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Öğe Analysis of asymmetries in the nexus among clean energy and environmental quality in Pakistan(2020) Öztürk, İlhan; Usman, Ahmed; Ullah, Sana; Chishti, Muhammad Zubair; Zafar, Syeda MariaThis study examines the short-run and long-run asymmetric effects of clean energy consumption on carbon emission in Pakistan, over the annual time period 1975–2018, by using a non-linear ARDL approach. The findings of the study confirm the existence of asymmetries, in the nexus between the clean energy consumption and carbon emission in the short and long run. The findings of non-linear model confirm that carbon emission responded contrary to positive shocks of energy variables as compared with their negative shocks. Asymmetric findings recommend that positive and negative shocks of the alternative and nuclear energy and combustible and waste energy have affected differently. Although, short- and long-run results suggest an insignificant positive and negative relationship between electric power consumption and carbon emissions. Therefore, more taxation of non-renewable energy and clean energy supports are suggested for the Pakistan economy. We concluded that Pakistan has potential in clean energy which will improve environmental quality in the near future.Öğe Can top-pollutant economies shift some burden through insurance sector development for sustainable development?(Elsevier, 2022) Li, Xiaolong; Ozturk, Ilhan; Ullah, Sana; Andlib, Zubaria; Hafeez, MuhammadEconomists have long documented the significance of insurance markets in the development process. This study considers the nonlinear impact of insurance sector development on CO2 emissions for five high-polluting economies over data ranging from 1990 to 2019. The present study employs a panel and time series NARDL framework. We find that insurance sector development has asymmetric effects on CO2 emissions. It is inferred from the findings that a positive shock in insurance sector development increases CO2 and a negative shock in insurance sector development decreases CO2 in the long run in high-polluting economies. Regarding country-wise analysis, we also observe that a positive shock in insurance sector development increases CO2 in the USA, Russia and Japan, but a negative insurance sector development shock decreases CO2 in the USA and India in the long run The results recommend some important policy implications. (C) 2022 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.Öğe Considering the asymmetric effect of financial deepening on environmental quality in BRICS economies: Policy options for the green economy(Elsevier Sci Ltd, 2022) Li, Xiaolong; Ozturk, Ilhan; Majeed, Muhammad Tariq; Hafeez, Muhammad; Ullah, SanaThis study aims to estimate the nexus between financial deepening and environmental quality in Brazil, Russia, India, China, and South Africa (BRICS) economies by using the data over 1990-2019. For analysis, we relied on panel linear and nonlinear autoregressive distributed lag (ARDL). Three different variables i.e. financial deepening index, financial institution deepening, and financial market deepening are used to represent financial deepening in BRICS countries. In the long run, our linear models confirmed the positive role of financial deepening in improving environmental quality. Conversely, the symmetric estimates of financial institution deepening and financial market deepening are positively significant implying that both these measures cause the CO2 emissions to rise, thus hurts the environmental quality in BRICS in long run. In the non-linear models, the positive shock in all the measures of financial deepening increases the CO2 emissions while the negative shock deteriorates the CO2 emissions, in all three models, in the long run. In the short-run, the variables of financial deepening provide mixed results during linear and non-linear analysis. Moreover, CO2 emissions respond asymmetrically to a positive and negative change in financial deepening in the long run only. Although financial deepening in the BRICS economies helps reduce the CO2 emissions, the BRICS are still among the top ten emitters of the world. Therefore, the role of financial deepening should be further enhanced in achieving a sustainable environment.Öğe Do technological innovations have symmetric or asymmetric effects on environmental quality? Evidence from Pakistan(Elsevier Sci Ltd, 2021) Ullah, Sana; Ozturk, Ilhan; Majeed, Muhammad Tariq; Ahmad, WaheedTechnological innovation has played an important role in the socio-economic development of societies but, this development has come with some potential hazards to the environment. To do so, we use annual time series data over the period 1990-2018 to measure the symmetric and asymmetric effects of technology innovation on carbon emissions for Pakistan. In estimates of linear ARDL model, we found patent (trademark) has negative (positive) short-run symmetric effects on carbon emissions that have been changed into the long-run symmetric insignificant effects in Pakistan. However, when we employed a nonlinear ARDL model, we found the positive and negative shock of the patent has insignificant short-run asymmetric effects while the positive shock of the trademark has an insignificant and negative shock of the trademark has negative significant effects on carbon emissions in the short run. Our findings have been changed into the long-run asymmetric effects in Pakistan. Overall, the results show that asymmetric effects exist between technology innovation and carbon emissions in the long run. Therefore, this empirical research is applicable to policymakers in Pakistan as well as developing economies.