Browsing by Author "Tzeremes, Panayiotis"

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The analysis of 'Financial Resource Curse' hypothesis for developed countries: Evidence from asymmetric effects with quantile regression
(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2020) Dogan, Eyup; Altinoz, Buket; Tzeremes, Panayiotis; 0000-0002-0746-3839; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
A vast body of literature either proxies natural resource abundance with total rents or focuses on the natural resource curse hypothesis. Furthermore, most empirical studies in the literature use traditional estimation methods. To fill the mentioned gaps, this study investigates the financial resource curse hypothesis by using the linkage between financial development and four natural resource rents (oil rents, coal rents, forest rents and natural gas rents) and applying the panel quantile regression with fixed effects on a dataset for a group of developed countries. This study finds that oil rents, coal rents, forest rents and natural gas rents have a positive effect on financial development, which supports financial resource blessing against financial resource curse for developed countries. In addition, a robust examination is conducted by applying the Canay two-step framework. The outcomes verify the main findings although the incremental effect on financial development of forest rents is greater than the other three proxies. This situation can be described as critical for the sustainability of developments related to natural resource rents in financial development and new set of suggestions can be made for policymakers.
Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies
(ELSEVIER, 2023) Sharif, Arshian; Brahim, Mariem; Dogan, Eyup; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Cryptocurrencies have been widely used as financial instruments over the past decade. Given the development of the cryptocurrency market and the increasing awareness of greener and more energy-efficient tokens, their connection to the green economy has become a popular topic for understanding economic and policy issues. However, the literature still lacks clear evidence on how cryptocurrencies interact with green economy in-dicators. Therefore, this study examines the correlations and spillover relationships between green economy indices, five black cryptocurrencies, and five clean cryptocurrencies for the U.S., Euro, and Asian markets. To this end, it applies the novel quantile spillover index approach of Ando et al. (2018) to daily data from November 9, 2017, to April 4, 2022. The empirical results show that the overall linkage is stronger for green economy indices and clean cryptocurrencies than for dirty cryptocurrencies. Moreover, green economy indices show net receiving behavior, while cryptocurrencies' results differ across variables, quantiles, and time. In addition, a notable point for clean cryptocurrencies is 2020, which was the start of the COVID-19 pandemic. The overall spillover effect is very high for all quantiles for the three markets, especially for Asia. This outcome signifies the safe harbor property for diversification purposes of the green economy. The results presented in this study are important for investors, regulators and, policymakers, cryptocurrency founders as they seek to be financially integrated and develop a more sustainable business.
Analyzing the nexus between energy transition, environment and ICT: A step towards COP26 targets
(ACADEMIC PRESS LTD- ELSEVIER SCIENCE LTD, 2023) Tzeremes, Panayiotis; Dogan, Eyup; Alavijeh, Nooshin Karimi; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
In line with the Sustainable Development Goals and the recent COP26 summit, energy transition, low carbon emissions and technology have become extremely important subjects in the agenda of governments and poli-cymakers. The present study thus discusses the nexus between energy transition, economic growth, CO2 emis-sions and information and communications technology (ICT) in BRICS countries applying the novel GMM-PVAR method proposed on the annual data for the period 2000-2017. This method is strong to the issue of endogeneity which is commonly faced in the context of panel data analysis but mostly ignored in the literature. The findings of this research demonstrate that carbon emissions have a positive and significant effect on energy transition; similarly, raising economic growth augments the consumption of energy transition. Furthermore, ICT is found to be a significant choice in the development of energy transition and the solution of environmental challenges. Overall, technological factors in addition to economic and environmental factors also have great roles in the development of renewable energy and energy transition. Thus, results from this study call for government supports to develop ICT across the BRICS countries.
Connectedness and spillovers in the innovation network of green transportation
(ELSEVIER SCI LTD, 2023) Inglesi-Lotz, R.; Dogan, Eyup; Nel, J.; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Greener alternatives for fuelling automobiles, such as hydrogen transport and electric vehicles, have shown considerable promise in transportation. Many others are sceptical of the growing enthusiasm for these new technologies, believing that energy storage technologies and management are insufficient for a complete shift. Such a network of variables and smart grid technologies that can help with the transition may reveal some systemic hazards linked with financial institutions, company risk and failure, and so on. This study attempts to characterise spillovers and connections between the indices of green transportation, smart grid, innovative materials, energy storage, and energy management globally. To do this, we employ a novel strategy developed by Balcilar et al. (2021) as well as a robustness check using the well-known Diebold and Yilmaz (2012) method. The study highlights the sub-systemic sector’s connections, giving policymakers insights into instruments to support financial market sustainability and stability. It would be critical to separate the impact of these indicators, but given the intrinsic relationship, this would be nearly impossible. The transportation innovation network is not rigid and established in its interconnection. The role of indicators shifts from transmitting to absorbing shocks regularly, and policymakers who want to encourage long-term solutions must be aware of this.
