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Corrigendum to “Spillover effects between fossil energy and green markets: Evidence from informational inefficiency” [Energy EconomicsVolume 131, March 2024, 107317]
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-18 DOI: 10.1016/j.eneco.2025.108302
Xiaohang Ren , Ya Xiao , Kun Duan , Andrew Urquhart
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引用次数: 0
Household benefits from energy efficiency retrofits: Implications for net zero housing policy
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-15 DOI: 10.1016/j.eneco.2025.108245
Maya Papineau , Nicholas Rivers , Kareman Yassin
Maintaining household welfare in the transition to a net zero economy is critical to the public acceptance of climate policy. A challenge in meeting this goal is our incomplete understanding of the distribution of household-level benefits from policies designed to reduce greenhouse gases in residential buildings. We provide new insights on key variables that contribute to household and social welfare by quantifying both the level and distribution of energy savings, bill savings, and rebates disbursed from Canada’s national energy efficiency retrofit program. Using a unique dataset consisting of electricity and natural gas consumption from all single-family houses in a Canadian city, we find that adopted retrofits reduce natural gas consumption for up to 10 years in the average participating house by about 20%. Whole-envelope retrofits reduce natural gas consumption by 35%. However, these savings represent only about half of pre-retrofit predicted savings, and several recommended retrofits save zero energy. While energy bill savings exhibit a modest peak among some lower wealth properties, retrofit rebates were disbursed equally across the house wealth distribution.
{"title":"Household benefits from energy efficiency retrofits: Implications for net zero housing policy","authors":"Maya Papineau ,&nbsp;Nicholas Rivers ,&nbsp;Kareman Yassin","doi":"10.1016/j.eneco.2025.108245","DOIUrl":"10.1016/j.eneco.2025.108245","url":null,"abstract":"<div><div>Maintaining household welfare in the transition to a net zero economy is critical to the public acceptance of climate policy. A challenge in meeting this goal is our incomplete understanding of the distribution of household-level benefits from policies designed to reduce greenhouse gases in residential buildings. We provide new insights on key variables that contribute to household and social welfare by quantifying both the level and distribution of energy savings, bill savings, and rebates disbursed from Canada’s national energy efficiency retrofit program. Using a unique dataset consisting of electricity and natural gas consumption from all single-family houses in a Canadian city, we find that adopted retrofits reduce natural gas consumption for up to 10 years in the average participating house by about 20%. Whole-envelope retrofits reduce natural gas consumption by 35%. However, these savings represent only about half of pre-retrofit predicted savings, and several recommended retrofits save zero energy. While energy bill savings exhibit a modest peak among some lower wealth properties, retrofit rebates were disbursed equally across the house wealth distribution.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108245"},"PeriodicalIF":13.6,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143428128","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}
引用次数: 0
Dissecting the financial impact of climate risk
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-14 DOI: 10.1016/j.eneco.2025.108295
Junqi Yang, Jiang-Bo Geng
The studies on climate financial risk have gradually increased in recent years. However, there is a wide variation in the conclusions regarding the extent to which climate risk impacts individual markets or aspects of the financial system. This study dissects the impacts of climate risk on the financial market, investment behaviour and financial stability using a meta-analysis, incorporating 1389 estimates from 70 primary studies. The findings indicate that, firstly, climate risk has a weak to moderate positive impact on the stock and bond markets, while it has a weak negative impact on the real estate market. Meanwhile, it has a weak negative impact on investment behaviour and financial stability. Secondly, in comparison to climate physical risk, climate transition risk has a greater influence on financial markets (except for real estate) and investment behaviour, with no discernible distinctions in their impact on financial stability. Lastly, the results of heterogeneity source analysis suggest that the primary contributors to the heterogeneity observed in climate finance literature are variations in key variable measures, the methodologies used in literature studies, and temporal characteristics (year of publication and sample period). These findings remain robust, accounting for publication bias.
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引用次数: 0
Dynamic risk spillover in green financial markets: A wavelet frequency analysis from China
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-14 DOI: 10.1016/j.eneco.2025.108301
Yiding Wang , Xiaojun Zhao , Junyan Shang
This paper focuses on China's green stock market, green bond market, carbon trading market, and crude oil futures market, using return data from 2018 to 2024. By combing a time-varying parameter vector autoregression model (TVP-VAR) with the Diebold-Yilmaz spillover index, the research investigates the dynamic risk spillover effects in the green financial markets. The empirical results reveal the following findings: (i) There is cyclical risk transmission across green financial markets, significantly influenced by major risk events such as the pandemic and extreme climate occurrences. (ii) The green stock market exhibits the strongest risk contagion within the green financial system, with a greater capacity for transmitting risk than receiving it. (iii) From a multiscale frequency perspective, risk contagion pathways differ notably. Weekly data show heightened sensitivity, while monthly and quarterly data provide a more robust representation of long-term systemic risk. (iv) In the short term, market sentiment significantly impacts the overall spillover effect of risk in green financial markets while the long-term effect of the fear sentiment is more significant. This research makes several contributions: it expands the cross-market view of risk contagion in green finance; introduces wavelet analysis to capture the multiscale dynamics of financial risk spillovers; and assesses the influence of market sentiment and fear sentiment on total risk spillovers in green financial markets. The findings are highly relevant for improving the structure of green financial markets, advancing regulatory innovation in green finance, and mitigating systemic financial risks.
