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    Carbon efficiency in China: Should we be concerned about the shadow economy and urbanization?
    (John Wiley and Sons Ltd, 2023) Pata, Ugur Korkut; Olasehinde-Williams, Godwin; Ozkan, Oktay
    Reducing carbon emissions is critical to achieving a carbon-neutral world according to the Glasgow Climate Pact, but production, and thus carbon emissions, must continue to meet the needs of the world's growing population. Minimizing carbon emis sions per production, that is, increasing carbon efficiency is one way to support the Sustainable Development Goals. Therefore, studying the determinants of carbon efficiency for China, the largest global polluter, is important for zero carbon goals. To this end, this study examines the effects of the shadow economy, globalization, trade openness and urbanization on carbon efficiency using novel dynamic autoregressive distributed lag simulations for China during 1990–2018. The empirical results illustrate that (i) the environmental Kuznets curve (EKC) hypothesis is not valid; (ii) Shadow economy, trade openness and urbanization reduce carbon efficiency and (iii) Globalization enhances carbon efficiency. Based on these results, it is suggested that the Chinese government should combat the shadow economy to increase carbon efficiency, regulate unplanned and polluting urbanization in a green manner, reduce carbon intensity in foreign trade, and benefit from environmental technologies provided by globalization
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    Stock Returns, Crude Oil and Gold Prices in Turkey: Evidence from Rolling Window-Based Nonparametric Quantile Causality Test
    (Springer, 2023) Pata, Ugur Korkut; Usman, Ojonugwa; Olasehinde-Williams, Godwin; Ozkan, Oktay
    This study explores the time-varying efects of crude oil prices (OP) and gold prices (GP) on the Turkish stock market using a weekly data series from November 26, 1989 to July 10, 2022. For this purpose, we develop a new hybrid technique, the rolling window-based nonparametric quantile causality test, which allows the inves tigation of time-varying causality at various quantiles. The results reveal that (i) under all market conditions, there is time-varying causality from crude OP and GP to Turkish stock market returns (SMR) and volatility. (ii) The causal efects of both crude OP and GP on stock market volatility are larger than their causal efects on SMR. (iii) The crude OP have a greater impact on SMR than the GP, while the GP has a greater impact on stock market volatility than the crude OP. (iv) Both crude OP and GP have the strongest (least) causal impact on SMR and volatility under normal (bullish) market conditions. (v) Crude OP and GP have a greater impact on stock market volatility than on stock returns under all market conditions. Overall, our results highlight that OP and GP have a strong impact on the Turkish stock mar ket, and this impact varies by returns and volatility. Therefore, fnancial investors should consider the volatility of crude OP and GP in the Turkish stock market.