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Papers by Godwin Olasehinde-Williams

Research paper thumbnail of A consideration of the environmental externality of Turkey’s integration into global value chains: evidence from dynamic ARDL simulation model

Environmental Science and Pollution Research

Research paper thumbnail of Natural resource rent, financial globalization, and environmental degradation: Evidence from a resource rich country

Energy & Environment

This paper examines the role of financial globalization and natural resource rents on carbon emis... more This paper examines the role of financial globalization and natural resource rents on carbon emissions in the case of Nigeria from 1970 to 2020 using Breitung-Candelin Spectral Granger-causality and wavelet coherence analysis. The spectral analysis decomposes variability in a time series into its periodic components, which is preferable for series that are short-spanned, nonlinear, or are characterized by seasonal and economic episodes, while the wavelet coherence analysis could produce localized decompositions both in time and frequency domains. Using these techniques, we find a one-way causal effect running from financial globalization and natural resource rents to carbon emissions within the specified scale and time. Financial globalization and natural resource rents are useful for predicting environmental degradation in Nigeria. Thus, policymakers should factor in financial globalization and natural resource rent when formulating environmental policies to mitigate climate change...

Research paper thumbnail of Review for "Controlling corruption in African countries: innovation, financial inclusion and access to education as alternative measures

Research paper thumbnail of Carbon efficiency in China: Should we be concerned about the shadow economy and urbanization?

Research paper thumbnail of Does financial and agriculture sector development reduce unemployment rates? Evidence from Southern African countries

Agricultural Economics (Zemědělská ekonomika), 2019

The paper examines empirically the impacts of agricultural sector value added and financial devel... more The paper examines empirically the impacts of agricultural sector value added and financial development on unemployment, using yearly data from 1995–2015. Eleven developing Southern African Development Community countries were selected for the study. The empirical analysis was carried out using second-generation econometric methods. The regression results revealed that both agricultural value added and financial development are important determinants of unemployment within the region. The results specifically show that agricultural value added is negatively associated with unemployment in both the short and long-run, although the long-run effect is many times bigger than the short-run impact. The results also show that in the long-run, both financial depth and financial efficiency are negatively associated with unemployment. Interactions between agricultural value added financial development and unemployment were further tested via panel bootstrap causality tests. The causality test...

Research paper thumbnail of Is renewable energy use lowering resource-related uncertainties?

Research paper thumbnail of The synergistic effect of green trade and economic complexity on sustainable environment: A new perspective on the economic and ecological components of sustainable development

Research paper thumbnail of Does economic complexity influence environmental performance? Empirical evidence from OECD countries

International Journal of Finance & Economics

Research paper thumbnail of Is interest rate uncertainty a predictor of investment volatility? evidence from the wild bootstrap likelihood ratio approach

Journal of Economics and Finance

Research paper thumbnail of Insurance-Growth Nexus in Africa

Research Papers in Economics, 2018

Research paper thumbnail of The Economic Performance of Hydropower Dams Supported by the World Bank Group, 1975–2015

Research Papers in Economics, Aug 1, 2021

This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant i... more This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant investments. Hydropower dams are among the main sources for producing electricity and the largest renewable source for power generation throughout the world. Hydropower dams are often a lower-cost option for power generation in Clean Energy Transition for addressing global climate change. Despite its conspicuous aspects, constructing hydropower dams has been controversial. Considering the World Bank’s long history as the largest hydropower development financier, this study investigates its performance in supporting hydropower dams. The outcomes of this study apply to the wider hydropower development community. Of the projects in this study, 70% experienced a cost overrun, and more than 80% of projects experienced time overruns, incurring potential additional costs as a result. Despite the high cost and time overruns, this hydropower portfolio of dams produced a present value of net economic benefits by 2016 of over half a trillion USD. Based on our findings, the evaluated hydropower portfolio helped avoid over a billion tonnes of CO2 for an estimated global environmental benefit valued at nearly USD 350 billion. The projects’ additional environmental benefits raise the real rate of return from 15.4% to 17.3%. The implication for hydropower developers is that the projects’ assessment should consider cost and time overrun and factor them into the project-planning contingency scenarios. There is a considerable benefit for developing countries to exploit their hydropower resources if they can be developed according to industry practices and international standards. The case for developing hydropower may be stronger when considering its climate benefits. The net economic benefits of hydropower can be even higher if there is a greater effort to manage cost and time overruns.

