Energy Economics最新文献_第8页

Power plants improve local residents' wealth: A case study of Nigeria

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108131

Taiwo Akinyemi , Suhyun Jung

Electricity generated from power plants and associated economic activities can be a way to improve local livelihoods in many developing countries. However, the existing evidence on the impacts of power plants on nearby residents' wealth and their mechanisms is scant and mixed at best. We examine the impacts of power plants on nearby residents' asset-based wealth using six rounds of Nigeria Demographic and Health Surveys (NDHS) and comprehensive power plant operations data in Nigeria. We find that households within 10 km of operational power plants have gained higher asset-based wealth scores by 0.2–2.7 than those located 10–20 km away. These wealth increases are most pronounced for households near larger-capacity plants and those with members in manual labor and sales/services occupations, likely driven by heightened demand during both the construction and operational phases of power plants. Additionally, we find that the likelihood of electricity access increases with power plant operations. Our results highlight the potential role of increased economic opportunities and electricity access in driving wealth gains through power plant construction and operations and offer policy insights into aligning economic advancement initiatives with the national electricity development plan for Nigeria and other developing countries.

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引用次数: 0

The influence of oil investors' sentiment on inflation dynamics and uncertainty 石油投资者情绪对通胀动态和不确定性的影响

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108097

Dimitris Anastasiou , Zied Ftiti , Waël Louhichi , Anastasios Rizos , Artemis Stratopoulou

In recent years, inflation has surged significantly, and uncertainty surrounding energy prices has increased worldwide. This uncertainty, which has led to demand shocks during the post-pandemic recovery phase and has been exacerbated by recent geopolitical tensions, has impacted investor behaviour, leading to shifts in investment strategies and market sentiment. This study aimed to explore the connection between these two trends by examining whether investor sentiment related to oil markets affects inflation in the European Union (EU) utilising a comprehensive dataset and advanced econometric techniques. Our findings reveal that oil sentiment significantly affects inflation, with implications for both demand and supply dynamics. A positive relationship is observed between oil sentiment and headline Harmonised Index of Consumer Prices (HICP) inflation, and a negative relationship between oil volatility and inflation over a 12-month horizon. Additionally, our findings reveal that a model incorporating fundamentals and oil sentiment provides superior forecasting performance for EU inflation, suggesting that oil sentiment offers valuable insights into the future behaviour of EU inflation. Finally, our results demonstrate that EU inflation reacts positively and significantly to a positive oil sentiment shock only during low-sentiment periods, whereas an insignificant response is observed during high-sentiment periods. Our study highlights the importance of incorporating investor sentiment into policy frameworks, suggesting that understanding these psychological factors can enhance inflation management strategies. Overall, this research contributes to a deeper understanding of the complex interplay between investor sentiment and macroeconomic variables, offering valuable insights for policymakers and investors alike.

近年来，通货膨胀率大幅上升，全球能源价格的不确定性也在增加。这种不确定性导致大流行后恢复阶段的需求冲击，并因最近的地缘政治紧张局势而加剧，影响了投资者行为，导致投资策略和市场情绪发生变化。本研究旨在利用综合数据集和先进的计量经济学技术，通过研究与石油市场相关的投资者情绪是否会影响欧盟（EU）的通货膨胀，探索这两种趋势之间的联系。我们的研究结果表明，油价情绪对通胀有显著影响，对需求和供应动态都有影响。研究发现，在未来12个月内，油价情绪与总体消费者价格协调指数（HICP）通胀呈正相关，而油价波动性与通胀呈负相关。此外，我们的研究结果表明，结合基本面和石油情绪的模型对欧盟通胀的预测效果更好，这表明石油情绪为欧盟通胀的未来行为提供了有价值的见解。最后，我们的结果表明，欧盟的通货膨胀仅在情绪低落时期对积极的石油情绪冲击作出积极而显著的反应，而在情绪高涨时期则观察到不显著的反应。我们的研究强调了将投资者情绪纳入政策框架的重要性，表明理解这些心理因素可以增强通胀管理策略。总体而言，本研究有助于更深入地了解投资者情绪与宏观经济变量之间复杂的相互作用，为政策制定者和投资者提供有价值的见解。

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引用次数: 0

The asymmetric response of higher-order moments of precious metals to energy shocks and financial stresses: Evidence from time-frequency connectedness approach 贵金属高阶矩对能源冲击和金融压力的不对称响应：来自时频连通性方法的证据

