Kazi Sohag

Ural Federal University | UrFU · Graduate School of Economics and Management

Using a large sample of 50 oil exporting countries, we extend the prior literature by examining the role of quality of governance (QOG) on economic growth under the condition of heterogeneity and cross-sectional independence in errors. We document that QOG is by far the most consistent driver of economic growth both in the long- and short-run. Our...

Using a large sample of 25 Organization for Economic Co-operation and Development (OECD) countries, we provide evidence that the growth of equity and credit markets promotes cleaner energy (biomass renewable energy, non-biomass renewable energy, and total bio and non-bio renewable energy) production in those countries. We also find that the 2008 gl...

This study examines the role of cleaner energy, technological innovation and militarization on green economic growth (GEG) under different economic conditions in the context of Turkey. To this end, we apply Autoregressive Distributed Lags (ARDL) under the assumption of symmetric and asymmetric adjustment approaches to analyse a time series data ove...

This paper studies the impact of renewable energy on the total factor productivity (TFP), considering the role of human capital, innovation and trade openness in Organisation for Economic Co-operation and Development (OECD) countries. By applying Cross-Sectional Autoregressive Distributed Lags (CS–ARDL) technique, we analyse panel time-series data....

The growth of clean energies and technologies requires a sound financial market, while equity and bond markets are exposed to geopolitical risks. We investigate the response of green equity and green bonds to newly develop decomposed measures of geopolitical risks, including geopolitical acts, threats, and narrow and broad measures. To this end, we...

This study aims to analyze the repercussions of the Russia-Ukraine conflict on the Russian financial market, focusing on the main stock market and sectorial stock indices. High-frequency hourly data from September 12, 2021, to April 29, 2022, covering the period before and after the outbreak of conflict, is utilized for analysis. The empirical inve...

During the course, we will explore various estimation methods and delve into their underlying theories, emphasizing the unique essence and distinctive features of each approach. Additionally, we will guide you through practical demonstrations on how to effectively apply these methods using specialized software. By incorporating both theoretical und...

Wind energy, a captivating parameter of clean energy transformations, requires abundant metallic minerals to operate its technologies: wind cells, wind turbines, wind generators, turbine blades, etc. Thus, the mineral-driven wind energy generation process thrives the worldwide mineral import flows. Within the import demand function analysis, we scr...

We examine the impact of ESG practices on financial performance among Nifty 50 companies in India from 2015 to 2022. Using fixed-effects panel quantile regression, we observe that the relationship between ESG practices and financial profitability varies across the ROE distribution. While the environmental pillar score and the governance pillar scor...

Most researchers consider CO2 emissions to be the primary indicator of environmental degradation. Similarly, ecological footprint appears to be a significant proxy for environmental degradation in recent research due to its multifaceted impact on the natural environment. With this in mind, this study investigates fluctuations in CO2 emissions and e...

Deglobalization, as opposed to the term globalization, appears in the world order due to local solutions to problems and border controls, ignoring the principles of treaties, trade wars, and the expansion of regionalism. In addition, slowbalization helps shrink the global flow of trade, information, and societal and cultural exchange dynamism. Howe...

Forestry reserves have a crucial role in preserving ecosystems and global climate regulation, and Russia boasts the largest forested area in the world. Economic development entails various challenges for the environment, including a lack of forestry legislation or compliance, poor governance and unrestrained privatisation. This study investigates t...

Developing countries often encounter budget deficits by taking loans from internal and external sources. The effectiveness of public debt has been a long debate in the seminal and empirical literature. In this study, we investigate the effectiveness of public debt on economic growth, incorporating the role of governance in 44 developing countries....

Minerals are critical in manufacturing and handling renewable energy technologies, including solar photovoltaics (PV), wind turbines, electric vehicles (EVs), and power storage batteries. However, mineral mining and the supply-related risky situations stunt the mineral import flows of the renewable energy-producing countries. Given this, we scrutin...

The demand for natural gas as a transitional fuel has been increasing steadily due to global energy transitions. However, the high concentration of natural gas sources among a few producers and the dependence of many consuming economies raises questions about the macroeconomic impact of gas price shocks. Therefore, this study utilizes the global ve...

