This paper investigates the linkage between natural resources and financial development by considering oil prices, economic growth and economic globalization as additional determinants in finance ...demand function for case of Pakistan over the period of 1972–2017. In doing so, we have applied long run covariability developed by Muller and Watson (2018) and robustness of empirical results is tested by applying cross-quantilogram introduced by Han et al. (2016). The empirical evidence reveals that natural resource abundance is positively correlated with financial development i.e. natural resources are blessing for financial development. Oil prices have positive effect on financial development. Economic growth has positive and significant impact on financial development. Contrarily, economic globalization hinders financial development. The empirical evidence indicates new insights for policy makers to use natural resources as economic tool to increases financial development for long run.
•The role of natural resources in finance-growth nexus is analyzed.•Annual data for Pakistan over the 1972–2017 period are used.•Natural resources are blessing for financial development.•Oil prices and economic growth have positive effect on financial development.•Economic globalization hinders financial development.
In this article, we use the recently developed nonlinear autoregressive distributed lags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our ...approach allows us to simultaneously test the short- and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings.
•The pass-through of crude oil prices into gasoline and natural gas prices is examined.•We use a NARDL model to test for the long-run and short-run asymmetric reactions.•Both gasoline and natural gas prices significantly adjust to changes in the price of oil.•Negative oil shocks have greater effects than positive oil shocks.•Policy implications are discussed.
•The time-varying dependence between European and US CDS spreads markets is studied.•Time-varying Gaussian and Student-t copulas are used.•Nonlinear dependence structure of CDS spreads between the US ...and Europe is found.•Substantial variation in the dependence structure of sovereign CDS spreads is found.
In this paper, we perform an estimation based on the copula-GARCH model to assess the dependence structure of sovereign Credit Default Swaps (CDS) spreads between European countries and the United States. Using a daily data of CDS spreads covering the period from January 2007 to March 2016, we detect non-linear dependence structure of CDS spreads between the US and European countries. Our results indicate that sovereign CDS of those European countries with financial markets comparable to the US including the UK and those countries that showed a relative resilience to the euro area debt crisis including Germany have had higher conditional dependence with the US.
Human accomplishments have increased the complexity and interconnectedness of environmental threats, resulting in widespread effects on people, ecosystems, and economies worldwide. In addition to ...overpopulation, pollution, burning fossil fuels, and deforestation, humans also impact the physical environment in many ways. These changes have contributed to climate change, soil erosion, poor air quality, and undrinkable water. We investigate the linear and non-linear effects of natural resources and education on CO2 emissions in the Latin American (LA) group of nations considering the roles of green energy, foreign remittances, and economic growth from 1990 to 2020. We have developed a comprehensive empirical analysis that applied second-generation advanced econometric methodologies in this study. The results of this research disclosed that natural resources pose a non-linear impact on environmental quality. The low level of natural resources benefits the environment in the LA panel, but higher use of natural resources ultimately intensifies CO2 emissions. Hence, a U-shaped association between natural resources and CO2 emissions is found in the LA panel. In the linear model, natural resources also boost CO2 emissions. Alongside this, education also intensifies CO2 emissions in the selected sample. Green energy and remittances mitigate CO2 emissions and thereby improve environmental quality.
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•Environmental impact of linear and non-linear natural resources checked.•Economic growth escalates environmental deterioration.•The environment can improve after a threshold level of economic growth.•Extraction of natural resources poses detrimental effects on the environmental quality.•A U-shaped association between natural resources and CO2 emissions is found.
FACTORS INFLUENCING CO₂ EMISSIONS IN CHINA Atil, Ahmed; Bouheni, Faten Ben; Lahiani, Amine ...
The Journal of energy and development,
10/2018, Letnik:
44, Številka:
1/2
Journal Article
Recenzirano
This paper investigates the environmental impact of economic growth, energy consumption, financial development, and globalization in China over the period 1970Q1-2015Q4. In particular we consider ...four dimensions of globalization, namely, economic, social, political, and overall globalization. The nonlinear autoregressive distributed lags (NARDL) model has been employed to capture the potential asymmetric impact of the determinants of carbon dioxide (CO₂) emissions in China. This work presents a number of interesting findings. (1) In the short run, economic growth and financial development have a significant symmetric impact on CO₂ emissions. Energy consumption has a nonlinear and asymmetric influence on CO₂ emissions. However, economic globalization does not impact CO₂ emissions. (2) In the long run, economic growth, financial development, and economic globalization exhibit an asymmetric influence on CO₂ emissions in the model, including the economic dimension of globalization. Economic growth has a positive and symmetric impact on CO₂ emissions in the model, including social globalization; however, it does not influence CO₂ emissions in the case of political or overall globalization. In addition, energy consumption is positively linked to CO₂ emissions. Moreover, financial development does not influence CO₂ emission in the models, including social, political, and overall globalization. Social and overall globalization have a significant influence on CO₂ emissions. The results of this paper are important for policies that would promote sustainable development and environment protection.
Given limited research on monetary policy rules in revolutionary countries, this paper challenges the suitability of the Taylor rule in characterizing the monetary policy behavior of the Tunisian ...Central Bank (BCT), especially in turbulent times. More specifically, we investigate the possibility that the Taylor rule should be formulated as a threshold process and examine the validity of such nonlinear Taylor rule as a robust rule for conducting monetary policy in Tunisia. Using quarterly data from 1998:Q4 to 2013:Q4 to analyze the movement of nominal short-term interest rate of the BCT, we find that the nonlinear Taylor rule improves its performance with the advent of special events providing thus a better description of the Tunisian interest rate setting. In particular, our results show that the adoption of an appropriate nonlinear approach leads to a reduction in the errors of 150 basis points in 1999 and 2009, and 60 basis points in 2011, relative to the linear approach.
The performance of unpaced unreliable production lines that are unbalanced in terms of their buffer storage sizes is investigated in this article. Lines are simulated at different levels of line ...length, total buffer capacity and mean buffer capacity, and for each of these the configuration of buffer allocation is varied. Output data on throughput, idle time and average buffer level are analysed using a range of statistical tools, and relationships between the independent and dependent variables were determined. The best patterns in terms of generating higher throughput rates (or lower idle times) and lower average buffer levels as compared to a balanced line are those where total available buffer capacity is allocated as evenly as possible between workstations and to concentrate more buffer capacity towards the end of the line, respectively.
This paper studies the behaviour and performance of reliable, unpaced serial production lines with either one source of imbalance (namely, unbalanced service time means (MTs), unequal coefficients of ...variation (CVs), uneven buffer capacities (BC), or with two simultaneous sourced of imbalance (i.e. MT&CV, MT&BC and CV&BC). The lines were simulated with various values of line length, buffer storage size, degree of imbalance, coefficient of variation, along with a number of imbalance configurations. The primary measures of efficiency were idle time (IT) and average buffer level (ABL). Output data from the discrete event simulation of such lines under their steady-state mode of operation were analyzed using a set of statistical methods. The best, second best or good patterns in terms of IT and ABL were identified and compared to balanced line counterparts. Various relationships between the independent and response variables and rankings of the design factors with respect to their impacts on IT and ABL were also obtained.
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