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Scopus İndeksli Yayınlar Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395

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Author: search.filters.author.Altinoz, BuketPublisher: search.filters.publisher.Elsevier Sci Ltd

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  • Article
    Citation - WoS: 86
    Citation - Scopus: 104
    The Analysis of 'Financial Resource Curse' Hypothesis for Developed Countries: Evidence from Asymmetric Effects With Quantile Regression
    (Elsevier Sci Ltd, 2020-10) Dogan, Eyup; Altinoz, Buket; Tzeremes, Panayiotis
    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.
  • Article
    Citation - WoS: 32
    Citation - Scopus: 32
    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, 2020-03) Dogan, Eyup; Tzeremes, Panayiotis; Altinoz, Buket
    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.
  • Article
    Citation - WoS: 57
    Citation - Scopus: 63
    Revisiting the Nexus of Financialization and Natural Resource Abundance in Resource-Rich Countries: New Empirical Evidence from Nine Indices of Financial Development
    (Elsevier Sci Ltd, 2020-12) Dogan, Eyup; Madaleno, Mara; Altinoz, Buket
    A great number of studies in the literature that estimates the impact of natural resource abundance on financial development proxies financialization with either domestic credit to the private sector or market capitalization of domestic companies. However, these proxies do not fully respond to the complicated structure of financial development. To fill the gaps in the existing literature, nine indices of financial development proposed by IMF are used in the links with natural resource abundance in resource-rich countries for the years 1980-2017. This study reveals reliable and robust empirical results by employing both traditional and second-generation econometric techniques for the dataset. First, the financial resource curse hypothesis is confirmed for the panel of resource-rich economies because natural resources have negative effects on each of the nine indices. Second, the negative impact of the abundance of natural resources on financialization decreases towards high quantile levels. Last, natural resource abundance has a greater negative impact on financial markets than financial institutions when indices of financial markets are compared to indices of financial institutions. Policy implications are further discussed in this study.