Main Article Content
Abstract
The agricultural sector plays a pivotal role in the economies of agrarian nations. This study investigates the asymmetric impact of both the exchange rate and the industrial production index on Indonesian agricultural exports from January 2010 to August 2023. Employing the Non-Linear Autoregressive Distributed Lag (NARDL) model, we captured the nuanced asymmetric effects of these predictors. Our findings reveal that both positive (depreciation) and negative (appreciation) exchange rate asymmetries significantly influence agricultural exports in the long run. The exchange rate multiplier effect suggests that depreciation will lead to increased agricultural exports in the short run, partly due to future exchange rate interventions. Furthermore, a positive industrial production index consistently and significantly impacts agricultural exports in both the short and long run, demonstrating steady growth over time. These findings carry important policy implications. Policymakers should consider these findings when controlling and maintaining the exchange rate at an optimal level. Policymakers should prioritize the development and strengthening of the industrial sector to enhance agricultural export performance.
Keywords
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References
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- Banerjee, A., Dolado, J. J., & Mestre, R. (1996). Error-correction mechanism tests for cointegration in a single-equation framework. Journal of Time Series Analysis, 19(3), 267–283. https://doi.org/10.1111/1467-9892.00091
- Bashir, A., Suhel, S., Azwardi, A., Atiyatna, D. P., Hamidi, I., & Adnan, N. (2019). The causality between agriculture, industry, and economic growth: Evidence from Indonesia. Etikonomi, 18(2), 155–168. https://doi.org/10.15408/etk.v18i2.9428
- Deng, X., & Xu, F. (2024). Asymmetric effects of international oil prices on China’s PPI in different industries research based on NARDL model. Energy, 290(October 2023), 130113. https://doi.org/10.1016/j.energy.2023.130113
- Ding, Y., Zhuang, Y., Zhang, L., & Yang, G. (2024). Industrial policy and potential for export upgrading: Evidence from government-approved projects in China. Economic Modelling, 133(February), 106668. https://doi.org/10.1016/j.econmod.2024.106668
- Elfira, E., Silvia, V., & Nasir, M. (2022). The effect of farmer’s export, import, and exchange rate on value-added of agricultural sector in Aceh Province, Indonesia. International Journal of Finance, Economics and Business, 1(2), 91–102. https://doi.org/10.56225/ijfeb.v1i2.24
- Eniekezimene, F. A., Wodu, E., & Anda-Owei, M. J. P. (2023). Interrogating the Asymmetric Impact of Exchange Rate on Agricultural Output in Nigeria. American Journal of Applied Statistics and Economics, 3(1), 24–32. https://doi.org/10.54536/ajase.v3i1.2247
- Goya, D. (2020). The exchange rate and export variety: A cross-country analysis with long panel estimators. International Review of Economics and Finance, 70(August), 649–665. https://doi.org/10.1016/j.iref.2020.07.001
- Ha, N. M., & Ngoc, B. H. (2020). Revisiting the relationship between energy consumption and economic growth nexus in Vietnam: New evidence by asymmetric ARDL cointegration. Applied Economics Letters, 00(00), 1–7. https://doi.org/10.1080/13504851.2020.1789543
- Hatzenbuehler, P. L., Abbott, P. C., & Foster, K. A. (2016). Agricultural commodity prices and exchange rates under structural change. Journal of Agricultural and Resource Economics, 204-224. http://dx.doi.org/10.22004/ag.econ.235153
- Iheanachor, N., & Ozegbe, A. E. (2021). The consequences of exchange rate fluctuations on Nigeria's economic performance: An autoregressive distributed lag (ARDL) approach. International Journal of Management, Economics and Social Sciences (IJMESS), 10(2-3), 68-87. http://dx.doi.org/10.32327/IJMESS/10.2-3.2021.5
