Browsing by Author "Ak, Aysegul"

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    Globalization and carbon emissions: Is there any role of agriculture value-added, financial development, and natural resource rent in the aftermath of COP21?
    (2020) Wang, Lei; Vo, Xuan Vinh; Shahbaz, Muhammad; Ak, Aysegul; 32510446
    Keeping in view the catastrophic effects of environmental degradation, G7 countries agree to implement the policy recommendations of the famous Paris Climate Agreement (COP21) in 2015; carbon dioxide (CO2) emissions are increasing in G7 countries, which is a severe threat for the environment of the world. This study examines the effects of economic globalization on environmental degradation (CO2 emissions) for G7 countries for the period of 1996-2017. We further examine the role of financial development, agriculture value-added, and natural resources in the relationship between economic globalization and CO2 emissions. This study contributes to the existing literature by providing new empirical evidence on how economic globalization, along with financial development, agriculture value-added, and natural resources affect CO2 emissions in G7 economies. This study utilizes novel econometric techniques such as CS-ARDL for short-run and long-run results of the empirical analysis. The empirical findings show that economic globalization, financial development, and natural resources increase carbon emissions. In contrast, agriculture value-added decreases carbon emissions. This study suggests that policies designed for controlling carbon emissions should be absorbed in approximately more than one year.
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    Natural resource abundance and financial development: A case study of emerging seven (E-7) economies
    (2020) Sun, Yanpeng; Ak, Aysegul; Serener, Berna; Xiong, Deping
    The effect of natural resources on financial development has been tested extensively. However, this study uses a new proxy for financial development to measure its depth, accessibility, and efficiency of financial markets and institutions. As the conventional measures for financial development and human development ignored these dimensions. Unlike previous studies, a new index for human capital is used as a covariate that covers labor market information and provides adjusted estimated returns to education for each country. The sampled area for this study is emerging seven (E -7) economies, and the time period is ranging from 1990-2017. The results found an adverse effect of natural resources rent on financial development, which verifies the existence of a resource curse hypothesis for emerging seven (E-7) economies. In contrast, financial development is positively affected by the rise in human capital through the level of education. Similarly, the openness of trade is found to help promote financial development for the emerging seven economies (E-7). This study suggests the provision of greater financial accessibility and efficiency to better use the available natural resources in the financial sector. More focus should be devoted to the financial sector in comparison with the non-financial sector for effectively using natural resources. Human capital should be focused in order to effectively utilize the abundance of natural resources for speeding up the pace of financial development.