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Copyright of Zarqa Journal for Research & Studies in Humanities is the property of Zarqa Journal for Research & Studies in Humanities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Economic growth is a global requirement that requires extensive energy consumption, and this phenomenon needs researchers' attention and regulators' focus. Thereby, the paper scrutinizes the determinants of energy consumption such as fossil fuel energy consumption (FFEC), energy use, nuclear energy consumption (NEC), energy import, and renewable energy consumption (REC) and sustainability-oriented eco-innovation and their effectiveness on the economic growth of Saudi Arabia. The study extracted data from the World Bank from 1989 to 2020. Stationarity was examined using augmented Dickey-Fuller (ADF) tests, and the associations among constructs were analyzed through QARDL model. The findings revealed that FFEC, EU, NEC, EI, REC, and sustainability-oriented eco-innovation are significantly correlated with the EG of Saudi Arabia. The study also provides insights to new researchers who will investigate this area in the future and guides regulators in developing regulations related to economic growth using an appropriate level of energy and adoption of sustainability-oriented eco-innovation. [ABSTRACT FROM AUTHOR]

This paper analyses the effect of natural resource wealth on sustainable economic development in the top 8 resource-abundant sub-Saharan African countries according to the World Bank Wealth of Nations 2018 over the period 1981–2017. The study incorporates public debt as an explanatory variable in our analysis, which is an extension of previous natural resource-growth estimations, to throw more light on how natural resource abundance and debt overhang simultaneously affect economic growth in resource-abundant sub-Saharan African (SSA) countries. The NARDL bounds testing approach and asymmetric Granger causality tests are employed. Long-run asymmetric effect results show that an increase in natural resource rents significantly increases economic growth in Equatorial Guinea. However, an increase in natural resource rents in the Congo republic negatively affects economic growth, validating the resource curse hypothesis. No significant effect was found in other countries studied. In terms of asymmetric causality results, no bidirectional causality between natural resource rents and economic growth was noted. We, however, identified a weak unidirectional asymmetric causality relationship running from economic growth to resource rents in the Congo Republic and natural resource rents to economic growth in South Africa. The study, therefore, suggests the implementation of efficient public debt management policies and an improvement in the quality of institutions for effective management of public loans and resource revenues to stimulate economic development in these resource-rich countries. [ABSTRACT FROM AUTHOR]

Energy prices (EPs) play an imperative role in South Asian Country (SAC) Gross Domestic Product (GDP). This research empirically examines the influence of sustainable energy price shocks (EPSs) on macroeconomic indicators. The study is to forecast the impact of EPS on macroeconomic indicators from 1980 to 2020. The analysis is carried out by employing the Vector Auto-Regression (VAR) approach. Impulse Response Functions (IRFs) results indicate that EPS decreases Gross Domestic Product (GDP). They exist in the short run and the long run. This research study's overall findings suggest that high EPSs have a negative impact on GDP. The study implies that policymakers should develop, adopt, and initiate some imperatives to control the unanticipated volatility and movements in EP. The study highlights that policy should be designed to prevent fluctuations in sustainable EP and plan conservative energy policies that motivate discovering alternative energy sources to meet increasing energy demand and improve economic growth. [ABSTRACT FROM AUTHOR]

We consider the statistical concept of causality in continuous time within filtered probability spaces based on Granger's definition of causality. The given causality concept is connected to the optional and predictable processes important in stochastic integration. More precisely, we establish that the preservation of predictability with respect to larger filtrations is implied by the considered notion of (self-)causality. We also consider the connections between the given causality concept and the optional and predictable projections of a stochastic process, which play an important role in the general theory of stochastic processes, semimartingale theory, and stochastic calculus. Some results show that the (self-)causality implies indistinguishability of the optional (or predictable) projections with respect to considered filtrations from those with respect to larger filtrations. [ABSTRACT FROM AUTHOR]

Study of the frequency and magnitude of climate extremes as the world warms is of utmost importance, especially separating the influence of natural and anthropogenic forcing factors. Record-breaking temperature and precipitation events have been studied using event-attribution techniques. Here, we provide spatial and temporal observation-based analyses of the role of natural and anthropogenic factors, using state-of-the-art time series methods. We show that the risk from extreme temperature and rainfall events has severely increased for most regions worldwide. In some areas the probabilities of occurrence of extreme temperatures and precipitation have increased at least fivefold and twofold, respectively. Anthropogenic forcing has been the main driver of such increases and its effects amplify those of natural forcing. We also identify risk hotspots defined as regions for which increased risk of extreme events and high exposure in terms of either high Gross Domestic Product (GDP) or large population are both present. For the year 2018, increased anthropogenic forcings are mostly responsible for increased risk to extreme temperature/precipitation affecting 94%/72% of global population and 97%/76% of global GDP relative to the baseline period 1961–1990. [ABSTRACT FROM AUTHOR]

The strategic formulation of economic growth targets (TAR) plays an essential role in economic development, but it may also affect energy consumption. Using China's provincial data from 2000 to 2018, this study empirically analyzes the impact of TAR on energy consumption. The results show that the local TAR significantly increases energy consumption, and this effect is significant in the eastern and midwestern regions, but there are differences in different development stages. Meanwhile, the unreasonable industrial structure and extensive urbanization mode are the important influencing mechanisms that TAR affects energy consumption. More importantly, Chinese-style fiscal decentralization is an important factor in explaining the relationship between TAR and energy consumption. As the degree of fiscal decentralization increases, the promotion effect of TAR on energy consumption becomes more obvious. In conclusion, the theoretical and empirical evidence of this study indicates that deepening the reform of government target-based management system is helpful to stimulate the motivation of local governments in energy conservation. [ABSTRACT FROM AUTHOR]