- Ikenna, N. T., Oluwafemi, E. S., Onyohu, H. C., & Bashiru, B. A. (2023). Inflation, exchange rate and agricultural export in Nigeria. Greener Journal of Agricultural Sciences, 13(2), 91–98. https://doi.org/10.5281/zenodo.8114742
- Ilmas, N., Amelia, M., & Risandi, R. (2022). Analysis of the effect of inflation and exchange rate on exports in 5-year ASEAN countries (Years 2010–2020). Jurnal Ekonomi Trisakti, 2(1), 121–132. https://doi.org/10.25105/jet.v2i1.13561
- Jongwanich, J. (2025). Free trade agreements (FTAs) and export structures: evidence from Thailand. Journal of the Asia Pacific Economy, 30(2), 483-521. https://doi.org/10.1080/ 13547860.2023.2300584
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- Khalighi, L., & Fadaei, M. S. (2017). A study on the effects of exchange rate and foreign policies on Iranians dates export. Journal of the Saudi Society of Agricultural Sciences, 16(2), 112–118. https://doi.org/10.1016/j.jssas.2015.03.005
- Kriskkumar, K., Naseem, N. A. M., & Azman-Saini, W. N. W. (2022). Investigating the asymmetric effect of oil price on the economic growth in Malaysia: Applying augmented ARDL and Nonlinear ARDL techniques. SAGE Open, 12(1), 215824402210799. https://doi.org/ 10.1177/21582440221079936
- Labibah, S., Jamal, A., & Dawood, T. C. (2021). Indonesian export analysis: autoregressive distributed lag (ARDL) model approach. Journal of Economics, Business, & Accountancy Ventura, 23(3), 320–328. https://doi.org/10.14414/jebav.v23i3.1668
- Lestari, S. U., Hakim, D. B., & Novianti, T. (2021). Assymmetric effect exchange rate to Indonesian agriculture subsector. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 9(5), 387–400. https://doi.org/10.22437/ppd.v9i5.15274
- Li, H., Ma, H., & Xu, Y. (2015). How do exchange rate movements affect Chinese exports? - A firm-level investigation. Journal of International Economics, 97(1), 148–161. https://doi.org/ 10.1016/j.jinteco.2015.04.006
- Mehdi, W., Faqir, M., & Hussain, M. (2025). A Time-Series Analysis of Indonesia’s Economic Growth: The Roles of FDI, Trade, and Exchange Rate. The Critical Review of Social Sciences Studies, 3(2), 1269-1281. http://dx.doi.org/10.59075/n52vfk94
- Meo, M. S., Khan, V. J., Ibrahim, T. O., Khan, S., Ali, S., & Noor, K. (2018). Asymmetric impact of inflation and unemployment on poverty in Pakistan: new evidence from asymmetric ARDL cointegration. Asia Pacific Journal of Social Work and Development, 28(4), 295–310. https://doi.org/10.1080/02185385.2018.1523745
- Mesagan, E. P., Alimi, O. Y., & Vo, X. V. (2022). The asymmetric effects of exchange rate on trade balance and output growth. Journal of Economic Asymmetries, 26(April), e00272. https://doi.org/10.1016/j.jeca.2022.e00272
- Ngoma, R. G. T. M., Wang, X., Meng, X. R., Tsoni, C. G. A. M., Danwana, S. B., & Ndombi, B. T. (2024). Achieving climate sustainability in the Republic of Congo: The role of economic growth, biomass energy consumption, rule of law and government effectiveness- a NARDL Approach. Heliyon, 10(15), e34256. https://doi.org/10.1016/j.heliyon.2024.e34256
- Nusair, S. A., & Olson, D. (2021). Asymmetric oil price and Asian economies: A nonlinear ARDL approach. Energy, 219, 119594. https://doi.org/10.1016/j.energy.2020.119594
- Oktaviani, D., & Shrestha, N. (2021). Exchange rates elasticity of exports in ASEAN: The role of global value chains. Buletin Ilmiah Litbang Perdagangan, 15(1), 1–26. https://doi.org/ 10.30908/bilp.v15i1.538
- Osama, A., & Walid, S. (2018). Studying the volatility effect of agricultural exports on agriculture share of GDP: The case of Egypt. African Journal of Agricultural Research, 13(8), 345–352. https://doi.org/10.5897/ajar2016.11920
