Pub Date : 2025-04-21DOI: 10.1016/j.econmod.2025.107101
Corentin Roussel
This paper evaluates the effectiveness of the output floor, a key component of the Basel III finalization within an agent-based credit network model encompassing both corporate and interbank loan markets with heterogeneous firms and banks. The model is designed to replicate the evolution of key financial indicators in the Euro Area and is calibrated to empirical output floor settings. The findings confirm that the output floor is a crucial tool for enhancing banking regulation efficiency. It raises the average and reduces the dispersion of risk-weighted asset (RWA) density (i.e., the RWA-to-total assets ratio) across banks. Additionally, it improves alignment between the RWA densities of banks using the internal ratings-based and standardized approaches, thereby strengthening financial actors’ confidence in banking regulation. However, accommodative monetary policy fosters risk accumulation in the banking sector, undermining the output floor’s effectiveness, while tighter monetary policy has the opposite effect. Consequently, financial regulators must carefully coordinate policies to ensure banking stability.
{"title":"Assessment of the output floor in an agent-based credit network model","authors":"Corentin Roussel","doi":"10.1016/j.econmod.2025.107101","DOIUrl":"10.1016/j.econmod.2025.107101","url":null,"abstract":"<div><div>This paper evaluates the effectiveness of the output floor, a key component of the Basel III finalization within an agent-based credit network model encompassing both corporate and interbank loan markets with heterogeneous firms and banks. The model is designed to replicate the evolution of key financial indicators in the Euro Area and is calibrated to empirical output floor settings. The findings confirm that the output floor is a crucial tool for enhancing banking regulation efficiency. It raises the average and reduces the dispersion of risk-weighted asset (RWA) density (i.e., the RWA-to-total assets ratio) across banks. Additionally, it improves alignment between the RWA densities of banks using the internal ratings-based and standardized approaches, thereby strengthening financial actors’ confidence in banking regulation. However, accommodative monetary policy fosters risk accumulation in the banking sector, undermining the output floor’s effectiveness, while tighter monetary policy has the opposite effect. Consequently, financial regulators must carefully coordinate policies to ensure banking stability.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"149 ","pages":"Article 107101"},"PeriodicalIF":4.2,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143859808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.frl.2025.107458
Nan Jia , Hongli Zhang , Weigang Ma
This study examines the impact of local government debt on rural green economy transition through panel data analysis. The results show that there is an inverted U-shaped non-linear relationship between local government debt and rural green economy transition, with debt facilitating the transition at low rural development levels but negatively affecting it at high development levels. The level of rural development is an important threshold variable that influences the mechanism of action of debt. Rural capital allocation plays a mediating role at low levels of development, but the mediating effect is not significant at high levels of development. It is suggested that local governments should reasonably control the scale of debt according to the stage of rural development, optimise the allocation of funds, improve the efficiency of investment, and formulate fiscal policies in a phased manner, so as to promote the sustainable development of rural green economy.
{"title":"The impact of local government debt on rural green transformation","authors":"Nan Jia , Hongli Zhang , Weigang Ma","doi":"10.1016/j.frl.2025.107458","DOIUrl":"10.1016/j.frl.2025.107458","url":null,"abstract":"<div><div>This study examines the impact of local government debt on rural green economy transition through panel data analysis. The results show that there is an inverted U-shaped non-linear relationship between local government debt and rural green economy transition, with debt facilitating the transition at low rural development levels but negatively affecting it at high development levels. The level of rural development is an important threshold variable that influences the mechanism of action of debt. Rural capital allocation plays a mediating role at low levels of development, but the mediating effect is not significant at high levels of development. It is suggested that local governments should reasonably control the scale of debt according to the stage of rural development, optimise the allocation of funds, improve the efficiency of investment, and formulate fiscal policies in a phased manner, so as to promote the sustainable development of rural green economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107458"},"PeriodicalIF":7.4,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1007/s11187-025-01039-w
Aaron Defort, Michael Fröhlich, Paul Neuroth, Isabell Welpe
This paper investigates the impact of different types of successful start-up exits on the development of entrepreneurial ecosystems (EEs). With a panel data analysis covering 45 European cities over 20 years, the study examines how acquisitions and IPOs influence subsequent individual investment activity and new venture creation. The results reveal that acquisitions significantly and positively influence investment activity and new venture creation in the following years. In contrast, IPOs show smaller and marginally significant effects. These findings provide nuanced insights into how entrepreneurial recycling occurs within EEs after exit events, contributing to our understanding of the evolutionary nature of entrepreneurial ecosystems. The study underscores the importance of exit routes and the legitimacy of ecosystem actors in fostering entrepreneurship and regional development.
