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Author: search.filters.author.Md, QamruzzamanStart date: 2020

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    STOCK MARKET VOLATILITY TRANSMISSION AND INTERLINKAGE: EVIDENCE FROM BRICS
    (Horizon Research Publishing, 2021) Md, Qamruzzaman; Rajnish, Kler; M, Theivanayaki; Salma, Karim
    No isolated financial markets are available due to global financial integration through trade liberation and FDI presence. Therefore, financial markets are subject to response to home economy events and pair economy movements. The study's motivation is to investigate the volatility transmission and interlinkage between financial markets in BRICS nations from January 01, 2001 to December 31, 2019. The study applies unit root tests, the test of cointegration, ARCH-GARCH effects, and the Non-granger causality test to expose interlinkages. Results of unit root tests expose variables are integrated in mixed order, i.e., few variables are stationary at a level I (0), and few variables are after first difference I (0). The cointegration test reveals the long-run association available in the empirical model, implying that the long-run BRICS stock markets act in the same direction. Results of ARCH-GARCH (1.1) disclose the presence of volatility persistence in the financial markets. Furthermore, the directional causality under the error correction term discloses that the feedback hypothesis explains the causality among financial markets in BRICS nations in the long run. On the other hand, a similar conclusion also derives from the Non-granger causality test.
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    DOES FINANCIAL DEEPENING FOSTER CLEAN ENERGY SUSTAINABILITY OVER CONVENTIONAL ONES EXAMINING THE NEXUS BETWEEN FINANCIAL DEEPENING, URBANIZATION, INSTITUTIONAL QUALITY, AND ENERGY CONSUMPTION IN CHINA
    (MDPI, 2023-05-15) Yingyi, Wang; Md, Qamruzzaman; Ayesha, Serfraz; Manickavasagam, Theivanayaki
    Energy availability and the selection of suitable energy sources have substantial implications on both economic and environmental sustainability, and it is because the environmental protection cost is directly linked to overall energy inclusion in the economy. Thus, the importance of clean energy has been noticed in the literature regardless of the economic structure. The purpose of the study is to discover the effects of financial deepening (FD), urbanization (UR), and institutional quality (IQ) on China’s energy consumption. Annual time series date for 1985 to 2019 utilized for documenting the coefficients of explanatory variables by implementing both linear and nonlinear Autoregressive Distributed Lagged (ARDL) and the Fourier-TY causality test. In terms of the test statistics for combined and Maki cointegration, the study revealed that a long-run association prevails in the empirical nexus. Moreover, the symmetric and asymmetric framework established long-run associations. Referring to the coefficients of financial deepening, UR, and governmental effectiveness, the study found a statistically significant and favorable impression of REC. While financial deepening and governmental effectiveness unveiled negatively influenced NREC and fossil energy consumption. The asymmetric linkage between explained and explanatory variables was confirmed through the execution of a standard weld test with a null symmetry. The asymmetry coefficients of FD, UR, and IQ were positive and statistically significant at the 1% level in both the long and short runs. The directional causality revealed feedback hypothesis holds in understanding the causal relationship between explanatory factors and RE usage. The policy recommendations for the future were generated from the research findings.