The study aimed to analyze the evolution of the structure of the Egyptian agriculture foreign trade, since the beginning of the twenty-first century. by examines the impact of the most important economic changes during the period 2000-2021. The study relied on use of descriptive and quantitative statistical analysis methods such as time-trend equations, the co-integration test and vector error correction model VECM. The study period was divided into three periods. Result of study showed that period 2016-2021 was the most difficult period of national economic growth, as it was shown a slowdown in the growth rates of agricultural exports, reaching 12.7% in the first period 2000-2007, 2.9% in the second period 2008-2015, and 2.3% in the third period 2016-2021, and the Annual change rates of agricultural imports reached 3.8% in the first period 2000-2007, reached 11.9% in the second period 2008-2015, and reached 10.5% in the third period 2016-2021.The stability of the time series of variables for the time period 2000-2021 at the first level was shown in Intercept as well as a categorical intercept and trend, and by conducting the Johansen test, it was found that there is a integration between the study variables and both agricultural exports and imports, and for a balance between them it is necessary to delay three time periods, and by applying the error correction model The vector VECM showed an inverse relationship between agricultural imports and both the exchange rate and the global food price index (FAO), as well as an inverse relationship between the exchange rate and agricultural exports, and a direct relationship between agricultural exports and the world food price index. [ABSTRACT FROM AUTHOR]

This research aims to investigate the relationship between carbon dioxide (CO2) emissions and energy consumption on the economic growth of countries in the world based on Gross Domestic Product (GDP). We use a large volume of data related to CO2 emissions per capita and energy consumption per capita of each country in the world, so a clustering process is needed using the K-Means method, which divides the country into three cluster labels: high, medium, and low. Then, we performed multiple linear regression using the Generalized Least Square with Autoregressive (GLSAR) method for data that did not satisfy the Best Linear Unbiased Estimator (BLUE) criteria. The results are that countries included in the high cluster have a closer relationship between CO2 emissions and energy consumption to GDP than the medium cluster. Likewise, for the medium cluster against the low cluster. [ABSTRACT FROM AUTHOR]

The integration or segmentation of regional carbon prices implies that barriers may hinder prices from adjusting efficiently and impede linkages between regional carbon markets. Past studies have found that crossregional carbon prices in China tend to diverge, indicating unbalanced regional markets and that carbon cap-and-trade policies may be insufficiently effective. China's carbon trading pilots opened in 2013. Is the integration efficient? This is the research question addressed in this study. This paper uses the carbon prices of four carbon-trading pilot regions in China (i.e. Beijing, Shanghai, Tianjin, and Guangdong) over the period of January 1, 2014, to March 23, 2021, to explore whether prices are correlated across three dimensions: long-term convergence, short-term correlation, and volatility transmission by adopting a vector error correction model with heterogeneous variances. And by using longer-term daily data and empirical tests that can account for the multiple-faceted correlations, this paper provides evidence showing that long-term convergence and risk transfer between the four regional carbon prices exist, which indicates significant regional integration. The results indicate that the price behavior of the Beijing pilot is efficient and that the Shanghai pilot has the lowest volatility. The paper also documents an information transfer pattern. For example, the Beijing pilot is shown to be the leading risk transfer market, whereas the Shanghai pilot is shown to be the market where most risk is transferred. Contrary to findings elsewhere, our main results demonstrate that China's carbon markets exhibit integration efficiency and no imbalance between regions. This may be because the efficiency of China's carbon markets has improved over time. The evidence also implies that if a multi-dimensional correlation has not been considered, it may underestimate the efficiency of regional carbon prices' integration. [ABSTRACT FROM AUTHOR]

The purpose of this study is to analyze the relationship between inflation, BI interest rates, and exchange rates on Mudharabah and Murabahah financing at Sharia Commercial Banks. This research is a quantitative study that applies the Johansen Integration Test and Vector Error Correction Model to see the long-term impact and shock response on certain variables. Research findings show that the exchange rate has a significant negative impact in the short term on Mudharabah financing income, while inflation factors and BI interest rates have a smaller negative impact in the short term. The receipt of Murabahah financing is negatively affected by all factors, especially inflation, BI interest rates, and currency exchange rates. Inflation and exchange rates have a significant negative impact in the long run on Mudharabah and Murabahah financing income, while BI interest rates have a small positive impact in the long run. Recommendations based on the results of this study are the importance of maintaining exchange rate stability and controlling inflation, as well as the need for effective risk management in the face of exchange rate fluctuations and inflation. In addition, Islamic banks need to improve operational efficiency, educate customers about economic risks, and encourage collaboration between relevant institutions for further research and better policy development. [ABSTRACT FROM AUTHOR]

