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This study utilizes panel cointegration techniques to estimate the long-run relationship as well as the causal dynamics between renewable energy consumption per capita, real gross domestic product (GDP) per capita, carbon dioxide emissions per capita, and real oil prices for a panel of 11 South American countries over the period 1980 to 2010. Specifically, we find the long-run elasticity estimates are positive and statistically significant with respect to real GDP per capita, carbon emissions per capita, and real oil prices. The results of the panel error correction model reveal a feedback relationship among the variables in question, indicative of the importance of renewable energy consumption in both the growth of output and the containment of carbon dioxide emissions. [ABSTRACT FROM PUBLISHER]

This study extends the investigation of the relationship between renewable and non-renewable electricity consumption and economic growth for 16 emerging market economies within a time-varying coefficient cointegration model spanning the period 1990–2011. The standard panel cointegration tests with fixed coefficients indicate that there is a stable long-run equilibrium relationship between real gross domestic product, renewable electricity consumption, non-renewable electricity consumption, real gross fixed capital formation, and the labor force. However, the time-varying coefficient cointegration tests show that the stability of the long-run relationship is rejected with the coefficient for non-renewable electricity consumption declining over time while the coefficient for renewable electricity consumption rising. [ABSTRACT FROM AUTHOR]

This study explores the impact of electricity consumption, as a proxy for economic activity, on stock prices for a panel of 23 Organization for Economic Cooperation and Development countries for the period 1992 to 2010. Heterogeneous panel cointegration tests reveal a long-run equilibrium relationship between stock prices and electricity consumption, while controlling for factors related to arbitrage pricing models and macroeconomic fundamentals. Finally, the panel error correction model shows bidirectional causality in both the short-run and long-run between electricity consumption and stock prices. [ABSTRACT FROM AUTHOR]

This study examines the causal relationship between renewable energy consumption and economic growth for 80 countries within a multivariate panel framework over the period 1990–2007. The results of the panel cointegration test indicates there is a long-run equilibrium relationship between real gross domestic product, renewable energy consumption, real gross fixed capital formation, and the labor force with the respective coefficient estimates positive and statistically significant. The results from the panel error correction model reveal bidirectional causality between renewable energy consumption and economic growth in both the short-run and long-run. [ABSTRACT FROM PUBLISHER]

This paper contributes to the existing empirical literature of inflation persistence by providing results on the level of inflation persistence for the Greek economy using an inflation series on both the aggregated and the disaggregated level. The empirical findings reveal substantial homogeneity across sectors as well as across price indices. These results suggest a very moderate degree of inflation persistence for both aggregate and disaggregate price indices. The results point to the need to account for the presence of a structural break typically related to the “Maastricht effect”; and entailed a structural increase in the persistence measure, though the average level of inflation declined. This could be a piece of evidence that although the monetary component of inflation in Greece was neutralized due to the implementation of the monetary policy by a central monetary authority, other idiosyncratic characteristics of the Greek inflation contribute to this persistent structure of the inflation series.

The goal of this paper is to investigate the efficiency of the banking systems in eight European countries over the period 1994 to 2008 by using the production frontier methodology. The paper shows that risk factors along with a size variable should be taken into account, otherwise inefficiency tends to be overstated.

The energy sector represents one of the key contributors to environmental degradation. In this context, actions taken within the energy sector are paramount in the global effort to combat climate change. This study aims to investigate the impacts of renewable and non-renewable energy consumption, energy technology investment, and green technological innovation on environmental sustainability in the context of EKC and LCC hypotheses in the USA from 1980 to 2015. While many studies in the literature focus on the EKC hypothesis, this study offers a comparative analysis of the EKC and LCC hypotheses with relevant variables. For this aim, the study uses the novel Fourier estimation methods. According to the results, the EKC and the LCC hypotheses are valid in the USA. Moreover, non-renewable energy consumption increases the ecological footprint. On the other hand, non-renewable energy consumption decreases the load capacity factor while renewable energy consumption increases it. Finally, energy technology investment and green technological innovation have an insignificant impact on the ecological footprint and the load capacity factor in both models. All results except energy technology investment and green technological innovation are consistent with our expectations. The USA has the potential to realize green growth. Policymakers should support the green technological innovation process and increase green investments., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study investigates a modified version of the Okun's Law that incorporates energy consumption and temperature for five Central Asian countries, while it employs the ARDL methodology, spanning the period 1995-2018. While the original Okun's Law is not supported, the analysis does find support for the modified Law, suggesting the importance of regional specific factors. The results document the presence of a negative association between unemployment and real GNP both in the short and in the long run. The impact of energy consumption on unemployment is positive in the long run, while the temperature impacts unemployment both in the short and in the long run., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

