The role of financial systems in energy demand: A comparison of developed and developing countries.

This study investigates the role of the financial system in energy demand in the cases of developed and developing countries. Time-series analyses are carried out using the annual data period from 2000 to 2015. Results indicate that the financial system and financial markets are long-term catalysts for energy consumption in both groups under consideration. Results show that domestic credits by banks positively impact energy demand in developing countries, while this is money supply impacting positively on energy demand in the case of developed nations. The results of this study reveal important policy implications.

Dynamic effects of shadow economy and environmental pollution on the energy stock prices: empirical evidence from OECD countries.

This study investigates the dynamic effects of the shadow economy and environmental pollution on the energy stock prices in the case of the Organization for Economic Co-operation and Development (OECD) countries via generalized methods of moments (GMM) and during the years from 2004 to 2014. Results suggest significant links between the volume of shadow economies, energy stock prices, and environmental pollution. Negative effects of carbon dioxide emissions on energy stock prices are found in this study. Furthermore, a U-shaped relationship is also found between the shadow economy and energy stock prices; that is the initial levels of the shadow economy the response of energy stock prices is negative; then, beyond a trough point, its response starts to be positive at the further stages of the level of shadow economies. Despite energy consumption raises energy stock prices, environmental pollution mitigates the value of energy stock prices.

Estimating the role of climate changes on international tourist flows: evidence from Mediterranean Island States.

This article examines the role of climate change on tourist flows to Malta, Cyprus (north), and Cyprus (south) which are major tourist destinations in the Mediterranean. Results from time series analyses reveal that climate change positively impacts on foreign tourist flows to these island states. Thus, this finding is reasonable where we argue that global warming leads to increases in international tourist arrivals to small island states. This paper has also found statistically significant effects of overall energy consumption on foreign tourist arrivals to Malta and Cyprus revealing that energy efficiency policies are essential in small island states.

Volatility of the alternative energy input prices and spillover effects: a VAR [MA]-MGARCH in BEKK approach for the Turkish economy.

The interaction among the energy unit prices, which are considered as the most effective factor on the realization of economic growth, and the distribution of this interaction throughout the manufacturing process have become popular subjects in research recently. Especially, the scarcity of energy resources and the problems encountered in their supply make it necessary to utilize alternative energy resources. Thus, the realization of production using different energy inputs simultaneously results in an interaction between the factors and the spillover effect. Thus, in the study, alternative vector autoregressive M-GARCH (VAR [-MA] -MGARH) models would be predicted based on the spillover effect between the conditional variance and alternative energy input prices.

Interactions between oil prices and financial sectors' performances: empirical evidence from Amman Stock Exchange.

The present study searches the effects of international oil prices on the performance of financial sector firms in the Amman Stock Exchange (ASE). Using the daily data which range from July 3, 2006 to April 12, 2018, we found that financial performance of the ASE firms is downturn during this data period and oil prices do not impact on these performances. It is found that downward movement of financial performances in the ASE is totally independent of the movements in international oil prices.

The moderating role of oil price changes in the effects of service trade and tourism on growth: the case of Turkey.

The aim of this study is to examine the role of oil price changes in the effects of services trade and tourism on real income growth in Turkey. Time series analysis using the 1960-2017 annual period has been adapted with this respect. Results confirm the long-term impacts of tourism and services trade sectors on real income growth in Turkey. Tourism and trade (both services and manufacturing) exert positively significant effects on the long-term performance of macroeconomic activity as measured by gross domestic product. Oil prices negatively impact on real income growth of Turkey. It is also found that oil prices negatively moderate the effects of foreign trade, services trade, and tourism on real income growth in Turkey. This finding reveals that significant effects of foreign trade, services trade, and tourism on real income are negatively influenced from oil price changes.

Investigating the role of urban development in the conventional environmental Kuznets curve: evidence from the globe.

We investigated the role of urbanization in the conventional environmental Kuznets curve (EKC) of the globe. The overall population and rural population were also considered for control purposes. Based on our findings, we suggest that the conventional EKC of the globe is not an inverted U-shape but becomes downward sloping when urban development is added and inverted U-shapes when the overall population and rural population volumes are added.

Testing the role of fiscal policy in the environmental degradation: the case of Turkey.

This study introduces a new research topic that investigates the relationship between fiscal development and carbon emissions in Turkey through testing Environmental Kuznets Curve (EKC) hypothesis. Annual data covering the period, 1960-2013, has been used and in addition to gross domestic product and energy consumption, fiscal policy variables have been regressed on the level of carbon emissions in Turkey. Results reveal that fiscal policies and carbon emissions are in long-term equilibrium relationship in Turkey; carbon dioxide emission level converges towards long-term paths as contributed by fiscal policy. The effects of fiscal aggregates on the level of carbon dioxide emissions are negatively significant revealing that growth in fiscal aggregates leads to declines on the levels of carbon emissions. This proves that as far as environmental effects are concerned, fiscal policies regarding energy sector is successful in Turkey. Thus, the major finding of this study confirmed the validity of the fiscal policy-induced EKC hypothesis in the case of Turkey.