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© 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.Global warming is pressuring policymakers to change climate policies in shifting the global economy onto a net-zero pathway. While financial assets are responsive to policy changes and development, climate change policies are becoming increasingly unpredictable, making policy decision less certain. This study investigates connectedness and spillover effects of US climate policy uncertainty on energy stocks, alternative energy stocks, and carbon emissions futures. We analyzed spillover and connectedness before and after the Paris Agreement. We employed monthly frequency data from August 2005 to March 2021 and applied DY (2012) method and MGARCH approach. We found that world energy stocks and carbon emissions futures are connected to US climate policy uncertainty. Uncertainty in climate policy and world energy stocks act as information transmitters in return spillover, while global alternative energy and carbon market are shock receivers. On volatility spillover, climate policy uncertainty, energy stocks, and carbon emissions future are shocks transmitters, while alternative energy stocks are receivers. We observe increase in connectedness following the Paris Agreement suggesting strengthened global efforts in tackling climate change. DCC and ADCC estimations revealed spillover effects of climate policy on futures returns and volatilities of world energy stocks and carbon emissions futures and the shocks could be transmitted through to the energy sector. During period of uncertainty in US climate policy, carbon allowances can potentially serve as a safe haven for energy stocks and provide downside protection for alternative energy stocks, hence hedging against climate transition risks.

What happens to the impact of tourism on environmental degradation as the income level of the nations or regions increases? The Environmental Kuznets Curve (EKC) hypothesis asserts that the influence of tourism on CO2emissions decreases with a rise in income levels. This study captures the role of governance in the tourism-induced EKC hypothesis in the European Union (EU), after Brexit. Given that the United Kingdom (UK) is the most visited country in the region, and tourism is a very vital instrument to economic stability and growth, it would be interesting to inspect the relationship among these variables without the UK. Auto-Regressive Distributed Lags (ARDL) estimates show that tourist arrivals decrease carbon emissions in the long-run, while per capita growth fosters carbon emissions in the long-run. In addition, Quantile Regressions (QR) reveal that, in general, the governance indicators have positive effects on emissions. Moreover, for the first quantile, the TEKC emerges. Finally, regarding the causality relationship, a unidirectional relationship from per capita growth to carbon emission, and from carbon emission to tourism arrivals emerge, while no causal link exists between energy consumption and carbon emissions. Moreover, a feedback mechanism (bidirectional causality) is discovered between per capita growth and tourism arrivals, and energy consumption as per capita growth.

© 2022, The Author(s), under exclusive licence to Springer Nature B.V.In this study, we examine the volatility of exchange rates to exogenous monetary shocks by dividing the volatility into subsections of “interdependence” and “contagion” during FED’s easing for the period from 2010:11 to 2018:7. Conventional methods are neither suitable to differentiate those components nor to identify the co-movements concerning time and frequency analysis, which are critical for timing in asset management and policymaking. Therefore, wavelet analysis is introduced to differentiate such components. The contribution of the study is threefold: First, this study compensates for the lack of research capturing the volatility structure of exchange rates during exogenous shocks. Second, we show both the long-term and short-term impact with associated frequency ranges. Third, we show that identifying the impact of a shock in different components and frequency ranges can provide valuable insights for the timing of market preventions and asset allocation.

© 2022, The Author(s), under exclusive licence to Springer Nature B.V.Economic development may have distinct implications for the environment based on gender-differentiated employment in various sectors of the economy. This is the first major attempt to incorporate gender in environmental modeling using sector-wise female employment status and gender parity index. In this study, we investigate the environment-gender nexus through the Environmental Kuznets Curve (EKC) hypothesis in 36 Asian countries for the period 1991–2017 by panel data estimations. We find in all estimations through panel FMOLS that (a) per capita GDP positively affects CO2 emissions and (b) per capita CO2 is affected by per capita GDP squared negatively, thus confirming EKC for panel Asian data with 971 observations. The estimations of the paper also confirm the EKC hypothesis through panel data models in which GDP and GDP squared variables. Our findings suggest male and female labor market participation impacts the environment differently, particularly in the agricultural sectors. We also find that an increased schooling ratio (gender parity index) negatively impacts environmental degradation. The findings of the present study are expected to give insights into policymakers for understanding the theoretical and statistical association between environmental quality and male/female labor force in agricultural and industrial sectors for 36 Asian countries.

