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Öğe Asymmetric effect of environmental cost of forest rents in the Guinean forest-savanna mosaic: The Nigerian experience(Springer Science and Business Media Deutschland GmbH, 2023) Usman, Ojonugwa; Alola, Andrew Adewale; Usman, Monday; Uzuner, GizemSeveral studies have identified deforestation as a major cause of environmental degradation, but little is known about the asymmetric effect of the environmental cost of forest rents. To fill 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 effects of crop production, fossil fuel energy consumption, and economic growth on CO2 emissions. Moreover, the effects 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 findings, 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 Dampening energy security-related uncertainties in the United States: The role of green energy-technology investment and operation of transnational corporations(Elsevier, 2024) Usman, Ojonugwa; Iorember, Paul Terhemba; Ozkan, Oktay; Alola, Andrew AdewaleSeveral studies provide that the green energy transition is critical to attaining environmental sustainability. However, the extent to which investment in green energy technologies influence energy-related uncertainties is not well known. This study set out to investigate the effect of green energy-technology investment and operation of Transnational Corporations (TNCs) on the United States energy security uncertainties over the period 1974–2020. Applying econometric techniques using the Kernel-based regularized least squares (KRLS) and nonparametric multivariate quantile-on-quantile regression (MQQR), we show that green energy-technology investment dampens uncertainties related to energy security. The results also demonstrate that while eco nomic expansion is negatively associated with the United States’ energy security uncertainties, the operational behaviours of TNCs via direct investment by foreigners and trade openness amplify energy security uncertainty matrices. Furthermore, the effects of green energy-technology investment, operational behaviours of TNCs, economic expansion, and trade openness exhibit an inherent heterogeneity, leading to the asymmetric pattern in the distribution of the United States energy security-related uncertainties. Notably, these results are confirmed by the disaggregated models for energy security uncertainties with the exception of the environmental-related risks sub-index which dampens as a result of the operation of TNCs. Given these findings, the study suggests, among others, the need for government and policymakers to increase investment in renewable energy R&D technology to dampen energy security-related uncertainties and achieve a sustainable environment.Öğe Effect of domestic material production on environmental sustainability in EU countries under changing financial development: a dynamic panel threshold regression approach(Springer, 2024) Usman, Ojonugwa; Iorember, Paul Terhemba; Alola, Andrew Adewale; Bekun, Festus VictorAlthough the European Union (EU) has made significant progress towards achieving the Sustainable Development Goals (SDGs), the goal of sustainable consumption and production (SDG 12) is reported to be far from being achieved in the region. This study examines the effect of domestic material production on environmental sustainability (measured by greenhouse gas emissions) at different levels of financial development in 19 EU countries over the period 2000-2017. Using a dynamic panel threshold regression approach, the results provide evidence that domestic material production increases greenhouse gas emissions only when financial development is below a threshold of 0.8743%. The effect of domestic material production on greenhouse gas emissions is negative and insignificant when financial development exceeds the estimated threshold. The results further show that domestic material consumption, financial development and investment in research and development all hinder environmental sustainability by intensifying greenhouse gas emissions. Moreover, the results indicate that income per capita and renewable energy improve environmental sustainability by dampening greenhouse gas emissions. The robustness of these results is tested using fixed-effects ordinary least squares and random-effects generalised least squares with Driscoll-Kraay standard errors. Therefore, this study offers policy implications for achieving a sustainable environment.Öğe Effect of exchange rate uncertainty, energy prices and sectoral spending on agriculture value added, household consumption, and domestic investment(Elsevier, 2024) Iorember, Paul Terhemba; Yusoff, Nora Yusma Mohamed; Abachi, Philip Terhemen; Usman, Ojonugwa; Alola, Andrew AdewaleThe agricultural value chain is underpinned by the interdependence of agricultural value added, household consumption and domestic investment. Understanding the complex interactions between these microeconomic outcomes and the uncertainties in the macroeconomic variables of exchange rates, energy prices and sectoral spending remains under-researched. Therefore, this study examines the impact of exchange rate, energy prices and sectoral spending on agricultural value added, household consumption and domestic investment in Nigeria from 1981 to 2020. Using Kernel regularized least squares (KRLS), the results show that the average pointwise marginal effects of exchange rate and agricultural spending are positive, while the average pointwise marginal effect of energy price is significantly negative for the agricultural value-added model. The results also show that the exchange rate, energy prices and agricultural expenditure all have a positive effect on household consumption. Regarding domestic investment, the effect of the exchange rate is positive and statistically insignificant, while the effects of energy prices and agricultural expenditure are negative and statistically significant. The study recommends the need to strengthen the social safety nets currently in place in Nigeria to support households that are vulnerable to exchange rate fluctuations. In addition, incentives should be given to households and farmers to help use renewable energy sources such as solar or wind power for agricultural activities. Also, investment in value chains and agribusiness initiatives should be encouraged rather than just in crop production.