Search Results (87)

Soil thermal conductivity (λ) is a critical parameter governing heat transfer in geothermal exploitation, nuclear waste disposal, and landfill engineering. This study explores the thermal conductivity characteristics of silty clay and develops a prediction model using the actively heated fiber-optic method based on fiber Bragg grating technology. Tests analyze the effects of particle content (silt and sand), dry density, moisture content, organic matter (sodium humate and potassium humate), and salt content on λ. Results show λ decreases with increasing silt, sand, and organic matter content, while it increases exponentially with dry density. The critical moisture content is 50%, beyond which λ declines, and λ first rises then falls with salt content exceeding 2%. Sensitivity analysis reveals dry density is the most influential factor, followed by sodium humate and silt content. A modified Johansen model, incorporating shape factors correlated with influencing variables, improves prediction accuracy. The root mean squared error decreases to 0.087, and coefficient of determination increases to 0.866. The study provides an accurate method for measuring thermal conductivity and enhances understanding of the heat-transfer mechanism in silty clay. Full article

Sustainable economic growth is possible not only with physical investments but also with strong human capital that enables the training of qualified, productive, and innovative individuals. The relationship between the number of university students (doctorate, master’s, and undergraduate) in higher education was selected as a proxy for human capital, and economic growth was estimated using vector autoregressive analysis with four models for the periods 1982Q1–2021Q4. In addition, the effect of gender was examined for all levels of education. While economic growth has a stable effect at the doctoral level, it positively affects master’s and undergraduate students. A one-unit shock in economic growth does not affect gender at doctoral, master’s, and undergraduate education levels. It was determined that the master’s degree explained the economic growth variable more than other education levels. It is seen that female students explain more at the doctoral level of education, and male students at the master’s and undergraduate levels of education. In sustainable economic growth and development, it is much more important and valuable to strengthen graduate education qualitatively and increase knowledge production capacity rather than simply increasing it. Education policies should focus on strengthening education, which is the building block of human capital that contributes to economic growth and social welfare. Full article

This study investigates the impact of remittances on income inequality in Lebanon using annual time-series data for the years 2000–2023. Applying Johansen’s cointegration test, with financial development (FD), GDP, and household consumption expenditure (HCE) as the control variables, the study examines the long-run and short-run relationship between remittances and inequality. The study also considers the moderating impacts of FD and HCE to account for their indirect role in the remittance–inequality relationship. Dynamic relations are also examined by using impulse response functions (IRFs) and Forecast Error Variance Decomposition (FEVD) analyses. The long-run model estimates validate that remittances and income inequality are significantly and negatively related, i.e., increased remittance receipts serve to reduce income inequality in Lebanon. Remittance effects, however, are statistically insignificant in the short run. Interestingly, the results reveal that financial development weakens the remittances’ inequality-reducing effect, dampening their impact. Contrarily, a higher household consumption expenditure slightly strengthens the inequality-reducing effect of remittances. A comparison between the pre- and post-2019 periods reveals that the explanatory strength of remittances weakened during times of economic crisis, since the function of remittances was different during times of economic distress. Based on these findings, this study recommends that Lebanon not only promote financial development but also focus on financial inclusion, improve social safety nets, and provide inclusive economic growth to maximize remittance inflow benefits and efficiently reduce inequality. Full article

The observed increase in demand for transport leads to higher energy consumption, which still predominantly originates from fossil fuels. As a result, the transport sector remains one of the main sources of GHG emissions. At the same time, transport activities bring economic benefits by generating public income and contributing to GDP. This article analyzes the relationship between total final energy consumption in transport, CO₂ emissions from transport, and government revenues, using Poland as a case study. The study applies Johansen’s cointegration method to identify long-term relationships between time series. Unlike many cross-country studies, this research addresses a gap by focusing specifically on Poland—a post-transition economy where the transport sector holds both fiscal and environmental significance. After cointegration test, the Impulse Response Function was used to examine dynamics and identify system shocks. Results indicate that energy consumption in transport significantly affects both CO₂ emissions and government revenues. A rise in energy use leads to higher emissions and also correlates with increased public income. The study contributes to the understanding of how transport-related energy use impacts both fiscal outcomes and emissions in a national context. These findings offer a foundation for shaping future policies that promote economic growth and stable revenue while encouraging more efficient energy use and lower emissions. Full article

