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Öğe Causality relationship between foreign direct investment and tourism(2019) Satrovic, Elma; Muslija, AdnanThis paper applies panel data regression model to investigate the relationship between foreign direct investment (FDI) and tourism in 113 countries during the period 1995-2015. Besides this, the paper attempts to research the potential causal relationship and cointegration between tourism industry and FDI while controlling for indicators such as consumption, trade openness and human capital. The obtained results indicate a significant positive impact of tourism on FDI. Moreover, three control variables are reported to be a significant determinant of foreign direct investments. The unidirectional causal relationship running from tourism to FDI is reported, implying that tourism allows these countries to expand their FDI. Consumption, trade openness and human capital are also reported to have a unidirectional causal relationship with FDI. Westerlund ECM panel cointegration test indicates mixed results on the cointegration between variables. Taking into account the obtained results, government can consider this relationship as an important tool for policy implication to achieve sustainable growth of the economy as well.Öğe Does research and development expenditure impact high-technology export in turkey: evidence from ARDL model(2018) Satrovic, Elma; Muslija, AdnanThe relationship between research and development expenditure and high-technology export in Turkey has not been explored quite extensively in previous studies. Therefore, there is a need to present official statistics on these economic terms of interest in order to show great potential in terms of both, research and development expenditure and high-technology exportÖğe Dynamic Panel Data Analysis of the Relationship between Economic Freedom and Tourism(2019) Muslija, Adnan; Satrovic, Elma; Colakovic, NamikThis paper explores the dynamic relationship between economic freedom and the tourism industrywhile controlling for the potential heterogeneity. Countries that report high levels of economicfreedom index tend to have a more favorable business climate that increases the stability of the labormarket; monetary system and rule of law. As a consequence, it can attract more investments indifferent sectors including the tourism industry. Thereby, economic freedom is expected to cause thetourism industry. Herein, we have explored the link of interest by collecting the balanced panel datafor 87 countries over the period 2002-2015. The methodology includes the panel VAR model. Thefindings of this article suggest a unidirectional link running from economic freedom to the tourismindustry. Given the importance of the tourism industry, this paper suggests that governments shouldmake necessary changes to foster economic freedom since it is found to be an important factor toattract foreign tourists.Öğe Economic and demographic determinants of the demand for life insurance: multivarıate analysis(2018) Satrovic, Elma; Muslija, AdnanThe aim of this paper is to summarize a large number of economic and demographic determinants that are used to predict the demand for life insurance into a smaller number of component variables (components) and to determine which component has a stronger influence on demand for life insurance. Data are collected for 150 countries during the period 2005-2010. Final cross-country database is consisted of six-year average values on variables for selected countries. The methodology includes techniques of multivariate analysis: principal component analysis (PCA) and multiple linear regression. Results show that initial determinants of demand for life insurance can be summarized into two components: economic and demographic. Both components have a statistically significant positive influence on the demand for life insurance. On the basis of standardized regression coefficients it can be concluded that economic component is stronger determinant of demand for life insurance in comparison with demographic.Öğe Foreign direct investments and financial development: empirical evidence from developed and developing countries(2018) Satrovic, Elma; Muslija, AdnanThis article aims to explore the relationship between foreign direct investments and the financial development in both, developed and developing countries. The relevance of financial development (FD) on foreign direct investments (FDI) is explored in three panels. The first overall panel contains 93 economies; the second contains 32 developed economies, while the third panel contains 61 developing economies over the period 2002-2015. A Granger causality test that implements a vector autoregressive (VAR) framework within the panel setting is employed. Besides this, panel regression model is estimated. In order to test the sensitivity of the results and avoid robust errors, we employ a panel ARDL model. The findings of ARDL model indicate that there is a long-run relationship between FD and FDI for both developed and developing countries as well as for the overall sample. A short-run relationship is reported for the overall sample of countries as well as for developed countries. The estimation of panel regression model indicates a significant positive impact of domestic credit to private sector (% GDP) on FDI in overall sample.Granger causality test indicates a bidirectional relationship between financial development and foreign direct investments in overall sample as well as in developing countries. A unidirectional relationship running from financial development toforeign direct investmentsis reported for developed countriesÖğe Fresh evidence on the investment-economic freedom-growth nexus in OECD member states(Varazdın development & entrepreneurshıp agency, 2019) Satrovic, Elma; Muslija, Adnan; DaSilva, AL; Tomic, D; Grilec, AThis paper aims to explore the nexus between investment, economic freedom and economic growth in the sample of 35 OECD member states in the time span 1996-2015. The empirical methodology relies on the panel VAR model. The findings of trivariate model suggest a significant negative response of GFC to EFI. Investment is however found to respond positively to the improvements in real GDP per capita. With regard to GDP it is found to respond negatively to the GFC as well as EFI. Lastly, economic freedom is found to respond negatively to GFC but positively to GDP. IRFs displaythe response of EFI to GDP to be negative only in the short-run reaching the positive value at the end of the period of interest. Similar conclusion can be drawn for the response of EFI to GFC. GDP is found to have a positive response to the EFI in both, short- and the long-term. Similar conclusion can be drawn for the response of GDP to GFC. GFC positively responds to and to GDP. This paper suggests a necessity for policy makers to support the economic freedom since it has a great potential to contribute to the both, investments and final the economic growth of the countries of interest.