{"title":"How do successful exits impact regional development? Longitudinal evidence from European cities","authors":"Aaron Defort, Michael Fröhlich, Paul Neuroth, Isabell Welpe","doi":"10.1007/s11187-025-01039-w","DOIUrl":"https://doi.org/10.1007/s11187-025-01039-w","url":null,"abstract":"<p>This paper investigates the impact of different types of successful start-up exits on the development of entrepreneurial ecosystems (EEs). With a panel data analysis covering 45 European cities over 20 years, the study examines how acquisitions and IPOs influence subsequent individual investment activity and new venture creation. The results reveal that acquisitions significantly and positively influence investment activity and new venture creation in the following years. In contrast, IPOs show smaller and marginally significant effects. These findings provide nuanced insights into how entrepreneurial recycling occurs within EEs after exit events, contributing to our understanding of the evolutionary nature of entrepreneurial ecosystems. The study underscores the importance of exit routes and the legitimacy of ecosystem actors in fostering entrepreneurship and regional development.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"10 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143853396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.econlet.2025.112330
Xiaoliang Li , Ally Quan Zhang
This letter demonstrates that oligopoly competition can exhibit topological chaos by applying Mitra’s sufficient condition. To overcome the computational challenges arising from the lack of a simple closed-form expression for the modal point, we develop a resultant-based method. Our results show that, for a sufficiently large number of firms, there must exist parameter values that guarantee topological chaos.
{"title":"Topological chaos in oligopoly competition","authors":"Xiaoliang Li , Ally Quan Zhang","doi":"10.1016/j.econlet.2025.112330","DOIUrl":"10.1016/j.econlet.2025.112330","url":null,"abstract":"<div><div>This letter demonstrates that oligopoly competition can exhibit topological chaos by applying Mitra’s sufficient condition. To overcome the computational challenges arising from the lack of a simple closed-form expression for the modal point, we develop a resultant-based method. Our results show that, for a sufficiently large number of firms, there must exist parameter values that guarantee topological chaos.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112330"},"PeriodicalIF":2.1,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143859236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.jdeveco.2025.103525
Xianling Long , Zhiqiang Wang
This paper examines how firms respond to climate change through technological innovation. We emphasize that firms facing climate change are not always those innovating. Instead, innovation occurs either to mitigate a firm’s own climate-related damages (internal demand) or to supply climate-related technologies to other firms (external demand). To reflect this, we measure patent-specific exposure to climate change rather than traditional firm-level exposure to local temperatures. Our findings show that in China, climate adaptation patents increased by 8.62%, and climate mitigation patents grew by 10.68% in response to climate change. We document that new technologies respond positively to climate change due to rising public awareness, shifting demand, and regulatory pressures.
{"title":"From heat to high-tech: How innovation responds to climate change","authors":"Xianling Long , Zhiqiang Wang","doi":"10.1016/j.jdeveco.2025.103525","DOIUrl":"10.1016/j.jdeveco.2025.103525","url":null,"abstract":"<div><div>This paper examines how firms respond to climate change through technological innovation. We emphasize that firms facing climate change are not always those innovating. Instead, innovation occurs either to mitigate a firm’s own climate-related damages (internal demand) or to supply climate-related technologies to other firms (external demand). To reflect this, we measure patent-specific exposure to climate change rather than traditional firm-level exposure to local temperatures. Our findings show that in China, climate adaptation patents increased by 8.62%, and climate mitigation patents grew by 10.68% in response to climate change. We document that new technologies respond positively to climate change due to rising public awareness, shifting demand, and regulatory pressures.</div></div>","PeriodicalId":48418,"journal":{"name":"Journal of Development Economics","volume":"176 ","pages":"Article 103525"},"PeriodicalIF":5.1,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143870000","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.cities.2025.105982
Maria Carmela Grano
Watermills are not merely icons of the past: when studied through integrated and interdisciplinary approaches, they reveal an unexpected potential for addressing contemporary challenges. This paper calls for a multidisciplinary review that consolidates the diverse studies and challenges associated with watermills, to study the interplay with their surrounding environments and waterways, alongside the social and cultural dimensions of their management—both tangible and intangible—and the implications of climate change.