Structural transformation is a compelling measure of economic progress as it shifts from less productive to more productive sectors, spurred by technological improvement and digitalisation. Despite the benefits of structural transformation in fostering economic growth, it has been contended that it will exacerbate income inequality. Given the criti...

Mineral resources are essential raw materials to generate electricity, fuel vehicles, and heat homes and workplaces. Besides, the global agenda of clean energy deployment, including solar photovoltaics (PV), wind turbines, electric vehicles (EV), and storage facilities, calls for a considerable volume of critical minerals, which elevates their resp...

This study examines the impact of several important macroeconomic variables such as quality of education, infrastructure development, foreign direct investment inflow, and green energy transitions on economic growth. We analyzed annual time series data sample for estimation of the above macroeconomic indicators during 1990 to 2020. We use nonlinear...

The Saudi economy ought to maintain a significant amount of foreign exchange reserves due to the pegged exchange rate regime. As a hydrocarbon economy, we measure the dynamic response of external assets and liabilities of banks to the international oil price in Saudi Arabia. In the presence of extreme observations, we apply sophisticated frameworks...

The net contribution of the decomposed measures of foreign direct investment (FDIs), e.g., the inward and outward flows of FDIs, to domestic investment is still inconclusive in the case of underdeveloped and developing countries. The current literature bears testimony to this fact. Hence, this research examines the impact of inward and outward fore...

Purpose The study's objective is to measure the response of the food prices to the aggregate and disaggregate geopolitical risk events, Russia's geopolitical risks and global energy prices in the context of two European regions, i.e. Eastern and Western Europe covering the monthly data from January 2001 to March 2022. Design/methodology/approach T...

It is well acknowledged that achieving sustainable development goals without negatively impacting a country’s economic activity is complicated. The question of whether foreign or domestic capital can be used to address the financial demands of the nations who lack the financial resources for a green transformation should now be resolved. Based on t...

This study aims to investigate the potential ambidexterity of Asian Institutional Venture Capitalists (IVCs) and Asian Corporate Venture Capitalists (CVCs) when their ambidexterity could be considered as the output of a Knowledge-Based View (KBV) and the input for their strategic marketing positioning. The data that have been analysed were retrieve...

This study examines the dynamic impact of institutional quality (control of corruption, government effectiveness, political stability, regulatory quality, rule of law, and voice and accountability) on financial inclusion across seventy-three developing countries. We conduct multiple dynamic-panel-data approaches to address potential heterogeneity,...

Twin transition strategy enforces the indisputable complementary relationship between green and digital transitions. This socio-technical process necessitates a paradigmatic shift to translate policy related uncertainties into twin transition strategies. With this background, the present study investigates the responsiveness of green markets to cli...

We measure the impact of the bank credit disbursement on Micro, Small and Medium Enterprises (MSME) growth, incorporating the role of regional governors' characteristics in the case of 84 regions of the Russian Federation. Given the considerable heterogeneity across regions, time and reverse causality, we applied the Panel Quantile Regression via M...

The clean energy transitions require a large volume of minerals to handle its diverse technologies, such as solar photovoltaics (PV), wind turbines etc. Therefore, mineral importing countries concentrated on cleaner energy production confront an uprising trend in critical mineral prices due to thriving demands. We quest for the response of the top...

The cryptocurrency market is regarded as the world’s first entirely decentralized digital payment system, with no third-party influence. Hence, the advent of Bitcoin symbolizes a revolutionary occurrence in financial markets. This study looks into the relationship between Twitter-based economic uncertainty and changes in Bitcoin returns, which are...

Purpose This study aims to evaluate the practices of carbon management accounting (CMA) made by companies committed to sustainability in Australia’s four highest carbon-emitting industries, including electricity, transport, stationary energy and agriculture. The evaluation covers three CMA phases (i.e. data collection, interpretation and reporting)...

Purpose China's Belt and Road Initiative (BRI) is the most ambitious investment strategy for infrastructural development belonging to the significant potential for stimulating regional economic growth in Asia, Europe and Africa. This study aims to investigate the impact of infrastructure on spurring inward foreign direct investment (FDI) within the...

