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Öğe Assessment of the role of renewable energy consumption and trade policy on environmental degradation using innovation accounting: Evidence from the US(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2020) Usman, Ojonugwa; Alola, Andrew Adewale; Sarkodie, Samuel AsumaduRenewable energy technologies are promising, yet, very little is known about its role as a limiting factor in fossil fuel-attributable environmental degradation - especially in high-income countries. This study investigated the dynamic effect of renewable energy consumption, economic growth, biocapacity and trade policy on environmental degradation in the United States from 1985Q1 to 2014Q4. To achieve this objective, the study applied an autoregressive distributed lag (ARDL) model to obtain the long-run and short-run dynamic coefficients. Toda-Yamamoto causality test was used to examine the direction of causality while Cholesky decomposition test was for innovative accounting to validate the estimated models. The empirical results divulged that a decline in environmental degradation can be attributed to an increase in renewable energy consumption through its negative effects on ecological footprint. Economic growth and biocapacity were found to exert upward pressure on ecological footprint; however, trade policy exerts downward pressure on ecological footprint. A two-sided causal relationship was established between economic growth and ecological footprint as well as economic growth and biocapacity. In contrast, a one-way causality was confirmed running from trade policy to renewable energy consumption and from renewable energy consumption to biocapacity. The innovative accounting revealed that 14.79% and 8.41% of renewable energy consumption and trade policy caused 0.60% and 9.88% deterioration in the environment. Hence, country-specific energy policies that increase the share of renewable energy in the energy portfolio are recommended.Öğe Asymmetric effect of environmental cost of forest rents in the Guinean forest-savanna mosaic: The Nigerian experience(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2023) Usman, Ojonugwa; Alola, Andrew Adewale; Usman, Monday; Uzuner, GizemSeveral studies have identifed deforestation as a major cause of environmental degradation, but little is known about the asymmetric efect of the environmental cost of forest rents. To fll this gap, our study uses the nonlinear autoregressive distributed lag (NARDL) model and asymmetric causality test to examine the environmental implication of forest rents in the Guinean Forest-Savanna Mosaic of Nigeria over the period 1990:Q1 to 2016:Q4. The empirical results show that forest rents increase CO2 emissions when the shock to forest rents is positive and decreases CO2 emissions when the shock to forest rents is negative. The results further show evidence of asymmetric efects of crop production, fossil fuel energy consumption, and economic growth on CO2 emissions. Moreover, the efects of both positive and negative shocks in economic growth are elastic, suggesting that CO2 emissions respond in a larger magnitude to a 1% positive or negative shock in economic growth. While the positive shock to crop production and economic growth stimulates CO2 emissions, their negative shocks dampen CO2 emissions. In addition, the positive (negative) shocks to fossil energy consumption exert upward (downward) pressure on CO2 emissions. Furthermore, the asymmetric causality test divulges that a positive change in forest rents causes a negative change in CO2 emissions and a negative change in forest rents causes a positive change in CO2 emissions. Based on these fndings, the study recommends the need for policymakers to formulate sound policies to protect the forests and transit toward clean energy consumption to minimize energy-related CO2 emissions in the country.Öğe Democracy and tourism demand in European countries: does environmental performance matter?(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Usman, Ojonugwa; Bekun, Festus Victor; Ike, George NwokikeRecently, empirical studies revealed that democracy is positively associated with environmental quality through the freedom gained by the people to demand environmental protection. In this paper, we explore empirical evidence linking how environmental performance interacts with democracy to influence tourism demand in twenty-seven European countries. To achieve this objective, we use the method of moments quantile regression (MMQR) model by Machado and Silva (J Econ 213: 145-173, 2019) and a balanced panel data covering the period 2002 to 2014. The empirical results suggest that environmental performance interacts heterogenously with democracy at different quantiles of the conditional distribution to stimulate tourism demand. Also, the effect of an increase in income and environmental performance is stronger in countries with lower tourism market shares than in countries with higher tourism market shares. The major implication for this study is that countries with lesser shares of the tourism market should strive for higher environmental performance and economic development as this would grant them more advantage in the tourism sector than their counterparts with higher market shares.