Browsing by Author "Taskin, Dilvin"

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Analyzing the nexus of green economy, clean and financial technology
(ELSEVIER, 2022) Metawa, Noura; Dogan, Eyup; Taskin, Dilvin; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
The connection between the green economy, technology, and finance has recently become a popular topic for analyzing economic and policy matters. Financial technology can provide not only an opportunity to tap into new pools of private capital to finance green and sustainable projects through innovative financial instruments but also provide support to clean technologies through the adoption of voluntary sustainability codes of conduct. However, there is still a lack of clear scientific evidence in the literature about how the green economy interacts with these relevant indicators of sustainable finance. Thus, this paper examines the time-varying causal relationship between indexes of financial technology (FinTech), clean technology (CleanTech), and the green economy (GECON), by applying the novel method proposed by Shi et al. (2018, 2020) on daily data from June 15, 2012 to December 15, 2021. This study finds a higher volatility and causality running from GECON to CleanTech and FinTech for the entire period. Furthermore, the green economy Granger causes FinTech and CleanTech with very significant episodes, especially at the start of the COVID-19 pandemic. The robustness of the results was checked with a rolling window and recursive evolving techniques that overall confirm bidirectional causal relationships between green economy and technology variables. The findings imply that global initiatives to achieve low-carbon economies need to be complemented with the use of clean technologies in the production process and the continuous digitalization of financial sectors. The promotion of clean technology production by governments and the increased interest of investors in FinTech industries will stimulate green economic growth.
Analyzing the relationship between energy efficiency and environmental and financial variables: A way towards sustainable development
(PERGAMON-ELSEVIER SCIENCE LTD, 2022) Taskin, Dilvin; Dogan, Eyup; Madaleno, Mara; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The literature has mainly relied on an annual and short span of data to analyze the relationship between energy, environmental and financial indicators. This study analyzes the relationship between energy efficiency, energy research, pollution mitigation, and FinTech by applying two novel methods-the cau- sality test in the frequency domain [11] and the causality test in the time domain (Shi et al., 2018; 2020)- on the daily data from June 17, 2016 to November 16, 2021. Empirical results from the frequency domain test report that pollution mitigation temporarily causes energy efficiency only in the short run while energy efficiency Granger causes it in the short, medium, and long run. Furthermore, energy efficiency can predict FinTech in the short, medium, and long-run; on the other way, FinTech Granger causes energy efficiency in the long and medium run, suggesting a permanent causality relationship. Empirical results from the time-varying test show a bidirectional relationship between energy efficiency, and environ- mental and financial variables, especially with very high significant episodes around the recent pandemic collapse. Policymakers should promote the launch of financial technologies that will provide finance through green bonds for energy efficiency improvements as well as energy efficiency improvements for pollution mitigation. Further policy implications are discussed in the study
A dynamic connectedness analysis between rare earth prices and renewable energy
(ELSEVIER, 2023) Madaleno, Mara; Taskin, Dilvin; Dogan, Eyup; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Current world environmental challenges put pressure on clean energy produced mostly through renewables. There is an undeniably important role of rare earth minerals in renewable energy technologies. This study aims to infer the relationship between rare earth, clean energy, renewable energy technologies, and carbon emissions, focusing on daily stock price index data and applying the novel quantile time-frequency connectedness model, and the cross-quantilogram dependence approach during 2012–2022. Results show that spillovers among rare earth minerals and renewable energy are dependent on market conditions, time horizons, and analyzed quantiles. They also highlight the net receiver role of rare earth, especially in the short term. Findings might help investors understand diversification benefits and support policymakers in developing strategies for lessening import dependence on rare earth metals, as important as they are for renewable technology adoption to ensure green growth.
Financial inclusion and poverty: evidence from Turkish household survey data
(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2021) Dogan, Eyup; Madaleno, Mara; Taskin, Dilvin; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Even though poverty is highly felt in developing economies, the lack of relevant and complete micro-level data limits understanding which households are more exposed to poverty and the role of financial inclusion in poverty in these countries. This research analyzes the effects of financial inclusion proxied by a multidimensional index on three poverty measures (the lowest-income poverty line, a lower-middle-income line, and an upper-middle-income line) by employing the recent Turkish Household Budget and Consumption Expenditure Survey data with 11,595 complete answers. In addition to the application of logistic regressions, this study addresses possible endogeneity issues by using access to the nearest bank as an instrument in a two-stage least-squares regression and employing the novel method as a robustness check. Empirical results point out that an increase in financial inclusion decreases poverty in Turkey. The adverse effect of financial inclusion on poverty is validated through a few robustness and sensitivity analyses. The outcome also indicates that health expenditure and income are essential through which poverty is influenced by financial inclusion. Thus, policies are required to enhance the financial inclusion of households to alleviate poverty. Further discussions are presented in this study.
The impact of renewable energy consumption to economic growth: A replication and extension of Inglesi-Lotz (2016)
(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Dogan, Eyup; Altinoz, Buket; Madaleno, Mara; Taskin, Dilvin; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
This study replicates and extends the results presented in a top-cited article in this journal, Inglesi-Lotz (2016), which analyzes the impact of renewable energy consumption to economic growth for the OECD countries by applying the ordinary least squares with fixed effect estimator on the data from 1990 to 2010. By using the same data and methods, this study first produces and compare empirical results with those reported in the original article. Then, it applies a set of new econometric methods on the same data to address heterogeneity in renewable energy and economic growth across the analyzed group of countries. The panel quantile regression estimation shows that the effect of renewable energy consumption on economic growth is positive for lower and lowmiddle quantiles; however, its effect becomes negative for middle, high-middle, and higher quantiles when renewable energy consumption is proxied by the absolute value. Furthermore, a negative impact of renewable energy on economic growth is observed in almost all quantiles when it is proxied by the share of renewable energy consumption to total energy consumption. These results greatly differ from those of the original study (C) 2020 Elsevier B.V. All rights reserved.