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引用次数: 0
Does urban agglomeration reduce carbon emissions in Chinese cities? New perspective on factor mobility
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108297
Jingze He , Feng Wang
Urbanization in developing countries is often associated with high carbon emissions, mainly due to substantial fossil energy consumption in cities. However, only few studies have addressed how population concentration and factor mobility within urban agglomeration can reduce carbon emissions. Using a novel perspective on factor mobility, we delve into the impact of urban agglomeration on carbon emissions using a panel dataset of 284 Chinese cities spanning from 2004 to 2022. The results obtained using the two-stage least squares method indicate that urban agglomeration has a significant impact on reducing carbon emission intensity. Specifically, for every standard deviation increase in the clustering indicators of population, freight transport, and passenger transport, the carbon emission intensity decreased by 0.257 %, 0.317 %, and 0.147 %, respectively. The carbon emission reduction effect of urban agglomeration varies considerably across resource- and nonresource-based cities as well as population-inflowing and -outflowing cities. We also discovered that urban agglomeration reduces carbon emission intensity by enhancing energy efficiency and fostering technological innovation. This study provides a fresh perspective on urban agglomeration and proposes a new pathway to achieve sustainable development goals, emphasizing the importance of accelerating factor mobility to form high-quality urban agglomeration.
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引用次数: 0
Systemic resilience of networked commodities
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108270
Roy Cerqueti , Raffaele Mattera , Saverio Storani
This paper develops a class of complex network-based models whose interconnected nodes are commodities. We assume that the considered commodities are linked on the ground of the similarities of risk profiles and correlations of their returns. In this framework, we explore the resilience of the networks — i.e., their ability to absorb exogenous microscopic shocks. To this aim, we assume that high levels of resilience are associated with small variations of the community structure of the network when an exogenous shock occurs — hence, assuming that the stability of the networked commodities is measured through the maintenance of their connection levels. Shocks are conceptualized as impulsive modifications of the links among the considered commodities. The employed methodological instrument is the clustering coefficient, which is a nodal centrality measure describing the way the adjacent of the nodes are mutually connected. The theoretical proposal is empirically tested over a large set of commodities of different nature.
{"title":"Systemic resilience of networked commodities","authors":"Roy Cerqueti ,&nbsp;Raffaele Mattera ,&nbsp;Saverio Storani","doi":"10.1016/j.eneco.2025.108270","DOIUrl":"10.1016/j.eneco.2025.108270","url":null,"abstract":"<div><div>This paper develops a class of complex network-based models whose interconnected nodes are commodities. We assume that the considered commodities are linked on the ground of the similarities of risk profiles and correlations of their returns. In this framework, we explore the resilience of the networks — i.e., their ability to absorb exogenous microscopic shocks. To this aim, we assume that high levels of resilience are associated with small variations of the community structure of the network when an exogenous shock occurs — hence, assuming that the stability of the networked commodities is measured through the maintenance of their connection levels. Shocks are conceptualized as impulsive modifications of the links among the considered commodities. The employed methodological instrument is the clustering coefficient, which is a nodal centrality measure describing the way the adjacent of the nodes are mutually connected. The theoretical proposal is empirically tested over a large set of commodities of different nature.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108270"},"PeriodicalIF":13.6,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interconnectedness among supply chain disruptions, energy crisis, and oil market volatility on economic resilience
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108290
Shaopeng Yang , Yuxi Fu
Volatility in global energy markets, disruption of production and distribution networks, and the unpredictability of oil markets have had a major impact on overall economic stability, highlighting the need to review their complex interrelationships thoroughly. In this spirit, this study uses monthly data from 1998 to 2023 to investigate the causal impact of energy uncertainty, global supply chain pressures, and oil supply and demand shocks on economic stability. By using the rolling window approach, we discovered time-varying causality. Our findings reveal the causal relationship between energy uncertainty, global supply chain pressures, and economic growth, highlighting their negative impacts. In addition, the study identified the negative causal relationship between oil demand and supply shocks on economic stability, with the impact of oil supply shocks being more pronounced. Further, error prediction variance decomposition and impulse response analysis provide additional evidence for these causal relationships. Given these findings, the study advocates establishing a more resilient supply chain structure and the energy sector to enhance the sustainability of the global economy.
