Foreign direct investment (FDI) is an important driver of countries’ economic development. Factors such as looser environmental regulations may cause dirty FDI to flow mainly to developing countries. This is explained by the Pollution Haven Hypothesis. The paper aims to investigate whether the Pollution Haven Hypothesis is valid in Turkey using the nonlinear autoregressive distributed lag (NARDL) approach for the period 1974–2017. The results show that FDI inflows and carbon emissions have asymmetric effects in both the short and long term for Turkey, supporting the Pollution Haven Hypothesis. Furthermore, there is a link between carbon emissions and trade openness, manufacturing and economic growth. Policymakers should develop the policies necessary to transfer clean technologies to Turkey by providing improvements and technical advances for a more efficient energy use.

Greenhouse gas emissions are a major driver of global climate change, prompting increasing attention to the role of financial systems in supporting environmental sustainability. In this context, understanding how financial development influences emissions in emerging economies has become critically important. According to the findings of the long-term estimation, financial development has a direct negative impact on total greenhouse gas emissions and carbon dioxide emissions. Meanwhile, economic growth, trade openness, and population growth exert positive effects on these emissions. Although financial development negatively influences emissions, its interaction with economic growth and population dynamics is complex and may indirectly affect emissions through these factors. In addition, the error correction coefficient found for each country is negative and significant. The panel causality results indicate a unidirectional causal relationship between economic growth and total greenhouse gas emissions and carbon dioxide emissions. These findings are important for governments developing environmental policies, as they show how financial development can improve environmental impacts and help create sustainability-focused policies.

Enhancing financial inclusion is considered a crucial factor in achieving global objectives such as ensuring sustainable growth, improving societal welfare, and reducing poverty. Due to its significance, financial inclusion has recently emerged as a key global policy issue and a frequently studied topic in the literature. This study examines the mutual relationship between financial inclusion and monetary policy in upper-middle-income countries using the Two-Step System GMM and Panel Granger Causality methods. The findings derived from the analyses indicate an inverse relationship between inflation and financial inclusion. In other words, while inflation negatively affects financial inclusion, an increase in financial inclusion also exerts a negative impact on inflation. Regarding other variables, digitalization, regulatory quality, and money supply have a positive effect on financial inclusion. On the other hand, the growth of money supply and deposit interest rates positively influence the inflation rate. Furthermore, the results of the Granger causality analysis reveal a causal relationship from financial inclusion to inflation. In light of the findings, policymakers in upper-middle-income countries are advised to adopt a balanced monetary policy that enhances financial inclusion while keeping inflation under control, consider that excessively expansionary policies may intensify inflationary pressures and weaken financial inclusion, and take into account that increasing financial inclusion can help mitigate the adverse effects of inflation when formulating regulations.

Purpose –The research investigates the correlation between international stock markets and crude oil prices. Various classifications of indexes, such as those for established, emerging, and frontier markets, have been used for this objective. The objective of the research is to determine the correlation between several regional indicators and oil prices.Design/Methodology/Approach –The study covers weekly data for the period from January 7, 2018, to October 8, 2023. In the study, non-linear unit root tests, specifically the BDS test, as well as the tests proposed by Sollis (2009) and Hu and Chen (2016), have been employed. The study examines the non-linear causation framework by employing the methodology introduced by Diks and Panchenko (2006) to analyze the association between WTI oil prices and Morgan Stanley Capital Index (MSCI) indices. Findings -The study reveals the presence of uni-directional non-linear causality between WTI oil prices and developed and frontier market indices. Additionally, bi-directional non-linear causality is detected between WTI oil prices and the emerging market index. Thestudy revealed the presence of a bidirectional non-linear causality relationship between Brent oil prices and developed and emerging MSCI stock market indices. However, a unidirectional non-linear causality is seen between the frontier stock market index and Brent oil price.Discussion -The findings may help investors, academics, and regulators. The study's indices of stock markets with various levels of global development may help investors in different countries. First, investors should consider the nonlinear relationship between oil prices and stock markets when developing portfolio management and risk hedging methods. They should start models and plans with nonlinearity. Investors may reduce risk by monitoring the stock-oil price relationship. Oil price changes should concern policymakers. They must account for nonlinear connections if oil prices rise or fall.

Bu çalışma, Türkiye'deki faiz oranı, döviz kuru, altın fiyatları ve hisse senedi fiyatları arasındaki uzun ve kısa dönemli ilişkileri incelemeyi amaçlamaktadır. Bu çalışmada Türkiye’deki faiz oranı, döviz kuru, altın fiyatları ve hisse senedi fiyatları arasındaki ilişki 2012:05-2024:10 dönemi kapsamında araştırılmıştır. Çalışma kapsamında geleneksel birim kök testleri, Fourier durağanlık testi ve Fourier eşbütünleşme testi kullanılmıştır. Fourier eşbütünleşme analizi sonucunda faiz oranı, döviz kuru, altın fiyatları ve hisse senedi fiyatları arasında uzun dönemli ilişkinin olduğu görülmüştür. Bulgular, altın fiyatları, döviz kuru ve faiz oranlarındaki artışların hisse senedi fiyatlarını pozitif yönde etkilediğini ortaya koymuştur. Ancak, kısa dönem analizleri, bu değişkenlerin hisse senedi fiyatları üzerinde anlamlı bir etkisinin olmadığını göstermiştir. Çalışma, yatırımcılar ve politika yapıcılar için stratejik kararlar alırken dikkate alınması gereken önemli bulgular sunmaktadır. Sonuçlar, Türkiye’deki finansal piyasaların dinamiklerini ortaya koymada ve piyasa davranışları ile ilgili karar alma süreçlerinde yatırımcılara fayda sağlayabilir.