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There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research is to explore the critical role of domestic payment networks and to propose recommendations for the effective implementation of such networks.

This research paper uses a multiple-case study design, informed by global best practices in domestic payment systems. Using thematic and content analysis methodologies, this research rigorously analyzes secondary data sources to investigate the strategic importance of domestic payment networks to national economies and the motivations driving their developments.

This paper illuminates the role of domestic payment networks in advancing cost-effective transactions, enhancing financial inclusion and safeguarding national sovereignty. It highlights the growing trend among nations to prioritize the development of their own payment systems. The research further explores the strategic initiatives undertaken by governments to prefer domestic over multinational networks, thereby maintaining control over their financial systems and safeguarding economic interests. Additionally, the study addresses the challenges these networks face, providing a thorough analysis that serves as insight for policymakers and financial institutions aiming to develop and improve their domestic payment infrastructures amidst current and future challenges.

This study contributes to the existing literature on domestic payment networks by studying their significance within the global financial ecosystem, particularly highlighting their role in advancing financial inclusion and ensuring national financial sovereignty. This research paper uses competition state theory as a foundation for its arguments and provides policy and practical recommendations for policymakers and financial institutions. Through this synthesis, the research aims to facilitate the enhancement and strategic development of domestic payment infrastructures globally.

This study aims to analyze the convergence of environmental degradation clubs in the Association of Southeast Asian Nations (ASEAN). In addition, this study also analyzes the influence of renewable energy and foreign direct investment (FDI) on each club as an intervention to change the convergence pattern in each club.

This study analyzes the club convergence of environmental degradation in an effort to find out the distribution of environmental degradation reduction policies. This study uses club convergence with the Phillips and Sul (PS) convergence methodology because it considers multiple steady-states and is robust. This study uses annual panel data from 1998 to 2020 and ASEAN country units with ecological footprints as proxies for environmental degradation. After obtaining the club results, the analysis continued by analyzing the impact of renewable energy and FDI on each club using panel data regression and the Stochastic Impacts by Regression on Population, Affluence and Technology model specification.

Based on club convergence, ASEAN countries can be grouped into three clubs with two divergent countries. Club 1 has an increasing pattern of environmental degradation, while Club 2 and Club 3 show no increase. Club 1 can primarily apply renewable energy to reduce environmental degradation, while Club 2 requires more FDI. The authors expect policymakers to take into account the clubs established to formulate collaborative policies among countries. The result that FDI reduces environmental degradation in this study is in line with the pollution halo hypothesis. This study also found that population has a significant effect on environmental degradation, so policies to regulate population need to be considered. On the other hand, increasing income has no effect on reducing environmental degradation. Therefore, the use of renewable energy and FDI toward green investment is expected to intensify within ASEAN countries to reduce environmental degradation.

This research is by far the first to apply PS Club convergence to environmental degradation in ASEAN. In addition, this study is also the first to analyze the influence of renewable energy and FDI on each club formed, considering the need for renewable energy use that has not been maximized in ASEAN.

This study aims to argue that responses in economic growth (EG) resulting from positive and negative shocks in energy consumption could be a non-linear phenomenon. Thus, the study aims to investigate the existence of non-linear long-run effects of positive and negative shocks in green and conventional energy consumption on EG for China and India. By decomposing energy consumption in positive and negative shocks, the study seeks to determine the distinct impact of positive and negative shocks in energy (conventional and green) consumption on EG of China and India.

A non-linear autoregressive distributed lag (NARDL) model based on energy-augmented environment Kuznets curve (EKC) framework is used on annual time series covering the period 1965–2021. The study uses a precise econometric methodology, starting with unit root tests to assess stationarity, moving to the estimation of the NARDL model, which resulted in the calculation of long-run coefficients and error correction terms to analyse the rate of adjustment towards equilibrium.

The empirical findings demonstrate that there exists a non-linear cointegrating relationship among EG, carbon emissions and green and conventional energy consumption for both economies. In the long run, a non-linear impact of green energy consumption (GEC) on EG is evident for China only, whereas non-linear impact of conventional energy consumption (CEC) on EG is visible for both countries.

While China and India prioritise energy diversification by embracing green energy to promote energy security and limit rising carbon emissions, it is interesting to investigate how positive and negative shocks in GEC and CEC have affected their EG. Second, this paper examines the trade-offs between EG and GEC/CEC in China and India, two high-carbon emitters. The disparities in trade-offs may indicate how well each country’s energy policies address increased EG with fewer energy-induced carbon emissions.