Purpose This paper aims to investigate the pass-through (PT) effect in Turkey by using quarterly data for the period 1998: Q1-2019: Q2 to understand the dynamic potential effects of exchange rates on domestic prices. Design/methodology/approach The paper launches several nonlinear models in which the basic determinants of domestic prices in Turkey are determined through Markov regime-switching models (MSMs). Hence, this research follows the variables of the consumer price index (CPI), USD exchange rate, gross domestic product (GDP; demand side of the economy), industrial production index (production side of the economy), economic uncertainty and geopolitical risk index for Turkey. Findings This work explores that the exchange rate and demand side of the economy (GDP) follow a positive nonlinear relationship with CPI at both regimes. The production side of the economy (IP) affects negatively the CPI during regime 0. Economic uncertainty influences the CPI positively at Regime 1, while geopolitical risk has a negative association with CPI at Regime 0. Eventually, the paper provides some policy proposals associated with the impacts of GDP, IP, economic uncertainty and geopolitical risk on CPI in Turkey. Originality/value One may claim that any PT model, which does not observe the possible structural or regime shifts in estimated parameters, might fail to estimate the coefficients unbiasedly and efficiently. Hence, this work differs from available relevant works in the literature since this paper considers linearity or nonlinearity important and reveals that the relevant PT model follows a nonlinear path rather than a linear path, this nonlinear path is converged strongly by MSMs and estimates the significant regime shifts in the constant term and, in parameters of independent variables of PT by MSMs.

© 2021, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.The outbreak of the COVID-19 pandemic has adversely affected all aspects of life and poses a severe threat to human health and economic development. New York City administration enacted a strict isolation decision at the end of March 2020 to tackle the COVID-19, creating a unique opportunity to assess air quality. Therefore, we investigated the impact of the lockdown on air quality in New York City. We evaluated the air pollutants concentration, i.e., PM2.5, CO, NO2, SO2, and O3, during the lockdown and compared them with pre-COVID-19. We explored the first phase of lockdown through a spatial approach, then formulated the air quality index (AQI) of each pollutant before and during the lockdown. Our findings revealed that (1) there was a significant decline in the concentration level of PM2.5 from 10.3 to 4.0 μg/m3 during phase one of lockdown. (2) NO2 concentrations have been decreased by up to 52% in 1st phase of lockdown. (3) O3 concentration has been increased by 44.4%. (4) Brooklyn, Manhattan, Queens, and Staten Island County encountered 18.75%, 55.62%, 47.14%, and 47% diminution in AQI due to lockdown as compared to 2018, respectively. Our key findings can provide critical environmental implications for policymakers, researchers, academics, and the US government.

This study analyzes the best renewable energy options in Turkey's sustainable development using the IFTOPSIS method. The study aims to rank Turkey's preferences for renewable energy investments at the optimum level according to the sustainable growth constraint and determined criteria. This method gives optimum results in decision processes where the criteria and options are numerous, the available information is complex, and the degree of hesitation of decision-makers increases. The IF-TOPSIS method has been applied with seven options (wind, solar, geothermal, biomass, wave hydraulics, hydrogen) and 25 criteria to select the best renewable energy source for sustainable development in Turkey. According to the application results, the study's main finding is that the best renewable energy source for Turkey's sustainable growth is "solar energy." Another important finding is that Turkey's essential "evaluation of the criteria" for renewable energy is "capital/investment cost." (c) 2022 Published by Elsevier Ltd.

Suç hem mikro iktisadi açıdan hem de makro iktisadi açıdan toplumlar ve ekonomiler için önemli tehditler içermektedir. Mikro analizlerde gelir, işsizlik, eğitim, eşitsizlik gibi değişkenlerin suç üzerindeki etkileri araştırılmaktadır. Makro analizlerde ise suçun rekabet gücünü azaltacağı, yabancı yatırımcıları caydıracağı, özel ve kamu fonlarının suç önlemeye yönelik verimsiz alanlara aktarılmasına sebep olacağı değerlendirilmektedir. Bu çalışma Türkiye’nin dahil edildiği 25 Avrupa ülkesinde, suçun sosyoekonomik belirleyicilerini ve ekonomik büyüme üzerindeki etkisini analiz etmektedir. Elde edilen sonuçlar gelir, eğitim, refah düzeyinin suçları negatif; işsizlik, fiyat artışı ve eşitsizliğin ise suçları pozitif etkilediğini göstermektedir. Ayrıca, sonuçlar suçun ekonomik büyüme üzerinde negatif etkiye sahip olduğunu doğrulamaktadır.

