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Can the internet improve green total factor productivity? Evidence from prefecture-level cities of China 互联网能提高绿色全要素生产率吗?来自中国地级市的证据
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101970
Binbin Yu , Changlong Ye , Mujia Feng
During the "14th Five-Year Plan" period, the Internet has gradually become an important driving force for China's green environmental governance and green industrial production and is increasingly developing into a new advantage for China's green and low-carbon development. This paper empirically examines the role of Internet development in influencing green total factor productivity and the spatial spillover effect using the spatial Durbin model and the mediation effect model. The results show that Internet development significantly enhances green total factor productivity in local and neighbouring regions (direct effect coefficient is 0.0259, p < 0.05; indirect effect coefficient is 0.5649, p < 0.01), and the conclusion passes a series of robustness tests. Heterogeneity analyses show that the impact of Internet development on green total factor productivity exhibits heterogeneous characteristics across cities with different geographic locations, administrative levels, environmental regulation intensities, and resource endowments. Mechanism tests show that the Internet can enhance green total factor productivity by promoting technological innovation. Interestingly, although the development of the Internet significantly promotes the rationalization of industrial structure, the effect of industrial structure adjustment on green total factor productivity is not significant. The above findings further support the rationality and scientific validity of China's "Internet plus" development strategy and, in particular, provide feasible ideas and empirical evidence for the use of the Internet to enhance green total factor productivity.
“十四五”期间,互联网逐渐成为中国绿色环境治理和绿色工业生产的重要动力,并日益发展成为中国绿色低碳发展的新优势。本文运用空间德宾模型和中介效应模型实证检验了互联网发展对绿色全要素生产率和空间溢出效应的影响。结果表明,互联网发展显著提高了本地及邻近地区的绿色全要素生产率(直接影响系数为0.0259,p <; 0.05;间接影响系数为0.5649,p <; 0.01),结论通过了一系列稳稳性检验。异质性分析表明,互联网发展对绿色全要素生产率的影响在不同地理位置、行政级别、环境规制强度和资源禀赋的城市间呈现异质性特征。机制检验表明,互联网可以通过促进技术创新来提高绿色全要素生产率。有趣的是,虽然互联网的发展显著促进了产业结构的合理化,但产业结构调整对绿色全要素生产率的影响并不显著。以上研究结果进一步支持了中国“互联网+”发展战略的合理性和科学有效性,尤其为利用互联网提升绿色全要素生产率提供了可行思路和实证证据。
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引用次数: 0
Turbine siting in relation to wind speed: Insights from historical deployment patterns for energy system modeling 涡轮机选址与风速的关系:从能源系统建模的历史部署模式的见解
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101990
Niklas Jakobsson , Carin Lundqvist , Fredrik Hedenus , Yodefia Rahmad , Xiaoming Kan
Wind turbine output heavily depends on the wind speed at the deployment site. Energy system optimization models (ESOMs) typically allocate turbines in a cost-optimal manner, leading to siting at the windiest locations. However, such allocation methods lack an empirical base and risk overestimating the cost-competitiveness of wind power compared to real-life. This study assesses the historical siting of onshore wind turbines with respect to wind speed across 25 regions and introduces a heuristic method to represent wind power deployment patterns within ESOMs. Additionally, we conduct a comprehensive evaluation of existing wind turbine allocation methods in ESOMs. Our results show that turbines are typically sited at locations with slightly higher wind speeds than the regional mean, and new turbines within each region are consistently placed at sites with similar average wind speeds each year. The heuristics that best match historical deployment patterns tend to allocate 80–100 % of wind capacity to the 70th to 90th percentiles of the windiest areas. The cost-optimal turbine siting approach consistently favors windier locations compared to historical deployment. Overall, the findings present a promising avenue for incorporating historical data to improve the representation of wind power in future energy system modeling.
