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The work focuses on linearity or otherwise of Indian Shariah market i.e. CNX NIFTY, CNX500 and S&P BSE TASIS 50 during the period spanning from 01/January/2008 to 31/June/2013. In order to detect the presence, BDS test of Brock et al (1996) was employed and null hypothesis was strongly rejected the existence of Independent Identical Distribution (IID). On further investigation on presence of IID with the help of GARCH (1, 1) and enquiry on whether the non-linear dependence was caused by predictable conditional volatility, it was found that the non-linearity was caused not by serial dependence or linear dependence rather it was caused by volatility clustering and GARCH effect in the return series. This leads to the inference that the market lacks efficiency and rejects the Random Walk Hypothesis. Hence, alerts the policy makers on the predictability of the market even for short horizon which in principle should not exist, as Shariah market is expected not to give opportunity for abnormal return.

This study examines the relationships between the environmental pollution, energy use and economic growth of countries around the world using secondary sources of 44 countries collected from the World Energy Outlook 2019. Cointegration tests with sophisticated econometric panel models and autoregressive distributed lag models were used to measure the relationship between the above variables ranging from 1990 to 2018. Our study’s empirical model finds that high energy usage improves a country’s economic position but at the cost of environmental pollution (carbon dioxide emissions). It also observes that countries in the European Union, the Commonwealth of Independent States, and North and Latin American across the Pacific region support the hypothesis of an inverted N‐shaped environmental Kuznets curve. However, the situation in Asia and Africa suggests the N‐shaped environmental Kuznets curve hypothesis, which indicates that these countries experience ups and downs in their environmental quality all the time and their environmental quality is substandard at any point in time. Those countries that show both long‐term and short‐term relationships among these three factors must adopt environmental safety measures such as renewable energy sources and green concepts to reduce their levels of carbon dioxide emissions and increase their environmental quality.

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