Copyright of Uluslararasi Ekonomi ve Yenilik Dergisi is the property of Karadeniz Technical University, Depertmant of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Uluslararasi Ekonomi ve Yenilik Dergisi is the property of Karadeniz Technical University, Depertmant of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The "resource curse phenomenon" has received a lot of attention from researchers; however, there has not been any sound explanation to back this phenomenon since the main reason why natural resource should restrain economic growth instead of boosting economic growth remains unanswered. This paper contributes to literature on "resource curse hypothesis" by examining the role of government effectiveness in influencing the impact of gas resource rent on economic growth. Design/methodology/approach: The study adopted the Cobb-Douglass production and incorporated gas resource rent, institutional quality (government effectiveness), inflation and exchange rate as additional variables that influences total output (gross domestic product). The author estimated the empirical form of the Cobb-Douglass production using autoregressive distributed lag model (ARDL) and Toda and Yamamoto (1995) as the main estimation strategies while other time series approaches were used as a robustness check. Findings: The estimates from the ARDL short-run and the long-run dynamics suggest that the direct impact of gas resource rent on economic growth was positive but not statistically significant. At the same time, the interacting of gas resource rent and government effectiveness showed a positive and statistically significant effect of nearly 0.4123 and 0.8724 on economic growth in the long run and short run, respectively. The results from the Toda and Yamamoto (1995) also indicated that economic growth has a strong influence on gas resource rent while government effectiveness drives economic growth and not vice versa. Research limitations/implications: The findings from this study imply that government effectiveness plays a crucial role in averting the "resource curse phenomenon". Hence, improving government effectiveness and efficiency through minimizing corruption among state institutions would be imperative in curbing the "resource curse phenomenon" in developing countries. Originality/value: The influential role of government effectiveness on the relationship between gas resource rent on economic growth is examined. [ABSTRACT FROM AUTHOR]

This study aims to investigate the causal relationship between female labor participation rate and fertility rate in MENA countries. It uses the data of Female Labor Participation Rate (FLPR) and Total Fertility Rate (TFR) from the World Database Indicators (WDI) which spans the period from 1990 to 2020. It is a quantitative approach that applies the panel unit root test, Pedroni residual test, Vector Error Correction Model, and Granger Causality test. The findings revealed the existence of cointegration between the two variables, meaning that there is a longrun effect between FLFPR and TFR in MENA countries. Furthermore, there is the occurrence of a unidirectional causal relationship that runs from the TFR to FLFPR, in that the female labor participation rate in MENA countries depends on the total fertility rate. The results from the world economic report of 2019 showed that the MENA countries have the lowest female labor force participation in the world, and the relationship between the total fertility and female labor force participation rate is inversely proportional. MENA countries need to impose the necessary economic policies for female empowerment in the labor market. Good and effective policies for female empowerment in the labor market will provide a positive direct proportional relationship between female labor force participation and total fertility in MENA countries. [ABSTRACT FROM AUTHOR]

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The integration or segmentation of regional carbon prices implies that barriers may hinder prices from adjusting efficiently and impede linkages between regional carbon markets. Past studies have found that crossregional carbon prices in China tend to diverge, indicating unbalanced regional markets and that carbon cap-and-trade policies may be insufficiently effective. China's carbon trading pilots opened in 2013. Is the integration efficient? This is the research question addressed in this study. This paper uses the carbon prices of four carbon-trading pilot regions in China (i.e. Beijing, Shanghai, Tianjin, and Guangdong) over the period of January 1, 2014, to March 23, 2021, to explore whether prices are correlated across three dimensions: long-term convergence, short-term correlation, and volatility transmission by adopting a vector error correction model with heterogeneous variances. And by using longer-term daily data and empirical tests that can account for the multiple-faceted correlations, this paper provides evidence showing that long-term convergence and risk transfer between the four regional carbon prices exist, which indicates significant regional integration. The results indicate that the price behavior of the Beijing pilot is efficient and that the Shanghai pilot has the lowest volatility. The paper also documents an information transfer pattern. For example, the Beijing pilot is shown to be the leading risk transfer market, whereas the Shanghai pilot is shown to be the market where most risk is transferred. Contrary to findings elsewhere, our main results demonstrate that China's carbon markets exhibit integration efficiency and no imbalance between regions. This may be because the efficiency of China's carbon markets has improved over time. The evidence also implies that if a multi-dimensional correlation has not been considered, it may underestimate the efficiency of regional carbon prices' integration. [ABSTRACT FROM AUTHOR]

In this article, the Markov Switching-GARCH model (MS-GARCH) was applied to the daily time series data for Saudi crude oil prices for the period (07/04/2010) to (01/11/2021). AIC criterion is used to measure the accuracy of the model. The results concluded that the best model is MS-GARCH (3,3), with no significant price change. The maximum likelihood method is used to estimate the parameters of the model. Depending on the results of the transition matrix, the probability that the price of crude oil will rise at a particular time is relatively less than the probability that the price of oil will remain at a relatively stable price in the third regime. In contrast, in the later period, the price of crude oil can have few high effects and internal fluctuations equal to α13 = 0.0904 and external fluctuations equal to β3 = 0.9095, the resulting fluctuation is due to the influence of internal factors more than external and characterized by high conditional volatility and high persistence of the volatility process, so we can conclude that the system has a “turbulent market conditions” with high levels of volatility and strong persistence. [ABSTRACT FROM AUTHOR]

Primarily, the current study seeks to explore the influence of financial development, economic growth, trade openness, non-renewable and renewable energy utilization on carbon dioxide (CO2) emission in Pakistan from 1990 to 2017. The findings of structural break unit root tests indicated that a few variables are stationary at the level and others integrated at the first difference. The bound F-test and Johansen cointegration tests confirmed the evidence that a long-run relationship exists among concerned variables. The long-run results explore that financial development and renewable energy penetration significantly accelerate the environmental quality, while economic growth, non-renewable energy utilization, and trade openness are responsible for deteriorating the environmental quality. The results from the short-run estimate explore that non-renewable energy utilization and trade openness significantly reduce the environmental quality while renewable energy sources are beneficial for environmental quality. Moreover, the current study discovered the unidirectional Granger causality relationship from economic growth, trade openness, non-renewable and renewable energy penetration to carbon emission in Pakistan. The outcomes of this study provide some insightful policy suggestions to overcome the detrimental effect of environmental degradation. [ABSTRACT FROM AUTHOR]