Research paper thumbnail of Call for Chapters: Transforming the Real Sector of the Nigerian Economy

Research paper thumbnail of The investment volatility-dampening role of foreign aid in poor sub-Saharan African countries

The Journal of International Trade & Economic Development

Research paper thumbnail of Ilorin Journal of Economic Policy (IJEP) Special Issue on Regional Trade Agreements in Africa and the Implications for the African Continental Free Trade Agreement (AfCFTA)

Research paper thumbnail of Ilorin Journal of Economic Policy (IJEP)

Research paper thumbnail of Examining the interactive growth effect of development aid and institutional quality in Sub-Saharan Africa

Journal of Development Effectiveness

ABSTRACT This study analyses the interconnectivity of growth, aid and institutions in Sub-Saharan... more ABSTRACT This study analyses the interconnectivity of growth, aid and institutions in Sub-Saharan Africa based on annual data for a panel of 39 nations from 1996-2017. The hypothesis that the growth impact of aid and institutions could be interactive was examined. The results indicate that aid has a direct positive and an indirect negative growth impact through its interaction with domestic institutions. The synergistic growth impact of aid and institutions is found to be substitutive rather than complementary. This substitutive effect is most pronounced in Western Africa, followed by Eastern Africa, then Southern Africa, and least pronounced in Central Africa.

Research paper thumbnail of Foreign exchange market response to pandemic-induced fear: Evidence from (a)symmetric wild bootstrap likelihood ratio approach

The Journal of International Trade & Economic Development

This study tested whether pandemic-induced fear is a predictor of the exchange rate returns of se... more This study tested whether pandemic-induced fear is a predictor of the exchange rate returns of seven major currencies – Australian dollar, Canadian dollar, Swiss franc, yuan, EURO, pound sterling, and yen. Daily data on US dollar-based exchange rate returns and the global fear index for COVID-19 pandemic for the period 10-02-2020–02-04-2021 were used. Symmetric and asymmetric wild bootstrap likelihood ratio tests were employed in testing the relationship. The symmetric test results showed that pandemic-induced fear is capable of predicting the exchange rate returns of the Swiss franc, yuan, and the EURO. Specifically, negative relationships were recorded between their returns and the global fear index for pandemics. The asymmetric test results however showed that increasing pandemic-induced fear leads to decreases in the returns of the Australian dollar, Canadian dollar, Swiss franc, yuan and EURO. Overall, this study showed that pandemic-induced fear is a predictor of exchange rate returns. It is therefore suggested that the maintenance of stability in the financial system should be treated as an integral part of policy responses designed to mitigate the adverse effects of pandemics. This way, economic agents will not be forced to move their investments to foreign currency-denominated assets due to fear of investment losses.

Research paper thumbnail of Are geopolitical threats powerful enough to predict global oil price volatility?

Environmental Science and Pollution Research, 2021

Geopolitical risks have been widely linked to oil price movements in the past. Our study as an ad... more Geopolitical risks have been widely linked to oil price movements in the past. Our study as an addition to this debate shows that geopolitical threats particularly play a significant role in the volatility experienced in global oil markets with attendant policy suggestions. In this study, we employed the newly developed geopolitical threats index to examine whether threats of war, terrorism, and ethnic and political violence within and between countries are powerful enough to predict volatility in global oil prices. Monthly data on global geopolitical threats index and global prices of crude were drawn upon for causality between the periods 1990:01 and 2020:04. To this effect, two volatility indices were constructed using the deviations of Brent and WTI prices from their Hodrick-Prescott filters. The ability of the geopolitical threats index to predict volatilities was examined through a battery of causality methodologies—Granger causality test in frequency domain, nonparametric tes...

Research paper thumbnail of The Economic Performance of Hydropower Dams Supported by the World Bank Group, 1975–2015

Energies, 2021

This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant i... more This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant investments. Hydropower dams are among the main sources for producing electricity and the largest renewable source for power generation throughout the world. Hydropower dams are often a lower-cost option for power generation in Clean Energy Transition for addressing global climate change. Despite its conspicuous aspects, constructing hydropower dams has been controversial. Considering the World Bank’s long history as the largest hydropower development financier, this study investigates its performance in supporting hydropower dams. The outcomes of this study apply to the wider hydropower development community. Of the projects in this study, 70% experienced a cost overrun, and more than 80% of projects experienced time overruns, incurring potential additional costs as a result. Despite the high cost and time overruns, this hydropower portfolio of dams produced a present value of net econom...

Research paper thumbnail of An asymmetric examination of the environmental effect of tourism in China

Tourism Economics, 2021

This article employs the non-linear autoregressive distributed lag model in analysing the environ... more This article employs the non-linear autoregressive distributed lag model in analysing the environmental impact of tourism in China from 2002Q1 to 2018Q4, while controlling for non-renewable energy ...