Küresel ısınma en önemli çevre sorunlarının başında gelmektedir. Küresel ısınmanın temel nedenlerinden birisi, fosil yakıt kullanımı neticesinde oluşan CO2 emisyonudur. Hem bu soruna çözüm getirmek hem de enerji kaynaklarının kısıtlı olması, toplumları fosil yakıt kullanımına alternatif olabilecek enerji kaynaklarını kullanmaya yöneltmiştir. Bu durum ise yenilenebilir enerjilerin CO2 emisyonu üzerindeki etkilerinin belirlenmesini gündeme getirmiştir.Bu çalışmada yenilenebilir enerji kaynaklarından, hidroelektrik enerji kullanımı ile CO2 emisyonu arasındaki ilişki, ABD için incelenmiştir. Araştırmada analiz yöntemi olarak dalgacık uyumu (wavelet coherence) yöntemlerinden birisi olan Morlet dalgacık uyumu modeli kullanılmıştır. Analiz değişkenleri; hidroelektrik enerji tüketimi, toplam biyokütle enerji tüketimi, sanayi üretim endeksi (SÜE), toplam fosil yakıt tüketimi, nükleer enerji tüketimi ve toplam CO2 emisyonu şeklinde belirlenmiştir. Analiz neticesinde hidroelektrik kullanımının (TBiyokütle, TFosil, Nükleer ve SÜE kontrol değişken iken) 2015:1-2015:12 döneminde, CO2 emisyonunu azalttığı tespit edilmiştir.

© 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.Since export has a key role in economic growth in terms of national production quantity, export quality can be considered another important factor regarding the revenue from the export product. Hence, both export and export quality can contribute to the economic growth process positively when the countries’ terms of trade have moved in a favorable direction from this point of view, it is essential to examine the relationship between the energy-growth nexus and export quality. Although available seminal studies are monitoring the energy-growth nexus, there exists a limited number of works employing the export quality. Besides, one might claim that there exists no research on how the terms of trade (export quality) alter the economic growth and energy use through regime shifts. Markov regime-shifting models estimate (a) the impact of export and terms of trade on growth, and (b) the effect of growth on the use of fossil energy and renewable energy for the USA at regime 1 and regime 2 for the period 1980:Q4-2019:Q2. After conducting the non-linear analyses, this paper (i) reveals the estimated parameters varying from one regime to another regime through transition probabilities, (ii) finds evidence that (a) export and export quality growths affect positively GDP growth, (b) GDP growth increases fossil fuel consumption growth, (c) renewable energy growth increases at decreasing rate due to GDP growth, and (iii) yields relevant energy-environmental policy proposals by underlying the prominence of terms of trade within growth-energy nexus.

© 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.In sustainable development, energy is critical in human activities and shapes a sustainable future. Thus, it is an unignorable element in human development. This paper analyzes the contributions of renewable energy sources (RES)’s to the economic, environmental, and social dimensions of sustainable development. Moreover, we add energy security as a possible fourth dimension into the analysis. For the sample size, we limit the countries members of the OECD and run generalized methods of moments for the period from 1995 to 2015. This method can produce efficient estimators under the problems of endogeneity, omitted-variable bias, measurement errors, and heteroscedastic residuals. According to the results, RES has a small reducing effect (−.007%) on output in the Cobb-Douglas production function for the economic dimension. We found that RES has a positive contribution to the environmental dimension and abates the level of carbon emission (−.093%). RES also confirms the inverted-U shape of environmental Kuznets curve. In the social dimension, RES improves human development and a 1% increase in RES consumption causes to.0045% increase in human development. In the last contribution, RES has a positive effect on sustainable energy supply security in the context of electricity generation (.032%). Although the effects of RES on the environment, social, and energy security are significant, they are limited. These limitations point to barriers that can be overcome over time. Our conclusions recommend that these effects might flourish with technical developments and political support in the long run. Furthermore, public awareness, rising income level, and economies of scale are also beneficial in this process. As a result, RES might be an excellent source for a sustainable future and development. Especially, RES might have remarkable contributions to the 7th, 11th, 12th, and 13th goals of sustainable development.

© 2021 Elsevier LtdRecently, significant interaction has been established for oil price shocks with some economic and financial variables, yet our understanding of the environmental burdens of oil price shocks is still limited. We study the co-movements between oil shocks and CO2 emissions intensity in the United States from February 1975 to July 2018 using wavelet techniques. Key findings suggest that the dis-aggregation of oil price shocks into demand and supply shocks yield novel insights into the pattern of co-movements between oil shocks-CO2 emissions relationships across different frequency bands and scales. Moreover, we find that higher oil prices triggered by oil demand and global economic activity shocks cannot serve as a substitute for environmental policies aiming at reducing carbon emissions. Contrary to expectations, we highlight that oil supply shock does not result in lower levels of carbon emissions in the U.S. Besides, we also show that an increase in the intensity of CO2 emissions leads to more uncertainty in the global oil market and drives down oil inventory across different frequency bands. Given the strong predictability of the oil price shocks for environmental burdens, it is hoped that our results will trigger further discussion on environmental problems.