- Permana, B. L. D. I., Suharno, S., & Rifin, A. (2022). The exchange rate volatility impact on agricultural trade: An evidence from Indonesian pepper export. Jurnal Manajemen dan Agribisnis, 19(1), 12–23. https://doi.org/10.17358/jma.19.1.12
- Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/ jae.616
- Pradina, Y. B. A., & Adhitya, D. (2023). Effect of International CPO Prices, Substitution Goods Prices, and Exchange Rates on Crude Palm Oil (CPO) Export Volume in Indonesia. Jurnal Ekonomi Pembangunan, 21(1), 1–12. https://doi.org/10.29259/jep.v21i1.19447
- Putra, A. W., Supriatna, J., Koestoer, R. H., & Soesilo, T. E. B. (2021). Differences in local rice price volatility, climate, and macroeconomic determinants in the Indonesian market. Sustainability, 13(8), 4465. https://doi.org/10.3390/su13084465
- Sama, J. M. S., Nna, T. P. N., Sapnken, F. E., & Tamba, J. G. (2025). The role of political stability on crude oil production in Cameroon: Evidence from the ARDL and NARDL models. Resources Policy, 103(April). https://doi.org/10.1016/j.resourpol.2023.103891
- Sankaran, A., Krishna, A., & Vadivel, A. (2021). How does manufacturing output affect export behaviors in emerging market economies? Evidence from a dynamic panel ARDL for ten biggest emerging market economies. Future Business Journal, 7(1), 1–10. https://doi.org/10.1186/s43093-021-00072-x
- Setiawan, A. B., Yusuf, M., Prajanti, S. D. W., Prasetyo, F. H., Bowo, P. A., & Maftukhah, I. (2024). Unraveling the Interplay among Inflation, Rice Prices, and Farmers Exchange Rate in Indonesia. Agro Ekonomi, 35(1), 1-17. https://doi.org/10.22146/ae.86078
- Shahbaz, M. (2013). Linkages between inflation, economic growth and terrorism in Pakistan. Economic Modelling, 32(1), 496–506. https://doi.org/10.1016/j.econmod.2013.02.014
- Shin, Y., Yu, B., & Greenwood-nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in Honor of Peter Schmidt (pp. 281–314). Springer. https://doi.org/10.1007/978-1-4899-8008-3
- Sugiharti, L., Esquivias, M. A., & Setyorani, B. (2020). The impact of exchange rate volatility on Indonesia’s top exports to the five main export markets. Heliyon, 6(1), e03141. https://doi.org/10.1016/j.heliyon.2019.e03141
- Thampanya, N., Wu, J., & Cowton, C. (2021). Carbon neutrality targets, optimal environmental management strategies & the role of financial development: New evidence incorporating non-linear effects and different income levels. Journal of Environmental Management, 297(July), 113352. https://doi.org/10.1016/j.jenvman.2021.113352
- Thorbecke, W., & Sengonul, A. (2023). The impact of exchange rates on Turkish imports and exports. International Economics, 174(November 2022), 231–249. https://doi.org/10.1016/ j.inteco.2023.04.003
- Truong, L. D., & Van Vo, D. (2023). The asymmetric effects of exchange rate on trade balance of Vietnam. Heliyon, 9(4), e14455. https://doi.org/10.1016/j.heliyon.2023.e14455
- Ürkmez, E., & Bölükbaşı, Ö. F. (2021). The Impact of Exchange Rates on Stock Prices for Turkey: an Asymmetric Non-Linear Cointegration Analysis. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 43(1), 42-56. https://doi.org/10.14780/muiibd.960267
- Uzar, U., & Eyuboglu, K. (2024). Testing the asymmetric impacts of income inequality, financial development and human development on ecological footprint in Türkiye: A NARDL approach. Journal of Cleaner Production, 461(May). https://doi.org/10.1016/j.jclepro.2024.142652
- Xu, D., Sheraz, M., Hassan, A., Sinha, A., & Ullah, S. (2022). Financial development, renewable energy and CO2 emission in G7 countries: New evidence from non-linear and asymmetric analysis. Energy Economics, 109(March), 105994. https://doi.org/10.1016/j.eneco.2022.105994