Research paper thumbnail of A consideration of the environmental externality of Turkey’s integration into global value chains: evidence from dynamic ARDL simulation model

Environmental Science and Pollution Research

Research paper thumbnail of Natural resource rent, financial globalization, and environmental degradation: Evidence from a resource rich country

Energy & Environment

This paper examines the role of financial globalization and natural resource rents on carbon emis... more This paper examines the role of financial globalization and natural resource rents on carbon emissions in the case of Nigeria from 1970 to 2020 using Breitung-Candelin Spectral Granger-causality and wavelet coherence analysis. The spectral analysis decomposes variability in a time series into its periodic components, which is preferable for series that are short-spanned, nonlinear, or are characterized by seasonal and economic episodes, while the wavelet coherence analysis could produce localized decompositions both in time and frequency domains. Using these techniques, we find a one-way causal effect running from financial globalization and natural resource rents to carbon emissions within the specified scale and time. Financial globalization and natural resource rents are useful for predicting environmental degradation in Nigeria. Thus, policymakers should factor in financial globalization and natural resource rent when formulating environmental policies to mitigate climate change...

Research paper thumbnail of Review for "Controlling corruption in African countries: innovation, financial inclusion and access to education as alternative measures

Research paper thumbnail of Carbon efficiency in China: Should we be concerned about the shadow economy and urbanization?

Research paper thumbnail of Does financial and agriculture sector development reduce unemployment rates? Evidence from Southern African countries

Agricultural Economics (Zemědělská ekonomika), 2019

The paper examines empirically the impacts of agricultural sector value added and financial devel... more The paper examines empirically the impacts of agricultural sector value added and financial development on unemployment, using yearly data from 1995–2015. Eleven developing Southern African Development Community countries were selected for the study. The empirical analysis was carried out using second-generation econometric methods. The regression results revealed that both agricultural value added and financial development are important determinants of unemployment within the region. The results specifically show that agricultural value added is negatively associated with unemployment in both the short and long-run, although the long-run effect is many times bigger than the short-run impact. The results also show that in the long-run, both financial depth and financial efficiency are negatively associated with unemployment. Interactions between agricultural value added financial development and unemployment were further tested via panel bootstrap causality tests. The causality test...

Research paper thumbnail of Is renewable energy use lowering resource-related uncertainties?

Research paper thumbnail of The synergistic effect of green trade and economic complexity on sustainable environment: A new perspective on the economic and ecological components of sustainable development

Research paper thumbnail of Does economic complexity influence environmental performance? Empirical evidence from OECD countries

International Journal of Finance & Economics

Research paper thumbnail of Is interest rate uncertainty a predictor of investment volatility? evidence from the wild bootstrap likelihood ratio approach

Journal of Economics and Finance

Research paper thumbnail of Insurance-Growth Nexus in Africa

Research Papers in Economics, 2018

Research paper thumbnail of The Economic Performance of Hydropower Dams Supported by the World Bank Group, 1975–2015

Research Papers in Economics, Aug 1, 2021

This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant i... more This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant investments. Hydropower dams are among the main sources for producing electricity and the largest renewable source for power generation throughout the world. Hydropower dams are often a lower-cost option for power generation in Clean Energy Transition for addressing global climate change. Despite its conspicuous aspects, constructing hydropower dams has been controversial. Considering the World Bank’s long history as the largest hydropower development financier, this study investigates its performance in supporting hydropower dams. The outcomes of this study apply to the wider hydropower development community. Of the projects in this study, 70% experienced a cost overrun, and more than 80% of projects experienced time overruns, incurring potential additional costs as a result. Despite the high cost and time overruns, this hydropower portfolio of dams produced a present value of net economic benefits by 2016 of over half a trillion USD. Based on our findings, the evaluated hydropower portfolio helped avoid over a billion tonnes of CO2 for an estimated global environmental benefit valued at nearly USD 350 billion. The projects’ additional environmental benefits raise the real rate of return from 15.4% to 17.3%. The implication for hydropower developers is that the projects’ assessment should consider cost and time overrun and factor them into the project-planning contingency scenarios. There is a considerable benefit for developing countries to exploit their hydropower resources if they can be developed according to industry practices and international standards. The case for developing hydropower may be stronger when considering its climate benefits. The net economic benefits of hydropower can be even higher if there is a greater effort to manage cost and time overruns.

