Global warming, climate change and environmental pollution are considered among the important developments that threaten all world economies. In this context, the transition to a zero-emission economy remains one of the environmental sustainability goals of policymakers. The literature investigating the tourism-environmental pollution relationship has limited emphasis on the role of green technological innovation. Therefore, this study explores the effect of tourism and green technological innovation on CO₂ emissions in top 15 most visited countries during the period of 1995–2019. Renewable energy consumption, financial development and economic growth are integrated into the CO₂ emissions equation as control variables. The cointegration tests verify the existence of a cointegration between variables. The long-run estimaters reveal that tourism, green technological innovation and renewable energy consumption serve to improve environmental quality by reducing CO₂ emissions. Contrary to these findings, financial development and economic growth play a role in the increase of CO₂ emissions implying a deterioration in environmental quality. The bootstrap causality analysis points to a bidirectional causality between tourism and CO₂ emissions and between green technological innovation and CO₂ emissions. The findings will make important contributions to policy makers in these countries in meeting their CO₂ emissions reduction targets. Graphical Abstract

This study is to examine the relationship between information and communication technology (ICT) and financial development in the Turkish economy during the period of 1986–2018. By empirical literature, economic growth, technological innovation, and financial globalization are added to the financial development model as explanatory variables. The autoregressive distributed lag (ARDL) model and Hatemi-J cointegration test with two structural breaks are applied to examine the presence of cointegration between the variables. Dynamic ordinary least squares (DOLS), fully modified least squares (FMOLS), and canonical cointegrating regression (CCR) estimation techniques are applied for long-term estimates. The vector error correction model (VECM) Granger causality approach is used for causality analysis. Our empirical results show that under the structural break, ICT, economic growth, technological innovation, and financial globalization are cointegrated with financial development. In the presence of a structural break, ICT and technological innovation negatively affect financial development, while economic growth and financial globalization have a positive impact on financial development. The causality analysis determines that there is a one-way causality relationship running from ICT and economic growth to financial development. In addition, technological innovation and financial globalization lead to long-term financial development. Empirical findings have important policy recommendations for financial development in the Turkish economy.

This study aims to examine whether the participation index performance in the Turkish economy is going well in terms of macroeconomic factors over the period of January 2018March 2021. In this study, the cointegration between the variables is checked with the ARDL bound test and the Johansen cointegration method. The long-term coefficients are estimated through the ARDL model. Finally, the causal linkage among the participation index performance and traditional stock market index, short-term interest rate, money supply, and the inflation rate is tested with the Toda-Yamamoto causality method. The main empirical findings are shown as in the following: 1) there is cointegration between the Participation index performance and traditional stock market index, short-term interest rate, money supply, and inflation rate under the structural break, 2) the traditional stock market index and money supply improve the Participation index performance in Turkish economy while short-term interest rates hamper it, and 3) there is a two-way causality between the participation index performance and the traditional stock market index and inflation rate, and a one-way causality relationship running from money supply and interest rates to Participation index performance. These evidences provide important suggestions to investors in terms of portfolio diversification and to policymakers in the light of risk allocation and market policies.

In this study, it aims to examine the linkage among climate change, banks’ domestic credit and cereal production such as Turkey's CO2 emissions, average rainfall and average temperature in the period 1980-2019. In the study, firstly, the stationarity properties of the variables are examined by KPSS, ADF and Ng-Perron tests, and the presence of cointegration between the variables is investigated through the ARDL boundary test. Then, the long-run elasticities of the independent series are estimated by applying the ARDL model and the causality linkage among the series is detected through VECM method. Empirical findings show that there is cointegration among the variables and that in Turkey, banks’ domestic credit, CO2 emissions, average rainfall and increase in cereal production area increase cereal production, while average temperature increase reduces cereal production. At the same time, it is determined that there is a bidirectional causality between banks’ domestic credit, CO2 emissions, average rainfall and average temperature and grain production, while there exists a uni-directional causality extending from the grain production area to the grain production. Finally, as a result of the examinations, it is detected that there exists a mutual linkage between the financial sector and cereal production.