Öğe Does geopolitics trigger energy inflation in the European economic area? Evidence from a panel time-varying regression(Emerald Group Publishing Ltd, 2024) Olasehinde-Williams, Godwin; Olanipekun, Ifedolapo; Usman, OjonugwaPurposeThis paper aims to examine the reaction of energy inflation to geopolitical risks in the European Economic Area between 1990 and 2015. Design/methodology/approachThis study applies the nonparametric time-varying coefficient panel data model with fixed effects. In addition, to further reveal potential tail effects that may not have been captured by conditional mean-based regressions, the method of moments quantile regression was also used. FindingsThe findings of this study are as follows: first, as European countries get exposed to geopolitical tensions, it is expected that energy prices will surge. Second, the ability of geopolitical risk to trigger energy inflation in recent times is not as powerful as it used to be. Third, countries with a lower inflation rate, when exposed to geopolitical risks, experience smaller increases in energy inflation compared to countries with a higher inflation rate. Research limitations/implicationsThe findings of this study lead us to the conclusion that transitioning from nonrenewable to renewable energy use is one channel through which the sampled countries can battle the energy inflation, which geopolitical risks trigger. A sound macroeconomic policy for inflation control is a complementary channel through which the same goal can be achieved. Originality/valueGiven the increasing level of energy inflation and geopolitical risks in the world today, this study is an attempt to reveal the time-varying characteristics of the relationship between these variables in European countries using a nonparametric time-varying coefficient panel data model and method of moments quantile regression with fixed effects.Öğe Domestic material consumption and greenhouse gas emissions in the EU-28 countries: Implications for environmental sustainability targets(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Alola, Andrew Adewale; Akadiri, Seyi Saint; Usman, OjonugwaIn spite of the achievements of the European Union (EU) member countries with respect to the sustainable development goals (SDGs) 2030 targets, the member countries have reportedly under-performed in a specific drive towards the SDG 12 (Sustainable Consumption and Production [SCP]). In advancing evidence to this insight, the current study examines the role of domestic material consumption, income and renewable energy utilisation in the panel of the EU-28 environmental sustainability targets. In specific, we find that domestic material consumption worsens the bloc's environmental quality in both the immediate and long term. Although an increase in per capita income level aids environmental sustainability in the long term, the short-run effect shows that per capita income growth triggers greenhouse gas emissions. The study further reveals that while cleaner energy development (renewables) improves the countries' environmental sustainability in both the short and long run, the level of real income is yet detrimental to environmental quality. Moreover, consumption of domestic materials, the share of renewable energy utilisation and real income contribute to greenhouse gas emissions in countries like Czech Republic, Lithuania and Malta. Thus, this study suggests country-specific policies that primarily target domestic consumption and cleaner energy development to achieve environmental sustainability targets among the EU member states.Öğe Effects of domestic material consumption, renewable energy, and financial development on environmental sustainability in the EU-28: Evidence from a GMM panel-VAR(PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2022) Usman, Ojonugwa; Alola, Andrew Adewale; Akadiri, Seyi SaintDespite the high commitments of the European Union (EU) member countries toward achieving the sustainable development goals (SDGs), on average, the region has reportedly under performed in the area of ensuring sustainable production and consumption. This paper uses the Generalized Method of Moments (GMM) estimation of panel vector autoregressive (PVAR) with impulse response functions (IMFs) to assess the effects of domestic material consumption, renewable energy, financial development, and greenhouse gas emissions on environmental quality in the EU-28 countries based on the panel data for the period 2000:Q1e2017:Q4. The empirical results reveal that the shocks to domestic material consumption, renewable energy, economic growth, financial development, and greenhouse gas emissions affect the drives towards a sustainable environment. Particularly, the shocks to renewable energy and financial development improve environmental quality, while the shocks to domestic material consumption and greenhouse gas emission deteriorate environment quality. The shock to economic growth improves environmental quality up to the 4th horizon after which it begins to deteriorate environment quality. Furthermore, the panel causality results indicate bidirectional causality between greenhouse gas emissions and the rest of the variables except renewable energy, which is unidirectional. The causality between economic growth and renewable energy, economic growth and financial development, and financial development and renewable energy has a feedback effect while a unidirectional causality flows from economic growth to domestic material consumption. These findings have implications for sustainable production and consumption.