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After the Paris Climate Conference (Conference of the Paris COP21), emerging countries also start succeeding in carbon neutrality targets. In doing so, environmental sustainability has become a vital concern over the past few decades. To control the pollution from combustion gases and to mitigate the destructive effects of carbon emission on environmental quality, governments and policymakers need to consider the important factors that decrease the net carbon emission level, such as eco-innovation and environmental taxes. The literature on the environmental taxes and eco-innovation to control carbon emission is scant. Therefore, this study fills the knowledge gap by evaluating the dynamic effect of eco-innovation and environmental taxes on the carbon neutrality target in emerging seven (E7) economies from 1995 to 2018 and other control variables. The study uses advanced panel data econometric tools to handle various issues such as cross-section dependence structural break and slope heterogeneity for empirical analysis. The study uses the second-generation panel unit root test, Westerlund's cointegration tests, CS-ARDL long-run and CS-ARDL short-run analysis, AMG, and CCEMG for robustness check. The study's outcomes confirm that eco-innovation and environmental taxes play a major role in carbon abatement and Environmental Kuznet Curve (EKC) presence found in E7 countries.
Ran Tao; Muhammad Umar; Ahsan Naseer; Ummara Razi. The dynamic effect of eco-innovation and environmental taxes on carbon neutrality target in emerging seven (E7) economies. Journal of Environmental Management 2021, 299, 113525 .
AMA StyleRan Tao, Muhammad Umar, Ahsan Naseer, Ummara Razi. The dynamic effect of eco-innovation and environmental taxes on carbon neutrality target in emerging seven (E7) economies. Journal of Environmental Management. 2021; 299 ():113525.
Chicago/Turabian StyleRan Tao; Muhammad Umar; Ahsan Naseer; Ummara Razi. 2021. "The dynamic effect of eco-innovation and environmental taxes on carbon neutrality target in emerging seven (E7) economies." Journal of Environmental Management 299, no. : 113525.
The current research assesses the impact of political risk on carbon dioxide (CO2) emissions in Brazil while controlling the role of financial development, GDP growth, trade openness, and technological innovation. In doing so, the quarterly dataset from 1990 to 2018 is utilized with Bayer and Hanck cointegration, dynamic ordinary least square (DOLS) and canonical correlation regression (CCR), and frequency-domain causality tests. The cointegration test revealed a long-run association amongst the variables of interest. Furthermore, the outcomes from the DOLS and CCR revealed that increasing financial development, technological innovation, trade openness, and real growth increase CO2 emissions while a better political environment reduces environmental pollution.
Zhi-Wei Su; Muhammad Umar; Dervis Kirikkaleli; Tomiwa Sunday Adebayo. Role of political risk to achieve carbon neutrality: Evidence from Brazil. Journal of Environmental Management 2021, 298, 113463 .
AMA StyleZhi-Wei Su, Muhammad Umar, Dervis Kirikkaleli, Tomiwa Sunday Adebayo. Role of political risk to achieve carbon neutrality: Evidence from Brazil. Journal of Environmental Management. 2021; 298 ():113463.
Chicago/Turabian StyleZhi-Wei Su; Muhammad Umar; Dervis Kirikkaleli; Tomiwa Sunday Adebayo. 2021. "Role of political risk to achieve carbon neutrality: Evidence from Brazil." Journal of Environmental Management 298, no. : 113463.
In the reforms pertaining to the energy structure in the automotive industry, new energy vehicles (NEVs) have long been the focus of government attention, as an effective means to reduce air pollution. Therefore, this paper employs the rolling-window Granger causality test, in order to discuss the environmental benefits of new energy vehicles, so as to explore the active role of the transportation sector in reducing air pollution. By studying the interactions between NEVs and particulate matter (PM2.5) from the time period spanning from 2013:M1 to 2020:M9, we have found that the positive influences from NEVs to PM2.5 ascertain that NEVs cannot be considered as an efficient measure to mitigate air pollution. Moreover, these results are not supported by the energy and environment interaction model, which essentially indicates that replacing traditional energy with renewable energy is an effective measure for controlling environmental pollution. In fact, PM2.5 tends to have a negative impact on NEVs, which underlines that the air quality index is a leading indicator, particularly when it comes to analyzing the development of the NEVs market. This essentially highlights that in China, NEVs still do not account for a high proportion of car sales, and therefore, its environmental protection effect is not obvious. At the same time, the factor of public awareness regarding environmental protection will thus occupy a considerable proportion in the transmission of NEVs sales. These revelations will help the government to formulate environmental governance policies, and expand the new energy vehicle market to achieve carbon neutrality targets in China.