- Zhu, W., Ahmad, F., Draz, M. U., Ozturk, I., & Rehman, A. (2022). Revisiting the nexus between exchange rate, exports and economic growth: further evidence from Asia. Economic Research-Ekonomska Istrazivanja, 35(1), 7128–7146. https://doi.org/10.1080/1331677X. 2022.2059692
References
Ahmad, W., Ozturk, I., & Majeed, M. T. (2022). How do remittances affect environmental sustainability in Pakistan? Evidence from NARDL approach. Energy, 243, 122726. https://doi.org/10.1016/j.energy.2021.122726
Ani, T. N. T., & Hidayah, N. (2023). Analysis of labor absorption in the agricultural sector in Indonesia. Advances in Economics, Business and Management Research, ICOEBS-22-2, 160–170. https://doi.org/10.2991/978-94-6463-204-0_14
Arize, A. C., Malindretos, J., & Igwe, E. U. (2017). Do exchange rate changes improve the trade balance: An asymmetric nonlinear cointegration approach. International Review of Economics and Finance, 49, 313–326. https://doi.org/10.1016/j.iref.2017.02.007
Banerjee, A., Dolado, J. J., & Mestre, R. (1996). Error-correction mechanism tests for cointegration in a single-equation framework. Journal of Time Series Analysis, 19(3), 267–283. https://doi.org/10.1111/1467-9892.00091
Bashir, A., Suhel, S., Azwardi, A., Atiyatna, D. P., Hamidi, I., & Adnan, N. (2019). The causality between agriculture, industry, and economic growth: Evidence from Indonesia. Etikonomi, 18(2), 155–168. https://doi.org/10.15408/etk.v18i2.9428
Deng, X., & Xu, F. (2024). Asymmetric effects of international oil prices on China’s PPI in different industries research based on NARDL model. Energy, 290(October 2023), 130113. https://doi.org/10.1016/j.energy.2023.130113
Ding, Y., Zhuang, Y., Zhang, L., & Yang, G. (2024). Industrial policy and potential for export upgrading: Evidence from government-approved projects in China. Economic Modelling, 133(February), 106668. https://doi.org/10.1016/j.econmod.2024.106668
Elfira, E., Silvia, V., & Nasir, M. (2022). The effect of farmer’s export, import, and exchange rate on value-added of agricultural sector in Aceh Province, Indonesia. International Journal of Finance, Economics and Business, 1(2), 91–102. https://doi.org/10.56225/ijfeb.v1i2.24
Eniekezimene, F. A., Wodu, E., & Anda-Owei, M. J. P. (2023). Interrogating the Asymmetric Impact of Exchange Rate on Agricultural Output in Nigeria. American Journal of Applied Statistics and Economics, 3(1), 24–32. https://doi.org/10.54536/ajase.v3i1.2247
Goya, D. (2020). The exchange rate and export variety: A cross-country analysis with long panel estimators. International Review of Economics and Finance, 70(August), 649–665. https://doi.org/10.1016/j.iref.2020.07.001
Ha, N. M., & Ngoc, B. H. (2020). Revisiting the relationship between energy consumption and economic growth nexus in Vietnam: New evidence by asymmetric ARDL cointegration. Applied Economics Letters, 00(00), 1–7. https://doi.org/10.1080/13504851.2020.1789543
Hatzenbuehler, P. L., Abbott, P. C., & Foster, K. A. (2016). Agricultural commodity prices and exchange rates under structural change. Journal of Agricultural and Resource Economics, 204-224. http://dx.doi.org/10.22004/ag.econ.235153
Iheanachor, N., & Ozegbe, A. E. (2021). The consequences of exchange rate fluctuations on Nigeria's economic performance: An autoregressive distributed lag (ARDL) approach. International Journal of Management, Economics and Social Sciences (IJMESS), 10(2-3), 68-87. http://dx.doi.org/10.32327/IJMESS/10.2-3.2021.5
Ikenna, N. T., Oluwafemi, E. S., Onyohu, H. C., & Bashiru, B. A. (2023). Inflation, exchange rate and agricultural export in Nigeria. Greener Journal of Agricultural Sciences, 13(2), 91–98. https://doi.org/10.5281/zenodo.8114742