Öğe Energy mix outlook and the EKC hypothesis in BRICS countries: a perspective of economic freedom vs. economic growth(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2021) Akadiri, Seyi Saint; Alola, Andrew Adewale; Usman, OjonugwaThis study attempts to unveil an additional dimension to economic freedom within the framework of the environmental Kuznet curve (EKC) hypothesis using the panel data for BRICS (Brazil, Russia, India, China, and South Africa) economies over the period 1995–2018. Firstly, the study found that the EKC hypothesis is valid only in the long run for the panel countries. Secondly, we found that economic freedom mimics the pattern of economic output. Thus, when economic freedom is employed in lieu of economic growth, the EKC hypothesis is also validated only in the long run. Importantly, when both economic freedom and output are employed alongside, they produce the same carbon mitigation effect in each of the short-run and long-run periods. Thirdly, the country-specific evidence of the role of economic freedom and output in environmental quality is not less of a Ushaped relationship in the short run. Lastly, the impact of the bloc’s energy mix (coal, natural gas, and oil energy utilization) on environmental quality is undesirable in both the short and long run; only in South Africa natural gas has the potential to mitigate carbon emissions. Overall, the study offers relevant policy measures for attaining Sustainable Development Goals (SDGs) target to combat climate change and its impacts.Öğe Environmental quality effects of income, energy prices and trade: The role of renewable energy consumption in G-7 countries(ELSEVIER, RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS, 2020) Ike, George N.; Usman, Ojonugwa; Alola, Andrew Adewale; Sarkodie, Samuel AsumaduRenewable energy plays a vital role in achieving environmental sustainability, however, the mitigating effect varies across countries depending on the share of renewables in the energy mix. Herein, we analyze the effect of renewable energy consumption, energy prices, and trade on emissions in G-7 countries. The results demonstrate that renewable energy and energy prices exert negative pressure on CO2 emissions while trade volume exerts a robust positive pressure on CO2 emissions. The country-specific estimation results provide evidence of a negative effect of energy prices on CO2 emissions. While the environmental Kuznets curve hypothesis is validated at the panel and country-specific levels, the effect of renewable energy consumption and trade, are disparate across countries. The panel Granger causality shows a mono-directional causality flowing from energy prices, GDP, the quadratic term of GDP and trade to CO2 emissions. Renewable energy consumption, however, has no causal relationship with CO2 emissions but indirectly affects CO2 emissions through its direct effect on energy prices. Joint action on trade, energy prices, and country-specific renewable energy policies have implications for environmental sustainability and the attainment of the Sustainable Development Goals (SDGs).Öğe An examination of the pass-through of disaggregated energy prices to real house price: Evidence from the United States(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2021) Uzuner, Gizem; Usman, Ojonugwa; Alola, Andrew AdewaleOur study investigates the dynamic pass-through of energy prices (crude oil price, electricity price, natural gas price, and coal price) to real house price in the United States using the data from 1970 to 2017. Based on the autoregressive distributed lag (ARDL) model, the empirical results suggest an incomplete pass-through for all the energy prices to real house price both in the long run and short run except for longrun pass-through of crude oil price which is complete with statistically insignificant parameter. The Granger causality results reveal a feedback effect between natural gas price and real house price, output growth and real house price, natural gas price and crude oil price, coal price and electricity price, and output growth and coal price. In addition, a unidirectional causal relationship is found running from crude oil price, natural gas price, real house price, and coal price to electricity price. Again, we find that crude oil price is the cause of coal price in Granger sense. Therefore, our findings provide insights into proper design of energy policy that reduces the transmission of energy price shocks to house price in the United States.