings suggest a significant long-run relationship between the unemployment rate and labour force participation rate in South Korea, which provides evidence against the unemployment invariance hypothesis. The study also finds evidence of the discouraged-worker effect for males and the added-worker effect for females. The findings of this study have important implications for policymakers in creating more effective plans to lower unemployment and foster economic growth in South Korea. This study contributes to the literature by clarifying the validity of the unemployment invariance hypothesis in the South Korean economy, which is regarded as a growth miracle in the literature. Instead of using the standard configuration of dummy variables, the Johansen cointegration technique now has the ability to adjust for an unknown number of multiple structural breaks in the cointegration system.
The faster the increase in renewable energy use, the faster the decrease in carbon emissions?
(Springer, 2024) Akan, Taner; Işık, Ali Haydar; Gündüz, Halil İbrahim
The 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.
A study on the macroeconomic and financial determinants of telecommunication infrastructure: Evidence from Turkiye
(Elsevier Sci Ltd, 2024) Yılancı, Veli; Kılcı, 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.
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.
Convergence analysis of ecological footprint at different time scales: Evidence from Southern Common Market countries
(Sage Publications Ltd, 2023) Ursavaş, Uğur; Yılancı, Veli
This 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.
The convergence in ecological footprint intensity across ECOWAS countries: evidence from a novel approach
(Springer, 2024) Yılancı, Veli; Yasin, Iftikhar; Ursavaş, Neslihan
Ecological footprint intensity (EFI) reflects the amount of ecological footprint utilized to generate one dollar of GDP per capita. Analyzing EFI convergence among countries unveils the efficiency of ecological footprint usage while considering GDP per capita differences. This study investigates the convergence process of EFI across 12 Economic Community of West African States (ECOWAS) countries from 1961 to 2018. Unlike previous studies focusing on convergence across the entire period, this research employs a novel approach using the discrete wavelet transform (DWT) to decompose the EFI series into different frequency scales (short, medium, and long-run). This methodology enables us to assess convergence patterns across various time frames, providing a more comprehensive understanding of the convergence process. We then apply the Fourier Augmented Dickey-Fuller unit root test to examine convergence across each frequency. Our findings reveal that while short-term convergence is evident for all 12 countries, medium and long-term convergence patterns vary. These results highlight the importance of considering time periods when developing environmental policies.
Balancing growth and sustainability: The long-run impact of financial and technological innovations on India's ecological footprint
(Wiley, 2024) Ursavaş, Uğur; Bil, Erkan; Yılancı, Veli
This 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.

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