The research systematically explores interconnected challenges, beginning with the environmental and riverine modifications caused by centuries of watermill activity, which shaped unique cultural landscapes, largely becoming relics due to the widespread replacement with electrically powered mills in more accessible urban areas. This transition has led to the physical degradation of watermills, rural depopulation, and the loss of traditional knowledge, skills, and crafts, ultimately weakening the resilience of these ecosystems. Gathering a range of case studies and over 20 new examples of watermill regeneration from different regions in Italy, the study demonstrates the significant social and environmental benefits of regenerating watermills, revitalizing rural areas, fostering sustainability, and mitigating the impacts of flooding and sedimentation, through innovative, sustainable and community-driven solutions. The projects supported through NextGenerationEU (NGEU) funds, private or shared initiatives, and community-driven efforts, illustrate how watermill regeneration extends beyond traditional food production, incorporating hydroelectric energy generation, cultural revitalization, and tourism development. By integrating heritage conservation with environmental and economic sustainability, these initiatives contribute to broader goals like the green transition, socio-economic revitalization in rural and remote areas, and sustainable development through cultural innovation.By defining watermill-based ecosystems and fluvial management community practices, this work highlights the necessity of advancing research on the cultural-natural relationship, promoting innovative and sustainable solutions against associated risks, rediscovering traditional knowledge, and fostering strategies to protect these assets from environmental and human-induced threats.
{"title":"Historic Water Mills as regenerative ecosystems: Integrating technologies, community engagement and sustainable landscape management","authors":"Maria Carmela Grano","doi":"10.1016/j.cities.2025.105982","DOIUrl":"10.1016/j.cities.2025.105982","url":null,"abstract":"<div><div>Watermills are not merely icons of the past: when studied through integrated and interdisciplinary approaches, they reveal an unexpected potential for addressing contemporary challenges. This paper calls for a multidisciplinary review that consolidates the diverse studies and challenges associated with watermills, to study the interplay with their surrounding environments and waterways, alongside the social and cultural dimensions of their management—both tangible and intangible—and the implications of climate change.</div><div>The research systematically explores interconnected challenges, beginning with the environmental and riverine modifications caused by centuries of watermill activity, which shaped unique cultural landscapes, largely becoming relics due to the widespread replacement with electrically powered mills in more accessible urban areas. This transition has led to the physical degradation of watermills, rural depopulation, and the loss of traditional knowledge, skills, and crafts, ultimately weakening the resilience of these ecosystems. Gathering a range of case studies and over 20 new examples of watermill regeneration from different regions in Italy, the study demonstrates the significant social and environmental benefits of regenerating watermills, revitalizing rural areas, fostering sustainability, and mitigating the impacts of flooding and sedimentation, through innovative, sustainable and community-driven solutions. The projects supported through NextGenerationEU (NGEU) funds, private or shared initiatives, and community-driven efforts, illustrate how watermill regeneration extends beyond traditional food production, incorporating hydroelectric energy generation, cultural revitalization, and tourism development. By integrating heritage conservation with environmental and economic sustainability, these initiatives contribute to broader goals like the green transition, socio-economic revitalization in rural and remote areas, and sustainable development through cultural innovation.By defining watermill-based ecosystems and fluvial management community practices, this work highlights the necessity of advancing research on the cultural-natural relationship, promoting innovative and sustainable solutions against associated risks, rediscovering traditional knowledge, and fostering strategies to protect these assets from environmental and human-induced threats.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"162 ","pages":"Article 105982"},"PeriodicalIF":6.0,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1177/00420980251328610
Saran Nurse
This study examines how race shapes the displacement of Black-owned businesses during commercial gentrification in Fort Greene, Brooklyn. Utilising an autoethnographic case study approach, the author integrates two decades of personal experience as a Black business owner with testimonies from 19 other Black business owners. The findings reveal the multidimensional nature of displacement – including exclusionary, physical, social, cultural and psychological aspects. Physical displacement is categorised as either economically induced or regulatory induced. A push–pull theory is introduced, highlighting how racial biases – even within the Black community – push Black-owned businesses towards displacement, while Black social capital and other forms of support pull them towards survival. The study underscores the need for policy interventions that support Black business owners in resisting gentrification and advocates for anti-discrimination protections in commercial leasing.