风力涡轮机的输出很大程度上取决于部署地点的风速。能源系统优化模型(ESOMs)通常以成本最优的方式分配涡轮机,从而将涡轮机安置在风力最大的位置。然而,这种分配方法缺乏经验基础,而且与现实生活相比,存在高估风电成本竞争力的风险。本研究根据25个地区的风速评估了陆上风力涡轮机的历史位置,并引入了一种启发式方法来表示ESOMs内的风力部署模式。此外,我们对ESOMs中现有的风力涡轮机分配方法进行了全面评估。我们的研究结果表明,涡轮机通常位于风速略高于区域平均风速的位置,并且每个区域内的新涡轮机始终放置在每年平均风速相似的位置。最符合历史部署模式的启发式方法倾向于将80-100 %的风电容量分配给风力最大的地区的第70 - 90百分位数。与历史部署相比,成本最优的涡轮机选址方法始终倾向于风力更大的位置。总的来说,研究结果为整合历史数据以改善风能在未来能源系统建模中的表现提供了一条有希望的途径。
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引用次数: 0
Challenges faced by China compared with the US in reducing methane emissions: A decomposition and decoupling analysis 中美在减少甲烷排放方面面临的挑战:分解与脱钩分析
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101983
Shasha Huang , Xinzhou Peng , Qiaoli Xie
Methane (CH4) is a potent, short-lived greenhouse gas that is crucial for achieving global temperature control targets. As the largest CH4 emitters globally, China and the United States (US) have the capacity and responsibility to lead global CH4 reduction. However, the differences in CH4 emission drivers between the two remain poorly constrained. This study examined the driving factors of CH4 emissions in these countries during 1991–2022 by combining the Logarithmic Mean Divisia Index and Production-theoretical Decomposition Analysis. The main findings are as follows: From 1991 to 2022, CH4 emissions in China rose continuously, whereas those in the US gradually declined. The increase in CH4 emissions from China was driven by industry, whereas the reduction in US emissions was attributable to mitigation efforts in the industry and service sectors. The economic output effect is the primary driver of increasing CH4 emissions, whereas the energy intensity effect reduces emissions. The expanding gap in CH4 emissions between the two countries can be largely explained by the less-optimized economic structure, large population, and high energy intensity in China. These factors were partially offset by the lower economic output effect in China. In the US, strong decoupling was prevalent throughout the study period, except 2016–2019. In contrast, China exhibited weak decoupling between economic growth and CH4 emissions, except 1996–2000. Decoupling indices for CH4 emission intensity, energy intensity, and economic structure were critical in both countries, facilitating decoupling. These findings provide insights for future CH4 emission reduction strategies in China and the US.
甲烷(CH4)是一种强效、短寿命的温室气体,对实现全球温度控制目标至关重要。作为全球最大的CH4排放国,中国和美国有能力也有责任引领全球减少CH4。然而,两者之间CH4排放驱动因素的差异仍然没有得到很好的约束。本文采用对数平均分割指数和生产理论分解分析相结合的方法,研究了1991-2022年这些国家CH4排放的驱动因素。结果表明:1991 - 2022年,中国CH4排放量持续上升,而美国CH4排放量逐渐下降。中国甲烷排放量的增加是由工业推动的,而美国排放量的减少则是由于工业和服务部门的减缓努力。经济产出效应是CH4排放增加的主要驱动力,而能源强度效应则降低了CH4排放。两国CH4排放差距扩大的主要原因是中国经济结构优化程度较低、人口多、能源强度高。这些因素被中国较低的经济产出效应部分抵消。在美国,除2016-2019年外,整个研究期间普遍存在强脱钩现象。相比之下,除了1996-2000年,中国的经济增长与CH4排放呈弱脱钩关系。两国的CH4排放强度、能源强度和经济结构的脱钩指标至关重要,促进了脱钩。这些发现为中国和美国未来的CH4减排策略提供了启示。
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引用次数: 0
New energy demonstration city policy and urban energy system resilience: Evidence from China 新能源示范城市政策与城市能源系统弹性:来自中国的证据
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101972
Jia-Hui Peng , Ke-Liang Wang , Zhen-Hua Zhang
As climate-induced disruptions and energy security risks intensify, enhancing the resilience of energy systems has become a critical priority for sustainable urban development. This study investigates the impact of China's New Energy Demonstration City (NEDC) policy on urban energy system resilience (ESR) using panel data from 280 Chinese cities over the period 2010–2022. We construct a multidimensional resilience index encompassing robustness, restorability, and adaptability, and apply a Double Machine Learning (DML) framework to address endogeneity and high-dimensional control variables. The findings indicate that: (1) The NEDC policy significantly improves urban ESR, with robust results from various tests. (2) The mediation effect reveals that green technological innovation, institutional guidance, and informatization level are vital influential channels. (3) Heterogeneity analysis indicates that the policy's effects are stronger in central and western cities, cities with higher administrative status, and those with better digital infrastructure. These findings suggest that policymakers should continue expanding pilot programs, strengthen support for green innovation and digital infrastructure, and design targeted instruments for resource-constrained regions to ensure the security and stability of the energy system.