We examine how the implied volatility in the US financial market has been affected by the COVID-19 pandemic. We decompose the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) into two implied volatility conditions (i.e., low and high), and COVID-19 pandemic cases and deaths into two categories (i.e., low and high). Our novel quantile-on-quantile regression approach allows us to better examine the dynamic relationship between the COVID-19 pandemic and implied volatility. Our empirical results show that increased death rates tend to increase fear in the US financial market. Specifically. we find that high COVID-19 cases have a significant impact on implied volatility under high uncertainty conditions, but low COVID-19 cases appear to have no impact on implied volatility in the US market. Our findings offer support to the US policy response by the Federal Reserve Board and the government to limit the instability effect of the COVID-19 shock on the financial markets., Competing Interests: We declare that we are the authors of this unpublished work and there is no conflict of interest., (© 2023 The Authors.)

This study explores the role of COVID-19 in the connectedness between green and conventional bonds. The findings document spillovers from conventional to green bonds. The results imply that the new green bond market cannot be ignored during a stressful period., (© 2023 Elsevier B.V. All rights reserved.)

This paper examines for the first time the relationship between CO2 emissions and the consumption of renewable and non-renewable energy in Uzbekistan, spanning the period 1985-2020. The analysis uses the Autoregressive Distributed Lags (ARDL) model to estimate the long-run dynamic multipliers and short-run elasticity coefficients of energy consumption variables. Economic factors, such as GDP, are excluded in the analysis as they may cause multicollinearity problems. The empirical results document that in the short- and long-run, hydropower (renewable) energy consumption negatively impacts CO2 emissions per capita, showing a unidirectional causal effect. As regards with non-renewable energy consumption, natural gas and oil energy consumption have a positive impact on CO2 emissions per capita both in the short and long run. Coal consumption positively impacts CO2 emissions in the short run, while it is negative in the long run. Policy measures to enhance the collection of energy from additional renewable energy sources, in particular hydropower, should be taken into account in order to increase the share of renewable energy, and thus, to compensate non-renewable energy consumption which is the main contributor to CO2 emissions. Moreover, solar and wind energy should be explicitly taken into consideration as an additional renewable energy source, which has the lack of attention by policymakers. Furthermore, policy actions, such as the involvement of the private sector into renewable energy projects and the implementation of effective carbon tax policies, could be further options to reduce CO2 emissions., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Foreign direct investment (FDI) flows from developed to developing countries may increase carbon emissions in developing countries as developing countries are seen as pollution havens due to their lenient environmental regulations. On the other hand, FDI flows from the developed world may improve management practices and advanced technologies in developing countries, and an increase in FDI flows reduces carbon emissions. Most of the existing studies examine the relationship between FDI flows and carbon emissions by using aggregate FDI flows; however, this paper contributes to the literature by analyzing the impact of FDI flows on carbon emissions in Brazil, Russia, India, China, and South Africa (BRICS) between 1993 and 2012 using bilateral FDI flows from eleven OECD countries. According to our empirical results, from which OECD country FDI flows to BRICS countries matters for carbon emissions in BRICS countries. Our results confirm that FDI flows to BRICS countries from Denmark and the UK increase carbon emissions in BRICS countries, confirming the pollution haven hypothesis. On the other hand, FDI that flows from France, Germany, and Italy reduced carbon emissions in the BRICS countries, confirming the pollution halo effect. FDI flows from Austria, Finland, Japan, Netherlands, Portugal, and Switzerland have no significant impact on carbon emissions in BRICS countries. The BRICS countries should promote clean FDI flows by reducing environmental damages, and investing countries should be rated based on their environmental damage in the host countries., (© 2022. The Author(s).)