Öğe FRESH EVIDENCE ON THE INVESTMENT-ECONOMIC FREEDOM-GROWTH NEXUS IN OECD MEMBER STATES(Varazdin Development & Entrepreneurship Agency, 2019) Satrovic, Elma; Muslija, AdnanThis paper aims to explore the nexus between investment, economic freedom and economic growth in the sample of 35 OECD member states in the time span 1996-2015. The empirical methodology relies on the panel VAR model. The findings of trivariate model suggest a significant negative response of GFC to EFI. Investment is however found to respond positively to the improvements in real GDP per capita. With regard to GDP it is found to respond negatively to the GFC as well as EFI. Lastly, economic freedom is found to respond negatively to GFC but positively to GDP. IRFs displaythe response of EFI to GDP to be negative only in the short-run reaching the positive value at the end of the period of interest. Similar conclusion can be drawn for the response of EFI to GFC. GDP is found to have a positive response to the EFI in both, short- and the long-term. Similar conclusion can be drawn for the response of GDP to GFC. GFC positively responds to and to GDP. This paper suggests a necessity for policy makers to support the economic freedom since it has a great potential to contribute to the both, investments and final the economic growth of the countries of interest.Öğe Fresh evidence on the investment-economic freedomgrowth nexus in oecd member states(2019) Satrovic, Elma; Muslija, AdnanThis paper aims to explore the nexus between investment, economic freedom and economic growth in the sample of 35 OECD member states in the time span 1996-2015. The empirical methodology relies on the panel VAR model. The findings of trivariate model suggest a significant negative response of GFC to EFI. Investment is however found to respond positively to the improvements in real GDP per capita. With regard to GDP it is found to respond negatively to the GFC as well as EFI. Lastly, economic freedom is found to respond negatively to GFC but positively to GDP. IRFs displaythe response of EFI to GDP to be negative only in the short-run reaching the positive value at the end of the period of interest. Similar conclusion can be drawn for the response of EFI to GFC. GDP is found to have a positive response to the EFI in both, short- and the long-term. Similar conclusion can be drawn for the response of GDP to GFC. GFC positively responds to and to GDP. This paper suggests a necessity for policy makers to support the economic freedom since it has a great potential to contribute to the both, investments and final the economic growth of the countries of interest.Öğe Interdependence between Gross Capital Formation, Public Expenditure on R&D and Innovation in Turkey(2020) Satrovic, Elma; Muslija, Adnan; Gligoric, Dragan; Dalwai, Tamanna; Abul, Sadeq J.This paper outlines the roles of gross domestic spending on research and development (R&D) and gross capital formation in the innovation process and detects their contribution to this improvement. The analysis is conducted for Turkey for the period 1990-2017 using annual time-series data. Our findings suggest a bidirectional causal link between all variables of interest and prove that R&D can be a significant driving force for the Turkish innovation process. Most of the research and development activities in Turkey have been performed by universities. Herein, it is of key importance for the Turkish government to increase public expenditure, especially on education, since human capital plays an important role in building innovation capacityÖğe Panel analysis of tourism - economic growth nexus(2017) Satrovic, Elma; Muslija, Adnan; Ünver Erbaş, CansuOver the past several decades, the relationship between tourism and economic growth, for both developing and developed countries, has been a popular issue of debate. Taking into account the fact that the tourism is an important sector in the world economy, the knowledge of the sign and size of the impact of tourism earnings on economic growth is of particular importance to policy makers. This paper aims to explore the impact of tourism earnings on economic growth. Panel data of 113 countries are used for the years that span from 1995 to 2015. The potential contribution of tourism to economic growth is analyzed within the conventional augmented Solow growth model. GMM method is employed to account for a dynamic phenomenon of economic growth. The obtained results indicate a significant positive impact of tourism on economic growth. Furthermore, the obtained results indicate that tourism-economic growth nexus differs among income disparity. The obtained findings imply that low-income countries should enhance their economic growth by strengthening their tourism industry.