This study investigates the relationship between financialisation and economic growth in Croatia, focusing on the period from 1995 to 2021. Using time series econometric models, including the Augmented Dickey–Fuller test for stationarity, Johansen’s cointegration test for long-term relationships, and the Granger causality test within the Vector Error Correction Model (VECM) framework, the research reveals a sustained long-term equilibrium relationship between financialisation and economic growth in Croatia. However, the Granger causality test does not indicate a definitive causal direction between these variables. While the study is limited to the Croatian context and the specified period, its findings have significant implications for policymakers in Croatia and similar emerging markets. These results suggest that while financialisation can enhance economic growth through better resource allocation and increased investment, it may also pose risks such as financial instability. Such measures aim to mitigate the risks associated with financialisation while promoting sustainable economic growth. To address these challenges, we recommend the implementation of robust regulatory frameworks, financial literacy initiatives, and economic diversification strategies. Such measures aim to mitigate the risks associated with financialisation while promoting sustainable economic growth. The study fills an important research gap on financialisation in emerging markets, particularly in Croatia, providing empirical evidence on the long-term relationship between financialisation and economic growth and highlighting the need for context-specific policy interventions. Full article

In this research, the direct and indirect effects of foreign direct investment (FDI) inflows on carbon dioxide (CO₂) emissions in India are examined, covering the period from 1980 to 2014. To quantify the indirect outcome of the existence of FDI on CO₂ emissions, in this study, the three mediating channels of FDI are considered. The three broad mediating channels of FDI inflows are energy structure, industrial structure, and high-carbon technology, by which foreign direct investments affect India’s carbon dioxide emissions. In this study, the unit root test, the Johansen cointegration, the Granger causality technique, and the seemingly unrelated regression (SUR) are used for the empirical analysis. The findings discover a process of cointegration in the long-run and reveal unidirectional causation between FDI inflows and CO₂ emissions. The outcomes of the SUR estimation indicate that all the mediating factors substantially contribute to the level of CO₂ emissions. In this paper, the findings reveal that FDI inflows affect the level of India’s CO₂ emissions mainly via mediating factors compared to their direct effect. Finally, in this research, it is recommended that the concerned authorities should prioritize the redistribution of foreign direct investment from high carbon-intensive technologies to less carbon-intensive and cleaner technologies for India’s carbonless and sustainable future. Full article

This study investigates the integration of the Indonesian stock market with eight major trading partner countries, namely, China, Japan, the United States, Malaysia, India, Singapore, the Philippines, and South Korea. The analysis of the stock-market integration investigation includes the following two main things: short-term and long-term dynamic relationships within the Vector Autoregressive (VAR) model framework based on the unit root test, multivariate Johansen cointegration, and paired Granger causality test. The VAR model was analyzed using weekly closing index data of the Indonesian stock exchange and eight major trading partners from January 2013 to June 2024. The results of the study show that the integration of the Indonesian stock market with those of its main trading partners in the long term is relatively low. This finding implies that investors from the eight major trading partner countries can diversify their portfolios in international investments via the Indonesian stock market and vice versa. In the short term, these results prove that Indonesia’s stock markets and those of its major trading partners are integrated, excluding China. The Chinese stock market has become segmented and more attractive for Indonesian investors who want to benefit from diversification and vice versa. Furthermore, the Indonesian stock market has two-way causal relationships with the US, Japanese, Indian, and Singaporean stock markets. In addition, the Indonesian stock market has unidirectional reciprocal-lagged relationships with Malaysia and the Philippines. An essential contribution of this study is helping policymakers and, especially, international investors understand the dynamic relationships of the Indonesian stock market with its major trading partners. Furthermore, this study contributes to the development of empirical literature on the comovement of the Indonesian stock market and those of its major trading partners, as well as the stock markets of developing and developed countries. Full article

The global energy transition represents a pivotal aspect of the pursuit of sustainable development and the reduction of greenhouse gas emissions. The objective of this study was to examine the dynamic relationships between global primary energy consumption and the consumption of individual energy sources (nuclear, oil, coal, natural gas, renewables) from 2011 to 2023. To examine both long-run and short-run relationships between variables, advanced econometric methods were employed, including the Johansen cointegration test and the Vector Error Correction Model (VECM). Furthermore, an Index of Sustainable Energy Transformation (ISTE) was devised to quantify the advancement of the transition to low-carbon energy sources. The analysis confirms the existence of long-term equilibrium relationships between global primary energy consumption and the consumption of individual energy sources. The analysis revealed that renewable energy consumption exerts a considerable influence on primary energy consumption, both in the short and long term. The ISTE index demonstrated a notable increase over the period of 2011 to 2023, indicative of advancement in the global energy transition. The results confirm the existence of a stable long-term equilibrium between global primary energy consumption and the consumption of individual energy sources. The observed increase in the ISTE index indicates progress towards low-carbon energy sources, which has important implications for energy policy and sustainable development. The results can support policymakers in monitoring the progress of the energy transition and shaping policies to accelerate the development of renewable energy sources. Full article

