Essays on uncertainties and its implications on emerging markets
- Autores: Naif Abdulrahman Alsagr
- Directores de la Tesis: Stefan Van Hemmen (dir. tes.)
- Lectura: En la Universitat Autònoma de Barcelona ( España ) en 2022
- Idioma: inglés
- Tribunal Calificador de la Tesis: Muhammad Shahbaz (presid.), Alexandra Simon Villar (secret.), Abdul Ghafoor (voc.)
- Programa de doctorado: Programa de Doctorado en Creación y Gestión de Empresas / IDEM, Doctorate in Entrepreneurship and Management por la Universidad Autónoma de Barcelona
- Materias:
- Enlaces
- Tesis en acceso abierto en: TDX
- Resumen
In three novel essays focusing on ¿emerging markets¿, this thesis aims to explore the implications of multiple uncertainty indexes on economic and financial variables. More precisely, the first chapter discusses the influence of geopolitical risk (GPR) on the banking sector profitability of "oil and nonoil dependent" emerging markets. To takle this, we used annual macro-level data of all the countries listed in the GPR index for the period 1998 to 2017. The fixed effect model indicates a significant negative impact of GPR on banking sector's profitability. Moreover, we found that oil rent mitigates the negatie impact of GPR on the banking sector profitability. In the second chaper of the thesis, we investigate the impact of financial development and GPR on renewable energy consumption in emerging markets from 1996 to 2015. In doing so, we adopted a two-step system GMM model to control for the problem of endogeneity, which is a common phenomenon in such studies. Findings of this chapter reveals a significant positive influence of both financial markets and institutions development indicators on renewable energy consumption. Furthermore, unexoectedly we found a positive influence of GPR on renewable energy consumption in emerging markets. Additionally, both financial development and GPR are found to be more pronounced in the long-run. In the third chapter, thesis evolved to explore the asymmetric impact of corruption on financial development in emerging markets, while taking BRICS economies as sample. In this chapter, we utilized the novel panel non-linear autoregressive distributed lag model (PNARDL). Our results indicate that corruption asymmetrically impacts financial development in BRICS economies. Long-run negative shocks of the control of corruption index have significant negative impact on financial development. However, long-run positive shocks of the control of corruption index are insignificant. Moreover, both positive and negative shocks of corruption in short-run results are insignificant. Generally, our findings are robust having carried out several robustness checks and in favor of ¿sand in the wheels¿ hypothesis. Finally, we concluded the thesis by providing future research avenues through acknowledging our limitations and signifying the practical implications.