随着气候引起的破坏和能源安全风险加剧,增强能源系统的抵御能力已成为可持续城市发展的关键优先事项。本文利用2010-2022年间280个中国城市的面板数据,研究了中国新能源示范城市政策对城市能源系统弹性的影响。我们构建了一个包含鲁棒性、恢复性和适应性的多维弹性指数,并应用双机器学习(DML)框架来解决内生性和高维控制变量。研究结果表明:(1)NEDC政策显著提高了城市ESR,各项测试结果均较为稳健。(2)中介效应表明,绿色技术创新、制度引导和信息化水平是重要的影响渠道。(3)异质性分析表明,政策效应在中西部城市、行政地位较高的城市和数字基础设施较好的城市中更强。这些发现表明,政策制定者应继续扩大试点项目,加强对绿色创新和数字基础设施的支持,并为资源受限地区设计有针对性的工具,以确保能源系统的安全和稳定。
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引用次数: 0
Nuclear energy and carbon dioxide emissions dynamics with the Fourier nonlinear ARDL approach: The power of shaping the future 核能和二氧化碳排放动态与傅里叶非线性ARDL方法:塑造未来的力量
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101956
Sabiha Oltulular
The increasing energy demand and climate change concerns are making the role of low-carbon resources increasingly strategic in energy policies. In this context, this study aims to analyze nuclear energy's short and long-run impacts on carbon emissions using the Fourier Nonlinear ARDL method. The significance of the study stems from the method's ability to account for structural breaks and asymmetric dynamics compared to traditional models, as well as its current and broader perspective, using a dataset encompassing the eight largest nuclear energy producers and the three smallest producers. Nonlinear models suitable for Fourier functions were only valid for South Korea and Slovenia; however, owing to autocorrelation and heteroskedasticity issues in the Slovenian model, only the coefficients of the South Korea model were considered in the analyses. A 1 % increase in nuclear energy reduces carbon dioxide emissions by approximately 0.03 %. According to the error correction model, it takes approximately one year for imbalances that may occur in the short-run to reach balance in the long-run. The analysis results support the claim that nuclear energy is environmentally friendly and clean. This shows that nuclear energy can effectively reduce carbon dioxide emissions and thus play an essential role in the fight against climate change. These findings emphasize the potential of nuclear energy as an energy source that can play an important role in green transformation processes. Energy policies should increase the share of nuclear energy in energy production, considering its stable contribution to nuclear energy, which has strategic value in the face of economic and political shocks.
日益增长的能源需求和对气候变化的担忧使得低碳资源在能源政策中的作用越来越具有战略意义。在此背景下,本研究旨在利用傅里叶非线性ARDL方法分析核能对碳排放的短期和长期影响。这项研究的意义在于,与传统模型相比,该方法能够解释结构断裂和不对称动力学,以及它当前和更广阔的视角,使用了包含八个最大的核能生产商和三个最小的生产商的数据集。适用于傅里叶函数的非线性模型只适用于韩国和斯洛文尼亚;然而,由于斯洛文尼亚模型存在自相关和异方差问题,在分析中只考虑了韩国模型的系数。核能每增加1 %,二氧化碳排放量就减少约0.03 %。根据误差修正模型,短期内可能出现的不平衡需要大约一年的时间才能达到长期的平衡。分析结果支持核能是环境友好和清洁的说法。这表明核能可以有效地减少二氧化碳的排放,从而在应对气候变化中发挥至关重要的作用。这些发现强调了核能作为一种能源的潜力,可以在绿色转型过程中发挥重要作用。考虑到核能对核能的稳定贡献,能源政策应增加核能在能源生产中的份额,核能在面对经济和政治冲击时具有战略价值。
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引用次数: 0
Performance-oriented investment decision for small modular reactors with renewable energy systems using intelligent molecular fuzzy genetic algorithms 基于智能分子模糊遗传算法的可再生能源小型模块化反应堆性能投资决策
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101985
Gang Kou , Hasan Dinçer , Serhat Yüksel , Serkan Eti , Ayşe Nur Çırak
The integration of small modular reactors (SMRs) with renewable energy systems provides some advantages, such as low cost and safe energy production. Identifying the most essential determinants helps businesses use their limited resources more effectively. However, in the literature, the numbers of these studies are quite limited. Hence, there is a need for more studies in the literature on how this integration can be optimized. This study develops an innovative decision-making model using molecular fuzzy genetic algorithms and q-learning to optimize performance-oriented investment strategies for SMRs and renewable energy integration. The study addresses gaps in the literature by providing a comprehensive framework for integrating SMRs and renewable energy. This situation contributes to long-term sustainability and economic efficiency. The study introduces a novel and integrated methodology by combining molecular fuzzy sets with genetic algorithms and Q-learning. Unlike traditional fuzzy models, the proposed approach enables dynamic, precise, and learning-based evaluation of investment criteria under uncertainty. The results show that thermal energy utilization (weight = .379) is the most critical criterion, followed by fuel cycle efficiency (.260), load-following flexibility (.189), and energy storage capacity (.171).