This paper examines the determinants of CO₂ emissions in Oman from 1990 to 2024, focusing on the impacts of energy consumption, economic growth, urbanization, financial development, and foreign direct investment. The analysis utilizes stepwise regression to systematically identify the most significant predictors, ensuring a parsimonious model. Robust least squares (ROLSs) are employed to account for potential outliers and heteroscedasticity in the data, providing more reliable estimates. Fully Modified Least Squares (FMOLSs) is applied to address issues of endogeneity and serial correlation, offering robust long-term coefficient estimates. Canonical cointegrating regression (CCR) further refines these estimates by handling non-stationary variables and ensuring consistency in the presence of cointegration. Cointegration tests, including the Johansen and Engle–Granger methods, confirm long-term equilibrium relationships among the variables; this study reveals several key findings. Energy use per capita (ENGY) and real GDP per capita (RGDP_C) are consistently significant positive predictors of CO₂ emissions. Urbanization (URB) also significantly contributes to higher emissions. Conversely, the Financial Development Index (FDX) and foreign direct investment (FDI) do not show significant effects on CO₂ levels. The high R-squared values across models indicate that these variables explain a substantial portion of the variation in emissions. Cointegration tests confirm long-term equilibrium relationships among the variables, with the Johansen test identifying two cointegrating equations and the Engle–Granger test showing significant tau-statistics for FDX, ENGY, and URB. The VEC model further highlights the short-term dynamics and adjustment mechanisms. These findings underscore the importance of energy policy, economic development, and urban planning in Oman’s efforts towards sustainable development and decarbonization. Full article

Agriculture is not only a significant source of greenhouse gas emissions but also a vast carbon sink system. Achieving the “dual carbon” goals—carbon peaking and carbon neutrality—is a major strategic objective for China in the near future. This study focuses on agricultural data from 2010 to 2022 in Shaanxi Province. It begins by analyzing the current economic and environmental conditions of the province and its resource endowment. This study then quantitatively assesses carbon absorption, carbon emissions, and the net carbon sink in agriculture over this period. Additionally, a vector autoregression (VAR) model is used to empirically analyze the relationship between agricultural carbon emissions and their influencing factors in Shaanxi Province. Key findings include the following: (1) From 2010 to 2022, the total carbon emissions from agriculture in Shaanxi Province were controlled to around 3 million tons, showing an overall trend of “growth-slow decline” with fluctuations. The carbon emissions from fertilizer application accounted for approximately 60% of the total carbon emissions from agriculture in Shaanxi Province, with a total volume ranging from 1.623 to 2.164 million tons. The total carbon absorption from agriculture in Shaanxi Province showed an increasing trend with fluctuations year by year from 2010 to 2022, with an average annual increase of 1.367%. (2) Fertilizers, pesticides, agricultural films, and agricultural diesel are the primary contributors to agricultural carbon emissions. (3) Results from the Johansen cointegration test reveal a long-term equilibrium relationship between agricultural carbon emissions in Shaanxi Province and influencing factors such as fertilizers and pesticides in the short term. The contributions of fertilizers, pesticides, agricultural films, and agricultural diesel to agricultural carbon emissions are 1.351%, 1.888%, 10.663%, and 0.258%, respectively. (4) The long-term contributions of fertilizers and pesticides to agricultural carbon emissions initially increased before undergoing a gradual attenuation, with average attenuation rates of 1.351% and 1.888%, respectively. Full article

This study investigates the influence of government effectiveness, health expenditure, and sustainable development goals (SDGs) on life expectancy in Pakistan. To accomplish this, a systematic analysis was conducted on time series data spanning from 2000 to 2020. Cointegration analysis was utilized to evaluate the long-term integration of all variables, while a comprehensive causality test was performed to investigate the short-term links among government effectiveness, health expenditure, SDGs, and life expectancy. The findings of the Johansen Cointegration test definitively confirmed the presence of long-term cointegration among all variables. In addition, the results of the Granger causality test show that there is a one-way causal relationship between government performance, health spending, and SDGs to life expectancy in the short term. The validation of both enduring and immediate connections among these factors emphasizes the crucial significance of healthcare services in Pakistan. Therefore, it is important to push for more healthcare investments and increased national budget allocations by the Pakistani government. Prioritizing the allocation of resources towards healthcare, bolstering the efficiency of the administration, and attaining SDG targets are all crucial for enhancing life expectancy in Pakistan. The study’s results also carry significant policy implications, underscoring the necessity of strategically implementing health expenditure and SDG targets to enhance human capital and population well-being, as demonstrated by the increased life expectancy. Full article