{"title":"Pushed and pulled: How race shapes the displacement of Black-owned businesses during commercial gentrification","authors":"Saran Nurse","doi":"10.1177/00420980251328610","DOIUrl":"https://doi.org/10.1177/00420980251328610","url":null,"abstract":"This study examines how race shapes the displacement of Black-owned businesses during commercial gentrification in Fort Greene, Brooklyn. Utilising an autoethnographic case study approach, the author integrates two decades of personal experience as a Black business owner with testimonies from 19 other Black business owners. The findings reveal the multidimensional nature of displacement – including exclusionary, physical, social, cultural and psychological aspects. Physical displacement is categorised as either economically induced or regulatory induced. A push–pull theory is introduced, highlighting how racial biases – even within the Black community – push Black-owned businesses towards displacement, while Black social capital and other forms of support pull them towards survival. The study underscores the need for policy interventions that support Black business owners in resisting gentrification and advocates for anti-discrimination protections in commercial leasing.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"43 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857533","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.frl.2025.107460
WenXue Zhang , Yuhao Tian , Zeyu Zhu
Based on data from non-financial listed companies in the Shanghai and Shenzhen A-share markets from 2010 to 2023, this paper systematically explores the impact of corporate excess cash holdings on stock price crash risk and its underlying mechanisms. The study finds a significant positive correlation between corporate excess cash and stock price crash risk, suggesting that excess cash may increase stock price volatility by exacerbating agency problems. Further analysis reveals that economic policy uncertainty plays a moderating role in this process: when uncertainty rises, it suppresses the aggravating effect of excess cash on stock price crash risk, highlighting the partial offsetting effect of precautionary demand on agency problems. Heterogeneity analysis shows that CEO duality significantly weakens the positive relationship between excess cash and stock price crash risk, indicating that improvements in internal governance structures can mitigate agency conflicts.
{"title":"Corporate excess cash, economic policy uncertainty and stock price crash risk","authors":"WenXue Zhang , Yuhao Tian , Zeyu Zhu","doi":"10.1016/j.frl.2025.107460","DOIUrl":"10.1016/j.frl.2025.107460","url":null,"abstract":"<div><div>Based on data from non-financial listed companies in the Shanghai and Shenzhen A-share markets from 2010 to 2023, this paper systematically explores the impact of corporate excess cash holdings on stock price crash risk and its underlying mechanisms. The study finds a significant positive correlation between corporate excess cash and stock price crash risk, suggesting that excess cash may increase stock price volatility by exacerbating agency problems. Further analysis reveals that economic policy uncertainty plays a moderating role in this process: when uncertainty rises, it suppresses the aggravating effect of excess cash on stock price crash risk, highlighting the partial offsetting effect of precautionary demand on agency problems. Heterogeneity analysis shows that CEO duality significantly weakens the positive relationship between excess cash and stock price crash risk, indicating that improvements in internal governance structures can mitigate agency conflicts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107460"},"PeriodicalIF":7.4,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.jbankfin.2025.107445
Heiner Beckmeyer, Paul Meyerhof
We study the dynamics of the short-duration premium around pre-scheduled news announcements. For macroeconomic news, long-duration stocks earn higher returns than short-duration stocks. On the flip side, returns for short-duration stocks are significantly elevated on earnings announcement days. Focusing on earnings announcement as a laboratory for the pricing of firm-specific news, we differentiate between four competing explanations. We find strong support for the idea that investors are overly optimistic about long-term cash-flows, leading to an overvaluation of long-duration stocks. This overvaluation is in part corrected at earnings announcements, explaining the lower return response of long- compared to short-duration stocks. We also present empirical evidence against the three competing explanations, and show that the effect is not present in the corporate bond market.