The literature has been increasingly examining the existence of possible compatibility or conflict hypotheses between biofuels and food security in recent years. While current research outputs do not provide a consensus, the new evidence can guide sustainable development policies. In this context, this paper investigates the co-movements between fuel ethanol production and corn prices for the US employing oil production, population, and real exchange rate control variables via the Morlet wavelet analysis from 1990:m1 to 2021:m4. The results of the analysis provide empirical evidence for the dynamics of the relationship between ethanol production and corn prices in the short and long term. However, the striking output of this paper is that increases in corn prices have followed increases in fuel ethanol production in the US markets since 2010. Especially in the long-term (from 2010:m3 to 2019:m12), the increase in ethanol production caused an increase in corn prices. From a sustainable development perspective, this paper points to the existence of a conflict between ethanol production and corn prices in the US over the past decade. © 2022 Elsevier Ltd

Energy research and development (R&D) and environmental sustainability is often referred to as two interrelated trends, especially in the current context of the 4thindustrial revolution. As a primary input of energy innovations, R&D in the energy sector constitutes a vital tool in addressing global environmental and energy challenges. In this frame, we observe the effects of disaggregated energy R&D on environmental pollution within the Environmental Kuznets Curve (EKC) framework in thirteen developed countries over the period 2003–2018. By employing the panel quantile regression technique, we find an inverted U-shaped nexus between economic growth and carbon emissions only in higher carbon-emitting countries, thus, confirming the EKC hypothesis. However, the U-shaped nexus is more predominant in lower carbon-emitting countries. As such, we demonstrate that there is not any single dynamic in the relationship between economic growth and pollution as reported in previous studies. Contrary to expectations, we find that energy efficiency research and development is more effective in curbing carbon emissions compared to fossil fuels and renewable energy research and development. The empirical results indicate also that only energy efficiency R&D mitigates significantly the CO2emissions from the 50thquantile up to 90thquantile, although the magnitude of the negative sign is more pronounced (in absolute term) at the highest quantile (90th). In this light, our findings would guide policymakers in the establishment of sustainable energy research and development schemes that will allow the preservation of equilibrium for the environment while also promoting energy innovations.

Continuous economic growth and the rise in energy consumption are linked with environmental pollution. Demand for health care expenditure increased after the COVID-19 pandemic. This study is interesting in modeling the nexus between public and private health expenditure, carbon dioxide emissions, and economic growth. To this end, the present study analyzed the nexus between public and private health care expenditure, economic growth, and environmental pollution for 36 Asian countries for the period 1991–2017. FMOLS, GMM, and quantile regression analysis confirm the EKC hypothesis in Asia. Besides, FMOLS and quantile regressions reached the reducing effects of government and private health expenditures on CO2 emissions. While quantile regression results show that public and private health expenditures can mitigate CO2 emissions; however, these results differ for various levels of CO2. Findings of quantile regression show a significant impact of both public and private health expenditures in reducing CO2 at the 50th and 75th quantiles but results are insignificant for the 25th quantile. Overall, the paper concludes that both government and private health sectors’ expenditures caused CO2 emissions to decrease in Asia and that the negative impact of the private health sector on CO2 emissions is greater than that of the government health sector. The concluding remark is that the higher the health spending, the higher the environmental quality will be in Asia. Hence, the health administrators need to increase public and private health expenditures with an effective cost-service and energy-efficient management approach to reach sustainable health services and a sustainable environment in Asia. Supplementary Information The online version contains supplementary material available at 10.1007/s11356-021-13639-6.

© The Author(s) 2022.The COVID-19 outbreak and the global uncertainty it causes produce an apparent panic in stock markets. Efforts to explain the economic spillover effects of COVID-19 can guide authorities to design a control policy against the financial impacts of pandemics. The paper examines the effects of the COVID-19 cases on the stock markets in the emerging Latin American countries of Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The paper employs a continuous partial wavelet methodology to observe lead-lag relations between the daily variables of new COVID-19 cases and the stock market index for each Latin American country. Brazilian new COVID-19 cases led the Bovespa (BVSP) index to decline during the whole period, except February and June 2020, at one month-two month-frequency band. The wavelet and phase difference analyses indicate that, except for Brazil, COVID-19 cases did not affect the stock market indexes adversely during the whole sample period but did affect the stock exchange markets negatively during some sub-sample periods of the entire sample of each country. Dynamics of Latin American stock exchange markets in the short and long run can be explained by some other parameters of real and financial sectors and COVID-19 cases.