小型模块化反应堆(smr)与可再生能源系统的集成具有成本低、能源生产安全等优点。确定最基本的决定因素有助于企业更有效地利用有限的资源。然而,在文献中,这些研究的数量相当有限。因此,需要在文献中对如何优化这种集成进行更多的研究。本文利用分子模糊遗传算法和q-学习建立了一个创新的决策模型,以优化中小企业和可再生能源整合的绩效导向投资策略。该研究通过提供整合小型反应堆和可再生能源的综合框架,解决了文献中的空白。这种情况有助于长期可持续性和经济效率。该研究将分子模糊集与遗传算法和q学习相结合,提出了一种新颖的综合方法。与传统的模糊模型不同,本文提出的方法能够对不确定性下的投资标准进行动态、精确和基于学习的评估。结果表明,热能利用(权重 = .379)是最关键的评判标准,其次是燃料循环效率(权重= .379)。260),负载跟随灵活性(。189)和能量存储容量(0.171)。
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引用次数: 0
The cognitive value, attitude assessment, and behavioral occurrence of residents' low-carbon consumption: A test based on MASEM 居民低碳消费的认知价值、态度评估与行为发生:基于MASEM的检验
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101989
Gaofei Ren , Yaoyao Chen , Shenghui Yao , Maobao Yang , Jianchun Xiong
Global climate change caused by carbon emissions has become a mainstream scientific consensus. Identifying the key factors influencing low-carbon consumption behavior and understanding their mechanisms are crucial for mitigating climate change driven by human activities. However, existing studies lack a systematic quantitative assessment of the key determinants of residents' low-carbon consumption behavior and have not reached a consensus on their underlying mechanisms. This study develops a model to elucidate the mechanism underlying residents' low-carbon consumption behavior. It uses Meta-analysis Structural Equation Modeling (MASEM) to integrate and test 149 independent effect sizes with 44,414 research samples from 51 empirical studies. The findings indicate that psychological cognition and external context are two key drivers of residents' perceived value of low-carbon consumption. The evaluation of low-carbon consumption value and intention mediate the positive relationship between cognitive value and behavior occurrence sequentially. These results reveal the key factors and mechanisms behind residents' low-carbon consumption behavior. They offer policy recommendations for governments to promote low-carbon consumption among residents.