Chi-Wei Su; Xi Yuan; Ran Tao; Muhammad Umar. Can new energy vehicles help to achieve carbon neutrality targets? Journal of Environmental Management 2021, 297, 113348 .
AMA StyleChi-Wei Su, Xi Yuan, Ran Tao, Muhammad Umar. Can new energy vehicles help to achieve carbon neutrality targets? Journal of Environmental Management. 2021; 297 ():113348.
Chicago/Turabian StyleChi-Wei Su; Xi Yuan; Ran Tao; Muhammad Umar. 2021. "Can new energy vehicles help to achieve carbon neutrality targets?" Journal of Environmental Management 297, no. : 113348.
The promotion of carbon-neutral investments is among the primary constituents of developing a carbon-neutral economy. This is even more important for emerging economies that have constrained financial markets. In this paper, using monthly data between 2011 and 2019, we study 6519 actively managed mutual funds in BRICS after sorting them into black, brown, and green categories based on their investment holdings. Our comparative performance shows that green funds outperform their counterparts for the entire sample and within-country assessment. We also document the volatility and market timing ability of green funds, mainly absent in high emission funds. The results remained robust for various definitions of performance. Our findings also indicate Chinese green funds perform better than those of other countries. This is attributed to the multiple ecologically friendly economic policies that China has adopted over the years. Based on the results, we propose various interventions that could foster the adaptability of a carbon-neutral investment landscape.
Xiangfeng Ji; Yusong Zhang; Nawazish Mirza; Muhammad Umar; Syed Kumail Abbas Rizvi. The impact of carbon neutrality on the investment performance: Evidence from the equity mutual funds in BRICS. Journal of Environmental Management 2021, 297, 113228 .
AMA StyleXiangfeng Ji, Yusong Zhang, Nawazish Mirza, Muhammad Umar, Syed Kumail Abbas Rizvi. The impact of carbon neutrality on the investment performance: Evidence from the equity mutual funds in BRICS. Journal of Environmental Management. 2021; 297 ():113228.
Chicago/Turabian StyleXiangfeng Ji; Yusong Zhang; Nawazish Mirza; Muhammad Umar; Syed Kumail Abbas Rizvi. 2021. "The impact of carbon neutrality on the investment performance: Evidence from the equity mutual funds in BRICS." Journal of Environmental Management 297, no. : 113228.
The development of a green financial intermediation channel is imperative to achieve zero-carbon economies. In this study, we assess the impact of carbon-neutral lending on the credit risk in the Eurozone. We employ quarterly data for a sample of 344 lending institutions of 19 member states spanning over ten years from 2011 to 2020. Using two specific credit risk measures, the findings show that the exposure to carbon-neutral lending is negatively related to the default risk. The results remain consistent for the various size sorts, depicting that regardless of the bank size, the impact of green financing on the credit risk is the same. We attribute the credit risk reduction to the lower volatility of the borrowers' earnings and cash flows emanating from their sustainable business model. As a consequence of lower credit risk, financial institutions can benefit from lower loan loss provisions and economic capital requirements. This incentive is vital to increase the carbon neutral credit and contribute towards pro-environmental goals.
Muhammad Umar; Xiangfeng Ji; Nawazish Mirza; Bushra Naqvi. Carbon neutrality, bank lending, and credit risk: Evidence from the Eurozone. Journal of Environmental Management 2021, 296, 113156 .
AMA StyleMuhammad Umar, Xiangfeng Ji, Nawazish Mirza, Bushra Naqvi. Carbon neutrality, bank lending, and credit risk: Evidence from the Eurozone. Journal of Environmental Management. 2021; 296 ():113156.
