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    The impact of natural disaster shocks on business confidence level and Istanbul Stock Exchange: A wavelet coherence approach
    (Wiley, 2023) Toguc, Nurhan; Kuskaya, Sevda; Magazzino, Cosimo; Bilgili, Faik
    The focus of this study is to examine the short-and long-term causal effects of natural disaster shocks on the stock market and business confidence level in the time-frequency domain by studying the co-movements between earthquake data and the Istanbul Stock Index closing prices, using the Wavelet Coherence and Phase Difference analyses. The empirical findings reveal that the relationship between earthquake events and financial markets is not stable over time and across different time horizons. The linkage becomes stronger in the long term when the impact of the earthquake event coincides with a financial crisis reflecting a combined effect. This nexus is also strong during the years 2007-2011 reflecting a similar combined effect of both an earthquake event and the global financial crisis. Meanwhile, co-movement between the earthquake and the financial market index implies a negative effect in the period 2011-2012, indicating short-run effects of stock market shocks. Differentiating these short-term and long-term effects has implications for risk man-agement and policymaking.
  • Küçük Resim
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    The role of solar energy usage in environmental sustainability: Fresh evidence through time-frequency analyses
    (PERGAMON-ELSEVIER SCIENCE LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2023) Kuşkaya, Sevda; Bilgili, Faik; Muğaloğlu, Erhan; Khan, Kamran; Hoque, Mohammad Enamul; Toğuç, Nurhan
    The most important challenge for both developed and developing countries is to ensure sustainability while struggling with environmental degradation. CO2 emissions as a proxy for environmental degradation can be considered an obstacle to sustainability. There exist several significant works in the literature on the effects of solar energy use on environmental degradation/sustainability. In this study, the effects of the use of solar energy within different time and frequency dimensions on CO2 emissions were examined with the methodology of the continuous wavelet transform. The paper investigated the association between solar energy consumption and total energy-related CO2 emissions in the USA through Morlet wavelet analysis, which is one of the most advanced time-frequency analysis methods for the period 1990:1–2022:6. In the wavelet coherency computations, geothermal energy consumption, hydroelectric energy consumption, industrial production, and manufacturing industry production variables were also included as control variables. Empirical findings demonstrate that solar energy consumption can have reducing effects on CO2 emissions at lower frequencies (longer-term cycles) and sub-time periods (2014:1–2022:1) in the USA. The findings can guide the energy and environmental policies of developed and developing countries that aim to struggle with global warming and/or climate change through the increase in solar energy usage.