Browsing by Author "Luni, Tania"

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Analyzing the impacts of geopolitical risk and economic uncertainty on natural resources rents
(ELSEVIER SCI LTDTHE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, Tania; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The determinants of natural resources rents have been extensively analyzed in the resources economics and policy literature; however, the role of geopolitical risk and uncertainty in rents remains unexplored. Given that these indicators are rather volatile and thus important to discover for developing countries which own a large portion of natural resources in the world, this study aims to examine the effects of geopolitical risk and economic policy uncertainty on natural resources rents in a group of developing economies by applying the novel panel quantile estimation technique on the panel data over 1985-2018. The empirical results suggest that geopolitical risk has a negative impact on the natural resources rents for all quantiles while economic growth increases natural resources rents across middle-and-high quantiles. In contrast, the influence of economic policy uncertainty on resources rents varies across the quantiles. The uncertainty increases natural resources rents in low quantiles and decreases rents in high quantiles. Thus, quantile regression results reveal heterogeneous impacts of the selected main determinants of natural resources rents. Important policy implications are further discussed in the study.
Analyzing the nexus of COVID-19 and natural resources and commodities: Evidence from time-varying causality
(ELSEVIER SCI LTD, 2022) Doğan, Eyüp; Majeed, Muhammad Tariq; Luni, Tania; 0000-0001-9374-5025; 0000-0003-0476-5177; 0000-0002-7022-1920; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
Even though a few studies have focused on natural resources and commodity sectors by considering the pandemic, they have only compared their status in pre-COVID19 to post-COVID19. None of the studies has directly examined the causal relationship between the pandemic, and natural resource index and the primary commodity-related sector indices. This study fills the gap of exploring the dynamic association between them by analyzing the causal relationship between the COVID19, and natural resources index and the primary commodity-related sectors (i.e., agribusiness, energy, and metals & mining) by applying a novel time-varying causality test on daily data from January 23, 2020, to November 12, 2021. The empirical results support the presence of time-varying causality from COVID19 to natural resources, agribusiness, energy and metals & mining. The results obtained from the rolling window algorithm support causal linkages between the variables however at several points it fails to capture the dynamics of linkages between the variables which is captured by the recursive window algorithm. The outcome is robust when the pandemic is proxied by either number of cases or deaths. Similarly, the findings obtained from heteroskedastic-robust specification also validate our findings. Several policy implications are further discussed in the study.
Are clean energy and carbon emission allowances caused by bitcoin? A novel time-varying method
(ELSEVIER SCI LTD, 2022) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, Tania; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The bitcoin market has substantially grown in recent years. The researchers are exploring its various repercussions for socioeconomic and political matters; however, the literature still lacks clear evidence on how bitcoin interacts with energy and the environment. This study aims to explore the causal relationship between bitcoin, clean energy, and carbon emissions allowances by applying the novel time-varying Granger causality test on the daily data spanning from Sept 17, 2014, to October 12, 2021. The empirical findings confirm that both clean energy and emission allowances are causally associated with bitcoin. However, this causal relationship varies over time and the duration of causality is longer as suggested by the recursive evolving procedure. The outcome is robust when bitcoin is measured by the volume and the price. Furthermore, the results obtained from robustness analysis conducted through heteroskedastic consistent test also validate the findings that bitcoin causes clean energy and carbon allowance. The findings offer a platform for government officials and policy managers to improve clean energy and carbon allowance markets for sustainable development by managing and using the tools to control and regulate cryptocurrency markets.
The nexus between global carbon and renewable energy sources: A step towards sustainability
(ELSEVIER SCI LTD, 2023) Dogan, Eyup; Luni, Tania; Majeed, Muhammad Tariq; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The energy transition is at the core of sustainable development as it helps to combat global warming and climate change. Similarly, carbon markets also support the climate change mitigation. Therefore, by realizing the potential role of clean energy and carbon markets in ensuring environmental sustainability, this study analyzes the spillovers and connectedness between the environment (global carbon) and renewable energy sources (wind, solar, geothermal, biofuel, and fuel cell). The empirical analysis is conducted by applying the novel “TVP-VAR” connectedness framework of Balcilar et al. (2021) on the daily data over the period from August 1, 2014, to February 4, 2022. The findings show that solar and biofuel appear as the highest net shock transmitter among alternative renewable sources while global carbon is shown as the net receiver of shocks. The largest transmission of shocks to global carbon is observed from wind followed by solar. Although these findings support the connectedness between renewable energy and the environment, however this connectedness is influenced by economic crises such as the oil crisis and pandemic crisis. During COVID-19, the fuel cell was the highest transmitter of shocks. The results are important for policy formulation, investment, and portfolio management as they provide insights into the interconnectedness and help in boosting climate actions.
Revisiting the nexus of ecological footprint, unemployment, and renewable and non-renewable energy for South Asian economies: Evidence from novel research methods
(ELSEVIER, 2022) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, Tania; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Given the need to employ novel research methods in the energy-environment nexus, the objective of the present research is to investigate the impacts of real output, unemployment, and renewable and non-renewable energy on ecological footprint under a STIRPAT theoretical framework by applying the second-generation unit root, cointegration, Granger-causality, and long-run estimation methods on the annual data from 1990 to 2017 for South Asian economies. Empirical results show that increases in unemployment and renewable energy decrease ecological footprint while increases in real income and non-renewable energy hurt the environment. This study confirms the adverse effect of renewable energy on environmental degradation as well as the trade-off between unemployment and pollution through multiple robustness and sensitivity checks. In addition, the causality test supports unidirectional causality from income, renewable energy, and non-renewable energy to ecological footprint. Regarding policy perspectives, the governments of the South Asian region should support the deployment of renewable energy through various channels and regulations. The development of technologies that promote sustainable production and consumption play critical roles for reducing the trade-off unemployment and ecological footprint. Further policy suggestions are discussed in the study.