Ilmas, N., Amelia, M., & Risandi, R. (2022). Analysis of the effect of inflation and exchange rate on exports in 5-year ASEAN countries (Years 2010–2020). Jurnal Ekonomi Trisakti, 2(1), 121–132. https://doi.org/10.25105/jet.v2i1.13561
Jongwanich, J. (2025). Free trade agreements (FTAs) and export structures: evidence from Thailand. Journal of the Asia Pacific Economy, 30(2), 483-521. https://doi.org/10.1080/ 13547860.2023.2300584
Jung, Y. C., Das, A., & McFarlane, A. (2020). The asymmetric relationship between the oil price and the US-Canada exchange rate. Quarterly Review of Economics and Finance, 76, 198–206. https://doi.org/10.1016/j.qref.2019.06.003
Khalighi, L., & Fadaei, M. S. (2017). A study on the effects of exchange rate and foreign policies on Iranians dates export. Journal of the Saudi Society of Agricultural Sciences, 16(2), 112–118. https://doi.org/10.1016/j.jssas.2015.03.005
Kriskkumar, K., Naseem, N. A. M., & Azman-Saini, W. N. W. (2022). Investigating the asymmetric effect of oil price on the economic growth in Malaysia: Applying augmented ARDL and Nonlinear ARDL techniques. SAGE Open, 12(1), 215824402210799. https://doi.org/ 10.1177/21582440221079936
Labibah, S., Jamal, A., & Dawood, T. C. (2021). Indonesian export analysis: autoregressive distributed lag (ARDL) model approach. Journal of Economics, Business, & Accountancy Ventura, 23(3), 320–328. https://doi.org/10.14414/jebav.v23i3.1668
Lestari, S. U., Hakim, D. B., & Novianti, T. (2021). Assymmetric effect exchange rate to Indonesian agriculture subsector. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 9(5), 387–400. https://doi.org/10.22437/ppd.v9i5.15274
Li, H., Ma, H., & Xu, Y. (2015). How do exchange rate movements affect Chinese exports? - A firm-level investigation. Journal of International Economics, 97(1), 148–161. https://doi.org/ 10.1016/j.jinteco.2015.04.006
Mehdi, W., Faqir, M., & Hussain, M. (2025). A Time-Series Analysis of Indonesia’s Economic Growth: The Roles of FDI, Trade, and Exchange Rate. The Critical Review of Social Sciences Studies, 3(2), 1269-1281. http://dx.doi.org/10.59075/n52vfk94
Meo, M. S., Khan, V. J., Ibrahim, T. O., Khan, S., Ali, S., & Noor, K. (2018). Asymmetric impact of inflation and unemployment on poverty in Pakistan: new evidence from asymmetric ARDL cointegration. Asia Pacific Journal of Social Work and Development, 28(4), 295–310. https://doi.org/10.1080/02185385.2018.1523745
Mesagan, E. P., Alimi, O. Y., & Vo, X. V. (2022). The asymmetric effects of exchange rate on trade balance and output growth. Journal of Economic Asymmetries, 26(April), e00272. https://doi.org/10.1016/j.jeca.2022.e00272
Ngoma, R. G. T. M., Wang, X., Meng, X. R., Tsoni, C. G. A. M., Danwana, S. B., & Ndombi, B. T. (2024). Achieving climate sustainability in the Republic of Congo: The role of economic growth, biomass energy consumption, rule of law and government effectiveness- a NARDL Approach. Heliyon, 10(15), e34256. https://doi.org/10.1016/j.heliyon.2024.e34256
Nusair, S. A., & Olson, D. (2021). Asymmetric oil price and Asian economies: A nonlinear ARDL approach. Energy, 219, 119594. https://doi.org/10.1016/j.energy.2020.119594
Oktaviani, D., & Shrestha, N. (2021). Exchange rates elasticity of exports in ASEAN: The role of global value chains. Buletin Ilmiah Litbang Perdagangan, 15(1), 1–26. https://doi.org/ 10.30908/bilp.v15i1.538
Osama, A., & Walid, S. (2018). Studying the volatility effect of agricultural exports on agriculture share of GDP: The case of Egypt. African Journal of Agricultural Research, 13(8), 345–352. https://doi.org/10.5897/ajar2016.11920
Permana, B. L. D. I., Suharno, S., & Rifin, A. (2022). The exchange rate volatility impact on agricultural trade: An evidence from Indonesian pepper export. Jurnal Manajemen dan Agribisnis, 19(1), 12–23. https://doi.org/10.17358/jma.19.1.12