The purpose of this paper is to investigate the association between hydroelectric energy consumption and CO2 emissions in the USA from 1980:1 to 2019:8 by using the wavelet transform model. This research revealed that (a) in the short runs (at higher frequencies), hydro energy uses intensified CO2 emissions for the periods 1990:01–1992:12, 1994:01–1994:12, and 2002:07–2007:11, and (b) during the longer periods (at lower frequencies), however, hydro energy consumption diminished CO2 emissions for the periods 1983:01–2001:12 and 2011:01–2017:03. The paper explained as well why hydro energy can yield adverse and affirmative contributions to Greenhouse gas emissions by emphasizing the role of energy generation from hydro plants in shorter runs and longer runs in the USA considering all sub-samples of the sample period 1980:1–2019:8. This research eventually suggests some energy policies to enhance the positive environmental influences of hydropower energy production in the USA.

WOS: 000463342600001 In this research, we aim at exploring the influence of renewables on industrial production (Ip) in the US by following continuous wavelet coherence and partial continuous wavelet coherence analyses. To this end, we observed the co-movements between, biofuels and Ip, solar and Ip, wind and Ip, geothermal and Ip, wood and Ip, and, waste and Ip in the US for the monthly period from January 1989 to November 2016. The primary motivations behind this research are twofold. Firstly, it attempts to reach the co-movements, if exists, between renewables' consumption and industrial production by following time domain and frequency domain analyses. Secondly, it aims at observing the potential co-movements between renewable energy sources (geothermal, solar, wind, biofuels, wood, and, waste) and Ip by adding some control variables (fossil fuels, total biomass etc.) into the wavelet models to understand clearly the responses of the industrial production to the impulses in renewables in both short term and long term periods. The paper hence eventually reveals significant effects of geothermal, wind, solar, biofuels, wood, and, waste on US industrial production in short term cycles and long term cycles. Thereby, following this paper's results of continuous wavelet analyses which depict the impact of renewables on US economy at 1-3-year frequency and 3-8-year frequency for the time period from January 1989 to November 2016, one might provide policy makers with relevant current and future efficient renewables' energy policy for the US and other countries which have similar structures with the US.

Accelerating the pace of energy technological innovation is essential tocurb global climate change and build a clean energy system. Based onthis idea, from the perspective of renewable energy technology gapsacross countries, this study presents a thorough empirical analysis ofthe convergence of energy technology research, development, anddemonstration (RD&D) budgets across OECD countries over 1985–2017.In doing so, we apply two-regimes threshold autoregressive approachto account for heterogeneity, nonlinearity, and transition path in energytechnology RD&D convergence. One observation is that only a smallnumber of advanced countries namely Canada, Japan, and the U.S.follow a nonlinear process and exhibit partial convergence in energytechnology RD&D budgets with Japan as a transition country.Interestingly, our results also provide clear support for the globalconvergence of energy technology RD&D budgets once accounting forthe two regimes jointly. These trends in national energy innovationpolicies could arguably help Canada, Japan, and the U.S. to drive uptheir energy RD&D trajectory into the future, suggesting that thesecountries would be able to achieve a more sustainable energyinnovation supply system.

The pandemic caused by the worldwide spread of the coronavirus, which first appeared in 2019, has been named coronavirus disease 19 (COVID-19). More than 4.5 million deaths have been recorded due to the pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), according to the World Health Organization (WHO) COVID-19 Dashboard on September 2021. Apart from the wild-type, other variations have been successfully transmitted early in the outbreak although they were not discovered until March 2020. Modifications in the SARS-CoV-2 genetic material, such as mutation and recombination, have the ability to modify the viral life span, along with transitivity, cellular tropism, as well as symptom severity. Several processes are involved in introducing novel vaccines to the population, includes vaccine manufacturing, preclinical studies, FDA permission or certification, processing, and marketing. COVID-19 vaccine candidates have been developed by a number of public and private groups employing a variety of strategies, such as RNA, DNA, protein, and viral vectored vaccines. This comprehensive review, which included the most subsequent evidence on unique features of SARS-CoV-2 and the associated morbidity and mortality, was carried out using a systematic search of recent online databases in order to generate useful knowledge about the COVID-19 updated versions and their consequences on the disease symptoms and vaccine development., Graphical abstract Image 1

Due to the novel coronavirus pandemic (COVID-19), the lockdown engendered has had a vicious impact on the global economy. This analysis’ prime intention is to evaluate the impact of the United States’ economic and health crisis as a result of COVID-19 on its financial stability. Additionally, the investigation analyzed the spillover impact of the worldwide economic slowdown experienced by COVID-19 on the United States’ financial volatility. The study applied an autoregressive distributed lag (ARDL) model and discovered that the economic and health crises that occurred in the United States portentously upset the future expectations of its investors. Conspicuously, the health crisis in Spain and Italy were ominous spillovers of the United States’ financial instability in the short-run. Likewise, an economic crisis ensued in the United Kingdom because of COVID-19 causing spillover for the United States markets’ financial instability. The examination evaluated that Asian and African nations’ economic crises perilously affects the United States’ financial stability. The study determined that financial instability occurred in the United States due to its own economic and health crises persisted for a longer period than financial disequilibrium that occurred in other nations. The analysis suggested some strategies of smart lockdown that the government of the United States and other nations should follow to restart the economic cycle through tighter controls to minimize losses by following the steps of (a) preparing a lockdown checklist, (b) monitoring completion of lockdown tasks, and (c) complete a close-down stock take or count.