Chicago/Turabian StyleMuhammad Umar; Xiangfeng Ji; Nawazish Mirza; Bushra Naqvi. 2021. "Carbon neutrality, bank lending, and credit risk: Evidence from the Eurozone." Journal of Environmental Management 296, no. : 113156.
In this study, we aim to reinvestigate the resource curse hypothesis with a special emphasis on the institutional failure hypothesis. Our sample is based on G7 countries, known to have a high degree of institutional strength, for four decades from 1980 to 2018. We first evaluate the presence or absence of resource curse by exploring the linkages between natural resources rents and financial development in G7 countries and then look at the two channels of this resource curse, i.e., Financial Markets or Financial Institutions, by utilizing the financial development index and its sub-indices proposed by (Svirydzenka, 2016). Our results refute the presence of resource curse in the long run for G7 economies; however, we clearly identify that this blessing is routed only through the development of Financial markets. There is strong evidence of hemorrhaging in financial institutions led by the abundance and utilization of natural resources. Our findings offer new insights on the linkages of the institutional failure hypothesis with the resource curse hypothesis and help countries develop short-term and long-term strategies to utilize their natural resources endowment optimally.
Zongyun Li; Syed Kumail Abbas Rizvi; Ghulame Rubbaniy; Muhammad Umar. Understanding the dynamics of resource curse in G7 countries: The role of natural resource rents and the three facets of financial development. Resources Policy 2021, 73, 102141 .
AMA StyleZongyun Li, Syed Kumail Abbas Rizvi, Ghulame Rubbaniy, Muhammad Umar. Understanding the dynamics of resource curse in G7 countries: The role of natural resource rents and the three facets of financial development. Resources Policy. 2021; 73 ():102141.
Chicago/Turabian StyleZongyun Li; Syed Kumail Abbas Rizvi; Ghulame Rubbaniy; Muhammad Umar. 2021. "Understanding the dynamics of resource curse in G7 countries: The role of natural resource rents and the three facets of financial development." Resources Policy 73, no. : 102141.
Crude oil is the world's largest energy commodity, and its domestic and international supplies affect the short-term and long-term economic balances of many countries. It also has a strategic and political role in making important contributions related to the production of reserve assets. Given the increasing and often destabilizing role of the futures market on spot oil prices, this study tries to address the question of whether the oil market behaves efficiently and rationally, or do speculators lead it? Using monthly data from 2000M01–2020M12 for crude oil prices and a range of advanced econometric tools such as breakpoint unit root tests, probability-based bubble detection mechanism, right-tailed Supremum Augmented Dickey-Fuller (SADF), and Generalized SADF (GSADF) approaches based on Monte Carlo and bootstrap critical values, we detect multiple bubbles exhibited by the oil market in different periods. The exact identification of these bubbles is essential to analyze the underlying fundamentals that may have caused these bubbles. It can also help policymakers and regulators to assess the exposure oil prices have towards several economic and fundamental factors. Finally, detecting bubbles and exploring the factors causing them, may help improve the oil market's overall efficiency and thus improve investors' decision-making.
Muhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Oana-Ramona Lobonţ. Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices. Energy 2021, 231, 120873 .
AMA StyleMuhammad Umar, Chi-Wei Su, Syed Kumail Abbas Rizvi, Oana-Ramona Lobonţ. Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices. Energy. 2021; 231 ():120873.
Chicago/Turabian StyleMuhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Oana-Ramona Lobonţ. 2021. "Driven by fundamentals or exploded by emotions: Detecting bubbles in oil prices." Energy 231, no. : 120873.
In this seminal work, we introduce the role of institutions and knowledge spillovers in reversing the Dutch disease phenomena and providing a basis for future work. Hence, this study fills the existing literature gap by including institutional quality and knowledge spillovers in testing the Dutch disease hypothesis in Brazil, Russia, India, China, South Africa (BRICS) countries. We analyzed the combined effect of FDI spillovers and remittances inflow on the real effective exchange rate from 1989 to 2019. There is a cointegration relationship among the variables in all aggregate sample models and all the BRICS country's cross-sections. We find that knowledge spillover and institutional quality are important factors contributing to the appreciation of the real effective exchange rate in BRICS countries. This study suggests that for reversing Dutch disease phenomena, BRICS countries need to improve their institutions regarding policy implications. Quality institutions will facilitate remittances to be absorbed into investment activities. Hence, the development of institutions will bring more significant economic growth in the short-run and the long run.