碳排放导致的全球气候变化已经成为主流科学共识。确定影响低碳消费行为的关键因素并了解其机制对于减缓人类活动驱动的气候变化至关重要。然而,现有研究对居民低碳消费行为的关键决定因素缺乏系统的定量评估,对其潜在机制尚未达成共识。本研究建立了一个模型来解释居民低碳消费行为的机制。采用meta分析结构方程模型(MASEM)对51项实证研究的44,414个研究样本进行了149个独立效应量的整合和检验。研究结果表明,心理认知和外部环境是居民低碳消费感知价值的两个关键驱动因素。低碳消费价值评价和低碳消费意愿依次中介认知价值与行为发生之间的正相关关系。这些结果揭示了居民低碳消费行为背后的关键因素和机制。他们为政府促进居民低碳消费提供了政策建议。
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引用次数: 0
European CO2 emissions persistence Analysis. A comparative IPCC contributor study with fractional integration 欧洲二氧化碳排放持续性分析。具有分数积分的IPCC贡献因子比较研究
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101986
Ana María Molleda , Miguel A. Martin-Valmayor , Juan Infante
This paper investigates the persistence of CO2 emissions in the largest European economies (Germany, France, Italy, Spain, and the Netherlands) from 1970 to 2023 by using a fractional integration framework. With this purpose, we contribute to the existing literature by investigating two research questions. First, to assess persistence in the specific subsectors, organized by Intergovernmental Panel on Climate Change (IPCC) standard categories; and second, to study their cross-country and cross-sectoral long-term and short-term relationships. The main findings suggest clear evidence of persistent patterns in emissions and their associated components, with a significant negative trend in all cases except France. Regarding the relationship between crossed components, we find evidence that transportation and industry demonstrate a high degree of correlation, yet no evidence of cointegration is observed. Conversely, waste shows a high level of cointegration across countries but no correlation. We find different patterns for the remaining components, with no discernible relationship observed across sectors within a single country or across different countries for the same sector. These findings suggest that despite the EU's substantial commitment to reducing carbon emissions, there appears to be no coordinated strategy across the different countries to fully implement these policies.
本文采用分数积分框架研究了1970年至2023年欧洲最大经济体(德国、法国、意大利、西班牙和荷兰)二氧化碳排放的持续性。为此,我们通过调查两个研究问题来对现有文献做出贡献。首先,根据政府间气候变化专门委员会(IPCC)的标准类别,评估具体分部门的持久性;二是研究其跨国、跨部门的长期和短期关系。主要调查结果表明,有明确证据表明,排放及其相关成分的模式持续存在,除法国外,所有国家都呈现明显的负趋势。关于交叉成分之间的关系,我们发现有证据表明交通运输和工业表现出高度的相关性,但没有观察到协整的证据。相反,浪费在各国之间显示出高水平的协整,但没有相关性。我们发现其余组成部分的模式不同,在一个国家的不同部门之间或同一部门的不同国家之间没有观察到明显的关系。这些发现表明,尽管欧盟在减少碳排放方面做出了重大承诺,但在不同国家之间似乎没有协调一致的战略来全面实施这些政策。
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引用次数: 0
Southeast Asia faces high stranded asset risk from coal power investments 东南亚面临煤电投资带来的高搁浅资产风险
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101971
Reza Fazeli , Thang Nam Do , Indra Overland , Indira Pradnyaswari
Southeast Asia has approximately 106 GW of active coal-fired generating capacity, behind only China, India, and the United States. The region has another 30 GW in the pipeline. If the Paris Agreement is fulfilled, there is a risk that these assets will become stranded. However, the extent of this risk remains largely unquantified. This study is the first to assess how uncertainties in renewable power development and carbon pricing affect the risk of coal-fired power plants becoming stranded assets across Southeast Asia, using a Monte Carlo-based analysis. The findings indicate that coal-fired plants currently operating or under construction could start becoming stranded assets by 2042, and that the total potential loss by 2060 could be in the range of USD 85–106 billion. If currently planned coal developments are included, the cost of stranded assets could rise to USD 100–123 billion and halve the lifetime of new coal-fired plants. To avoid future disruption and losses, it would be essential to halt the construction of new coal-fired power plants and start planning for early closures.
