Editorial Statement and Research Ideas for Efficiency and Anomalies in Stock Markets

Wong, Wing‐Keung

doi:10.3390/economies8010010

Cited by 4 publications

(1 citation statement)

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“…Another extension could use other approaches to study the relationship between energy [69][70][71][72] and financial development [73][74][75]. Readers may refer to [76,77] and many others for other topics to which academics and practitioners can extend the approaches used in our paper.…”

Section: Limitations Of Study and Extensionsmentioning

confidence: 99%

How Do Financial Development and Renewable Energy Affect Consumption-Based Carbon Emissions?

Awosusi

Adebayo

Rjoub

et al. 2022

MCA

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This paper bridges the gap in the literature by employing the novel quantile-on-quantile (QQ) approach, the quantile regression approach, and the nonparametric Granger causality test in quantiles to assess the effect of international trade on consumption-based carbon emissions (CCO2e) in Uruguay. Our study incorporates other drivers of CCO2 emissions, such as financial development and renewable energy, into the model. We find that, in the majority of the quantiles, exports, financial development, and renewable energy exert a negative impact on CCO2e, and the influence of imports on CCO2e is positive in all quantiles. Moreover, the quantile regression approach is used as a robustness test for the quantile-on-quantile approach. The causal interaction from the regressors to CCO2e is evaluated using the nonparametric Granger causality test in quantiles. The outcome of the nonparametric Granger causality test in quantiles suggests that imports, exports, renewable energy, and financial development can predict CCO2e at different quantiles. Based on these outcomes, we recommend that the financial sector must strengthen its focus on giving funding to enterprises that embrace environmentally friendly technologies and incentivize them to employ other energy-efficient technologies for manufacturing reasons, thereby preventing environmental deterioration.

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Section: Limitations Of Study and Extensionsmentioning

confidence: 99%

How Do Financial Development and Renewable Energy Affect Consumption-Based Carbon Emissions?

Awosusi

Adebayo

Rjoub

et al. 2022

MCA

Self Cite

View full text Add to dashboard Cite

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Analysing Monetary Policy Shocks by Sign and Parametric Restrictions: The Evidence from Russia

2022

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Most, if not all, of the studies in the existing literature that have examined the impacts of monetary policy implications on macroeconomic aggregates suffered from misleading impulse responses. To overcome the limitations in the existing literature and to fill the gap in the literature, this study applies the new Keynesian model by imposing the sign and parametric restrictions to investigate the effects of policy shocks on the economic aggregates for Russia by implementing SVARs, yielding a better understanding of the impacts of monetary policy shocks on the Russian economy and proving superior to other existing methods. Our approach avoids impulse response anomalies such as the price puzzle and eludes implausible overshooting responses to the subjected innovations by using prior information. Our findings indicate that although monetary policy shocks create a significant decrease in inflation in the short run within both median target responses and median responses, they have a tolerable negative effect on the output gap. On the other hand, demand shocks do not generate a significant rise in output but create inflation, while cost–push shocks generate significantly detrimental results in both inflation and output. The results draw a further step towards validating the new Keynesian theory in the Russian case by revealing the short-run nonneutrality of monetary policy intervention. Our findings also showed that the cost–push shocks have significant damaging effects on both inflation and output and that interest rates strongly respond to both cost–push and demand shocks. Our findings successfully solve the price puzzle problem, justify the new Keynesian theory that holds that monetary policy shocks only have a short-run effect, and imply that Volcker–Greenspan’s rule could be a useful guide for policy makers to solve the problem efficiently. In addition, our findings can be used to make important policy recommendations for policy makers as discussed in the conclusion section.

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