Öğe Does ICT have symmetric or asymmetric effects on CO2 emissions? Evidence from selected Asian economies(Elsevier Sci Ltd, 2021) Usman, Ahmed; Ozturk, Ilhan; Ullah, Sana; Hassan, AliInformation and communication technology (ICT) has played an important role in the socio-economic development of human societies but, this development has come with some potential hazards to the environment. However, the experts are divided over this issue, some consider that ICT has exerted a favorable impact on environmental quality whereas; others think that ICT has posed serious threats to the environment. Hence, this study is another effort in exploring the impacts of ICT on CO2 emissions in 9 selected Asian economies which are the top contributors in polluting the environment in the Asian continent for the period of 1990-2018. All previous studies have one thing in common that the impact of ICT on CO2 emissions is symmetric. Whereas, in this study, we have not only relied on the symmetry assumption but also tested the asymmetric impact of ICT on CO2 emissions. The number of countries in which ICT significantly affects the CO2 releases has not changed much in our linear and non-linear models. However, the short-run impact asymmetry in the effects of increased and decreased use of ICT is approved in almost half of the countries, and in long run, these asymmetric impacts further strengthened and observed in more than half of the countries.Öğe Does inflation instability affect environmental pollution? Fresh evidence from Asian economies(Sage Publications Ltd, 2021) Ahmad, Waheed; Ullah, Sana; Ozturk, Ilhan; Majeed, Muhammad TariqThe present study examines the linkage between inflation instability and pollution emissions for the 40 Asian economies over the period of 1990-2018. However, a limited number of researches investigate the linkage between inflation instability and the environment. For empirical analysis, econometric methods namely cross-sectional test statistics for examining the dependency, cross-sectionally augmented Dickey-Fuller (CADF) and cross-sectional Im, Pesaran, and Shin (CIPS) for the panel unit root, Westerlund technique for the long-run relationship, and Fully Modified Ordinary Least Square (FMOLS) to estimate the long-run coefficients have adopted. Additionally, the Dumitrescu and Hurlin panel causality test is applied to investigate the causal nexus among the panel data series. The empirical finding depicts that inflation instability improves environmental performance implying that higher price volatility creates uncertainty that discourages investment projects and consumption, hence improves environmental quality. However, the results indicate that financial development stimulates pollution emissions and degrades environmental condition. Based on these findings, the study opens up innovative intuitions for policymakers to support a robust role of economic stability in attaining targets relevant to pollution reduction.Öğe Examining the asymmetric effects of globalization and tourism on pollution emissions in South Asia(2020) Öztürk, İlhan; Chishti, Muhammad Zubair; Ullah, Sana; Usman, AhmedThe asymmetrical impacts of globalization and tourism on pollution emissions of 5 South Asian countries for the period from 1980 to 2018 are examined through a non-linear autoregressive distributed lag (NARDL) technique, which shows that both short and long-run coefficients are asymmetric. The findings suggest that positive and negative shocks in globalization affect carbon emissions differently in the case of Bangladesh, India, and Pakistan, while similar results are found in the case of Nepal and Sri Lanka in the long run. Furthermore, positive tourism shock, in the long run, ameliorates the environmental quality by reducing carbon emissions in Nepal and Sri Lanka, however, increases the carbon emissions in Bangladesh, India, and Pakistan. While negative tourism shock has an adverse effect on positive shock on carbon emissions in South Asia. The phenomena of globalization and tourism can exert a severe impact in aggravating the pollution emissions that policymakers should forecast and oppose. Based on these findings, some policy suggestions are proposed for South Asian economies.