东南亚的燃煤发电装机容量约为106吉瓦 ,仅次于中国、印度和美国。该地区还有30个 GW正在筹备中。如果《巴黎协定》得以履行,这些资产将面临搁浅的风险。然而,这种风险的程度在很大程度上仍然无法量化。本研究首次使用基于蒙特卡洛的分析,评估了可再生能源发展和碳定价的不确定性如何影响东南亚燃煤电厂成为搁浅资产的风险。研究结果表明,到2042年,目前正在运营或在建的燃煤电厂可能开始成为搁浅资产,到2060年,潜在损失总额可能在850亿至1060亿美元之间。如果将目前规划的煤炭开发项目计算在内,搁浅资产的成本可能上升至1000亿至1230亿美元,并使新燃煤电厂的寿命缩短一半。为了避免未来的破坏和损失,必须停止建设新的燃煤电厂,并开始计划尽早关闭。
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引用次数: 0
Risk transmission and interconnectedness between Fintech and oil-exporting markets during global crises 全球危机期间金融科技与石油出口市场的风险传导与互联性
IF 7.9 2区 工程技术 Q1 ENERGY & FUELS Pub Date : 2025-11-01 DOI: 10.1016/j.esr.2025.101955
Muhammad Imran , HuiJi Xu , Na Wei , Abad Alzumann , Muhammad Imran , Zhenwen Sheng
This study explores the dynamic interconnectedness and risk spillovers between FinTech, technological innovation, and the stock markets of major oil-exporting economies, i.e. Saudi Arabia, Russia, the United States, Iraq, and Canada, during the COVID-19 pandemic and the Russia–Ukraine war. Using a Time-Varying Parameter Vector Autoregression (TVP-VAR) framework, we uncover how systemic linkages evolve across crises. Results show that during COVID-19, Canada, Russia, and Iraq acted as dominant shock transmitters, while the United States, Saudi Arabia, and technological innovation were net recipients, reflecting structural vulnerabilities tied to market depth, institutional strength, and reliance on resource revenues. In contrast, during the Russia–Ukraine war, Iraq remained a persistent transmitter, while the U.S., Russia, and Canada exhibited greater self-connectedness, signaling inward market adjustments. FinTech and technological innovation consistently absorbed volatility, highlighting their growing systemic relevance but also fragility under global uncertainty. The findings highlight shifting contagion channels, urging market participants to adjust hedging strategies and policymakers to strengthen macro prudential coordination for stability.
本研究探讨了在2019冠状病毒病大流行和俄乌战争期间,沙特阿拉伯、俄罗斯、美国、伊拉克和加拿大等主要石油出口经济体的金融科技、技术创新和股票市场之间的动态相互联系和风险溢出效应。使用时变参数向量自回归(TVP-VAR)框架,我们揭示了系统联系如何在危机中演变。结果表明,在2019冠状病毒病期间,加拿大、俄罗斯和伊拉克是主要的冲击传递者,而美国、沙特阿拉伯和技术创新是净接受者,这反映了与市场深度、制度实力和对资源收入的依赖相关的结构性脆弱性。相比之下,在俄乌战争期间,伊拉克仍然是一个持久的传播者,而美国、俄罗斯和加拿大则表现出更大的自我联系,向内部市场调整发出信号。金融科技和技术创新不断吸收波动性,凸显出它们日益增长的系统性相关性,但也凸显出它们在全球不确定性下的脆弱性。研究结果强调了传染渠道的变化,敦促市场参与者调整对冲策略,并敦促政策制定者加强宏观审慎协调以保持稳定。
{"title":"Risk transmission and interconnectedness between Fintech and oil-exporting markets during global crises","authors":"Muhammad Imran ,&nbsp;HuiJi Xu ,&nbsp;Na Wei ,&nbsp;Abad Alzumann ,&nbsp;Muhammad Imran ,&nbsp;Zhenwen Sheng","doi":"10.1016/j.esr.2025.101955","DOIUrl":"10.1016/j.esr.2025.101955","url":null,"abstract":"<div><div>This study explores the dynamic interconnectedness and risk spillovers between FinTech, technological innovation, and the stock markets of major oil-exporting economies, i.e. Saudi Arabia, Russia, the United States, Iraq, and Canada, during the COVID-19 pandemic and the Russia–Ukraine war. Using a Time-Varying Parameter Vector Autoregression (TVP-VAR) framework, we uncover how systemic linkages evolve across crises. Results show that during COVID-19, Canada, Russia, and Iraq acted as dominant shock transmitters, while the United States, Saudi Arabia, and technological innovation were net recipients, reflecting structural vulnerabilities tied to market depth, institutional strength, and reliance on resource revenues. In contrast, during the Russia–Ukraine war, Iraq remained a persistent transmitter, while the U.S., Russia, and Canada exhibited greater self-connectedness, signaling inward market adjustments. FinTech and technological innovation consistently absorbed volatility, highlighting their growing systemic relevance but also fragility under global uncertainty. The findings highlight shifting contagion channels, urging market participants to adjust hedging strategies and policymakers to strengthen macro prudential coordination for stability.</div></div>","PeriodicalId":11546,"journal":{"name":"Energy Strategy Reviews","volume":"62 ","pages":"Article 101955"},"PeriodicalIF":7.9,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145462944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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