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108171

Wang Gao , Xiaoman Jin , Hongwei Zhang , Miao He

This paper analyzes how the higher-order moments of precious metals respond asymmetrically to energy shocks (including demand, supply, and risk shock) as well as financial stresses (such as credit, equity valuation, safe assets, funding, and volatility) using a Time-Varying Parameter Vector Autoregression (TVP-VAR) time-frequency approach. The findings reveal that financial stresses and energy shocks significantly impact the higher-order moments of precious metals, with more pronounced long-term effects. The skewness of precious metals responds positively to these shocks, indicating effective hedging properties, while their volatility remains relatively stable. In contrast, the kurtosis of precious metals shows a substantial short-term reaction but becomes more negative in the long term. Additionally, network spillover analysis indicates that financial stresses—particularly equity valuation and volatility—are the primary sources of net spillovers, while energy shocks, especially risk shocks, function as intermediaries. Gold and platinum exhibit higher-order moments that initially bear the pressure of these shocks, whereas palladium and silver’s higher-order moments act as ultimate absorbers of the disturbances. The dynamic spillover effects demonstrate significant time-varying characteristics in the responses of precious metals' higher-order moments. There are indications of increased asymmetry during crisis periods, such as the COVID-19 pandemic and the Russia-Ukraine conflict. Our research highlights the importance of considering the higher-order moments of precious metals for optimizing risk hedging and asset allocation strategies in portfolio management.

本文分析了贵金属的高阶矩如何不对称地响应能源冲击（包括需求、供应和风险冲击）以及金融压力（如信贷、股权估值、安全资产、资金和波动性），使用时变参数向量自回归（TVP-VAR）时频方法。研究结果表明，金融压力和能源冲击显著影响贵金属的高阶时刻，并具有更明显的长期影响。贵金属的偏度对这些冲击做出了积极的反应，表明它们具有有效的对冲特性，同时它们的波动性保持相对稳定。相比之下，贵金属的峰度显示出明显的短期反应，但在长期内变得更加消极。此外，网络溢出分析表明，金融压力——尤其是股票估值和波动——是净溢出的主要来源，而能源冲击，尤其是风险冲击，则起着中介作用。金和铂表现出高阶矩，最初承受这些冲击的压力，而钯和银的高阶矩则是干扰的最终吸收器。贵金属高阶矩的动态溢出效应表现出显著的时变特征。有迹象表明，在2019冠状病毒病大流行和俄罗斯-乌克兰冲突等危机时期，不对称现象有所加剧。我们的研究强调了在投资组合管理中考虑贵金属的高阶矩对优化风险对冲和资产配置策略的重要性。

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引用次数: 0

Alleviating the rural household energy poverty in China: The role of digital economy

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108160

Haijie Wang , Tong Yan , Rongbing Huang , Junsong Gao

Energy poverty represents a considerable challenge to resilient development, severely affecting the well-being of rural households. Against this backdrop, evaluating the contribution of the digital economy in alleviating this issue in the current digital era is important to highlight. This research utilizes comprehensive datasets from the China Health and Retirement Longitudinal Study (CHARLS) for the years including 2011, 2013, 2015, and 2018. We utilize a multi-period Difference-in-Differences (DID) model, along with supplementary econometric methods, to analyze the influence of the digital economy (DE) on rural household energy poverty (RHEP), focusing on the “Broadband China” initiative as a pivotal shock. The results indicate that: (1) DE proves effective in mitigating RHEP, and the robustness of this conclusion is affirmed through various tests. (2) An analysis within the Technology-Organization-Environment (TOE) framework reveals that green technologies and government organizational capacity are significant mediators that enhance the role of DE, while the market environment has yet to demonstrate a similar capacity. (3) The influence of DE on reducing energy poverty reveals heterogeneity with respect to geographical location, environmental regulations, resource endowment, and development levels. (4) The positive impact of the DE on alleviating energy poverty diminishes as the severity of energy poverty enhances among rural households. In summary, this research contributes valuable insights to existing literature and provides a theoretical and practical framework for addressing RHEP in other underdeveloped countries.

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引用次数: 0

Substitution effects of high-speed railway on carbon mitigation: From theory to empirics 高铁对碳减排的替代效应：从理论到实证

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2025.108179

Jian Wang , Huanhuan Du , Kefu Lin

Understanding the substitution effects of public transit developments, such as the introduction of high-speed railway, is critical for advancing carbon abatement and combating global climate change. This study aims to analyze the profound impacts of high-speed railway, specifically the Kyushu Shinkansen in Japan, on the sustainability performance of passenger vehicles. We first build a theoretical model to reveal the underlying mechanisms of substitution effects. Consistent with theoretical predictions, we employ a difference-in-differences approach to examine the causal impact of the high-speed railway rollout on carbon emissions from passenger vehicles in the Kyushu region of Japan. Our findings reveal a notable decrease in carbon emissions per capita from passenger vehicles in regions served by the high-speed railway, compared to those non-serviced areas. Meanwhile, we confirm that these substitution effects are less pronounced in the freight transport sector. This paper not only contributes to the understanding of HSR's energy impact but also provides valuable insights into the broader implications of transportation infrastructure development on sustainable transportation practices.