High energy production is the global requirement that is the demand of high economic growth in the country and needs regulators and recent researchers' emphasis. Therefore, the current study examines the impact of economic factors such as gross domestic product (GDP), national income, employment rate, foreign direct investment (FDI), and inflation and technological advancement on energy production in China. The present article has used the secondary data extracted from World Development Indicators (WDIs) from 1976 to 2020. The present research has employed the nonlinear autoregressive distributed lagged (NARDL) model to explore the association among the understudy constricts. The findings revealed that all the economic factors such as GDP, national income, employment rate, FDI, inflation, and technological advancement have a significant and positive association with energy production in China. This article guides the relevant authorities and policymakers in developing and implementing the policies related to generating high energy production using foremost economic factors. [ABSTRACT FROM AUTHOR]

This study aims to examine the association between economic growth and energy consumption (renewable and nonrenewable). The data was collected from 80 developing countries comprising countries from all income over the 1990 to 2020 period. On methodological aspects, this study identifies the diverse impact of variables at different quantiles through novel methods of movement quantile regression (MMQR) approach and long-run coefficient estimations through fully modified ordinary least squares, fixed effects ordinary least squares, and dynamic ordinary least squares. According to the primary findings, the growth hypothesis exists in developing countries as both nonrenewable energy and renewable energy impact economic growth positively in MMQR estimation (for renewable energy at all quintiles and nonrenewable energy at lower quantiles), whereas the feedback hypothesis exists in (Dumitrescu and Hurlin Econ Model 29(4):1450-1460, 2012) Granger causality approach. The findings exposed that the economic renewable and non-renewable energy consumption has a positive impact on economic growth in developing countries. Based on the results, we recommend that developing countries prioritize investments in renewable energy for their production and expansion. Moreover, the provision of tax exemptions, subsidies, and feed-in tariffs are the right policy options towards the encouragement of the renewable energy sector and ultimately for the growth of the developing countries. [ABSTRACT FROM AUTHOR]

During the 2000s, Brazil accumulated a substantial amount of foreign reserves through foreign exchange market interventions undertaken by its Central Bank. Mainstream economics considers such interventions a restriction to monetary policy autonomy. This article analyses the relationship between monetary policy autonomy and exchange rate regimes theoretically and empirically for the Brazilian economy. We argue that the compensation principle, as a direct derivation of the endogenous money approach, is an alternative to both the trilemma and dilemma views in the mainstream perspective. Then, we provide empirical evidence in favour of the compensation principle in the Brazilian economy by verifying the exogeneity of the interest rate and estimating a vector error-correction model (VECM) that indicates that the foreign reserves do not have a long-term effect on the monetary base, while they present a significant and large effect on the repos account. In line with the compensation view, we conclude that in the 2000s, Brazil had more monetary policy autonomy than conventional approaches would have suggested. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to determine how macroeconomic performance work with institutional quality influences divestment of foreign direct investment (FDI) in Sub-Saharan Africa, in the short and long run. Design/methodology/approach: This paper investigates divestment of FDI in Sub-Saharan Africa, within the period 1980–2020. The investigation is undertaken by first comparing the trend with what is obtained in other economic regions of the world. The factors behind the divestment are subsequently investigated, using the vector error-correction model. Findings: In the comparative analysis, Sub-Saharan Africa and other regions are observed to have witnessed sustained divestment in recent years. The estimation results of the model reveal that macroeconomic performance and institutional quality are the predominant drivers behind the divestment. Research limitations/implications: The findings, however, do not conform to the neoclassical theory that lays emphasis on investment return as the fundamental factor influencing investment. Long-run structural stability is also established; hence, the results may be considered suitable for predicting future divestment in the region. Practical implications: In view of the empirical findings, macroeconomic performance and institutional quality need to be improved to ameliorate FDI divestment in Sub-Saharan Africa. Originality/value: There is paucity of research works on divestment of FDI in Sub-Saharan Africa. Again, there is paucity of works on how macroeconomic and institutional conditions work together to influence divestment. This study provides some evidence to bridge the perceived gaps. [ABSTRACT FROM AUTHOR]

Relative performance of value with respect to growth has been a subject of industry debate for many years and is a cornerstone of numerous equity allocation decisions. This article presents a framework for quantifying the extent of over or undervaluation of value relative to growth and for identifying the key factors driving performance. The authors construct a fair value measure of the value factor to growth factor price-to-book ratio using prior-period ratio of price/book, 10-year trailing inflation, 10-year real Treasury yield, equity volatility, and growth of corporate profits in a vector error-correction model (VECM). This is then extended to a robust forecasting model for future value and growth returns. Upon conducting an out-of-sample value versus growth historical return forecast, the authors conclude that this method is a significant improvement over the use of historical average as a future return estimation. This methodology offers an alternative robust solution to forecasting value versus growth returns that can be further applied to asset allocation decisions and risk management. [ABSTRACT FROM AUTHOR]

The key goal of this research was to figure out the short and long run relationship between environmental degradation caused by carbon dioxide (CO2) emissions and energy consumption, the level of GDP economic growth, and urbanization in the Visegrad Region countries (V4). The study used data from the years 1996–2020. In the methodological area, ARDL bound test, and ARDL and ECM models were used to determine the directions and strength of interdependence. The results show that in the case of some V4 countries (Poland, Slovakia, and Hungary), changes in the urbanization rate affect CO2 emissions. Moreover, it was confirmed that the phenomenon of urbanization influences the enhanced energy consumption in the studied countries. In the case of individual countries, these relationships were varied, both unidirectional and bidirectional. Their nature was also varied—there were both long and short-term relationships. These findings suggest that the V4 countries should increase renewable and ecological energy sources. It is also recommended to enhancement energy savings in the areas of both individual and industrial consumption by promoting low-emission solutions. This should be done while considering changes in urbanization. [ABSTRACT FROM AUTHOR]