Investigating the spillovers and connectedness between green finance and renewable energy sources
(ELSEVIER, 2022) Dogan, Eyup; Madaleno, Mara; Taskin, Dilvin; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Although a few studies have analyzed the nexus of renewable energy and green finance, the literature lacks the use of renewable energy by sources. The other major failure is that it uses only annual and small data. Therefore, this study investigates the connectedness and spillovers relationship between green finance and five types of renewable energy (biofuels, fuel cell, geothermal, solar, and wind) by applying the novel TVP-VAR method of Balcilar et al. [1] to the daily indexes from July 31, 2014, to Feb 4, 2022. The results show that dynamic connectedness, both total and pairwise, is heterogeneous over time and influenced by economic events. Furthermore, wind is found to be the largest transmitter of shocks to green finance, followed by biofuels, while both fuel cell and geothermal receive the least shocks. The findings suggest that green finance is mostly a net receiver of shocks from renewable energy sources and that wind has been a net receiver of shocks during the COVID-19 pandemic. A high interconnectedness between the indexes highlights the safe-haven property for diversification purposes of green finance. Our results are important for energy policymakers, those responsible for the implementation of environmental policies, individual investors, and portfolio managers, while also shedding light on the achievement of COP26 goals.
Production-based and consumption-based approaches for the energy-growth-environment nexus: Evidence from Asian countries
(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Pandey, Sweety; Dogan, Eyup; Taskin, Dilvin; 0000-0003-4022-5629; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
The number of studies that highlight demand-side and supply-side of environmental degradation are quite limited in the literature. The aim of this study is to analyze the energy-growth-environment nexus in cooperation with globalization, urbanization, life expectancy and biocapacity as control variables by using both consumption-based and production-based approaches in an Environmental Kuznets Curve (EKC) framework for Asian countries over the years of 1971-2014. The empirical results show that globalization improves environmental quality while urbanization, life expectancy, biocapacity and energy consumption increase environmental degradation. While the EKC hypothesis is validated for supply-side analysis, it is not validated for demand-side analysis for the panel of Asian countries. The governments should take initiatives to invest in research and development for the usage, promotion, development and adoption of clean energies. The policymakers should emphasize on the development of urban planning strategies of Asian countries to overcome the negative effects of urbanization on the environment. Further implications are discussed in the study. (C) 2020 Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.
Race and energy poverty: Evidence from African-American households
(ELSEVIER, 2022) Dogan, Eyup; Madaleno, Mara; Inglesi-Lotz, Roula; Taskin, Dilvin; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Even though energy poverty has been widely discussed in many countries, only a few studies attempt to understand the nexus of race and energy poverty. To fill the gap in the literature, this study analyses the effect of race on energy poverty by employing the U.S. representative household panel data with 9043 complete surveys. This research addresses possible endogeneity issues by employing the novel method proposed by Oster (2019) as a robustness check in addition to the application of logistic regressions and ordinary least squares estimates. The empirical results show that the probability of exposure to poverty is higher for African-American households. The empirical outcome also presents that health and income are significant factors through which race influences energy poverty. This study suggests that subsidy programs would be beneficial in ensuring the breakage of the link between race and energy poverty by providing preferential discounted rates and easier access to energy to specific demographics of the population. At least ending with the housing segregation of African-Americans in the USA would be a way to surpass these difficulties and decrease energy poverty. Further discussions are presented in this study.
A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance
(ELSEVIERRADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2022) (Madaleno, Mara; Dogan, Eyup; Taskin, Dilvin; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
The literature lacks enough evidence on the nexus of green finance and clean energy although the terms 'green' and 'clean' have been eminent concepts in sustainable development. Therefore, the fundamental objective of this study is to carry out the causal relationship among green finance, clean energy, environmental responsibility, and green technology by applying the novel time-varying causality test (Shi et al., 2018, 2020) on the daily data spanning from July 31, 2014, to October 12, 2021. The data follow persistent upward and downward movements; thus, the application of a time-varying approach should be reliable and robust. The recursive evolving and rolling window algorithms show bidirectional causalities among green finance, clean energy, environmental responsibility, and green technology, but not for the entire period, and with a special decrease and loss of significance in the COVID-19 period. In addition, clean energy caused by green finance is less evident, except in specific periods, especially at the start of the pandemic. However, higher volatility and significance of causality are observed for the entire period running from clean energy to green finance. Thus, green finance investments are promoted and proportionated by the need for clean energy. This study exhibits the need to design a comprehensive policy for strengthening environmental responsibility and green finance through the funding of green technology to successful energy transition and sustainable development goals.
Which households are more energy vulnerable? Energy poverty and financial inclusion in Turkey
(ELSEVIERRADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2021) Dogan, Eyup; Madaleno, Mara; Taskin, Dilvin; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
This study examines the effects of financial inclusion on energy poverty using the 2018 Turkish Household Budget and Consumption Expenditure Surveys. The study adopts three different measures of energy poverty and then analyzes the impact of financial inclusion proxied by a multidimensional index on energy poverty using different estimation strategies. After addressing the endogeneity of financial inclusion by instrumenting financial inclusion with access to the nearest bank in a two-stage least squares framework, the empirical results show that financial inclusion significantly alleviates energy poverty while its impact is higher for female-headed households. These findings are robust to Oster's (2019) bounds estimates that deal with omitted variable bias. The results also suggest that health and income are significant through which financial inclusion influences energy poverty. The findings thus point to the need for policies that promote financial inclusion as a way of alleviating energy poverty. (C) 2021 Elsevier B.V. All rights reserved.