Akademik Veri Yönetim Sistemi
MIC 2022 Management International Conference, Ljubljana, Slovenya, 9 - 11 Haziran 2022, ss.149
This study aims to analyze the long memory properties of total energy consumption and share
of clean energy (nuclear and renewables) in total energy consumption for ten IEA member countries
over the period 1800-2008. Considering that changes in regulatory policies, implementation of new
environmental laws, and potential market stabilities arising from some major events might result in
structural breaks in the series, we employ a methodology that accounts for those breaks. In that sense,
unlike the existing studies, our study allows for smooth and instant breaks together, intending to capture
the correct functional form of the breaks since we are aware of the fact that the consequences of
misspecification of the functional form of the breaks are as severe as those of ignoring the breaks. To
account for the sign and size asymmetry of responses of the series, which might arise from the breakeven between adjustment costs and the burden of the shock, we further utilize Quantile Unit Root
procedures. By considering all factors affecting the stochastic properties of the series, we aim to provide
reliable inferences regarding the long memory property of total and clean energy consumption, which
will help policy-makers to better design and drive their policy objectives.