This article investigates how the non-linear connection between energy consumption and economic development is influenced by energy intensity level in the context of energy-capital substitution. We firstly analyze the substitutability/complementarity between energy and capital by estimating VES production function within the standard Solow growth model framework for 58 countries over the period of 1975–2017. The selected countries are classified into four groups according to their relative energy intensity levels and their accessibility to energy. The estimation findings reveal that energy and capital are complements in the final output for each country group. Hence, in this paper, as further analysis, the study examines whether or not energy consumption always fosters economic growth. We investigate the non-linear link between energy consumption and economic development by constructing a panel smooth transition regression (PSTR) model for each country group and looking at the impact of energy intensity in this relationship. The empirical results provide that for each country group, there is a threshold level for energy intensity. Regardless of whether a country is a net energy exporter or net energy importer, it needs to use energy efficiently and not exceed the ideal energy intensity level in both production and consumption to maintain long-term economic growth. [ABSTRACT FROM AUTHOR]

Anthropogenic and natural factors lead to substantial environmental degradation. This shift is aligned with the country's overall development, resulting in high demand for energy resources and a dramatic shift in human activities that contribute to haze pollution. Some of the countries in the South Asian region are ranked between one and twenty on the list of countries with the highest levels of PM2.5 pollution. The member countries have taken many steps to tackle global warming, but concern about haze pollution was found limited. Moreover, very little research was conducted on haze pollution, which led us to conduct this research in this region. This study used the panel data from 1998 to 2018 and a set of econometric models like long-term cointegrating relationship, fully modified ordinary least squares, and vector error-correction model Granger causality tests to examine the major drivers like anthropogenic and natural factors that might elevate haze pollution. Furthermore, our empirical results depict that (1) there is a long-term cointegrating relation between haze and the factors studied. (2) Energy consumption, urbanisation, and economic growth are the primary drivers of environmental degradation. (3) Rainfall has the most substantial influence on reducing haze pollution. The study concluded that (a) if the countries continue to develop at the same pace, all factors studied will continue to drive haze pollution to rise. (b) A decrease in PM2.5 pollution requires improvements in regional rainfall through vegetation, reducing reliance on fossil fuel-based energy sources, and increasing environmental education. (c) Slowing down the drive for urbanisation would not be cost-effective in reducing haze pollution in the region in the short run. Thus, reducing haze by adjusting the factors studied would not be easy in the short run and require the careful adoption of long-term policies. [ABSTRACT FROM AUTHOR]

A productive economic structure, represented by economic complexity (ECP), augments the economic development of nations. However, previous empirical investigations on this topic are confined to understanding the direct effects of economic complexity on environmental quality with equivocal outcomes. Therefore, this study not only probed the effects of ECP on the ecological footprint (EF) but also explored the indirect environmental effects of ECP through the channel of economic growth. To do so, the study employed the unit-root tests with structural breaks and without structural breaks. Afterward, the newly developed Augmented Autoregressive Distributed Lag (AARDL) method was used on the time series Indian data from 1970 to 2017 in the Stochastic Impacts by Regression on Population, Affluence and Technology (STIRPAT) framework. The findings disclosed cointegration among the selected variables. Notably, the AARDL test provided a reliable conclusion by using three different tests compared to the conventional ARDL model that relies on just one F-statistics. The long-run empirical results unfolded that ECP not only reduces footprint but also decreases the adverse environmental impacts of economic growth. In addition, energy intensity and economic growth contribute to escalating the EF, and thereby, increase environmental degradation. Nevertheless, population density decreases the footprint, and thus, stimulates ecological sustainability. Besides, ECP Granger causes EF. After this, several diagnostic tests were performed to confirm the stability of the models and the results were verified using the Fully Modified Ordinary Least Squares test. Lastly, the study directed policies to increase the level of sophisticated knowledge-based production for sustainable growth. [ABSTRACT FROM AUTHOR]

Renewable energy is considered to be a useful tool to mitigate global carbon dioxide emissions and its benefits are linked to globalization. To investigate the heterogeneous effects of renewable energy and globalization at different levels of carbon dioxide (CO 2), the present study utilized the Quantile Autoregressive Lagged (QARDL) model. In addition, data for Mexico from 1990Q1-2018Q4 is used with the framework of the Environmental Kuznets Curve (EKC). The findings show that renewable energy mitigates CO 2 emissions regardless of the quantile level. However, globalization is found to raise the ratio of CO 2 emissions while interacting with only the higher quantiles of CO 2 emissions. Additionally, the Spectral Causal analysis reveals that the GDP and GDP squared granger cause the CO 2 emissions only in the long run. Also, renewable energy and globalization significantly granger cause CO 2 emissions in the short, medium, and long-run, suggesting that any policy shock in any independent series will lead to cause carbon emissions. Besides, the findings confirm the existence of the EKC hypothesis for Mexico. Some useful policy implications are suggested based on the short and long-run parameters. • Examines relationship between renewable energy, economic growth, and globalization with CO 2 emissions. • QARDL method is applied over the spanning from 1990Q1-2018Q4. • EKC is verified from middle to higher Quantile. • Globalization increase environmental pollution. • Renewable energy significantly reduces the level of environmental degradation. [ABSTRACT FROM AUTHOR]