Challenging the perceived immunity of Islamic stocks to the global financial crisis, this research investigates whether there was any coherence and long-run cointegration between Islamic stocks of BRIC countries and S&P 500 options implied volatility smirk (IVS) in BRIC countries during the global financial crisis (GFC). Employing Engle–Granger and Johansen’s cointegration tests along with wavelet coherence analysis, this study reveals significant long-run cointegration and both short-term and long-term wavelet coherence between IVS and Islamic stock returns (ISRs). Since the S&P 500 options IVS is a reliable indicator of GFC in the context of the conventional stock market, the cointegration and coherence between ISRs and IVS indicate the susceptibility of ISRs to market contagion during the GFC. These findings challenge the notion of Islamic stocks as a safe haven during financial crises, showing their susceptibility to market downturns similar to conventional stocks. Full article

The performance of technology companies listed on NASDAQ significantly impacts larger economic trends. Investors need specific information to navigate market volatility and make informed decisions in an increasingly complex marketplace. Furthermore, amidst the ongoing digital revolution, legislators and regulatory agencies must comprehend the operational dynamics of technology companies to develop frameworks that support innovation while maintaining market stability. Our study assesses the impact on the overall operational efficiency of NASDAQ-listed firms from 2011 to 2023, resulting from the interdependence of critical variables such as selling, general, and administrative expenses (SGA), cost of goods and services sold (COGS), and investments in research and development (R&D). Johansen’s cointegration methodology and pairwise Granger causality tests were employed to unveil long-term relationships, equilibrium adjustments, and causal relationships among the considered variables. The results provide critical insights into the strategic management of operational variables by the listed companies. The economic significance of the results obtained underscores the paramount importance of efficiently managing the cost of goods and services sold to achieve superior operating performance among these leading technology firms. Full article

Tajikistan holds the eighth position globally in terms of hydropower potential, estimated at 527 terawatt-hours (TWh), with a technically exploitable capacity of 317 TWh. Only 4–6 percent of this immense potential is currently utilized. In this paper, employing a combination of the Johansen cointegration test, vector autoregression, and the Granger-causality test on annual data from 1993 to 2021, we examine the causality relationship between electricity production and key macroeconomic variables, including gross domestic product (GDP), GDP per capita, exports, imports, final consumption, capital investment, and employment, in Tajikistan. The empirical findings reveal a positive unidirectional causality from electricity production to exports and imports. A positive bidirectional or feedback causality is found between electricity production and variables such as GDP, GDP per capita, final consumption, and employment. No causality relationship between electricity production and variables such as trade openness and capital investment is observed. The exploration of complex causal relationships between electricity production and key macroeconomic variables in Tajikistan, as revealed in this study, offers a modest yet meaningful addition to academic discourse. It presents insights that may inform policymakers and stakeholders, albeit with a recognition of the limitations inherent in the findings. These insights could potentially guide the formulation of sustainable development strategies and shed light on the underutilized potential of the country’s hydropower resources. Full article

The role of research and development (R&D) in economic growth has been intensively promoted by scholars and policy-makers of the last decades, emphasizing its impact on technological innovation, intensive and sustainable growth and economic revival. The R&D sector is considered a main driver in the fight against chronic underdevelopment, regional disparities, isolation and lack of socio-economic perspectives. Although the steady economic growth of Romania in the last 15 years continues to converge with the European Union’s average, the regional disparities persisted and even deepened, the country still being considered a modest innovator, and resources allocated to research and innovation are far below the European level. In this paper, we aim to identify the existence, direction and duration of the relationship between economic growth, expenditure and employment in the R&D sector. We applied the Johansen cointegration test, the VECM model and Granger causality both at the county and component region levels during the 1995–2021 period. The results of our research reveal the consistency of these bidirectional relationships at the regional and sub-regional levels, especially in the long run. We also emphasize the importance of economic growth in supporting public and private efforts for R&D: the regions that can allocate more resources to research, development and innovation (RD&I) will benefit from the more reliable and long-run-oriented economic growth. Full article