Are cleaner energy and financial technologies needed? Contagion and causality evidence between global fintech markets, energy consumption, and environmental pollution

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dc.contributor.authorErsin, Özgür Ömer
dc.contributor.authorBildirici, Melike E.
dc.date.accessioned2024-05-21T11:49:06Z
dc.date.available2024-05-21T11:49:06Z
dc.date.issued2024en_US
dc.departmentFakülteler, İşletme Fakültesi, Uluslararası Ticaret Bölümüen_US
dc.description.abstractFinancial technology (FinTech) depends on high amounts of energy with an upward trend, possibly affecting emissions due to energy consumption (EC). The study investigates tail dependence, contagion, and nonlinear between FinTech, EC, and carbon dioxide emissions (CO2e) with MS-GARCH-copula and MS-GARCH-copula-causality with a daily sample covering 02 Jan 2012–28 December 2022. The method is a generalized version of single-regime GARCH-copula and causality tests to Markov-switching. Empirical results indicated that FinTech, EC, and CO2e series follow nonlinear processes in addition to unit roots as determined by BDS nonlinearity tests and a set of linear and nonlinear unit root tests. Further, for all series, heteroskedasticity and nonlinear forms of heteroskedasticity cannot be rejected by ARCH–LM and White heteroskedasticity tests, leading to the estimation of the series and their joint dynamics by MS-GARCH-copula and a new MS-GARCH-copula based nonlinear Granger-causality test, the RSGCC test, under two distinct regimes characterized with the low and high volatility for extreme tails of data. Positivity and significance of copula parameters under both regimes indicate a high degree of positive but asymmetric tail dependence and contagion between FinTech & EC, in addition to contagion between FinTech & CO2e and EC & CO2e. RSGCC results determine unidirectional causalities from EC to CO2e and from FinTech to CO2e, coupled with bidirectional causality between FinTech and EC, which enhance the dynamics due to feedback effects. The findings of this paper are of importance for two central Sustainable Development Goals. Results could also be used to bring the FinTech markets and EC to the attention of policymakers, researchers, and eco-friendliness-focused portfolio managers. Graphical Abstract: (Figure presented.)en_US
dc.identifier.doi10.1007/s10098-024-02845-8en_US
dc.identifier.scopus2-s2.0-85192150642en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.urihttps://hdl.handle.net/11467/7279
dc.identifier.urihttps://doi.org/10.1007/s10098-024-02845-8
dc.identifier.wosWOS:001233396100002en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherSpringer Science and Business Media Deutschland GmbHen_US
dc.relation.ispartofClean Technologies and Environmental Policyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectEnergy consumption; Environmental pollution; Financial technology (FinTech); Cleaner technologies; Copula; Markov-switching; Contagion; Causality; Tail inferenceen_US
dc.titleAre cleaner energy and financial technologies needed? Contagion and causality evidence between global fintech markets, energy consumption, and environmental pollutionen_US
dc.typeArticleen_US

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