了解高速铁路等公共交通发展的替代效应，对于推进碳减排和应对全球气候变化至关重要。本研究旨在分析高速铁路，特别是日本九州新干线对乘用车可持续性能的深远影响。我们首先建立了一个理论模型来揭示替代效应的潜在机制。与理论预测一致，我们采用差异中的差异方法来检验日本九州地区高铁推出对乘用车碳排放的因果影响。我们的研究结果显示，与那些没有高铁服务的地区相比，高铁服务地区的人均乘用车碳排放量显著减少。同时，我们确认这些替代效应在货运部门不太明显。本文不仅有助于理解高铁的能源影响，还为交通基础设施发展对可持续交通实践的更广泛影响提供了有价值的见解。

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引用次数: 0

Downcycling in circular production through sustainable insurance under cap-and-trade regulation and carbon tariffs

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2025.108209

Shi Chen , Mengjie Wang , Fu-Wei Huang , Ching-Hui Chang , Jyh-Jiuan Lin

This paper presents a contingent claim option model to explore downcycling in circular production under cap-and-trade regulations and carbon tariffs, within the context of sustainable insurance. By applying a capped call option, the model shows how a life insurer finances a manufacturer producing steel, slag, and pollutants, while explicitly assessing the manufacturer's risk under related climate policy regulations. The manufacturer under cap-and-trade regulations employs carbon capture, utilization, and storage (CCUS) to support downcycling in slag production while exporting steel and slag, subject to carbon and product tariffs. The findings reveal that increased downcycling enhances the manufacturer's equity but reduces economies of scope. On the other hand, higher carbon emissions lower both equity and economies of scope. A stricter cap in the cap-and-trade system improves equity and strengthens policyholder protection, while increased carbon and product tariffs negatively affect both. Thus, downcycling with CCUS and lower emissions is favorable for the manufacturer's equity. A stricter cap supports efforts to achieve SDG 7 (Affordable and Clean Energy), but carbon and product tariffs do not. For the insurer, a more stringent cap encourages sustainable insurance aligned with SDG 3 (Good Health and Well-Being), though higher tariffs diminish policyholder protection.

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引用次数: 0

Can strict environmental regulation reduce firm cost stickiness? Evidence from the new environmental protection law in China

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2025.108218

Yan Chen , Kerui Du , Ruiqi Sun , Tiantian Wang

The existing literature presents considerable controversy regarding the impact of environmental regulations on enterprise competition. This paper adds to the literature with new evidence from the perspective of cost stickiness. External environmental regulations can create operational pressures for enterprises, leading to changes in cost adjustment. We utilize a difference-in-differences method to examine the impact of environmental regulations on firm cost stickiness, focusing specifically on the quasi-natural experiment of implementing China's new environmental protection law in 2015. Findings indicate that the implementation of this law exerts a substantial effect on reducing firm cost stickiness. Mechanism tests reveal that this reduction is primarily achieved through lowering adjustment costs, managing executive expectations, and addressing agency problems. Heterogeneity analysis shows these effects are pronounced in enterprises with strict financial constraints and CEO non-duality. By expanding upon existing literature concerning factors influencing cost stickiness and providing valuable empirical evidence supporting strengthened environmental regulation, this paper contributes to enhancing our understanding of the economic consequence of environmental governance.

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引用次数: 0

The Environmental Kuznets Curve Revisited: A Spatial Panel Model with Heterogeneous Coefficients

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2025.108237

Pierre Schneiter, Shaibu Mellon-Bedi

This paper revisits the Environmental Kuznets Curve (EKC) hypothesis through the lens of spatial econometrics to analyse the relationship between income and emissions of CO, CO₂, and CH₄ in Swedish municipalities from 2015 to 2021. The study leverages recent developments in spatial econometric methods to relax the homogeneity assumption found in earlier EKC models. The analysis identifies an inverted U-shaped relationship between income and emissions across numerous municipalities: 182 for CO, 128 for CO₂, and 158 for CH₄ out of 285. The study highlights the importance of spatial econometric models in capturing nuanced income-emissions relationships and spatial spillover effects, often neglected in non-spatial models. Policy implications indicate that economic growth alone may not be enough to lower emissions in all municipalities, highlighting the need for targeted strategies that account for local economic and environmental conditions.