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/ jae.616
Pradina, Y. B. A., & Adhitya, D. (2023). Effect of International CPO Prices, Substitution Goods Prices, and Exchange Rates on Crude Palm Oil (CPO) Export Volume in Indonesia. Jurnal Ekonomi Pembangunan, 21(1), 1–12. https://doi.org/10.29259/jep.v21i1.19447
Putra, A. W., Supriatna, J., Koestoer, R. H., & Soesilo, T. E. B. (2021). Differences in local rice price volatility, climate, and macroeconomic determinants in the Indonesian market. Sustainability, 13(8), 4465. https://doi.org/10.3390/su13084465
Sama, J. M. S., Nna, T. P. N., Sapnken, F. E., & Tamba, J. G. (2025). The role of political stability on crude oil production in Cameroon: Evidence from the ARDL and NARDL models. Resources Policy, 103(April). https://doi.org/10.1016/j.resourpol.2023.103891
Sankaran, A., Krishna, A., & Vadivel, A. (2021). How does manufacturing output affect export behaviors in emerging market economies? Evidence from a dynamic panel ARDL for ten biggest emerging market economies. Future Business Journal, 7(1), 1–10. https://doi.org/10.1186/s43093-021-00072-x
Setiawan, A. B., Yusuf, M., Prajanti, S. D. W., Prasetyo, F. H., Bowo, P. A., & Maftukhah, I. (2024). Unraveling the Interplay among Inflation, Rice Prices, and Farmers Exchange Rate in Indonesia. Agro Ekonomi, 35(1), 1-17. https://doi.org/10.22146/ae.86078
Shahbaz, M. (2013). Linkages between inflation, economic growth and terrorism in Pakistan. Economic Modelling, 32(1), 496–506. https://doi.org/10.1016/j.econmod.2013.02.014
Shin, Y., Yu, B., & Greenwood-nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in Honor of Peter Schmidt (pp. 281–314). Springer. https://doi.org/10.1007/978-1-4899-8008-3
Sugiharti, L., Esquivias, M. A., & Setyorani, B. (2020). The impact of exchange rate volatility on Indonesia’s top exports to the five main export markets. Heliyon, 6(1), e03141. https://doi.org/10.1016/j.heliyon.2019.e03141
Thampanya, N., Wu, J., & Cowton, C. (2021). Carbon neutrality targets, optimal environmental management strategies & the role of financial development: New evidence incorporating non-linear effects and different income levels. Journal of Environmental Management, 297(July), 113352. https://doi.org/10.1016/j.jenvman.2021.113352
Thorbecke, W., & Sengonul, A. (2023). The impact of exchange rates on Turkish imports and exports. International Economics, 174(November 2022), 231–249. https://doi.org/10.1016/ j.inteco.2023.04.003
Truong, L. D., & Van Vo, D. (2023). The asymmetric effects of exchange rate on trade balance of Vietnam. Heliyon, 9(4), e14455. https://doi.org/10.1016/j.heliyon.2023.e14455
Ürkmez, E., & Bölükbaşı, Ö. F. (2021). The Impact of Exchange Rates on Stock Prices for Turkey: an Asymmetric Non-Linear Cointegration Analysis. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 43(1), 42-56. https://doi.org/10.14780/muiibd.960267
Uzar, U., & Eyuboglu, K. (2024). Testing the asymmetric impacts of income inequality, financial development and human development on ecological footprint in Türkiye: A NARDL approach. Journal of Cleaner Production, 461(May). https://doi.org/10.1016/j.jclepro.2024.142652
Xu, D., Sheraz, M., Hassan, A., Sinha, A., & Ullah, S. (2022). Financial development, renewable energy and CO2 emission in G7 countries: New evidence from non-linear and asymmetric analysis. Energy Economics, 109(March), 105994. https://doi.org/10.1016/j.eneco.2022.105994
Zhu, W., Ahmad, F., Draz, M. U., Ozturk, I., & Rehman, A. (2022). Revisiting the nexus between exchange rate, exports and economic growth: further evidence from Asia. Economic Research-Ekonomska Istrazivanja, 35(1), 7128–7146. https://doi.org/10.1080/1331677X. 2022.2059692