This article aims at answering the following questions: (1) What is the influence of age structure on the spread of coronavirus disease 2019 (COVID-19)? (2) What can be the impact of stringency policy (policy responses to the coronavirus pandemic) on the spread of COVID-19? (3) What might be the quantitative effect of development levelincome and number of hospital beds on the number of deaths due to the COVID-19 epidemic? By employing the methodologies of generalized linear model, generalized moments method, and quantile regression models, this article reveals that the shares of median age, age 65, and age 70 and older population have significant positive impacts on the spread of COVID-19 and that the share of age 70 and older people in the population has a relatively greater influence on the spread of the pandemic. The second output of this research is the significant impact of stringency policy on diminishing COVID-19 total cases. The third finding of this paper reveals that the number of hospital beds appears to be vital in reducing the total number of COVID-19 deaths, while GDP per capita does not affect much the level of deaths of the COVID-19 pandemic. Finally, this article suggests some governmental health policies to control and decrease the spread of COVID-19.

There has been intensive research in the literature of macroeconomics examining the nexus between finance, capital movements, and economic growth to explore the impact of each variable on other variables in the system. One might claim that these researches, needless to say, are seminal and have some considerable outputs. The relevant literature, however, conducts mostly the estimations from macro-econometric models in which structural impulse responses are not monitored. Therefore, this chapter aims at launching panel structural VAR (panel SVAR) model estimations by loading relevant matrices for the decomposition of the shocks into common and composite shocks through recursive impulse responses by a triangular matrix. The contemporaneous impact of a shock in a panel variable on other panel variables are, hence, straightforward and transparent in panel SVAR. The models of panel SVAR of this chapter employs 24 Asian countries for the period 1994–2017. The 576 observations from three different panel SVAR model predictions reveal in general that panel Asian GDP responds positively to the shocks in panel Asian financial development index, financial markets access index, financial markets efficiency index, and gross fixed capital formation.

The novel coronavirus (COVID-19) has tremendously oscillated the global financial markets. Consequently, investors feel pressured to find safe-haven investments during the pandemic crisis. Numerous studies have evaluated bitcoin's safe-haven properties during the COVID-19; however, the present study considered gold as a potential safe-haven for investors of renowned stock markets of Asia, Europe, and the US. The present investigation computed the ratio of gold to bitcoin (Gold_Bitcoin) and compared the safe-haven properties of gold in contrast to bitcoin. The present study analysed the Morlet Wavelet approach and found that most of the time during the COVID-19, gold investments proved to be more beneficial than bitcoin. Remarkably, the findings highlighted that the Gold_Bitcoin ratio increased in higher and lower frequencies combined with CAC40. In the long run, the return on investments in gold increased in contrast to bitcoin returns pooled with DAX30. Also, the Gold_Bitcoin ratio of the US stock market increased during the one-week and one-month cycles of January and August. Likewise, the Hang Seng Index caused the Gold_Bitcoin ratio to rise at a much higher frequency (i.e., the second half of January, the first half of February and April, and the first half of June and August), whereas IBEX35 surged Gold_Bitcoin at a lower frequency (i.e., during January, February, and August). In higher frequency bands, LSE increased the Gold_Bitcoin ratio (i.e., in February and March); nevertheless, Gold_Bitcoin showed a positive connection with FTSEMIB in the one-to-two month's frequency band (i.e., throughout January, February, and August). Interestingly, the returns on the Gold_Bitcoin ratio increased in the SSEC stock market in the high-frequency band (i.e., during March, May, and July 2020).

Recently, the significance of biofuel production on food prices has become an important topic of discussion within the framework of sustainable development. Based on the relevant discussions, this work aims at observing the influence of biofuel production on food prices in the US for the monthly period 1981-2018 by considering all possible structural changes between the co-movements of the variables. In the analyses, oil prices and population variables are also employed as control variables. To this end, we employ continuous wavelet model estimations for the whole sample period and sub-sample periods at different frequencies. All computations have considered the potential changes in co-movements of the variables at different sub-sample periods corresponding to high and low frequencies of observed time series data. Estimation results show that there exist significant relationships between biofuel production and food prices in the short-term and long-term cycles. The outcomes of the research hence may provide some insights into the design of sustainable energy and food policies in the United States.

