This study examines the effectiveness of non-linear monetary policy interest rate channel shocks for the Turkish economy using the threshold VAR analysis in the period of 2006-2019. The interest channel is examined with the two models for both consumption transfer and investment transfer models. The results show that the interest rate channel is effective in the high regime (high macroeconomic instability) for the consumption transfer model, and it is partially effective in the low regime (low macroeconomic instability). On the other hand, for the model with investment expenditures flow, the interest rate channel is partially effective in both high and low regimes.

Symmetry: Culture and Science (ISSN 0865-4824) - Online

This study examines the relationship between economic growth and the Load Capacity Factor (LCF) in 37 OECD countries from 2005 to 2023 within the Load Capacity Curve (LCC) framework, focusing on the threshold role of water use efficiency (WUE) and the role of renewable energy consumption (REC). Controlling for urban population growth, government effectiveness, REC, and freshwater withdrawal, the models are estimated with the Generalised Panel Smooth Transition Regression (GPSTR) method at the aggregate level and for the agriculture, industry, and services sectors. At the aggregate level, the growth–LCF relationship does not follow an LCC pattern: WUE only mitigates the negative effect of growth on the LCF. At the sectoral level, the results are consistent with an efficiency-conditioned LCC pattern, in which growth reduces the LCF below the WUE threshold and increases it above, in agriculture; they provide indicative support for this pattern in services and show no such pattern in industry. REC is positively and significantly associated with the LCF in all models. The findings suggest that growth–environment policies should account for sectoral differences, support the renewable energy transition, and extend water governance beyond technical efficiency targets. The study contributes by modelling WUE as a threshold variable and providing a comparative sectoral analysis.

This paper examines whether the relationships between environmentally related taxes, environmental outcomes, and environmental protection expenditures are more consistent with the environmental objectives emphasised by Pigouvian approaches or with a predominantly revenue-raising role of environmental taxation in 27 OECD economies over the period 1995–2023. To address this question, two complementary models are estimated: the first examines the effects of environmental taxes and environmental protection expenditures on the ecological footprint, while the second examines the long-run relationship between environmental tax revenues and environmental protection expenditures. Pedroni and Westerlund tests provide evidence of long-run relationships in both models. BA-OLS and CUP-FM estimates show that environmental taxes reduce the ecological footprint, although their average effect is statistically insignificant, whereas environmental protection expenditures significantly reduce it. Environmental taxes also have a positive and significant effect on environmental protection expenditures. The MMQR results reveal substantial heterogeneity underlying these average relationships. The negative effect of environmental taxes on the ecological footprint becomes progressively stronger as the ecological footprint increases and is significant from the median to the upper quantiles, whereas the effect of environmental protection expenditures remains statistically insignificant across all quantiles. In the second model, the positive effect of environmental taxes on environmental protection expenditures is significant only in the middle quantiles, indicating that the positive relationship between environmental tax revenues and environmental protection expenditures is not uniform across the distribution. Taken together, the findings provide conditional support for the Strict Pigouvian Approach and partial support for the Broad Pigouvian Approach: environmental taxes are more effective in reducing ecological footprints at higher levels of environmental pressure, while their positive association with environmental protection expenditures is not uniform across the distribution.