The present study unearths the causal effect of economic policy uncertainty (EPU), trade policies, and financial regulation on CO2 emissions in the United States. Based on this aim, the frequency domain causality and wavelet coherence tests are employed while answering the following questions: (i) Do EPU, trade policy, and financial regulation lead to CO2 emission in the United States, and (ii) if so, why? The findings from wavelet coherence reveal that changes in EPU, trade policies and financial regulation significantly lead to changes in CO2 emissions at different frequency levels, meaning that EPU, trade policies, and financial regulation are important predictors for the CO2 emission in the United States. The consistency of the findings from wavelet coherence is confirmed by the outcomes of frequency domain causality. To the best of our knowledge, until now, no study has explored the causal effect of economic policy uncertainty, trade policies, and financial regulation on the CO2 emission in the United States using single data set and wavelet coherence approach, which allows capturing both the long and short-run causality among the time series variables while combining time and frequency domain causality approaches. Therefore, the present study is likely to attract great interest from policy-makers and researchers in this field. At the same time, it is likely to start a new debate. [ABSTRACT FROM AUTHOR]

The countries of Central and Eastern Europe, from the non-euro area, have completed the process of economic transition before joining the European Union. Achieving a certain level of economic development and membership in the European Union have generated their involvement in a new transition process, namely the energy transition. Concerns about promoting the low carbon economy have become increasingly complex for those countries that are interested in the environmental impact of economic activity. This study aims to analyze the process of energy transition in the countries of Central and Eastern Europe on the basis of the causality relationship among specific variables for the period 1990–2018. The study is based on cross-sectional panel data and the panel vector error correction model (PVECM). The efforts made by these countries by joining the European Union have generated economic development, with positive effects being recorded on the protection of the environment, a fact due to the strict regulations adopted and rigorous implementation at the national level. Foreign capital had a positive impact on the transition to a low carbon economy because most of the FDI flows attracted by the non-euro countries in the CEE come from Western Europe, i.e., from EU member countries, located either among the founders or among the countries that joined during the first waves of union expansion. Membership in the European Union facilitates the energy transition process for the non-euro countries of Central and Eastern Europe, but the new geopolitical events generate the reconfiguration of the European strategy of considering the need to ensure energy security. [ABSTRACT FROM AUTHOR]

The re-assessment of energy – economy nexus in developing economies like India is necessitated by the constant evolution of their growth path and sectoral progression. This sectoral level examination is intended to find new evidence for the dependence of economic growth on the electricity sector in India. Using annual data of per capita real GDP and sectoral level consumption of electricity from 1971 to 2019, the combined co-integration test and Frequency domain causality approaches are employed. The estimated results show the negative impact of agricultural sector electricity consumption on growth, whereas both the Industrial and service sector enhances the production. In addition, the results of the Frequency domain causality approach support the Growth hypothesis for the study period in India, as Uni-directional causality from three sectors to economic growth were found at least in a frequency of short run to medium run. The sustainability of the growth-enhancing role of electricity consumption will depend on more sector-specific energy policies and public spending on energy infrastructure development than bland subsidies. [ABSTRACT FROM AUTHOR]

This study applies a Markov switching error correction model to describe the single most important real exchange rate (Deutsche mark versus US dollar) over the flexible exchange rates period from 1973 to 2004. We show an alternative way of modelling non-linear adjustment to the purchasing power parity (PPP) besides standard threshold models. The model merges the two possible sources of non-linearity by additionally allowing the probability of a mean-reverting regime to increase with the distance from PPP. The interest rate differential as an additional determinant of real exchange rate behaviour in a Markov switching framework is introduced in the model. The study finds that the real dollar exchange rate during the post-Bretton Woods era is well described by a Markov switching error correction model with (PPP) as long-run equilibrium. There is one mean reversion regime where PPP and the interest parity condition are valid. Contrary, the second regime is characterised by persistent mean aversion, where a regime switch does not become more likely with increasing distance from PPP. The unconditional half-life of shocks is about 1.5 years. [ABSTRACT FROM AUTHOR]

A Correction to this paper has been published: 10.1007/s00233-021-10216-8 [ABSTRACT FROM AUTHOR]

The purpose of this paper is to analyze the relationship between economic growth and Colombian financial portfolio quality institutions during the second decade of the 21st century for forecasting purposes, by means of an econometric error correction model using quarterly information for the period between 2011-I and 2020-III, both of gross domestic product and of the gross and past-due portfolio of financial institutions. The estimation of the model was executed using the econometric program Eviews 10 with the intervention of two variables. The first one consists of the seasonally natural logarithm adjusted gross domestic product [LPIBD] and the second corresponds to the portfolio quality indicator defined as the ratio of the past-due portfolio to the gross portfolio [INCALID]. The results reveal that the variables are integrated of order 1 and are co-integrated, making it possible to estimate the model with three lags, which added to the unidirectional causality in the Granger sense, allowed predicting the portfolio quality of financial institutions for the fourth quarter of 2020 and establishing the short- and long-term dynamics. [ABSTRACT FROM AUTHOR]

By adopting Westerlund's panel cointegration test, and the panel Granger, non‐causality test, this study investigates the long‐run and causal relationship between energy consumption and economic growth and energy transition in Africa. The test took into account cross‐sectional dependency for five African areas from 1990 to 2018. The models additionally contain labour and capital stocks to investigate causality and cointegration in the areas. The cross‐sectional dependency test shows that the African region sample is cross‐sectionally correlated. The panel cointegration test shows evidence of a long‐run relationship between economic growth, energy consumption, labour and capital stock in all areas. The non‐causality result shows a uni‐directional causality from economic growth to energy use. [ABSTRACT FROM AUTHOR]