{"title":"Interconnectedness among supply chain disruptions, energy crisis, and oil market volatility on economic resilience","authors":"Shaopeng Yang ,&nbsp;Yuxi Fu","doi":"10.1016/j.eneco.2025.108290","DOIUrl":"10.1016/j.eneco.2025.108290","url":null,"abstract":"<div><div>Volatility in global energy markets, disruption of production and distribution networks, and the unpredictability of oil markets have had a major impact on overall economic stability, highlighting the need to review their complex interrelationships thoroughly. In this spirit, this study uses monthly data from 1998 to 2023 to investigate the causal impact of energy uncertainty, global supply chain pressures, and oil supply and demand shocks on economic stability. By using the rolling window approach, we discovered time-varying causality. Our findings reveal the causal relationship between energy uncertainty, global supply chain pressures, and economic growth, highlighting their negative impacts. In addition, the study identified the negative causal relationship between oil demand and supply shocks on economic stability, with the impact of oil supply shocks being more pronounced. Further, error prediction variance decomposition and impulse response analysis provide additional evidence for these causal relationships. Given these findings, the study advocates establishing a more resilient supply chain structure and the energy sector to enhance the sustainability of the global economy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108290"},"PeriodicalIF":13.6,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143445915","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}
引用次数: 0
Erratum to “On the performance of the United States nuclear power sector: A Bayesian approach” [Energy Economics Volume 125, September 2023, 106,884].
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108265
David H. Bernstein , Christopher F. Parmeter , Mike G. Tsionas
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引用次数: 0
A critique of the inappropriate interpretation of the quantile connectedness approach by Ando et al. (2022)
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108291
Abhinava Tripathi , Ravi Raushan Jha , Charu Vadhava
Recently, there has been an exponential rise in the studies examining quantile connectedness across the conditional quantiles of volatility, following the seminal work of Ando et al. (2022). Our article conducts a literature review of several such studies from reputable journals that incorrectly interpret the results from volatility connectedness across the conditional quantiles. More specifically, these studies incorrectly relate lower quantiles of volatility to extreme adverse (or bearish) conditions and upper quantiles of volatility to upmarket (or bullish) conditions. Our literature review shows that, once the correct interpretation of conditional quantiles of volatility is imposed, many of these studies' novel and surprising results become consistent with the prior literature.
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引用次数: 0
Fundamentals of carbon emissions scaling: Implications for sector peer comparisons and carbon efficient indexing
IF 13.6 2区 经济学 Q1 ECONOMICS Pub Date : 2025-02-12 DOI: 10.1016/j.eneco.2025.108300
Sunil Dutta , Jinsung Hwang , Panos N. Patatoukas
We show that carbon intensity metrics, used to assess emissions efficiency across firms, vary significantly depending on the financial metric used to scale emissions. This variation—driven by within-sector differences in profit margins, asset and labor utilization, and valuation multiples—results in substantial reshuffling of firms' carbon intensity rankings relative to their peers. At the market level, the choice of scaling variable shapes the composition of carbon-efficient indices, which overweight (underweight) firms with lower (higher) carbon intensity within each sector. While carbon-efficient indices deliver returns comparable to the standard market index, they differ in carbon footprints and transaction costs. Indices scaled by market cap or enterprise value achieve lower carbon footprints by overweighting lower-emitting firms with higher valuation multiples but exhibit higher turnover. These findings underscore the critical role of scaling variable selection in carbon efficiency comparisons and highlight a tradeoff between carbon savings and transaction costs for emissions-focused investors.
{"title":"Fundamentals of carbon emissions scaling: Implications for sector peer comparisons and carbon efficient indexing","authors":"Sunil Dutta ,&nbsp;Jinsung Hwang ,&nbsp;Panos N. Patatoukas","doi":"10.1016/j.eneco.2025.108300","DOIUrl":"10.1016/j.eneco.2025.108300","url":null,"abstract":"<div><div>We show that carbon intensity metrics, used to assess emissions efficiency across firms, vary significantly depending on the financial metric used to scale emissions. This variation—driven by within-sector differences in profit margins, asset and labor utilization, and valuation multiples—results in substantial reshuffling of firms' carbon intensity rankings relative to their peers. At the market level, the choice of scaling variable shapes the composition of carbon-efficient indices, which overweight (underweight) firms with lower (higher) carbon intensity within each sector. While carbon-efficient indices deliver returns comparable to the standard market index, they differ in carbon footprints and transaction costs. Indices scaled by market cap or enterprise value achieve lower carbon footprints by overweighting lower-emitting firms with higher valuation multiples but exhibit higher turnover. These findings underscore the critical role of scaling variable selection in carbon efficiency comparisons and highlight a tradeoff between carbon savings and transaction costs for emissions-focused investors.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108300"},"PeriodicalIF":13.6,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143428166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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Energy Economics
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