Linna Hao; Shabbir Ahmad; Hsu-Ling Chang; Muhammad Umar. Knowledge spill-over and institutional quality role in controlling Dutch disease: A case of BRICS countries. Resources Policy 2021, 72, 102114 .
AMA StyleLinna Hao, Shabbir Ahmad, Hsu-Ling Chang, Muhammad Umar. Knowledge spill-over and institutional quality role in controlling Dutch disease: A case of BRICS countries. Resources Policy. 2021; 72 ():102114.
Chicago/Turabian StyleLinna Hao; Shabbir Ahmad; Hsu-Ling Chang; Muhammad Umar. 2021. "Knowledge spill-over and institutional quality role in controlling Dutch disease: A case of BRICS countries." Resources Policy 72, no. : 102114.
The predicament of increasing environmental issues in the last few decades has increased the interest in clean energy sources. Some recently created sources of energy, for example, biomass energy, may decrease environmental pressure. This study aimed to uncover the causality between biomass energy consumption (BEC) and carbon dioxide (CO2) emission in the United States (U.S.) using the bootstrap Granger full-sample and sub-sample rolling window estimates method for the period 1981M01 to 2019M12. A one-way relationship was indicated, from biomass energy consumption to CO2 emissions, using the Granger causality test. The durability of the estimated vector autoregressive (VAR) model has been calculated by considering the structural changes. The results show that BEC has both positive and negative effects on CO2 emissions in sub-samples, and CO2 emissions also show a causative relationship with biomass energy consumption. These outcomes can help policymakers consider biomass energy a perfect wellspring of energy to acquire environmental sustainability and energy security.
Ayesha Bibi; Xibao Zhang; Muhammad Umar. The imperativeness of biomass energy consumption to the environmental sustainability of the United States revisited. Environmental and Ecological Statistics 2021, 1 -21.
AMA StyleAyesha Bibi, Xibao Zhang, Muhammad Umar. The imperativeness of biomass energy consumption to the environmental sustainability of the United States revisited. Environmental and Ecological Statistics. 2021; ():1-21.
Chicago/Turabian StyleAyesha Bibi; Xibao Zhang; Muhammad Umar. 2021. "The imperativeness of biomass energy consumption to the environmental sustainability of the United States revisited." Environmental and Ecological Statistics , no. : 1-21.
The aim of this research is to address two emerging and relevant issues that have not been thoroughly investigated in the context of the Russian Federation. The first one is the increasing importance of natural gas and its competing role with Oil as a fossil fuel which should have a significant impact on the overall growth of the Russian Economy. The second issue is an asymmetric effect of natural resource utilization and rents earned on the economic growth which may result in the incorrect interpretation of either resource curse or resource blessings if not properly captured and identified. For this study time-series data from 1988 to 2019 was analyzed using nonlinear autoregressive distributed lag model (NARDL) model. The main findings of this research are surprisingly interesting and confirm the existence of a resource curse for Russia triggered by the positive shocks of natural gas rents. However, the shocks in oil rents which are broadly recognized as the main causes of resource course, tend to be a blessing, because both positive and negative have a positive effect on GDP growth. These findings have important policy consequences for the Russian economy, including how to limit natural gas supply in the face of high global demand and rising prices.
Jinxuan Yang; Syed Kumail Abbas Rizvi; Zhixiong Tan; Muhammad Umar; Mansoor Ahmed Koondhar. The competing role of natural gas and oil as fossil fuel and the non-linear dynamics of resource curse in Russia. Resources Policy 2021, 72, 102100 .
AMA StyleJinxuan Yang, Syed Kumail Abbas Rizvi, Zhixiong Tan, Muhammad Umar, Mansoor Ahmed Koondhar. The competing role of natural gas and oil as fossil fuel and the non-linear dynamics of resource curse in Russia. Resources Policy. 2021; 72 ():102100.