This study examines non-linear cointegration among the variables of interest, whereas most prior studies have focused on linear cointegration. The existence of non-linear cointegration may suggest that positive and negative shocks in GEC and CEC can result in non-linear reactions in EG. Thus, it establishes a basis for examining the non-linear long-term effects of GEC and CEC on EG. The research findings indicate significant consequences and necessitate prompt intervention to alleviate the detrimental impacts of shocks in GEC and CEC on EG in China and India and provide several important inputs to address the inherent challenges of energy transition goals.

Today, the increasing use of fossil fuels, energy security, concerns and the great importance of achieving sustainable economic growth underscore the urgent need to transition to a green energy system as soon as possible. To shed light on the relationship between the economy and renewable energy, this study assesses the nonlinear relationship between renewable energy consumption and economic growth for 24 OECD countries between 1990 and 2015.

The authors apply two nonlinear models: panel threshold regression (PTR) and panel smooth transition regression (PSTR).

The results show that the positive effect of renewable energy consumption on economic growth is conditional. On the one hand, the results of the nonlinear PTR model yielded a threshold value for renewable energy consumption of about 251.17. Below this threshold, the authors find a negative impact of renewable energy consumption on economic growth. However, above this threshold, renewable energy consumption becomes a favorable source of economic growth. Using the nonlinear PSTR model based on the gamma transition parameter of 2.014, the transition from low renewable energy consumption regime to higher is abrupt.

Referring to previous studies analyzing linear causality between renewable energy and economic growth, most of the results show various mixed and non-stable effects over the study period. The contributions of this study consist in conduct a series of empirical tests of the nonlinear effects of renewable energy use on economic growth using two nonlinear approaches such as the PTR and PSTR models. If the authors show that such a relationship is nonlinear, it is essential to check whether the transition from one weak regime to another strong regime is abrupt or smooth, using the PSTR approach.

The development of green economy is of academic and policy importance to governments and policymakers worldwide. In the light of the necessity of renewable energy to sustain green economic growth, this study aims to examine the relationship between renewable energy consumption and green economic growth, controlling for the impact of trade openness for Organization for Economic Co-operation and Development countries over the period 1990-2015, within a multivariate panel data framework.

To investigate the long-run relationship between variables, panel cointegration tests are performed. Panel Granger causality based on vector error correction models is adopted to understand the short- and long-run dynamics of the data. Furthermore, ordinary least square (OLS), dynamic OLS and fully modified OLS methods are used to confirm the long-run elasticity of green growth for renewable energy consumption and trade openness. Moreover, system generalized method of moment is applied to eliminate serial correlation, heteroscedasticity and endogeneity problems. The authors used the panel Granger causality test developed by Dumitrescu and Hurlin (2012) to infer the directionality of the causal relationship, allowing for both the cross-sectional dependence and heterogeneity.

The results suggest that renewable energy consumption and trade openness exert positive effects on green economic growth. The results of long-run estimates of green economic growth reveal that the long-run elasticity of green economic growth for trade openness is much greater than for renewable energy consumption. The estimated results of the Dumitrescu and Hurlin (2012) test reveal bidirectional causality between green economic growth and renewable energy consumption, providing support for the feedback hypothesis.

This paper provides strong evidence of the contribution of renewable energy consumption on green economy for a wide range of countries. Despite the costs of establishing renewable energy facilities, it is evident that these facilities contribute to the green growth of an economy. Governments and public authorities should promote the consumption of renewable energy and should have a support policy to promote an active renewable energy market. Furthermore, the regulators must constitute an efficient regulatory framework to favor the renewable energy consumption.

Many countries focus on increasing their GDP without taking the environmental impacts of the growth process into account. This paper shows that renewable energy consumption points to the fact that countries can still increase their economic growth with minimal damage to environment. Despite the costs of adopting renewable energy technologies, there is still room for economic growth.

This paper provides evidence on the contribution of renewable energy consumption on green economic growth for a wide range of countries. The paper focuses on the impact of renewable energy on economic growth by taking environmental degradation into consideration on a wide scale of countries.

The purpose of this paper is to provide a survey of the empirical literature on environmental Kuznets curve (EKC) estimation of carbon dioxide (CO₂) emissions over the period of 1991–2017.

This survey categorizes the studies on the basis of power of income in empirical models of EKC. It has been hypothesized that the EKC shows an inverted U-shaped association between economic growth and CO₂ emissions.

For all the contexts, the results of EKC estimation for CO₂ emissions are inconclusive in nature. The reasons behind this discrepancy can be attributed to the choice of contexts, time period, explanatory variables, and methodological adaptation.

The future studies in this context should not only consider new set of variables (e.g. corruption index, social indicators, political scenario, energy research and development expenditures, foreign capital inflows, happiness, population education structure, public investment toward alternate energy exploration, etc.), but also the data set should be refined, so that the EKC estimation issues raised by Stern (2004) can be addressed.