This study exposes the potential role of financial development to determine economic growth and utilisation of energy. Moreover, it also identifies how information communication technology (ICT) moderates this relationship. By sampling a large range of data from 138 economies for the year 1980–2020, the current study employs the panel least square model to test the regression. The result reveals that economic growth and information communication technology have a positive significant impact on energy utilisation. Financial advancement has a direct significant effect on energy utilisation and economic growth. Similarly, the moderating role of ICT was also observed in the current analysis. The current analysis guides policymakers on the relevant role of financial development in improving the economic status and consumption of energy. The policymakers in these various countries should balance the connection between the supply and demand of energy to accomplish the sustained development of the economies. Furthermore, the analysis speaks about the significance of ICT in boosting energy consumption and gives an important policy recommendation regarding the role of ICT both in economic growth and energy utilisation. [ABSTRACT FROM AUTHOR]

Studying the level of economic growth remains a topic of discussion among economists and policymakers. As economic growth further impacts the socioeconomic development of the country. The present study has investigated the impact of innovations and financial development on economic growth in case 58 developing counties from 2000 to 2020. To analyze the stationarity of the variables LLC, ADF-Fisher, IPS, and PP-Fisher unit roots have been used. This study uses a panel autoregressive distribution lag co-integration approach and a vector error-correction model for short-run dynamics of the model. For investigating the causal relationship among the variable's variance decomposition and impulse response function have been applied. The outcomes of the study show that innovations, availability of physical capital, and trade have a positive and significant impact on economic growth. Financial development has significant but inverse influence on economic growth. It is suggested that for higher economic growth, developing countries improve the threshold level of financial development and use an innovative process of production. Urbanization and inflation hurt economic growth. Thus, developing countries should promote a stable inflation rate with liberalized trade, innovation, and physical capital to enhance economic growth. [ABSTRACT FROM AUTHOR]

Garut Regency is developing the UMKM cluster to support the Indonesian government's program to improve the UMKM industry. This study describes developing a cracker MSME cluster framework in Garut Regency. The qualitative method was carried out through an interview with the head of the cracker center community in Garut Regency. The data were then analyzed using a reduction technique which was then tested for validity through triangulation. The results showed that the infrastructure, the location of the cracker center, the lack of consumer convenience, the low capital financing, and the competitiveness of product marketing had a moderate level of competence, which indicated that the existing entrepreneurial competencies were quite good for their business. This research implies that it can be considered in developing the cracker UMKM cluster, making it the first cluster in Garut Regency. [ABSTRACT FROM AUTHOR]

This study aims at investigating the relationship between macroeconomic factors and Indonesia's current account deficit (CAD). This study employed time series data with up to 42 observations from 1980 to 2021. The vector error correction model (VECM) was implemented for data analysis because it can dynamically describe the short and long-term impacts of macroeconomic variables on the CAD. It is considered that macroeconomic variables that have the potential to determine the CAD are fiscal balance (FB), growth of GDP (GRGDP), inflation (INF), a real effective exchange rate (LNREER), terms of trade (TOT), and trade openness (TRADOP). The findings show that FB has no effect on the current account in the short and long-term. Meanwhile, lag 1 GRGDP, lag 1 INF, and lag 1 LNREER has a positive effect on the current account. On the other hand, TRADOP has a negative effect on the current account at lag 1 and TOT has a long-term positive effect. This study suggests that the government should optimize and synchronize economic policies and efforts to improve the current account performa [ABSTRACT FROM AUTHOR]

In this paper, the impact of renewable energy consumption on economic growth in South Africa has been examined during the period from 1990 to 2019. The study aims to establish whether or not renewable energy consumption matters in the economic growth process of South Africa. Empirical evidence to date on the renewable energy consumption and economic growth nexus is not only scanty but also inconclusive, calling for a study of this nature. Using the ARDL-bounds testing approach, the study failed to find any significant impact of renewable energy consumption on economic growth in South Africa, irrespective of whether the regression analysis is conducted in the short run or in the long run. The findings of this study, therefore, lend more support to the neutrality hypothesis, where renewable energy consumption has no significant impact on economic growth. Based on these empirical results, we can conclude that energy conservation can be pursued in South Africa without jeopardizing the economic growth efforts of the country. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the long- and short-run impact of public debt as well as government expenditures on economic growth in Albania, using annual time series data, covering the period 1993–2021. To accomplish this task is used the Vector Error Correction Method (VECM). The results of the study reveal that between public debt and economic growth exists an inverse long-run relationship. In the long run, public debt has a negative impact on GDP growth, whereas government expenditures positively affect the economic growth. Regarding the short run results there exists a positive relationship between public debt and economic growth. The evidence of this paper will contribute to the existing literature regarding the relationship between these variables and can help policymakers to undertake sound policy measures. [ABSTRACT FROM AUTHOR]

Despite a growing body of evidence showing how consumers' impressions of corporate brands' warmth and competence lead to managerially relevant outcomes, the cognitive processes by which consumers form such impressions remain poorly understood. This study draws on theories from the cognitive and social psychology fields to develop a conceptual model that explains the formation of differentiated (i.e., nonstereotypical) warmth and competence impressions based on specific dimensions of corporate associations. These impressions transform consumers' information about a company into trust. The conceptual model was tested in a randomized between‐subjects experiment that manipulated the different dimensions of corporate associations and established the causal and mediating relationships (Study 1). To increase the external validity of Study 2, the participants rated real companies using a survey. The implications of the findings for consumer impression formation theory are discussed, and managerial recommendations for both influencing warmth and competence impressions and fostering consumer trust are provided. [ABSTRACT FROM AUTHOR]