Öğe Energy security-related risks and the quest to attain USA's net-zero emissions targets by 2050: a dynamic ARDL simulations modeling approach(Springer, 2024) Usman, Ojonugwa; Özkan, Oktay; Alola, Andrew Adewale; Ghardallou, WafaThe Russia-Ukraine war and other similar conflicts across the globe have heightened risks to the United States of America's (USA's) energy security. However, little is known about the severity of the effect of energy security risks on the USA's quest to attain net-zero emissions targets by 2050. To this end, we examine the effect of energy security risks on the load capacity factor (LCF) in the USA. Employing a time series dataset spinning from 1970 to 2018, the results of the Dynamic Autoregressive Distributed Lag (ARDL) simulations model suggest that energy security-related risk hampers the long-term net-zero emissions targets with its effect decreasing over time until it varnishes in about 5 years time. The results also show that foreign direct investment (FDI) inflows, renewable energy consumption, and green technology have long- and short-run positive effects on the LCF. Conversely, economic expansion and urbanization impede environmental quality by lowering the LCF both in the long run and short run. These findings are upheld by the outcomes of the multivariate quantile-on-quantile regression. Therefore, the study advocates for the consumption of renewable energy, investment in green technologies, and FDI inflows to mitigate energy security-related risks and attain the net-zero emissions targets by 2050 in the USA.Öğe Examining crude oil price outlook amidst substitute energy price and household energy expenditure in the USA: A novel nonparametric multivariate QQR approach(Elsevier B.V., 2023) Alola, Andrew Adewale; Özkan, Oktay; Usman, OjonugwaThe outlook of crude oil prices has sparsely been empirically examined especially from the critical perspectives of energy expenditure per household, retail electricity prices, and environmental indicators. Given the enormous macroeconomic and socioeconomic effects of crude oil price amidst the fundamentals, this study examines the dynamics of the oil price outlook amidst energy demand (measured by energy expenditure per household), retail electricity price i.e., substitute price, and carbon dioxide (CO2) emissions in the United States of America (USA) over the period 1970 to 2040. This study offers two main innovations: first, it extends the bivariate nonparametric Quantile-on-Quantile Regression (QQR) to the multivariate case. Second, the analysis incorporates projected data series, which provides useful policy insights. The empirical results show evidence of time-varying effects of energy expenditure per household, retail electricity price, and CO2 emissions across the quantiles of crude energy prices. The results further show that the effect of energy demand through household energy expenditures is positive and stronger at the lower quantiles of crude oil price, which corresponds to periods of low crude oil prices. Furthermore, the effects of retail electricity price and CO2 emissions are negative and stronger in the mid-quantiles of crude oil price. This suggests that retail electricity prices and environmental indicator dampen crude oil prices during periods of low crude oil prices. These findings are robust to multivariate Quantile regression and Kernel-based Regularized Least Squares (KRLS) estimates. Therefore, our study suggests time-varying policies to dampen the effects of energy demand, retail electricity price, and environmental indicator on crude oil prices in the USA.Öğe How do environmental taxes influence the effect of tourism on environmental performance? Evidence from EU countries(Routledge, 2022) Usman, Ojonugwa; Alola, Andrew AdewaleEvidence of the accumulation of carbon dioxide (CO2) and other greenhouse gases (GHGs) over the years is placing greater emphasis on the use of taxes to achieve a sustainable environment. This study evaluates the effectiveness of environmental taxes in mitigating the effect of tourism on environmental performance in EU-28 countries for the period 2002–2019. The empirical results of the panel threshold regression model suggest that the effect of tourism on environmental performance is dependent on the level of environmental taxes. Particularly, the effect of tourism on environmental performance is positive and insignificant when environmental taxes are below the threshold level of 9.43%. However, once environmental taxes cross a threshold level, tourism would improve environmental performance. This suggests a significant difference in the way tourism influences environmental performance during periods of lower and higher environmental taxes. These findings, therefore, provide insights to policymakers and other stakeholders on the use of environmental taxes as an instrument to avert environmental degradation, and thus mitigate global warming and other significant climate changes.Öğe Inbound tourism demand elasticities of MENA countries: the role of internal and external conflicts(Emerald Group Holdings Ltd., 2022) 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, 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; Çelik, 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 and Francis Ltd., 2023) 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 inten sity 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 environ mental 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 coun tries. 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 recommenda tions for a more effective approach to reducing material intensification across economic sectors in advanced economies.Öğe Role of non-renewable energy efficiency and renewable energy in driving environmental sustainability in India: Evidence from the load capacity factor hypothesis(MDPI, 2023) Alola, Andrew Adewale; Özkan, Oktay; Usman, OjonugwaPolicymakers and environmental scientists have proposed numerous measures toward achieving a sustainable environment. Some of these measures include the efficient use of energy and a clean energy transition. This study empirically investigates the role of non-renewable energy efficiency and renewable energy utilization in driving environmental sustainability in India over the period from 1965 to 2018. Using the approach of the Dynamic Autoregressive Distributed Lag (DyARDL) simulations, the empirical evidence shows that non-renewable energy efficiency and renewable energy utilization promote environmental sustainability through an increase in the load capacity factor. The effects of financial development and trade impede environmental sustainability through a decrease in the load capacity factor. The results further show that the relationship between income and load capacity factor is characterized by an inverted U-shape. This suggests that the load capability curve (LCC) hypothesis is not valid for India. Given the overall findings of this study, it is suggested that policymakers should promote energy efficiency and renewable energy technologies as the ultimate policy measure to mitigate the accumulation of CO2 emissions and other significant climatic changes in India.
