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Yayın Does environmental sustainability afect the renewable energy consumption? Nexus among trade openness, CO2 emissions, income inequality, renewable energy, and economic growth in OECD countries(Springer Nature, 2022) Özcan, Rasim; Muhammad, Iftikhar; Jain, Vipin; Sharma, Paritosh; Shahzad Shabbir, Malik; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study investigates the impact of carbon emissions, real oil prices, income inequality, economic growth, and trade openness on renewable energy consumption (REC) in twenty-three (23) OECD economies. The study employs the Westerlund panel cointegration technique to verify the existence of long-run equilibrium and the Augmented Mean Group (AMG) estimator to assess the long-run relationship between the variables, which allows for slope heterogeneity and cross-sectional dependency. Moreover, the panel causality test of Dumitrescu and Hurlin (DH) is utilized to gauge the causal relationship between the variables. The fndings of our study reveal that REC is positively related to economic growth, real oil prices, income inequality, and trade openness, but negatively related to CO2 emissions in OECD countries. In addition, there is one-way causality from GDP per capita to renewable energy consumption and a bidirectional causality between income inequality and REC. Furthermore, the results indicate that OECD policymakers and governments should regard foreign trade as a “clean energy fostering mechanism” while developing energy demand policies that are environmentally friendly.Yayın Essays on renewable energy consumption and its transition towards a sustainable future(İbn Haldun Üniversitesi, Lisansüstü Eğitim Enstitüsü, 2023) Muhammad, Iftikhar; Vergil, HasanThis doctoral research thesis aims to conduct an empirical analysis of the factors that influence renewable energy consumption (REC) and its transition towards a sustainable future. The pressing need for adopting renewable energy arises from the depletion of non-renewable resources, concerns about climate change, and the escalating global energy demand. The study focuses on OECD and BRICS economies, examining dimensions such as trade policies, CO2 emissions, technological innovation, income inequality, economic growth, capital formation, and oil prices. The findings obtained through the Augmented Mean Group (AMG) and Pooled Mean Group (PMG) estimators indicate that income inequality, GDP growth, trade openness, and oil prices positively affect REC in OECD countries, while carbon emissions have a negative association. In BRICS economies, an increase in income inequality, capital formation, CO2 emissions, and technological advancements hampers the adoption of renewable energy, while economic growth leads to higher REC. The country-specific AMG estimator identifies significant inverse relationship between CO2 emissions and REC in various OECD and BRICS economies. These countries have implemented effective policies, resulting in notable CO2 reductions. Additionally, a positive RECeconomic growth link is evident in nations such as the United States, and China, indicating active integration of renewable energy sources. Oil prices have a negative association with REC in Portugal and Turkey, influenced by specific economic factors. In China and Russia, income inequality negatively impacts REC due to unequal access to renewable energy technologies. Brazil's inverse REC-capital formation relationship is attributed to historical reliance on hydropower, while Mexico, Sweden, Germany, Finland, and Norway benefit from trade liberalization policies in boosting REC. These findings hold pivotal significance for policymakers, providing indispensable insights to formulate effective strategies and expedite the adoption of renewable energy. The policy implications serve as a foundational guide for constructing a greener and more sustainable future for generations to come.Yayın Nexus between willingness to pay for renewable energy sources: Evidence from Turkey(Springer, 2020) Muhammad, Iftikhar; Shabbir, Malik Shahzad; Saleem, Sharjeel; Bilal, Kanwal; Ulucak, RecepThe willingness to pay (WTP) plays a central role in directing appropriate policy regarding ambitious renewable energy targets. Based on this discrepancy, this study intends to investigate the willingness to pay (WTP) for Turkish citizens regarding green electricity by using a one-way analysis of variance (one-way ANOVA). The interviews were conducted comprising 2500 households in 12 major metropolitan cities of Turkey, which is based on the contingent valuation method and consists of 26 questions. The results indicate that for a 20% share of renewable energy, middle-income groups are willing to pay higher than lower and upper-income groups. Moreover, highly environmentally conscious people tend to pay more for a 20% share of green energy. On the other hand, high-income groups and old age groups indicated a positive and high willingness to pay for a 30% share of renewable energy (RE) sources. In addition, primary school and undergraduate educational groups recorded highly significant results for willingness to pay. The results also indicate that Turkish citizens are willing to pay 9.25 Turkish liras (TL) per month for a 20% share and 4.77 Turkish liras per month for a 30% share of renewable energy in total energy production.Yayın The dynamic impact of foreign portfolio investment on stock prices in Pakistan(Routledge, 2019) Shabbir, Malik Shahzad; Muhammad, IftikharThe objective of this paper is to examine the short-run and long-run dynamic relationship between foreign portfolio investments (FPI) and stock prices of Pakistan. This study first ever attempts in the context of Pakistan economy to investigate the foreign portfolio investment and its impact on the domestic stock market. The surge in FPI in the developing countries is relatively due to growth of stock markets in these countries, liberalisation of their economies, high returns on investment, trade openness, improved communication and global technology. This study used annual time series data starting from 1984 to 2016. The autoregressive distributed lag (ARDL) method used for both the long-run and short-run relationship between FPI and various policy variables. All the results are statistically significant except the exchange rate and the model is best fitted which shows the diagnostic and stability test.