Research paper thumbnail of Call for Chapters: Transforming the Real Sector of the Nigerian Economy

Research paper thumbnail of The investment volatility-dampening role of foreign aid in poor sub-Saharan African countries

The Journal of International Trade & Economic Development

Research paper thumbnail of Ilorin Journal of Economic Policy (IJEP) Special Issue on Regional Trade Agreements in Africa and the Implications for the African Continental Free Trade Agreement (AfCFTA)

Research paper thumbnail of Ilorin Journal of Economic Policy (IJEP)

Research paper thumbnail of Examining the interactive growth effect of development aid and institutional quality in Sub-Saharan Africa

Journal of Development Effectiveness

ABSTRACT This study analyses the interconnectivity of growth, aid and institutions in Sub-Saharan... more ABSTRACT This study analyses the interconnectivity of growth, aid and institutions in Sub-Saharan Africa based on annual data for a panel of 39 nations from 1996-2017. The hypothesis that the growth impact of aid and institutions could be interactive was examined. The results indicate that aid has a direct positive and an indirect negative growth impact through its interaction with domestic institutions. The synergistic growth impact of aid and institutions is found to be substitutive rather than complementary. This substitutive effect is most pronounced in Western Africa, followed by Eastern Africa, then Southern Africa, and least pronounced in Central Africa.

Research paper thumbnail of Foreign exchange market response to pandemic-induced fear: Evidence from (a)symmetric wild bootstrap likelihood ratio approach

The Journal of International Trade & Economic Development

This study tested whether pandemic-induced fear is a predictor of the exchange rate returns of se... more This study tested whether pandemic-induced fear is a predictor of the exchange rate returns of seven major currencies – Australian dollar, Canadian dollar, Swiss franc, yuan, EURO, pound sterling, and yen. Daily data on US dollar-based exchange rate returns and the global fear index for COVID-19 pandemic for the period 10-02-2020–02-04-2021 were used. Symmetric and asymmetric wild bootstrap likelihood ratio tests were employed in testing the relationship. The symmetric test results showed that pandemic-induced fear is capable of predicting the exchange rate returns of the Swiss franc, yuan, and the EURO. Specifically, negative relationships were recorded between their returns and the global fear index for pandemics. The asymmetric test results however showed that increasing pandemic-induced fear leads to decreases in the returns of the Australian dollar, Canadian dollar, Swiss franc, yuan and EURO. Overall, this study showed that pandemic-induced fear is a predictor of exchange rate returns. It is therefore suggested that the maintenance of stability in the financial system should be treated as an integral part of policy responses designed to mitigate the adverse effects of pandemics. This way, economic agents will not be forced to move their investments to foreign currency-denominated assets due to fear of investment losses.

Research paper thumbnail of Are geopolitical threats powerful enough to predict global oil price volatility?

Environmental Science and Pollution Research, 2021

Geopolitical risks have been widely linked to oil price movements in the past. Our study as an ad... more Geopolitical risks have been widely linked to oil price movements in the past. Our study as an addition to this debate shows that geopolitical threats particularly play a significant role in the volatility experienced in global oil markets with attendant policy suggestions. In this study, we employed the newly developed geopolitical threats index to examine whether threats of war, terrorism, and ethnic and political violence within and between countries are powerful enough to predict volatility in global oil prices. Monthly data on global geopolitical threats index and global prices of crude were drawn upon for causality between the periods 1990:01 and 2020:04. To this effect, two volatility indices were constructed using the deviations of Brent and WTI prices from their Hodrick-Prescott filters. The ability of the geopolitical threats index to predict volatilities was examined through a battery of causality methodologies—Granger causality test in frequency domain, nonparametric tes...

Research paper thumbnail of The Economic Performance of Hydropower Dams Supported by the World Bank Group, 1975–2015

Energies, 2021

This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant i... more This paper assesses the economic benefits of 57 World Bank Group-sponsored hydropower dam plant investments. Hydropower dams are among the main sources for producing electricity and the largest renewable source for power generation throughout the world. Hydropower dams are often a lower-cost option for power generation in Clean Energy Transition for addressing global climate change. Despite its conspicuous aspects, constructing hydropower dams has been controversial. Considering the World Bank’s long history as the largest hydropower development financier, this study investigates its performance in supporting hydropower dams. The outcomes of this study apply to the wider hydropower development community. Of the projects in this study, 70% experienced a cost overrun, and more than 80% of projects experienced time overruns, incurring potential additional costs as a result. Despite the high cost and time overruns, this hydropower portfolio of dams produced a present value of net econom...

Research paper thumbnail of An asymmetric examination of the environmental effect of tourism in China

Tourism Economics, 2021

This article employs the non-linear autoregressive distributed lag model in analysing the environ... more This article employs the non-linear autoregressive distributed lag model in analysing the environmental impact of tourism in China from 2002Q1 to 2018Q4, while controlling for non-renewable energy ...