Is geopolitical oil price uncertainty forcing the world to use energy more efficiently? Evidence from advanced statistical methods

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dc.contributor.authorLee, Chien-Chiang
dc.contributor.authorOlasehinde-Williams, Godwin
dc.contributor.authorÖzkan, Oktay
dc.date.accessioned2024-05-21T11:29:21Z
dc.date.available2024-05-21T11:29:21Z
dc.date.issued2024en_US
dc.departmentFakülteler, İşletme Fakültesi, Yönetim Bilişim Sistemleri (İngilizce) Bölümüen_US
dc.description.abstractThis paper argues that energy efficiency is a potent shield against oil price uncertainty in an increasingly interconnected world fraught with geopolitical tensions. By reducing dependence on oil, enhancing economic resilience, and improving energy security, energy efficiency measures offer multifaceted benefits for both national economies and global stability. Specifically, a wavelet coherence analysis is conducted to study the response of global energy efficiency to geopolitical oil price uncertainty. Quantile-on-quantile and quantile regressions are additionally employed to separate the impacts of various geopolitical oil price risk quantiles on the quantiles of energy efficiency. These methods are utilized in the examination of global time-series data covering the timeframe 2004:Q1–2020:Q4. The wavelet coherence outcomes indicate a positive correlation between geopolitical oil price uncertainty and energy efficiency, particularly during the energy crisis of the 2000s and the COVID-19 pandemic. The results also reveal that geopolitical oil price uncertainty leads to energy efficiency, indicating that an upsurge in geopolitical oil price uncertainty causes energy efficiency to increase. Moreover, the results from quantile-on-quantile and quantile regressions affirm the predominantly positive effects of geopolitical oil price uncertainty on global energy efficiency. Our conclusion therefore is that through strategic investments, innovative policies, and international collaborations relating to energy efficiency, nations can fortify themselves against the destabilizing effects of geopolitical conflicts on energy markets. This would ensure a more sustainable and secure energy future for all.en_US
dc.identifier.doi10.1016/j.eap.2024.04.020en_US
dc.identifier.endpage919en_US
dc.identifier.scopus2-s2.0-85192199823en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.startpage908en_US
dc.identifier.urihttps://hdl.handle.net/11467/7278
dc.identifier.urihttps://doi.org/10.1016/j.eap.2024.04.020
dc.identifier.volume82en_US
dc.identifier.wosWOS:001237513700001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherElsevier B.V.en_US
dc.relation.ispartofEconomic Analysis and Policyen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/embargoedAccessen_US
dc.subjectEfficiency; Energy security; Geopolitics; Nonlinear analysis; Oil priceen_US
dc.titleIs geopolitical oil price uncertainty forcing the world to use energy more efficiently? Evidence from advanced statistical methodsen_US
dc.typeArticleen_US

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