This article analyses the level of integration in pastoral markets in Kenya using high-frequency data generated through a crowdsourcing endeavour. The vector error-correction model framework was used to estimate the causal relationships between the short- and long-run market price. The results indicate that a higher proportion of price variation in larger markets in the region was due to market price shocks, while variation in the smaller markets originated from the larger markets. Weekly adjustments and the convergence of prices on a long-run equilibrium after experiencing shocks were also observed. Price transmission was also evident between markets operating along different trading routes. However, markets located close to production catchments exhibited lower price trends, despite being connected. These results suggest a strong influence of the recent infrastructural investments on price transmission between markets in the region. The findings imply that more investments would enhance the competitive trading environment and reduce unidirectional price transmission. [ABSTRACT FROM AUTHOR]

This study examines the impact of financial development on energy consumption for a wide array of countries. The estimators used for financial development are foreign direct investment, economic growth and urbanization. The study employed a panel data regression on 136 countries with time frame of years 1990 to 2019. The model in this study deploys system GMM technique to estimate the model. The results show that financial development has a significant negative impact on energy consumption overall. Foreign direct investment and urbanization has significant impact on energy consumption. Also, economic growth positive impact on energy consumption its mean that economic growth promotes energy consumption. When dividing further the sample into different groups of regions such as Asian, European, African, North/Latin American and Caribbean countries then mixed results related to the nexus between financial development and energy consumption with respect to economic growth, urbanization and foreign direct investment. The policymakers in these different groups of countries must balance the relationship between energy supply and demand to achieving the sustainable economic development. [ABSTRACT FROM AUTHOR]

Financial development and its relationships with economic growth and income inequality have recently received considerable attention. The present study investigates the relationships between financial development and (i) economic growth, using data from 44 countries; (ii) economic inequality, using data from 42 middle-income countries. Estimates are obtained through a panel Autoregressive Distributed Lag (ARDL) model for a period of 23 years (1995-2018). Results reveal that financial development contributes to economic growth in both groups of countries in the long run. However, the contribution financial development makes to economic growth is more noticeable in the case of upper-middle income countries. Additionally, Granger causality test based on Vector Error Correction (VEC) showed two-way Granger causality between financial development and economic growth. Findings disclosed an inverted U-shaped association between financial development and income inequality for both lower-middle income and upper-middle income countries. This study can aid policymakers in designing policies that can strengthen financial systems, thereby enhancing economic growth and reducing income inequality. [ABSTRACT FROM AUTHOR]

The question of how Brazil, Russia, India, China, and South Africa (BRICS countries) can substantially dissipate environmental pollution (EVP) remains unsolved. In this regard, this research explores the dynamic association between energy consumption (EGC), economic expansion (EXP), globalization (GLO), energy innovation (ENI), urbanization (URB), financial development (FID), and environmental pollution (EVP) using panel data from 1990 to 2020. This study integrated the augmented mean group (AMG), common correlated effect means group estimator (CC-MG), and fully modified ordinary least square (FMOLS) model approach to estimate the long-run interaction among the series. The findings of this study reveal a positive and significant association between economic expansion, energy consumption, urbanization, financial development, and environmental pollution. In contrast, globalization and energy innovation extensively abate EVP in the BRICS economies. Moreover, the outcome of the Granger causality test indicates that energy consumption and energy innovation have a bidirectional association with EVP. The Granger causality test further revealed a unidirectional causality between globalization, urbanization, financial development, and environmental pollution. Finally, this research has implications for policymakers in the BRICS countries. [ABSTRACT FROM AUTHOR]

Financial inclusion is critical to inclusive growth, proffering policy solutions to eradicate the barriers that exclude individuals from financial markets. This study explores the effects of financial inclusion on economic growth in a global perspective with a large number of panels classified by income and regional levels from 2002–2020. The analysis begins with the development of a comprehensive composite financial inclusion index comprised of penetration, availability, and usage of financial services and the estimation of heterogeneous panel data models augmented with well-known variables. The results obtained from the panel cointegration test support a long-run relationship between economic growth, financial inclusion, and the control variables in the full panel, income-level, and regional-level economies. Furthermore, the study employs a GMM (generalized method of moment) approach using System-GMM estimators to examine the effects of financial inclusion and the control predictors on economic growth. The results of the GMM model clearly indicate that financial inclusion has a significantly positive impact on economic growth across all panels, implying that financial inclusion is an effective tool in fostering rapid economic growth in the world. Finally, the study delves into the causality relationship between the predictors and provides statistical evidence of bidirectional causality between economic growth and financial inclusion, whereas it only supports unidirectional causality relationships from credit to the private sector, foreign direct investment, inflation rate, the rule of law, school enrollment ratio, and trade openness with no feedback causality. Moreover, the study fails to provide causality evidence from the age dependency ratio and population to economic growth. [ABSTRACT FROM AUTHOR]

Improving the quality of environmental indicators has become a global concern that necessitates the identification of possible channels through which environmental welfare can be enhanced worldwide. Against this backdrop, this current study aims to elucidate the environmental effects of ethnic diversity, controlling for financial development, urbanization, economic growth, and energy consumption in the context of 51 less-developed countries during the period from 1996 to 2016. For measuring the environmental impacts, we use both the ecological footprint and carbon dioxide emission figures of these countries. Overall, the cointegration analysis confirms the existence of long-run relationships among the study variables. Besides, the regression analysis reveals that ethnic diversity deteriorates environmental quality by surging the ecological footprint and carbon dioxide emission levels of the selected nations. Similarly, financial development and energy consumption are found to impose identical adversities on the environment while urbanization is evidenced to ensure environmental welfare. Lastly, for both the environmental indicators considered in this study, the environmental Kuznets curve hypothesis is verified from the findings. Hence, considering these key outcomes, a set of relevant environmental welfare-related policy interventions are recommended in the context of less-developed countries. [ABSTRACT FROM AUTHOR]