The objective of this paper is to examine, for a panel of seven countries from the European Union, spanning the period 1986-2015, whether the use of renewable energy impacts their output elasticities of capital and labor and, thereby, influences the factor shares. By applying a set of models from threshold analysis, the analysis detects-for the first time-the presence of thresholds in the use of renewable energy with nontrivial consequences; notably, once the thresholds are crossed, the output elasticity of capital declines, while the output elasticity of labor rises. These changes in the elasticities indicate substantial changes in factor shares triggered by the identified threshold level of renewable energy consumption. This paper also finds changes in output elasticities of factors of production for other threshold variables including energy production from oil and gas or coal. These findings portray a complex and non-linear relationship between energy sources (e.g., renewables and non-renewables) vis-à-vis the economic growth level (e.g., GDP), with far-reaching consequences for factor shares from using renewables vis-à-vis non-renewables. Accordingly, it can be assumed that the changes in factor shares can, in turn, shape the incentives for the adoption of renewables within the selected European nations. Hence, future economic policies should emphasize the augmentation of renewable energy in the national energy system in order to sustain the rate of economic growth., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study investigates the co-movements of gasoline and diesel prices in three European countries (i.e. Germany, France, and Italy) with different fuel tax systems in place. The methodology follows a time-frequency approach, allowing us to analyse the co-movements at different frequencies and moments in time. As a novelty, we study the impact of fuel tax systems and international oil price dynamics on gasoline and diesel price co-movement. Using weekly data spanning the period from January 2005 to June 2021, the wavelet coherence analysis shows co-movements between gasoline and diesel at all frequencies, as well as during specific periods, but stronger in the long run. This evidence is recorded across all three countries, regardless of their tax systems. However, in decoupling the effect of international oil prices, the partial wavelet coherence analysis shows co-movements emerging also in the short run, with them being stronger around the global financial crisis (2008-2009). Although gasoline taxes are generally higher than diesel taxes, the analysis highlights that fuel tax systems do not influence the co-movements of fuel prices. Thus, shedding new light on the co-movement between commodity prices is fundamental, particularly in light of the current international geopolitical scene., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper analyzes the role of COVID-19 pandemic crisis in determining and forecasting conditional volatility returns for a set of eight cryptocurrencies through an asymmetric GARCH modeling approach. The findings report that the COVID-19 pandemic exerts a positive effect on the conditional volatility of those returns, while explicitly considering the pandemic event improves volatility predictions., (© 2021 Elsevier Inc. All rights reserved.)

This paper explores the impact of Covid-19, and that of the MMLF program on US MMFs systemic risk through the CoVaR methodology. Using 149 listed prime MMFs, between January 2019 and April 2020, the results document that while Covid-19 increased their systemic risk, the MMLF facility scheme mitigated it., (© 2021 Elsevier Inc. All rights reserved.)

It is well known that unemployment and environmental degradation are two critical issues across the globe. However, there is an extended dearth of literature that explores the nexus between unemployment and environmental degradation. Kashem and Rahman (Environ. Sci. Pollut. Res. 27(101): 31153-31170, 2020) put forward the Environmental Phillips Curve (EPC) hypothesis, which depicts a negative relationship between unemployment and environmental degradation. This study further explores the validity of the EPC hypothesis in the case of the USA. It also investigates the impact of monetary policy uncertainty (MU), fiscal policy uncertainty (FU), and trade policy uncertainty (TU) on carbon dioxide emissions. To this end, the analysis employs the novel methodology of the dynamic ARDL model. The results document that EPC does not hold in the short run, but it does in the long run. Furthermore, both in the short and long run, MU escalates CO 2 emissions, while FU plunges emissions in both the short and long run. Finally, TU does not alter the level of CO 2 emissions., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)