By far, no study in the literature of ecological economics has focused on the empirical estimation of EKC for CO₂ emissions. This particular context has been used for this study, as CO₂ is one of the highest studied pollutants in the ecological economics, and especially within the EKC hypothesis framework.

This study aims to empirically examine the relationship between energy consumption, agricultural economic growth and globalization in Turkey by using data from 1980 to 2018.

The Lee-Strazicich LM breakpoint test was used to test the stationarity of the variables. The presence of the long-run relationship between the variables was examined by using the Maki cointegration test. The dynamic ordinary least squares method was used to estimate the long-run coefficients of the model. The direction of causalities was determined using the Toda–Yamamoto causality test.

Research results showed that consuming energy on average of 14,460 GJ/hectare has returned $1,612 agricultural gross domestic products (GDP)/hectare per year. Turkey’s energy consumption (EC), GDP and globalization index (GI) from 1980 to 2018 increased by 2-fold, 3-fold and 1.5-fold, respectively. Research results also showed that Turkey’s EC was affected by GI and GDP.

The study suggests using environmentally friendly energy inputs and conscious consumption to reach growth targets and to reduce the pressure of intensive energy use on natural resources. Further research is needed for exploring the causality and relationship between EC and GI and along with other variables in the agricultural sector.

The study contributes two contributions to the existing literature. The first contribution is to examine the neglected relationship between GI and EC and GDP in Turkey. The second is that the EC data for Turkish agriculture used in the study were calculated by the authors.

The purpose of this paper is to focus on global energy consumption using the economic growth nexus, the prevalent energy hypothesis at a global level and the impact of the main historical events assessed for the period from 1965 to 2015.

Given the confirmed presence of endogeneity and cointegration between energy consumption and economic growth, a vector error correction with structural dummies model was used. Furthermore, the impulse-response functions and variance decomposition were computed to evaluate the variables’ dynamics.

Bi-directional causality running from energy consumption to economic growth was found, both in the short and long-run, supporting the feedback hypothesis. It is proved that the 2008 crisis impacted on the global energy–growth nexus. Furthermore, there is evidence of the impact of the 1990s oil price shock on the nexus. Innovations in energy consumption have a positive impact on economic growth; however, this impact tends to be null in the long run.

The results suggest that at a global level, any energy policy should be carefully designed in order not to hamper economic growth. Countries should not remain indifferent to the policies that other countries might follow. Very few historical crises impacted on the global energy–growth nexus.

This paper offers a different approach to the study of the energy–growth nexus. The energy–growth nexus is analysed in the major macroeconomic aggregate. Global variables reveal their relevance as a benchmark in the energy–growth nexus. Furthermore, this paper arrives at some conclusions about how historical crises impact on global relationships.

The current study examined the impact of population ageing on environmental quality in 17 late-demographic dividend (LDD) countries.

The panel autoregressive distributed lag (ARDL) model using pooled mean group (PMG) estimator based on the environmental Kuznets curve (EKC) hypothesis was used to analyse data for the period 1990–2018.

The empirical results demonstrated that in the long run, carbon dioxide (CO₂) emissions decrease with population ageing. The prevailing findings also indicated no sufficient evidence of EKC hypothesis validity and electricity consumption, which is the primary driving force of CO₂ emissions in LDD countries.

Unlike prior works, this paper is among the first to discuss environmental quality due to the current demographic transition towards ageing among LDD countries. Based on the results, population ageing reduces the environmental deterioration. The identification of possible ageing impact is vital to combat the climate change in order for countries to achieve sustainability, better economy and quality environment.

This paper aims to examine the impact of information and telecommunication technologies (ICT-proxied by mobile phone subscription and Internet usage) on carbon dioxide (CO2) emissions in the Organization for Economic Cooperation and Development (OECD) countries from 1990 to 2018.

The Cross-section Autoregressive Distributed Lag (CS-ARDL) model is employed to address the potential cross-section dependence problem. Common Correlated Effects Mean Group (CCEMG) and Augmented Mean Group (AMG) estimators are used to test for robustness of results.

Results reveal contrasting effects of mobile phone subscription and Internet usage on CO2 emissions. While mobile phone penetration helps mitigate CO2 emissions, Internet usage tends to increase the emissions. Findings show that renewable energy is beneficial to the environment while economic growth is harmful to the environment. The effects of financial development and trade openness seem negligible.

This study offers practical implications for policymakers. As different proxies of ICT could have contradictory impact on CO2, governments should be cautious against utilizing ICT to mitigate CO2. Findings point to the benefits of renewable energy in alleviating CO2 emissions. Therefore, governments are strongly advised to implement policies facilitating renewable energy consumption.

Previous studies ignored the problem of cross-section dependence which could lead to biased results and cause misleading inferences. This study aims to fill this void in the literature.