The commitment of governments to achieving the goals of the Paris Agreement and the expected decrease in fossil fuel consumption indicate the importance of studying the risks facing the oil exporters and the range of options and responses. This study adopts the Trade Gravity model to examine the effect of clean energy policies on Russian oil export...

This study investigates the interconnectedness among the stocks of the publicly listed vaccine-producing companies before and after vaccine releases in 2020/21. In doing so, the study utilizes the daily frequency equity returns of the major vaccine producers, including Moderna, Pfizer, Johnson & Johnson, Sinopharm and AstraZeneca. First, the invest...

Given the significant concerns of currency devaluation and level of inflation in Indonesia, we measure their dynamic connectedness and cross-quantile dependence with prominent export items such as crude palm oil price and coal price. To this end, we apply the frequency connectedness approach and Cross-Quantilogram approach to measure volatility spi...

Indonesia aspires to reduce 29%–41% of the nation's carbon emissions by 2030 and to reach net zero‑carbon emissions by 2060. The production paradigm of the Indonesian economy still relies entirely on dirty energy sources, including coal, oil and gas. As it is a natural resource-abundant developing country, we simulate the decomposed carbon emission...

The clean energy transitions require a large volume of minerals to handle its diverse technologies, such as solar photovoltaics (PV), wind turbines etc. Therefore, mineral importing countries concentrated on cleaner energy production confront an uprising trend in critical mineral prices due to thriving demands. We quest for the response of the top...

Russia's competitiveness and productivity encounter the intense environmental challenges due to the reckless fossil fuel consumption, putting this country's long-run sustainability at risk. Despite this, this country intends to achieve the sustainable development goal by cutting greenhouse gas (GHG) emissions to 70% of its 1990 level as pledged in...

Global energy transitions entangled with a paradigm shift from fossil fuel to renewable energy consumption elevates the demand for clean energy technologies, such as solar photovoltaics (PV), wind turbines, electric vehicles (EV) and power storage systems etc., which require significant volumes of minerals as raw materials. We measure the import-de...

This study investigates the effect of transport infrastructure on export sophistication and diversification in the G-20 economies by applying the cross-sectional dependency autoregressive distributed lag (ARDL) approach. The empirical findings demonstrate that transport infrastructure spurs export sophistication and diversification in the short and...

The current transition to a greener economy affects world markets dynamics. Given the considerable hydrocarbon dependency, we scrutinise the resilience of the Russian fiscal stance to international oil and gas prices at the first phase of this study. In doing so, we apply Cross-Quantilogram and Dynamic Simulated Autoregressive Distributed Lags (DSA...

This research study examines the impact of sustainable development goals indexes like education, infrastructure, foreign direct investment (FDI), and green energy transitions on economic growth. We used three decades annual time series data for the above indexes from period 1990 to 2020. We use the principal components analysis and vector error cor...

International tourism appears to be a driving factor in spurring many local economies through tourism receipt-induced capital formation to reach steady-state point. Given this backdrop, this study aims to examine the proposition of whether inbound tourism can foster the local investment in selected South Asian countries. To this end, we apply sever...

Given the importance of stock market synchronization for international portfolio diversification, we estimate the degrees of co-movements among US, Chinese and Russian markets. By applying the TVP-VAR approach, we measure total and bivariate synchronization indices utilizing daily data from 1998 to 2021. Our analysis demonstrates that the total con...

Saudi Arabia sets an ambitious plan to install 58.7 GW renewable capacity along with several mitigation measures. For the smooth accomplishment of undertaken projects, the role of the financial market is crucial. This paper investigates the role of financial development in explaining the low carbon economy (LCE), incorporating the role of innovatio...

We explore whether public or private capital augments or obstruct Foreign Direct Investment (FDI) inflows by decomposing Domestic Capital Formation (DCF) into private and public capital formation. To this end, we apply Cross-Sectional Autoregressive Distributed Lags (CS-ARDL) approach to analyze panel time-series data. Our empirical results show th...