{"title":"The short-duration premium and news announcements","authors":"Heiner Beckmeyer, Paul Meyerhof","doi":"10.1016/j.jbankfin.2025.107445","DOIUrl":"10.1016/j.jbankfin.2025.107445","url":null,"abstract":"<div><div>We study the dynamics of the short-duration premium around pre-scheduled news announcements. For macroeconomic news, long-duration stocks earn higher returns than short-duration stocks. On the flip side, returns for short-duration stocks are significantly elevated on earnings announcement days. Focusing on earnings announcement as a laboratory for the pricing of firm-specific news, we differentiate between four competing explanations. We find strong support for the idea that investors are overly optimistic about long-term cash-flows, leading to an overvaluation of long-duration stocks. This overvaluation is in part corrected at earnings announcements, explaining the lower return response of long- compared to short-duration stocks. We also present empirical evidence against the three competing explanations, and show that the effect is not present in the corporate bond market.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107445"},"PeriodicalIF":3.6,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-04-21DOI: 10.1016/j.eneco.2025.108518
Kai Wei , Boqiang Lin
Extreme weather outcomes induced by climate change have been academically confirmed, but the substantial impact on residents is less paid attention to, especially from the aspects of energy expenses burden. Based on multi-annual survey data, we identify how the temperature changes affect Chinese household energy expenditure burden. After the fixed-effects panel model estimating, some unique findings are obtained: (1) The rising frequency of extreme temperatures significantly augment the electricity and energy expenditure burden for Chinese households. With the annual rise in the number of extreme temperature days, the demand for both heating and cooling among residents correspondingly escalates. (2) The impact of temperature extremes across different regions and socio-economic groups are heterogeneous, with rural, northern and low-income households experiencing higher influence of temperature extremes on energy expenses burden. (3) The influence of extreme temperatures is asymmetric. Extreme high temperatures have a stronger impact on energy burden compared to extreme low temperatures. The compounded effects of numerous extreme temperature days and heavy energy expenditure burden significantly magnify the impacts of weather on households. According to these conclusions, policy suggestions are proposed to mitigate household energy expenses burden.
{"title":"Do extreme temperatures exacerbate residential energy expenses burden in China?","authors":"Kai Wei , Boqiang Lin","doi":"10.1016/j.eneco.2025.108518","DOIUrl":"10.1016/j.eneco.2025.108518","url":null,"abstract":"<div><div>Extreme weather outcomes induced by climate change have been academically confirmed, but the substantial impact on residents is less paid attention to, especially from the aspects of energy expenses burden. Based on multi-annual survey data, we identify how the temperature changes affect Chinese household energy expenditure burden. After the fixed-effects panel model estimating, some unique findings are obtained: (1) The rising frequency of extreme temperatures significantly augment the electricity and energy expenditure burden for Chinese households. With the annual rise in the number of extreme temperature days, the demand for both heating and cooling among residents correspondingly escalates. (2) The impact of temperature extremes across different regions and socio-economic groups are heterogeneous, with rural, northern and low-income households experiencing higher influence of temperature extremes on energy expenses burden. (3) The influence of extreme temperatures is asymmetric. Extreme high temperatures have a stronger impact on energy burden compared to extreme low temperatures. The compounded effects of numerous extreme temperature days and heavy energy expenditure burden significantly magnify the impacts of weather on households. According to these conclusions, policy suggestions are proposed to mitigate household energy expenses burden.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"146 ","pages":"Article 108518"},"PeriodicalIF":13.6,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143869223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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