Öğe Examining the Interaction Effect of Control of Corruption and Income Level on Environmental Quality in Africa(MDPI, ST ALBAN-ANLAGE 66, CH-4052 BASEL, SWITZERLAND, 2022) Usman, Ojonugwa; Iorember, Paul Terhemba; Öztürk, İlhan; Bekun, Festus VictorThe effects of corruption and income on environmental degradation is well established in the literature. However, little attention has been given to how the control of corruption affects the environmental quality at different levels of income. This study examines the interaction effect of the control of corruption and income on environmental quality in Africa over the period from 1996 to 2017. Using a Method of Moments Quantile Regression (MMQR) with fixed effects, the results revealed that both the control of corruption and income level increase CO2 emissions while their interaction term reduces CO2 emissions. This implies that the interaction effect of the control of corruption and income level mitigates carbon emissions. Particularly, the marginal effect of the control of corruption on CO2 emissions decreases as income level increases. Furthermore, renewable energy consumption has a negative and significant effect on CO2 emissions. The effect of foreign direct investment on CO2 emissions is positive and significant, which validates the pollution haven hypothesis. These results are heterogeneous across the quantile distribution of CO2 emissions. Based on these findings, our study suggests the need for the government and policymakers to stimulate income levels as a prerequisite for achieving sound and effective environmental policies in Africa.Öğe Inbound tourism demand elasticities of MENA countries: the role of internal and external conflicts(Emerald Group Publishing Ltd, 2023) Usman, Ojonugwa; Alola, Andrew Adewale; Ike, GeorgePurpose In this paper, the authors investigate the inbound tourism demand elasticities of the Middle East and North African (MENA) countries. The authors emphasize the role of external and internal conflicts, world gross domestic product and relative prices over the period 1995-2017. Design/methodology/approach This study applies the heterogeneous panel data estimators based on the fully modified-OLS (FM-OLS), dynamic-OLS (DOLS) and the recently developed method of moments quantile regression (MMQR). Findings The empirical results indicate that the effect of external and internal conflicts on inbound tourism demand is negative and inelastic with external conflict having a stronger effect. The effect of both classifications of conflicts diminishes as the market share of the tourist destination increases. In addition, the role of the world GDP on tourism demand is positive and elastic, suggesting that tourism is a luxury good while an increase in relative prices diminishes inbound tourism demand. Originality/value The paper, therefore, concludes that if policy measures are not put in place to curtail incidences of conflicts, economic growth in these countries may suffer setbacks. This by implications could affect the attainment of the sustainable development goals (SDGs) targets.Öğe Is pass-through of the exchange rate to restaurant and hotel prices asymmetric in the US? Role of monetary policy uncertainty(SPRINGER, ONE NEW YORK PLAZA, SUITE 4600 , NEW YORK, NY 10004, UNITED STATES, 2023) Alola, Uju Violet; Usman, Ojonugwa; Alola, Andrew AdewaleThis study examines the exchange rate pass-through to the United States (US) restaurant and hotel prices by incorporating the effect of monetary policy uncertainty over the period 2001:M12 to 2019:M01. Using the nonlinear autoregressive distributed lag (NARDL) model, empirical evidence indicates asymmetric pass-through of exchange rate and monetary policy uncertainty. Moreover, a stronger pass-through effect is observed during depreciation and a negative shock in monetary policy uncertainty, corroborating asymmetric pass-through predictions. Our results further show that a positive shock in energy prices leads to an increase in restaurant and hotel prices. Furthermore, asymmetric causality indicates that a positive shock in the exchange rate causes a positive shock to restaurant and hotel prices. We found feedback causal effects between positive and negative shocks in monetary policy uncertainty and positive and negative shocks in the exchange rate. Additionally, we detected a one-way asymmetric causality, flowing from a positive (negative) shock to a positive (negative) shock in energy prices. Therefore, these findings provide insights for policymakers to achieve low and stable prices in the US restaurant and hotel industry through sound monetary policy formulations.Öğe The making-or-breaking of material and resource efficiency in the Nordics(Elsevier, 2023) Alola, Andrew Adewale; Celik, Ali; Obekpa, Hephzibah Onyeje; Usman, Ojonugwa; Echebiri, ChukwuemekaThe relevance of efficient direct material input through both export market and domestic material sources offers useful material and resource productivity guidelines from both economic and environmental sustainability dimensions. In the current context, the drivers of material and resource efficiency in the Nordic region are examined by utilizing requisite empirical approaches over the period 1995-2020. The investigation revealed that economic activities which are characterized by Gross domestic product (GDP) alongside the growth of urban population and utilization of oil energy are all detrimental to the region's resource efficiency. It implies that material utilization efficiency cannot be optimized with the current trend of the region's GDP, urban population growth and the use of dirty energy. Contrarily, the findings, further revealed that alternative energy utilization vis-`a-vis renewables are key indicators to spur material and resource efficiency in the region, thus throwing more support for the region's unavoidable energy transition goal. These highlighted results alongside the Granger causality inference offer sustainable development measures that are specifically motivated through the improvement of efficient and optimization of output.