Chicago/Turabian StyleJinxuan Yang; Syed Kumail Abbas Rizvi; Zhixiong Tan; Muhammad Umar; Mansoor Ahmed Koondhar. 2021. "The competing role of natural gas and oil as fossil fuel and the non-linear dynamics of resource curse in Russia." Resources Policy 72, no. : 102100.
This study aims to evaluate the volatility structure of equity returns in an emerging market. We test the persistence and asymmetries in the volatility structure of equity returns in the Pakistan stock exchange (PSX) between 2006 and 2020. The volatility dynamics are assessed using multiple symmetric and asymmetric variants of GARCH family models. We also introduce News Impact Curves to analyze the presence of asymmetries in the volatility of the returns. Our results demonstrate that the volatility is persistent only in daily returns but not in weekly and monthly returns. Similarly, asymmetries were observed for daily returns implying that news arriving in the market continuously does impact investors' sentiment and behavior. However, this phenomenon subdues when the period is extended, reflecting that PSX is efficient in semi-strong form. These findings have important implications for asset management, instrument pricing, cost of capital estimations, and portfolio optimization.
Muhammad Umar; Nawazish Mirza; Syed Kumail Abbas Rizvi; Mehreen Furqan. Asymmetric volatility structure of equity returns: Evidence from an emerging market. The Quarterly Review of Economics and Finance 2021, 1 .
AMA StyleMuhammad Umar, Nawazish Mirza, Syed Kumail Abbas Rizvi, Mehreen Furqan. Asymmetric volatility structure of equity returns: Evidence from an emerging market. The Quarterly Review of Economics and Finance. 2021; ():1.
Chicago/Turabian StyleMuhammad Umar; Nawazish Mirza; Syed Kumail Abbas Rizvi; Mehreen Furqan. 2021. "Asymmetric volatility structure of equity returns: Evidence from an emerging market." The Quarterly Review of Economics and Finance , no. : 1.
This research examines the factor of causality between the variables of economic growth and carbon emissions in China, by conducting full, and sub-sample Granger causality tests for the period of 1965 to 2019. The full-sample Granger causality test is not considered to be authentic, and is rather unstable, as indicated by the parameter stability tests. Therefore, we consider the time variation using a causality test, and the results indicate that the causality exists from the Gross Domestic Product (GDP) growth to the Carbon Dioxide (CO2) emissions. This development essentially suggests that economic growth is critical for China's environment. It also implies that carbon emissions are mainly determined by the increase in economic growth, at some specific period in time. Thus, in this regard, the use of renewable energy sources should be encouraged by policymakers, in order to deal with rise in the energy demand, and promote industrial upgrading, so as to slow down the rate degradation that the environment have been experiencing. However, our empirical results indicate that CO2 emissions are not the Granger reason to GDP. In this case, the government can formulate more conservative reduction policies that pertain to carbon emissions, and will therefore, not impede the economic growth.
Jingwen Zhang; Yin Dai; Chi-Wei Su; Dervis Kirikkaleli; Muhammad Umar. Intertemporal change in the effect of economic growth on carbon emission in China. Energy & Environment 2021, 1 .
AMA StyleJingwen Zhang, Yin Dai, Chi-Wei Su, Dervis Kirikkaleli, Muhammad Umar. Intertemporal change in the effect of economic growth on carbon emission in China. Energy & Environment. 2021; ():1.
Chicago/Turabian StyleJingwen Zhang; Yin Dai; Chi-Wei Su; Dervis Kirikkaleli; Muhammad Umar. 2021. "Intertemporal change in the effect of economic growth on carbon emission in China." Energy & Environment , no. : 1.
The resource curse is an evolving phenomenon in the context of financial development. In this paper, using the firm-level data, we assess the impact of resource curse on the banking sector of those countries with significant dependence on oil production. Our sample spans from 1Q2001 to 4Q2019 and includes commercial banks from twelve oil-producing countries with an oil rent (% of the GDP) being twenty percent and above. We assess the effect of resource curse on banking profit efficiency, asset quality, and solvency using interest rate spreads, credit infections, and the probability of default, respectively, during periods of varying oil prices. Our results show that during episodes of the price boom, the banking efficiency declines, credit infection worsens, and the probability of default would surge. These findings confirm the presence of resources curse and validate the reasons why countries with excess reliance on natural resources tend to have lower financial development. Considering the role of commercial banking in the financial system, these results have important implications for policymakers.