引用次数: 0

Effects of the climate-related sentiment on agricultural spot prices: Insights from Wavelet Rényi Entropy analysis 气候相关情绪对农产品现货价格的影响：来自小波重构熵分析的见解

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108146

Loretta Mastroeni , Alessandro Mazzoccoli , Greta Quaresima

The economic impact of climate change on agriculture is complex and multifaceted, with public sentiment playing a crucial role. Public perception of climate events can significantly influence consumer behavior and investment decisions, adding uncertainty and volatility to agricultural markets. Beyond the direct effects of climate change, it is essential to understand how public reactions can shape and amplify economic consequences. This study analyzes the impact of climate-related sentiment and equity market performance on agricultural commodity spot prices using a novel approach that examines the most important intrinsic properties of time series related to their deterministic, stochastic, or chaotic behavior. We focus on the predictability of time series, applying our techniques to the spot prices of soybean, cotton, corn, wheat, coffee, and orange juice. Our method combines Rényi entropy and wavelet analysis to capture low- and high-probability events and distinguish between short-term and long-term trends. The main finding suggests that climate-related sentiment and equity market performance help to predict extreme events in long-term agricultural spot price distributions, though predictability decreases for short-term fluctuations. This has important implications with regard to forecasting models in agricultural markets.

气候变化对农业的经济影响是复杂和多方面的，公众情绪起着至关重要的作用。公众对气候事件的认知可以显著影响消费者行为和投资决策，增加农业市场的不确定性和波动性。除了气候变化的直接影响之外，了解公众的反应如何影响和放大经济后果也至关重要。本研究使用一种新颖的方法分析了气候相关情绪和股票市场表现对农产品现货价格的影响，该方法检验了与其确定性、随机或混沌行为相关的时间序列的最重要的内在属性。我们关注时间序列的可预测性，将我们的技术应用于大豆、棉花、玉米、小麦、咖啡和橙汁的现货价格。我们的方法结合了rsamnyi熵和小波分析来捕捉低概率和高概率事件，并区分短期和长期趋势。主要发现表明，气候相关情绪和股票市场表现有助于预测长期农产品现货价格分布中的极端事件，尽管短期波动的可预测性会降低。这对农业市场的预测模型具有重要意义。

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引用次数: 0

Supply chain digitalization and energy efficiency (gas and oil): How do they contribute to achieving carbon neutrality targets? 供应链数字化和能源效率（天然气和石油）：它们如何有助于实现碳中和目标？

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-01 DOI: 10.1016/j.eneco.2024.108140

Wei Wu , Shuochen Bi , Yunqiu Zhan , Xiao Gu

Considering the global awareness regarding the issue of climate change and global warming, several nations, including the United States, are focusing on achieving carbon neutrality goals. In doing so, this study examines how supply chain digitalization, green technologies, and energy efficiency influence greenhouse gas (GHG) emissions in the United States. This is the first empirical study evaluating how supply chain digitalization and energy efficiency influence GHG emissions, thus filling the gap in the literature. The study applied several quantile-based techniques, including wavelet quantile regression, quantile causality, and quantile regressions, as robustness checks used data spanning the period between 2000Q₁ to 2022Q₄. The results show that (i) across all periods and quantiles, a surge in supply chain digitalization intensifies GHG emissions in the United States; (ii) across all periods and quantiles, energy efficiency (oil and gas) lessens GHG emissions; (iii) across all periods and quantiles economic growth and financial globalization mitigate GHG emissions; and (iv) all the regressors can significantly predict GHG emissions. Based on these findings, policymakers in the United States should prioritize investments in green technologies and energy efficiency improvements, offering tax incentives, grants, and subsidies to businesses that adopt such practices.

考虑到全球对气候变化和全球变暖问题的认识，包括美国在内的一些国家正致力于实现碳中和目标。在此过程中，本研究考察了供应链数字化、绿色技术和能源效率如何影响美国的温室气体（GHG）排放。这是第一个评估供应链数字化和能源效率如何影响温室气体排放的实证研究，从而填补了文献的空白。该研究应用了几种基于分位数的技术，包括小波分位数回归、分位数因果关系和分位数回归，作为稳健性检查，使用了2000年第一季度至2022Q4之间的数据。结果表明：(i)在所有时期和分位数中，供应链数字化的激增加剧了美国的温室气体排放；（ii）在所有时期和分位数中，能源效率（石油和天然气）减少了温室气体排放；（iii）在所有时期和分位数中，经济增长和金融全球化减缓了温室气体排放；(4)所有回归量均能显著预测温室气体排放。基于这些发现，美国的政策制定者应优先投资绿色技术和提高能源效率，为采用此类做法的企业提供税收激励、赠款和补贴。

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引用次数: 0