Geothermal energy is considered environmentally friendly than fossil fuel sources, and geothermal power plants are expected to have a low carbon footprint. It is renewable that can last million years. There exist, however, several gases stored under the earth's surface which are released into the atmosphere during digging (TWI 2020). This research paper aims at monitoring the potential positive and negative effects of geothermal on environmental quality (CO

Geothermal energy is considered environmentally friendly than fossil fuel sources, and geothermal power plants are expected to have a low carbon footprint. It is renewable that can last million years. There exist, however, several gases stored under the earth’s surface which are released into the atmosphere during digging (TWI2020). This research paper aims at monitoring the potential positive and negative effects of geothermal on environmental quality (CO2emissions) in the USA for the period January 1980 to August 2019. The paper employed wavelet and partial wavelet coherence computations to explore the impacts of geothermal energy usage on the environment. The concluding remarks from the estimations can be classified into short-term (1–3-year cycle) results and long-term (3–8-year cycle) results. It is found in the short term that (i) geothermal usage increased CO2emissions during 1980–1983 and 1993–1997 and (ii) CO2emissions caused geothermal usage to increase for the period 2000–2009 and after 2015. The paper reveals also that in the long term, (a) geothermal energy consumption increased CO2emissions during the periods 1985–1990, 1993–1996, and 2013–2016 and (b) geothermal energy consumption decreased CO2 emissions for the period 1996–2008 in the USA. This research work eventually yields some relevant geothermal energy policy suggestions for US policymakers to make geothermal more environmentally friendly.

It is clear that an increase in gases, due to fossil energy consumption, in the atmosphere has been causing greenhouse effect influencing the world’s temperature. The effect of renewable usage, on the other hand, on global warming is not very clear. For instance, the influence of wind energy usage on Greenhouse Gas (GHG) has been a controversial research topic for the last two-three decades. Throughout some empirical analyses, some researches reached no evidence that wind can reduce global warming, as some other researches observed that the wind has proven to have a positive impact on environmental quality by lowering CO2emissions. This paper, on the other hand, reveals that wind usage can influence GHG positively or negatively at different time periods. By observing the monthly period 1989:1–2017:8, this paper examines the effect of wind energy usage on GHG emissions for the variables of wind energy consumption, coal consumption, natural gas consumption, other renewable energy consumption, and total energy consumption interrelated carbon dioxide (CO2) emissions. This research launches the methodology of Morlet wavelet coherence analysis allowing a researcher to conduct the analyses of variables in both time and frequency dimensions. The research also performed Monte Carlo simulations with 1000, 2500, 5000 and 10000 replications to reach significant outputs. The paper, therefore, (a) observes whether there exists causality between the variables within the whole sample and all sub-samples together with other interrelated control variables, (b) monitors the significant causalities (co-movements) at different time frequencies, (c) hence, determines the potential influence of wind energy usage on CO2emissions at different time periods corresponding to different time frequencies. This paper eventually detects three significant emergent outcomes. The first outcome is that the increase in CO2led to enlarged use of wind energy for the periods 1999, 2001–2002, and 2015–2017. The second outcome is that wind energy consumption diminished the CO2emissions for the period 2015–2017. The 1st and 2nd outputs are obtained at 5% significance level. The third outcome is that the wind power turbines intensified the emissions during the periods 1991–2004 (at10% significance) and 1999–2002 (at 5% significance) in the US. This research later suggests therefore that policy makers consider the consumption of wind energy to reduce CO2emissions.

This paper observes the possible co-movements of oil price and CO2 emissions in China by following wavelet coherence and wavelet partial coherence analyses to be able to depict the short-run and long-run co-movements at both low and high frequencies. To this end, this research might provide the current literature with the output of potential short-run and long-run structural changes in CO2 emissions upon a shock (a change) in oil prices in China together with the control variables of world oil prices, fossil energy consumption and renewable consumption and urban population in China. Therefore, this research aims at determining wavelet coherencies between the variables and phase differences to exhibit the leading variable in potential co-movements. By following the time domain and frequency domain analyses of this research, one may claim that the oil prices in China have considerable negative impact on CO2 emissions at high frequencies for the periods 1960–2014 and 1971–2014 in China. Besides, one may underline as well other important output of the research exploring that the urban population and CO2 emissions have positive associations, move together for the period 1960–2014 in China. Eventually, this paper might suggest that authorities follow demand-side management policies considering energy demand behavior at both shorter cycles and longer cycles to diminish the CO2 emissions in China.