Muhammad Umar; Xiangfeng Ji; Nawazish Mirza; Birjees Rahat. The impact of resource curse on banking efficiency: Evidence from twelve oil producing countries. Resources Policy 2021, 72, 102080 .
AMA StyleMuhammad Umar, Xiangfeng Ji, Nawazish Mirza, Birjees Rahat. The impact of resource curse on banking efficiency: Evidence from twelve oil producing countries. Resources Policy. 2021; 72 ():102080.
Chicago/Turabian StyleMuhammad Umar; Xiangfeng Ji; Nawazish Mirza; Birjees Rahat. 2021. "The impact of resource curse on banking efficiency: Evidence from twelve oil producing countries." Resources Policy 72, no. : 102080.
Bitcoin is considered to be an exclusive marvel of the Fourth Industrial Revolution, and is one of the most sophisticated technological and financial products. It has long been a pivot point of attention for investors who are in pursuit of a safe haven asset. In this paper, we use the wavelet-based quantile-on-quantile method, and the quantile-based Granger causality method, in order to investigate the notion of Bitcoin in actually being a safe-haven asset, amid political and economic uncertainty in the US for the period between 2010:M06, and 2020:M10. Using the Partisan Conflict Index (PCI), and the Economic Policy Uncertainty Index (EPU) as proxies of uncertainties, we find that although Bitcoin effectively appears to be a safe haven asset when uncertainties are on the rise, however, this relationship tends to change during the short- to long-run. In this regard, our sample provides us with a unique opportunity to evaluate the safe haven hypothesis for Bitcoin, amid a time span with three Presidential elections in the US, and recently, an ongoing COVID-19 outbreak, which has been declared as a global pandemic. We have also supplemented our analysis with the bootstrap rolling window causality method, as a measure of robustness. In light of the recent COVID-19 pandemic, and the dynamic economic situation, our work provides valuable knowledge for investors, who wish to construct investment portfolios based on Bitcoin, and also provide insights for regulators about how to regulate the cryptocurrency speculation in an effective manner.
Muhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Xue-Feng Shao. Bitcoin: A safe haven asset and a winner amid political and economic uncertainties in the US? Technological Forecasting and Social Change 2021, 167, 120680 .
AMA StyleMuhammad Umar, Chi-Wei Su, Syed Kumail Abbas Rizvi, Xue-Feng Shao. Bitcoin: A safe haven asset and a winner amid political and economic uncertainties in the US? Technological Forecasting and Social Change. 2021; 167 ():120680.
Chicago/Turabian StyleMuhammad Umar; Chi-Wei Su; Syed Kumail Abbas Rizvi; Xue-Feng Shao. 2021. "Bitcoin: A safe haven asset and a winner amid political and economic uncertainties in the US?" Technological Forecasting and Social Change 167, no. : 120680.
This paper applies the quantile Granger causality test, to explore whether the economic policy uncertainty (EPU) is affected by the crude oil price (COP) shocks in BRICS countries. The empirical results of the causal link present asymmetrical features, such that when the oil markets experience supply shocks, there is a positive influence on the EPU in China, India and Brazil. Moreover, a declining COP has an impact on the EPU in Russia and South Africa. Our findings are consistent with the real business cycle model of the oil price shocks, under the influence of the channels that determine the supply and demand. The BRICS EPU also has an impact on the oil market, but their degree of significance varies, and is related to the demand for oil. Understanding the relationship between EPU and oil markets in BRICS countries can assist policymakers to rebalance of the energy landscape, and also aid in the stabilization of national economies.
Chi-Wei Su; Shi-Wen Huang; Meng Qin; Muhammad Umar. Does crude oil price stimulate economic policy uncertainty in BRICS? Pacific-Basin Finance Journal 2021, 66, 101519 .
AMA StyleChi-Wei Su, Shi-Wen Huang, Meng Qin, Muhammad Umar. Does crude oil price stimulate economic policy uncertainty in BRICS? Pacific-Basin Finance Journal. 2021; 66 ():101519.