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.
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.
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.
Re-estimating the interconnectedness between the demand of energy consumption, income, and sustainability indices
(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2019) Ozcan, Burcu; Tzeremes, Panayiotis; Dogan, Eyup; 0000-0002-0746-3839; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
In this study, we analyze the time-varying causality linkages between energy consumption, economic growth, and environmental degradation in 33 Organization for Economic Co-operation and Development countries, spanning the period 2000 to 2013. The curve causality approach provides evidence of a significant environmental Kuznets curve in 25 countries in the case of the ecological footprint and in 23 countries in the case of the Environmental Performance Index. However, out of them, only Italy, Slovakia, and South Korea have traditional environmental Kuznets curve, in the form of an inverted U-shaped curve. For the remaining countries, different forms of curves are valid. In particular, an N-shaped curve appears to be valid between income and environmental degradation for nearly half of the sample, i.e., for Austria, Belgium, Chile, Estonia, Finland, France, Germany, Hungary, Luxembourg, Netherlands, Sweden, Switzerland, New Zealand, Turkey, and the USA. Additionally, bidirectional causality relationships are confirmed among all covariates in most countries. In view of the results, some crucial policy implications would be suggested, such as sustainable development that aims to make a balance between economic growth and environmental protection.
Revisiting the nexus among carbon emissions, energy consumption and total factor productivity in African countries: new evidence from nonparametric quantile causality approach
(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2020) Dogan, Eyup; Tzeremes, Panayiotis; Altinoz, Buket; 0000-0002-0746-3839; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
This study aims to contribute to the existing thin body of nonlinear causality literature by applying the new hybrid nonparametric quantile causality approach. In this line, we investigate the non-linear nexus among total factor productivity, energy consumption and carbon emissions for seventeen African countries. From the results, it is remarkable that there are generally strong causalities between the variables in the middle lower, middle upper and middle quantiles. Hence, energy consumption, environmental pollution and total factor productivity are closely linked in African countries. In particular, bidirectional linkage is detected between total factor productivity and energy consumption for Angola, Benin, Botswana, Cote d'Ivoire, Kenya, Morocco, Egypt, Nigeria and Tunisia. Studying the relationship between total factor productivity and emissions again at the middle quantile bidirectional causal ordering is documented almost for all the countries. Lastly and regarding the linkage between energy consumption and carbon emissions, a strong bidirectional ordering between the two variables is confirmed for Angola, Benin, Cote d'Ivoire, Cameroon, Kenya, Morocco, Egypt, Mozambique, Nigeria, Senegal and Tunisia. We can notice that an increase in economic development is critical for these countries; a number of regulatory policies for environmental problems and energy consumption are required during this development.
The roles of technology and Kyoto Protocol in energy transition towards COP26 targets: Evidence from the novel GMM-PVAR approach for G-7 countries
(ELSEVIER SCIENCE INC, 2022) Dogan, Eyup; Chishti, Muhammad Zubair; Alavijeh, Nooshin Karimi; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The investigation of the determinants of energy transition has become very attractive and popular due to the Sustainable Development Goals and COP26 targets. However, one shortcoming of the existing studies is the inability to understand the effects of technology and environmental policy to energy transition while the other criticism is the use of conventional techniques that do not handle the endogeneity issue. Thus, this study investigates the impacts of technology and Kyoto Protocol in addition to several control variables to energy transition by applying the novel econometric method of Sigmund and Ferstl (2021) on the annual data from 2000 to 2019 for G-7 countries. The empirical results confirm the positive and significant link between technology and energy transition, such that, a 1% rise in technology enhances the energy transition by 0.32%. Similarly, Kyoto Protocol has a significantly positive impact on energy transition. An explanation is that the Protocol is based on principles and policies that emphasize the advanced and industrialized economies to enhance the environmental quality by promoting the renewable energy resources and reducing the greenhouse gases. Furthermore, the G-7 authorities should start to provide subsidies to clean energy and technology-related investors and levy multiple disincentives (i.e., higher tax rates) on the industries deploying the conventional and polluting methods for energy production. Further policy implications are discussed in the study.