Öğe Renewable Energy Matters for Tourism Industry in BRICS Plus Turkey Countries(Springer Science and Business Media B.V., 2020) Satrovic, Elma; Muslija, Adnan; Ozelturkay, Eda YasaThe scope of this paper is to investigate whether or not the renewable energy influences the tourism industry in the case of BRICS plus Turkey countries. Due to the fact that the primary energy source in these countries is fossil fuels, this has risen up a serious concern on environmental issues. The motivation to select these countries lies in the fact that all of these six have recorded an exponential economic growth in the last few decades. As a consequence, the standard of living has been increased as well as the energy consumption. Thus, the annual panel data are collected in the period between 1995 and 2015 in the case of BRICS countries plus Turkey to explore the link of interest. We have employed the panel VAR methodology. The most important findings suggest a response of tourism industry to renewable energy to be significant and negative. However, this negative relationship holds true in the short-run while the long-run impact tends to be positive. These results can be of great importance for policy makers, thus this paper summarizes in detail the policy implications. © 2020, Springer Nature Switzerland AG.Öğe Renewable energy matters for tourism ındustry in brics+t countries(2018) Satrovic, Elma; Özeltürkay, Eda Yaşa; Muslija, AdnanThe scope of this paper is to investigate whether or not the renewable energy influences the tourism industry in the case of BRICS+Turkey countries. Due to the fact that the primary energy source in these countries is fossil fuels, this has risen up a serious concern on environmental issues. The motivation to select these countries lies in the fact that all of these six have recorded an exponential economic growth in the last few decades. As a consequence, the standard of living has been increased as well as the energy consumption. Thus, the annual panel data are collected in the period between 1995 and 2015 in the case of BRICS countries plus Turkey to explore the link of interest. We have employed the panel VAR methodology. The most important findings suggest a response of tourism industry to renewable energy to be significant and negative. However, this negative relationship holds true in the short-run while the longrun impact tends to be positive. These results can be of great importance for policy makers, thus this paper summarizes in detail the policy implicationsÖğe THE CAUSAL LINK BETWEEN ELECTRICITY GENERATION AND CO2 EMISSIONS:TODA AND YAMAMOTO APPROACH(Pan-European Univ Apeiron, 2020) Muslija, Adnan; Satrovic, Elma; Colakovic, NamikThe link between energy consumption and CO2 emissions has received a significant research attention in the last few decades in the case of Turkey. The authors in general agree on the positive link between these two macroeconomic terms. However, the link between electricity generation and CO2 emissions did not receive much attention what was the motivation to conduct this study. Thus, this paper aims to provide empirical evidence on the link between these two variables while controlling for the role of the population growth. The time-series data are collected at annual basis in the period between 1974 and 2016. Our results reveal a bidirectional causal link between electricity generation and population growth. These findings imply that population growth stimulates the electricity generation. In addition, electricity generation tends to stimulate the population growth. This is since some of the countries in the World have big problems with electricity supply. It influences negatively the manufacturing sector, educational sector as well as many other sectors. Moreover, a bidirectional link between population growth and CO2 emissions are recorded. More population is expected to demand more working place, and firms especially those in industry sector are known as significant energy gluttons. The empirical evidence of this paper can serve as an important insight for decision makers. At first, it suggests the necessity to think of the possibilities to develop renewable energy in Turkey. This is since Turkey has a great potential in the fields of renewable energy. In this light, Turkey may solve the problem of the great reliance on the imported energy. Moreover, the business climate should be more favorable for investors tending to support the projects in the fields of renewable energy. Apart from these, it is of great importance to make a necessary effort to increase the energy efficiency which will reduce the current energy consumption and CO2 emission consequently. At last, it would be necessary to educate both, the private and public sector, on the benefits of renewable energy.Öğe The causal link between electricity generation and co2 emissions:toda and yamamoto approach(2020) Satrovic, Elma; Colakovic, Namik; Muslija, AdnanTh e link between energy consumption and CO2 emissions has received a signifi - cant research attention in the last few decades in the case of Turkey. Th e authors in general agree on the positive link between these two macroeconomic terms. However, the link between electricity generation and CO2 emissions did not receive much attention what was the motivation to conduct this study. Th us, this paper aims to provide empirical evidence on the link between these two variables while controlling for the role of the population growth. Th e time-series data are collected at annual basis in the period between 1974 and 2016. Our results reveal a bidirectional causal link between electricity generation and population growth. Th ese fi ndings imply that population growth stimulates the electricity generation. In addition, electricity generation tends to stimulate the population growth. Th is is since some of the countries in the World have big problems with electricity supply. It infl uences negatively the manufacturing sector, educational sector as well as many other sectors. Moreover, a bidirectional link between population growth and CO2 emissions are recorded. More population is expected to demand more working place, and fi rms especially those in industry sector are known as signifi cant energy gluttons. Th e empirical evidence of this paper can serve as an important insight for decision makers. At fi rst, it suggests the necessity to think of the possibilities to develop renewable energy in Turkey. Th is is since Turkey has a great potential in the fi elds of renewable energy. In this light, Turkey may solve the problem of the great reliance on the imported energy. Moreover, the business climate should be more favorable for investors tending to support the projects in the fi elds of renewable energy. Apart from these, it is of great importance to make a necessary eff ort to increase the energy effi ciency which will reduce the current energy consumption and CO2 emission consequently. At last, it would be necessary to educate both, the private and public sector, on the benefi ts of renewable energy.