Chicago/Turabian StyleChi-Wei Su; Shi-Wen Huang; Meng Qin; Muhammad Umar. 2021. "Does crude oil price stimulate economic policy uncertainty in BRICS?" Pacific-Basin Finance Journal 66, no. : 101519.
The main aim of this paper is to explore the impact of financial development and globalization on consumption-based carbon emissions in Mexico while controlling growth, trade openness, and energy consumption. This impact has not been comprehensively explored for the case of Mexico using the newly developed dual adjustment approach. The fundamental innovation of the approach is that it offers an alternative to cointegration analysis, which reduces the implicit assumption of the singular adjustment in cointegration analysis. Furthermore, the study employs an autoregressive distributed lag approach to capture both the long-run and short-run association, while frequency domain causality tests are applied to capture causal linkages among the variables in the short run, medium run and long run. The empirical findings of this study reveal that: (a) globalization and financial development improve the quality of the environment; (b) energy consumption and economic growth deteriorate environmental quality; (c) trade openness exerts no significant impact on environmental quality. The findings from the frequency domain causality test reveal that financial development, energy usage, and economic growth can predict consumption-based carbon emissions at different frequencies, whereas trade openness and globalization can predict significant variations in consumption-based carbon emissions in the long and short term. Based on the empirical findings, the study suggests that the government of Mexico should be careful when formulating policies aimed at increasing growth, as they could be detrimental to the quality of the environment.
Xiaojuan He; Tomiwa Sunday Adebayo; Dervis Kirikkaleli; Muhammad Umar. Consumption-based carbon emissions in Mexico: An analysis using the dual adjustment approach. Sustainable Production and Consumption 2021, 27, 947 -957.
AMA StyleXiaojuan He, Tomiwa Sunday Adebayo, Dervis Kirikkaleli, Muhammad Umar. Consumption-based carbon emissions in Mexico: An analysis using the dual adjustment approach. Sustainable Production and Consumption. 2021; 27 ():947-957.
Chicago/Turabian StyleXiaojuan He; Tomiwa Sunday Adebayo; Dervis Kirikkaleli; Muhammad Umar. 2021. "Consumption-based carbon emissions in Mexico: An analysis using the dual adjustment approach." Sustainable Production and Consumption 27, no. : 947-957.
This paper investigates the causal relationship between financial development and marine economic growth in China through a bootstrap panel causality analysis. The interplay pattern between these two variables possesses noticeable regional differences, mainly due to the heterogeneous nature of the marine industry structures, government policies, and the quality of the financial markets. Financial development tends to affect marine economic growth, especially when considered in the context of Granger causality, mainly in the eastern marine economic circle. The region's mature financial system enables marine industries to make full use of the available financial resources, which is conducive to marine economic growth. However, financial development is not excessively dependent on marine economic growth, and government policies mainly determine its scale. The result of the eastern marine economic circle substantiates the existence of a “supply-leading” link from financial development to marine economic growth. However, the “demand-following” link is not established in most provinces. Therefore, this analysis will be beneficial to accelerate marine economic growth, specifically through the role that financial development has to play and the emphasis on fulfilling the goal of building a strong maritime country.
Chi-Wei Su; Yu Song; Muhammad Umar. Financial aspects of marine economic growth: From the perspective of coastal provinces and regions in China. Ocean & Coastal Management 2021, 204, 105550 .
AMA StyleChi-Wei Su, Yu Song, Muhammad Umar. Financial aspects of marine economic growth: From the perspective of coastal provinces and regions in China. Ocean & Coastal Management. 2021; 204 ():105550.
Chicago/Turabian StyleChi-Wei Su; Yu Song; Muhammad Umar. 2021. "Financial aspects of marine economic growth: From the perspective of coastal provinces and regions in China." Ocean & Coastal Management 204, no. : 105550.
The present paper explores the impact of trade policy uncertainty (TPU) on agricultural commodity prices (ACP) by employing bootstrap full- and subsample rolling-window Granger causality tests. We find that TPU has both positive and negative effects on ACP, suggesting that TPU may change the supply of and demand for agricultural commodities, leading to fluctuations in ACP. These results support the hypotheses derived from the general equilibrium model, which highlights that TPU can significantly affect ACP. In turn, we find a positive impact of ACP on TPU, indicating that the agricultural commodity market reflects trade conditions in advance. In the context of Sino-U.S. trade frictions and the COVID-19 pandemic, the interaction between TPU and ACP can provide insights for governments to prevent large fluctuations in agricultural commodity markets and stabilize the national economy.