We investigate the dynamic connectedness among health-tech equity and medicine prices (producer and consumer) and Medicare cost indices for the US market. In doing so, we apply Cross-Quantilogram Dynamic Connectedness based on Time-Varying Parameter Vector Autoregression (TVP-VAR) approaches to analyse historical high-frequency time-series data. TV...

In recent years, Russian power grid companies have significantly intensified their planning and implementing innovative projects to introduce various elements of smart grid technology. The global experience shows that the best potential outcome from smart grid technologies largely relies on the customers’ readiness and adoption. To this end, we ass...

The Russian economy is emerging, meaning that natural resources play a dominant role in economic development. Given the considerable volatility in resource prices, we investigate the volatility spillovers among policy uncertainty, international oil prices, exchange rate, stock index and metal prices covering the period of 2 July 2008 to 15 May 2020...

We investigate the dynamic impact of information globalisation de facto and de jure as a proxy of the information digitalisation on institutional quality or agility, incorporating the role of human capital, economic growth, and fiscal expenditure. Given the considerable heterogeneity, cross-sectional dependency, mixed order of integration and poten...

This paper measures the effects on carbon emissions of production scale, composition, technological use, and environmental policy to elucidate the environmental Kuznets curve (EKC) hypothesis, synthesising the propositions of Grossman and Krueger, Q J Econ, 110(2), 353-377 (1995) and Brock and Taylor (2005) for the case of seventy-seven regions of...

The study examines the impact of climate variables on wheat production in 10 major wheat-producing districts of Pakistan. In doing so, we apply the Driscoll–Kraay approach to estimate the panel data from 1981 to 2019. Our empirical analysis reveals that climate variables, including temperature, rainfall and humidity, follow a common correlation acr...

Many global shocks including renegotiating NAFTA, the US-China trade war, the Brexit, and the COVID-19 pandemic, may have recently influenced the inflation spillover in the G7 countries. The current literature overlooks the influence of these important events on the inflation spillover of the G7 countries. This study fulfills this gap and investiga...

We investigate the dynamic impact of information globalisation de facto and de jure as a proxy of the information digitalisation on institutional quality or agility, incorporating the role of human capital, economic growth, and fiscal expenditure. Given the considerable heterogeneity, cross-sectional dependency, mixed order of integration and poten...

The Russian economy has encountered substantial exchange rate volatility due to many endogenous and exogenous shocks, including the adoption of different exchange rate systems, the global financial crisis, sanctions, and the COVID pandemic. The economy has long experience with a managed floating exchange rate system, which motivates us to investiga...

We investigate the impact of R&D spending on firm productivity through innovation and human capital channels. To this end, we apply the structural CDM model to analyse a comprehensive Russian-firm level data obtained from the Business Environment and Enterprise Performance Survey supplemented with the Regional Integral Index of Innovation Developme...

Information and Communication Technology (ICT) supports the sharing of information to improve the Quality of Governance (QoG). Many studies found a relationship between ICT diffusion and globalization and between ICT diffusion and the Quality of Governance. This study investigates the influence of both ICT diffusion and globalization in explaining...

Within a framework that includes economic activity, real interest rate, grants, and subsidies, we aim to explore the role of renewable energy, technological innovation, and particularly the environmentally damaging militarization in driving green growth, which fosters sustainable economic growth by ensuring the values of natural assets, considering...

Recently, the Gulf Cooperation Council (GCC) member countries increased their foreign investment outflows (OFDI), underpinning domestic investment (DCF) and diversifying their economies to reduce the reliance on hydrocarbon economies and augmenting green investments. Thus, our research study examines the effects of OFDI on aggregate capital formati...

Corruption might occur in many places within the government. Information and communication technology (ICT) can be used to create a more open and transparent government enabling the control of corruption (CoC). The research presented in this paper aims to analyze the effect of ICT on CoC in open government. Using panel data of ASEAN countries over...

Corruption might occur in many places within the government. Information and communication technology (ICT) can be used to create a more open and transparent government enabling the control of corruption (CoC). The research presented in this paper aims to analyze the effect of ICT on CoC in open government. Using panel data of ASEAN countries over...