Öğe Examining the asymmetric effects of stock markets and exchange rate volatility on Pakistan’s environmental pollution(2020) Öztürk, İlhan; Ullah, SanaThe purpose of this study is to observe the effects of stock markets and exchange rate volatility on environmental pollution in Pakistan during the period 1985–2018. A nonlinear autoregressive distributed lag (ARDL) model is applied to get this objective. In general, the short-term results revealed that the positive and negative shocks in stock markets reducing the carbon emissions. In adverse, positive shocks in exchange rate volatility reduces the carbon emissions while negative shocks in exchange rate volatility have a positive significant effect on carbon emissions in Pakistan. Moreover, the positive and negative shocks in the stock market have a positive significant effect on Pakistan’s carbon emissions but positive and negative shocks in exchange rate volatility negative influence on carbon emissions in the long run. The findings further show that positive and negative shocks of the stock markets and exchange rate volatility have the same effects in sign but different in magnitude in the long run. Based on these findings, some policy recommendations proposed in the context of Pakistan as well as for other developing countries.Öğe Institutional factors-environmental quality nexus in BRICS: a strategic pillar of governmental performance(Routledge Journals, Taylor & Francis Ltd, 2022) Zhang, Duanmin; Ozturk, Ilhan; Ullah, SanaA better understanding of the link between institutional factors and CO2 emissions is essential for economists and policymakers. Therefore, this study explores the dynamic impact of institutional factors on carbon emissions in BRICS economies for the period from 1996 to 2019 by using the panel NARDL approach. We found that positive shocks in corruption and law & order and government stability have a negative impact on carbon emissions in the long-run. However, the negative shocks in corruption and law & order exert a positive impact on carbon emissions, while negative shocks in government stability and political stability have a negative impact on carbon emissions in the long-run. These findings confirm the significance of institutional factors in alleviating carbon emissions in BRICS countries since institutional factors not only influence pollution emissions directly but also indirectly through foreign direct investment and economic growth. The findings recommend that there is a need to strengthen institutions to promote green growth and a healthy sustainable environment.Öğe On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: insights from China(Routledge Journals, Taylor & Francis Ltd, 2022) Lei, Wang; Ozturk, Ilhan; Muhammad, Hafeez; Ullah, SanaOne of the strategic objectives of China is to increase renewable energy consumption by reducing non-renewable energy consumption. This motivates us to carefully investigate the asymmetric effects of financial deepening on renewable and non-renewable energy consumption for China, using annual data from 1990 to 2019. The results show that in China, a positive shock in bank deposits and broad money has a significant increasing effect on renewable energy consumption, while a negative shock in bank deposits and broad money has also a significant increasing effect on renewable energy consumption in the long-run. Moreover, positive change in bank deposits and broad money has an inverse impact on non-renewable energy consumption, while negative change has stimulating non-renewable energy consumption in long run. Thus, government and policymaker's policies aimed at promoting financial deepening in China must be persistent and sustainable to foster renewable energy consumption.Öğe On the asymmetric effects of premature deindustrialization on CO2 emissions: evidence from Pakistan(2020) Öztürk, İlhan; Ullah, Sana; Usman, Ahmed; Majeed, Muhammad Tariq; Akhtar, ParveenIn this modern era, environmental pollution is the biggest problem attached to industrialization. This study tries to ensure the relationship between industrialization and CO2 emissions in Pakistan for the time period 1980–2018 by using nonlinear ARDL model while controlling for urbanization, GDP, and human capital variables as a likely factor of CO2 emissions. Our foremost study objective is to examine whether or not the outcome of industrialization on CO2 emissions is symmetric or asymmetric for Pakistan that is one of the core suppliers to CO2 in South Asia, as the emissions were 0.82 million tons in 2018. Our result approves the presence of an asymmetric effect of industrialization shocks on CO2 emissions both in the short run and long run. The results reveal that industrialization increases emissions and deindustrialization decrease emissions, in short as well as long run, in Pakistan. Moreover, our finding also advises that urbanization and GDP variables have exerted a positive impact on CO2 emissions. Based on the findings, some policy suggestions are proposed for Pakistan.