Ting-Ting Sun; Chi-Wei Su; Nawazish Mirza; Muhammad Umar. How does trade policy uncertainty affect agriculture commodity prices? Pacific-Basin Finance Journal 2021, 66, 101514 .
AMA StyleTing-Ting Sun, Chi-Wei Su, Nawazish Mirza, Muhammad Umar. How does trade policy uncertainty affect agriculture commodity prices? Pacific-Basin Finance Journal. 2021; 66 ():101514.
Chicago/Turabian StyleTing-Ting Sun; Chi-Wei Su; Nawazish Mirza; Muhammad Umar. 2021. "How does trade policy uncertainty affect agriculture commodity prices?" Pacific-Basin Finance Journal 66, no. : 101514.
Countries around the world are making efforts to transform their industrial and economic structures in order to promote green growth, and environmentally adjusted multifactor productivity growth, that relies on cleaner and sustainable energy sources. With the Fourth Industrial Revolution coming into play, eco-friendly technologies have significantly improved and repaired the environmental conditions in modern economies. Many studies on the determining factors of green growth have attracted researchers and policymakers across the globe. However, thus far, no single study has reported the role of technological innovation, in the promotion of green growth. Therefore, this study examines the impact of technological innovation on green growth, in the presence of economic growth, globalization, research & development expenditures, and human capital between the periods of 1990 to 2018, with a multivariate framework in China. By using cointegration approaches, the results suggest that in the long-run, green growth depends on technological innovation, GDP, human capital, economic globalization, and R&D expenditures. Moreover, technological innovation is found to have a positive effect on green growth. On the policy side, any initiative that targets technological innovation, globalization, R&D, and human capital shall affect green growth. These policies should take approximately more than one year to start functioning.
Kai-Hua Wang; Muhammad Umar; Rabia Akram; Ersin Caglar. Is technological innovation making world "Greener"? An evidence from changing growth story of China. Technological Forecasting and Social Change 2020, 165, 120516 .
AMA StyleKai-Hua Wang, Muhammad Umar, Rabia Akram, Ersin Caglar. Is technological innovation making world "Greener"? An evidence from changing growth story of China. Technological Forecasting and Social Change. 2020; 165 ():120516.
Chicago/Turabian StyleKai-Hua Wang; Muhammad Umar; Rabia Akram; Ersin Caglar. 2020. "Is technological innovation making world "Greener"? An evidence from changing growth story of China." Technological Forecasting and Social Change 165, no. : 120516.
Awareness of the influence of environmental regulations and financial development on green technological progress by Chinese enterprises will help to promote the green transformation of China’s economy, thereby comprehensively enhancing the quality and competitiveness of its economic development. This paper constructs a theoretical framework to analyze environmental regulation, financial development, and green technological progress and studies the relationship among these three indicators using 2004–2018 data from Shandong province. The results show that environmental regulations and financial development both play roles in promoting green technological progress, but as environmental regulation becomes stronger, the effects of finance on green technological progress begin to differ across regions. The results partially verify the applicability of the Porter hypothesis in China, providing a reference for all levels of government to formulate scientific and reasonable environmental rules and policies.
Cong Li; Xihua Liu; Xue Bai; Muhammad Umar. Financial Development and Environmental Regulations: The Two Pillars of Green Transformation in China. International Journal of Environmental Research and Public Health 2020, 17, 9242 .
AMA StyleCong Li, Xihua Liu, Xue Bai, Muhammad Umar. Financial Development and Environmental Regulations: The Two Pillars of Green Transformation in China. International Journal of Environmental Research and Public Health. 2020; 17 (24):9242.
Chicago/Turabian StyleCong Li; Xihua Liu; Xue Bai; Muhammad Umar. 2020. "Financial Development and Environmental Regulations: The Two Pillars of Green Transformation in China." International Journal of Environmental Research and Public Health 17, no. 24: 9242.