Öğe The empirical evidence on tourism-urbanization-co2 emissions nexus(2019) Satrovic, Elma; Muslija, AdnanThis study explores the tourism-urbanization-CO2 emissions nexus in the top 10 touristic destination over the period 1995- 2016. Panel VAR methodology is employed. The findings of bivariate VAR models suggest the urbanization (UP) to have a significant positive response to the tourism receipts per capita (TR) as well as the negative response of the UP to the emissions of CO2. The outcome of trivariate model suggests a significant positive response of UP to its lagged value. However, tourism receipts per capita are found to respond negatively to the urbanization. The significant negative coefficient of -0.032 with UP suggests a negative response of urbanization to CO2 emissions. IRFs (Impulse Response Functions) suggest a negative response of CO2 to TR in the short-run. The impact is not found to be significant in the long-run. Besides that, the results suggest a positive decreasing response of urbanization to emissions of CO2. The results of this paper advocate the great environmentalawareness of citizens in the top 10 tourist destination suggesting that sustainable tourism has no alternative and key decision makers should develop strategies and do necessary steps in order to promote the development of sustainable tourism since the environment-friendly tourism is suggested to be the only acceptable one.Öğe The link between energy consumption and economic growth in gulf cooperation council countries(2019) Satrovic, Elma; Muslija, AdnanThe purpose of this research article is to provide the fresh evidence on the link between energy consumption (ENE) and economic growth (GDP) while controlling for the impact of CO2 emissions (CO) in the case of Gulf Cooperation Council (GCC) countries. To conduct the empirical study we have employed the panel VAR methodology in the period 1980-2014. The results suggest that economic growth increases the ENE. However, the negative link between CO2 emissions and economic growth is reported, implying the great awareness of the GCC countries on the environmental problems connected with the fossil fuels based energy. Thus, there is a serious incentive in these countries to deal with the potential environmental issues. One of the good alternatives is renewable energy. In addition, the increase in the energy efficiency is considered to be an important task in the future.Öğe The relationship between co2 emissions and gross capital formation in turkey and kuwait(2020) Satrovic, Elma; Muslija, Adnan; Abul, SadeqThe aim of this paper is to explore the potential link between gross capital formation and CO2 emissions by using the Toda and Yamamoto approach. The annual time-series data were collected for the period 1971- 2014. Due to the fact that Kuwait aims to become a major trading hub by 2035, it has made significant efforts to improve the infrastructure. Moreover, Turkey is also making strong efforts to improve the manufacturing sector as well as infrastructure, and represents an important trading hub that links Europe with the Middle East. Thus, Turkey and Kuwait are expected to strengthen their economic ties and expand trade, which was the motivation for comparing the link of interest in these two countries. The study’s findings confirm the bidirectional links between all of the variables of interest not only in the case of Turkey but also in the case of Kuwait, suggesting some important policy implications.Öğe Whether control of corruption matters for happiness: evidence from panel data analysis(2018) Satrovic, Elma; Çetiner, Özge; Muslija, AdnanPurpose- Paper aims to give empirical evidence on the impact of control of corruption on happiness as a proxy of social progress by collecting panel data for 59 countries over the period 2007-2016. Methodology- Initial as well as extended model that controls for government consumption are estimated using linear static and dynamic panel data estimators. In order to test for the sensitivity of the results and to estimate short- and long-run coefficients, panel ARDL framework is employed. Findings- The results of linear static and dynamic panel data estimators indicate the significant positive impact of control of corruption on happiness in both, initial and extended models. ARDL model reports a significant relationship between control of corruption and happiness in initial and extended model only in the long-run. Conclusion- The convergence process from corrupt to hones politics is complex and is likely to be achieved only in the long-run period.Öğe Youth Unemployment and EnergyConsumption in OECD Countries(2020) Satrovic, Elma; Muslija, AdnanYouth unemployment is considered a socio-economic problem with serious consequences. It can increase criminal activity among youth. Apart from this, current youth unemployment may cause a serious loss of the income in the future. Therefore, a potential link between energy consumption and youth unemployment is explored in this research. Annual panel data have been collected for 34 OECD countries between 1991 and 2015. This paper employed a panel VAR approach. The empirical findings indicate that youth unemployment responds negatively to energy consumption. These results were confirmed using the Granger causality test, which revealed a unidirectional causal link running from energy consumption to youth unemployment. This is why necessary efforts need to be made to increase youth employment. A negative impact reported in this research gives important insights for key policy makers. The concluding remarks of this paper discuss policy recommendations in detail and offer insight for future research.