Öğe Revealing the nexus between nuclear energy and ecological footprint in STIRPAT model of advanced economies: Fresh evidence from novel CS-ARDL model(Pergamon-Elsevier Science Ltd, 2022) Usman, Ahmed; Ozturk, Ilhan; Naqvi, Syed Muhammad Muddassir Abbas; Ullah, Sana; Javed, Muhammad ImranIn recent times, a rise in anthropogenic activities has increased the demand for water, energy, infrastructure, wood, and other natural resources, which causes the climate to change, land to erode, pollution to increase, and biodiversity to decrease. We aim to investigate the impact of nuclear energy and human capital on the ecological footprint in 12 advanced economies over the period 1980-2015. We have applied the novel Cross Sectionally Augmented Auto Regressive Distributive Lag (CS-ARDL) estimation technique that can handle the issue of Cross-Sectional Dependence (CSD) and also deal with the mixture I (0) and I (1) variables. The estimate of nuclear energy is negatively significant, confirming that the use of nuclear energy can protect the environment by preserving the water, land, and forest resources and reducing the carbon footprints. Similarly, the estimated coefficient of human capital is negative and significant, which confirms that human capital can reduce the ecological footprint in advanced economies. On the other side, electricity consumption is a factor that can spur economic activity and consequently the ecological footprints. Likewise, the increased economic activity in advanced economies also exhaust resources like water, land, and forests and consequently increase ecological footprints. The results suggest that nuclear energy can prove a panacea to the problems of energy security and environmental degradation; therefore, increasing nuclear energy production should be part and parcel of energy and environmental policies of all the countries around the globe.Öğe Shocks in agricultural productivity and CO2 emissions: new environmental challenges for China in the green economy(Routledge Journals, Taylor & Francis Ltd, 2022) Zhou, Guangzhu; Li, Hongping; Ozturk, Ilhan; Ullah, SanaThe primary motive behind this research is to see the role of China's large agriculture sector in promoting or demoting CO2 emissions. Therefore, we applied linear and non-linear ARDL models by collecting data over the period 1971-2019 for China. The results of the linear model suggest that livestock production can help to reduce CO2 emissions both in the short and long run. In the non-linear model, the short-run estimates of livestock production are insignificant, however, in the long run, the positive shock in the livestock production helps to reduce the CO2 emissions and the negative shock is insignificant. On the other side, an increase in crop production deteriorates the environmental quality in the short run in both linear and non-linear models. In long run, the estimate of crop production in the linear model is insignificant and in the non-linear model, the estimated coefficients of both positive and negative shocks in crop production are negative implying that a positive shock reduces the CO2 emissions while the negative shock increases the CO2 emissions.Öğe The asymmetric effects of fiscal and monetary policy instruments on Pakistan’s environmental pollution(2020) Öztürk, İlhan; Ullah, Sana; Sohail, SidraAbstract Maintaining a balance between environmental quality and economic growth is now one of the common goals of fiscal and monetary policies in developed and developing economies. This study examines the asymmetric impacts of fiscal and monetary policy instruments on environmental pollution in Pakistan over the period 1985–2019 by employing the asymmetric or nonlinear autoregressive distributed lag (NARDL) framework. The outcomes indicate that in Pakistan, a positive and negative shock in fiscal policy instruments has a significant increasing influence on carbon emissions in the short run, while a positive and negative shock in fiscal policy instruments has a significant decreasing impact on environmental pollution in long run. However, negative and positive shock in monetary policy instruments enhances carbon emissions in short-run, whereas positive shock in monetary policy instruments decreases carbon emissions in the long run. Therefore, the policymakers may consider the usage of fiscal and monetary policy instruments to maintain economic growth along with lowering the environmental pollution.Öğe The effect of ICT on energy consumption and economic growth in South Asian economies: An empirical analysis(Elsevier, 2021) Usman, Ahmed; Ozturk, Ilhan; Hassan, Ali; Zafar, Syeda Maria; Ullah, SanaThis study contributes to the literature by analyzing the effects of information and communication technology (ICT) on economic performance and energy consumption of selected South Asian economies i.e. Bangladesh, India, Pakistan and Sri Lanka for the period of 1990-2018. For empirical analysis, we employed the bounds testing approach of cointegration and error correction modelling. The findings of the study confirm that, in the long-run, ICT significantly and positively contributed to the economic growth of India only. Similarly, India is the only country in South Asia that has achieved energy efficiency as a result of increased use of ICT. However, energy consumption proved to be an important determinant of GDP per capita in India and Pakistan. Also, GDP per capita has a positive and significant impact on energy consumption in both India and Pakistan. These results imply that South Asian economies try to follow their regional partner, India, in increasing the role of ICT in their economies, which on one side will boost their economic growth and on the other side will help them in achieving energy efficiency. Moreover, the energy conservation policy could prove detrimental to South Asian economies.