© 2021 Elsevier B.V.Energy poverty and environmental degradation are two main important issues in the literature of energy and environmental degradation. Energy poverty might affect adversely the health, productivity the environment. In this study, the effects of energy access on the environment are examined. Although there exist some similar studies in the related literature, our study differently (a) uses CO2 damage data, (b) performs parameter estimations corresponding to different quantiles instead of fixed-parameter estimations. This paper hence aims at analyzing the impacts of access to electricity on CO2 damage in Asian countries through panel quantile regression estimations by employing the panel data for 36 Asian countries for the period 1997–2017. CO2 damage is the cost of damage caused by CO2 emissions stemming from fossil fuel use and the manufacture of cement. While the main interest was to investigate the influence of access to electricity on CO2 damage, the variables of renewable energy and agricultural activities were also employed as control variables in the quantile estimations. The findings reveal that (i) Environmental Kuznets Curve hypothesis holds in panel data which in turn implies that as economies develop, the CO2 damage will decrease, (ii) as access to electricity increases, the CO2 damage will decrease as well, (iii) the renewable energy use also lowers the CO2 damage and (iv) agricultural activities on the other hand increase the CO2 damage in panel data. Finally, this paper suggests that the authorities increase access to electricity to diminish indoor and outdoor pollution.

There exist many seminal studies in the literature searching the influences of total renewable usage (or usage of its some components) on CO2emissions. However, to the best of our knowledge, there does not exist a research work in the literature considering the co-movements between waste energy consumption and CO2emissions. This paper aims at observing the possible negative or positive impacts of waste energy consumption on environmental quality (in terms of CO2) by monitoring the whole sample period and all subsample periods in the USA for the monthly period 1980:1–2018:12. This paper searches also the positive or negative lead-lag relations between waste and CO2emissions, if exist, by considering high frequency (1–3-yearcycle) and low frequency (3–8-yearcycle) of the same sample period and subsample periods. The findings obtained by this research in general might underline (a) the outcome indicating that waste energy usage has been effective in diminishing the carbon emissions after the second half of the 2010s in the USA and (b) the energy policy act(s) in the USA implemented which eventually resulted in lower CO2emissions in the USA especially after the second half of the 2000s. The paper suggests as well some policy proposals which might result in positive contribution of waste energy on environmental quality.

Many efforts have been made to theoretically explain and/or empirically investigate how globalization plays a role on environmental quality. However, as in theoretical explanations, empirical literature as well has not reached a consensus yet to enlighten possible effects in developing countries especially. On the one hand, Globalization is expected to contribute to decrease environmental degradation through the technique effect that underlines the role of obtaining clean technologies. On the other hand, this expectation may become reversed since globalization triggers economic activities through the scale effect and movements of dirty industries to developing countries. This paper focuses on how environmental sustainability reacts to globalization in Turkey. To this end, ecological footprint as a proxy for environmental sustainability and KOF globalization measurements are analyzed by using Markov regime switching models. Estimations indicate that growth in financial globalization, politic globalization, trade globalization, human capital, and capital stock reduce the ecological footprint growth of Turkey. Results reveal as well that interpersonal globalization growth diminishes ecological footprint growth. All three regime-switching models yield that growths of economic globalization and social globalization result in an increase in ecological footprint growth in Turkey.

This study reinvestigates empirically the Environmental Kuznets Curve (EKC) hypothesis. According to this hypothesis, there is an inverted U-shaped relationship between environmental degradation and economic growth. The available EKC literature, in general, employs CO2 emissions as a proxy for environmental degradation. Unlike the current studies, this study employs the Ecological Footprint (EF hereafter) variable, instead of CO2 emissions, as an indicator of environmental deterioration. Then, this research observes the countries which are classified into three income groups in order to investigate EKC hypothesis. In conclusion, following the second generation panel data techniques, this paper reaches its best fitted model among the models of continuously updated fully modified (CUP-FM) and continuously updated bias corrected (CUP-BC) models, and, reveals that EKC hypothesis is confirmed by low income, middle income and high income group countries' data. (C) 2018 Elsevier Ltd. All rights reserved.

This paper first reviews the potential causality from biomass energy to CO2 emissions and economic development within relevant literature. Later, the paper examines statistically the impacts of biomass energy consumption on CO2 emissions and GDP in the US. To this end, paper observes environmental and economic implications of biomass fuel usage throughout energy literature and launches asymmetric causality test to confirm/disconfirm the literature output. The findings of the tests indicate that biomass energy consumption per capita mitigates CO2 emissions per capita and increases GDP per capita. Eventually, upon its output, this research asserts that biomass energy consumption can be an efficient policy tool for environmentally sustainable development in the US, and, that, hence, biomass production technologies and biomass consumption need to be promoted in other countries as well as in the US. On the other hand, analyses underline the fact that policy makers should consider as well some potential constraints of biomass energy usage such as land use constraints and carbon leakage from biomass production. Therefore, although this paper explores the remedial impact of biomass on environment and growth, one may suggest also that further possible works consider the effects of biomass sources in detail to minimize the some worsening influence of biomass usage on climate change.