Öğe Material productivity and material intensity as drivers of environmental sustainability in G-7 economies(Taylor & Francis Inc, 2024) Celik, Ali; Usman, Ojonugwa; Alola, Andrew AdewaleTo further understanding the perspective of sustainable consumption and production, which is one of the key elements of the Sustainable Development Goals (SDGs), this study examines the environmental effects of material domestic productivity, material footprint and material intensity in the world's most advanced economies - the Group of Seven (G7) countries by using the dataset that spans over the time 1970 to 2019. The environmental Kuznets curve hypothesis was used as a theoretical framework. By applying the mean group dynamic least squares (DOLSMG) estimation approach and using carbon and greenhouse gas emissions as environmental indicators, the outcome validates the environmental Kuznets curve hypothesis but only in the United States and Germany. Material productivity, footprint and intensity exert a significantly negative impact on the environmental indicators, thus demonstrating the existence of a feasible sustainable consumption and production approach among the countries. By contrast, especially for the country-specific results, material productivity and intensity aggravated environmental degradation by increasing carbon and greenhouse gas emissions in France, Italy, and Japan. A robustness check using the Dumitrescu-Hurlin Granger causality approach aligns with the above-mentioned results. The findings suggest policy recommendations for a more effective approach to reducing material intensification across economic sectors in advanced economies.Öğe MODELING THE ASYMMETRIC EFFECTS OF EXCHANGE RATE, FINANCIAL DEVELOPMENT, AND OIL PRICES ON ECONOMIC GROWTH(World Scientific Publ Co Pte Ltd, 2024) Appiah, Michael; Gyamfi, Bright akwasi; Usman, Ojonugwa; Bekun, Festus VictorRecent studies on the relationship between exchange rates, oil prices, and economic growth in developing countries like Ghana have used linear methods, but do not account for potential asymmetries. This research investigates the intricate asymmetric effects of exchange rates, financial development, and oil prices on Ghana's growth from 1990-2017 using a nonlinear model. The findings indicate that global oil price has asymmetric effects on short- and long-term growth, with positive price changes having different impacts than negative changes. However, there is no evidence for asymmetric long-term effects of exchange rates and financial development on growth, only short-term asymmetries. The cumulative effects of exchange rates and financial development outweigh oil prices. Recommendations include modernizing fuel efficiency, investing in renewable energy and public transit to address oil price shocks, and increasing market transparency and collaboration between major consumer and producer countries. The nonlinear model provides an evidence-based analysis of the intricate asymmetric relationships between these factors and developing country growth.Öğe Technological pathways to decarbonisation and the role of renewable energy: A study of European countries using consumption-based metrics(Elsevier Sci Ltd, 2023) Nwani, Chinazaekpere; Usman, Ojonugwa; Okere, Kingsley Ikechukwu; Bekun, Festus VictorTo decarbonise Europe in the post-COP26 era, current policies must be adjusted to account for the cross-border consequences of its consumption pattern. Using consumption-based Kaya identity metrics adjusted for emissions and energy embodied in traded goods and services, this study examines the nexus between technological factors defining energy transition progress, specifically energy and carbon intensities of the consumption mix, and carbon dioxide (CO2) emissions, in a sample of 20 European countries from 1995 to 2019. The empirical steps rely on panel-data estimators that are robust to cross-sectional dependence and allow for heterogeneous slope coefficients. The results show that energy and carbon intensities of the consumption mix have a positive relationship with CO2 emissions but a negative relationship with renewable energy consumption. The findings also verify an inverted U-shaped relationship between affluence and CO2 emissions through the energy and carbon intensity metrics. Additional tests show a unidirectional causality from carbon intensity of the energy mix to CO2 emissions and from renewable energy to the carbon intensity. Also, bidirectional causality exists between CO2 emissions and per capita GDP and energy intensity, and between renewable energy and energy intensity. By implication, renewable energy provides the technological path to mitigating consumption-induced emissions in Europe.