Energy Economics最新文献

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Quantile return and volatility spillovers and drivers among energy, electricity, and cryptocurrency markets

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-17 DOI: 10.1016/j.eneco.2025.108307

Dongming Jiang , Fang Jia , Xiaoyu Han

Over the past decade, the cryptocurrency market has experienced significant growth. However, the dynamics of risk spillover between various types of cryptocurrencies and the electricity market, as well as energy markets, under different quantile conditions remain ambiguous. To address this gap, this paper utilizes the Quantile Vector Autoregression (QVAR) model to examine the returns and volatility spillovers among energy (fossil and clean energy), the electricity market, and cryptocurrencies (clean and dirty cryptocurrency) markets across varying quantile conditions. Additionally, this paper investigates the determinants of spillover effects among these markets. The findings reveal that moderate spillover effects exist among these markets under conditional mean and median quantiles, while such effects are intensified in extreme quantile conditions. Moreover, oil, clean cryptocurrency, wind energy, and geothermal energy typically act as recipients of spillover effects, whereas natural gas, dirty cryptocurrency, bioenergy, solar energy, and, fuel cells generally function as transmitters of spillover effects. The electricity market serves as a recipient under mean and median quantile conditions but acts as a transmitter under extreme conditions. Furthermore, EPU, CFGI, TERM, and COVID-19 significantly enhance spillover effects among these three markets. These insights offer valuable implications for investors and policymakers.

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引用次数: 0

Energy structural change towards net-zero economy: What can we learn from carbon finance initiatives in China?

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-17 DOI: 10.1016/j.eneco.2025.108321

Xinwei Qu , Mingfu Tian , Linbo Zhang , Hongyun Huang , Di Sun , Malin Song

Drawing upon a quasi-natural experiment of the staggered implementation of carbon spot trading pilot and matching China's province macro-database and listed company micro-database, this paper utilizes the staggered difference-in-difference identification strategy to empirically examine the impact of carbon finance on energy structural change and underlying mechanisms. The study indicates that the carbon spot trading pilot policy effectively triggers low-carbon energy structural change, and this conclusion remains valid following a nest of robustness evaluations. The mechanism test demonstrates that the policy drives energy structural change through three plausible paths: optimizing green financing environment, promoting industrial cleanliness transformation, and advancing enterprise green development. The heterogeneity analysis shows that the policy effects are more pronounced in the regions with excellent government environment emphasis, developed marketization level and active public environmental awareness. Further research validates that the policy accomplishes considerable economic benefits while achieving favorable environmental performance. Our study furnishes far-reaching evidence for emerging economies like China to utilize carbon finance initiatives to facilitate energy structural change towards net-zero economy.

{"title":"Energy structural change towards net-zero economy: What can we learn from carbon finance initiatives in China?","authors":"Xinwei Qu , Mingfu Tian , Linbo Zhang , Hongyun Huang , Di Sun , Malin Song","doi":"10.1016/j.eneco.2025.108321","DOIUrl":"10.1016/j.eneco.2025.108321","url":null,"abstract":"<div><div>Drawing upon a quasi-natural experiment of the staggered implementation of carbon spot trading pilot and matching China's province macro-database and listed company micro-database, this paper utilizes the staggered difference-in-difference identification strategy to empirically examine the impact of carbon finance on energy structural change and underlying mechanisms. The study indicates that the carbon spot trading pilot policy effectively triggers low-carbon energy structural change, and this conclusion remains valid following a nest of robustness evaluations. The mechanism test demonstrates that the policy drives energy structural change through three plausible paths: optimizing green financing environment, promoting industrial cleanliness transformation, and advancing enterprise green development. The heterogeneity analysis shows that the policy effects are more pronounced in the regions with excellent government environment emphasis, developed marketization level and active public environmental awareness. Further research validates that the policy accomplishes considerable economic benefits while achieving favorable environmental performance. Our study furnishes far-reaching evidence for emerging economies like China to utilize carbon finance initiatives to facilitate energy structural change towards net-zero economy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108321"},"PeriodicalIF":13.6,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464503","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

When climate policy's up in the air: How digital technology impacts corporate energy intensity

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-17 DOI: 10.1016/j.eneco.2025.108311

Xiaoli Hao , Erxiang Miao , Qingyu Sun , Ke Li , Shufang Wen , Haitao Wu

Digital technologies are becoming a key force in reshaping the contemporary energy system and energy structure, however, the uncertainty of climate policies caused by climate change brings new challenges and opportunities for enterprises to transform digitally and enhance energy efficiency. Drawing on data from Chinese listed companies spanning 2010 to 2022, empirical findings demonstrate that enterprise digital technology (DT) effectively reduces energy consumption intensity (ECI). Moreover, climate policy uncertainty (CPU) acts as a catalyst, amplifying the energy-saving impact of DT while further advancing its application within enterprises. Mechanism analysis reveals that DT contributes to energy conservation by improving total factor productivity and innovation efficiency, expanding enterprise scale, promoting digital transformation, and reducing costs. Heterogeneity analysis indicates that the energy-saving effect of DT is particularly pronounced in areas characterized by high levels of energy uncertainty, manufacturing sectors, and big data experimentation domains. This paper provides novel micro-level evidence for comprehensively understanding the interplay among CPU, adoption of DT, and ECI.

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引用次数: 0

Impact of China's renewable energy product exports on host countries' energy transition R&D: The role of population aging

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-17 DOI: 10.1016/j.eneco.2025.108310

Junjie Zhang , Shiwei Yu , Yundie Hu , Xing Hu , Wenqing Zhang

The global challenges of population aging and energy transition (ET) are becoming increasingly intertwined. China's exports of renewable energy products (REPs) play a pivotal role in addressing the rising global demand for ET solutions. However, the combined effects of population aging and China's REP exports on host countries' research and development (R&D) investments in ET remain underexplored. This study employs an Auto-Regressive Distributed Lag (ARDL) model to examine the dynamic impacts of aging and China's REP exports on R&D investments in renewable energy (RE), power, and storage technologies. Utilizing panel data from 33 countries between 2000 and 2023, the findings reveal that, in the short term, China's REP exports suppress host countries' ET R&D investments by substituting domestic R&D efforts.

In contrast, over the long term, these exports stimulate ET R&D by complementing domestic innovation activities. Furthermore, the interaction between population aging and China's REP exports exerts a negative influence on R&D investments over time, as aging populations drive higher RE consumption, leading countries to prioritize the import of REPs to meet immediate energy needs over domestic R&D initiatives. To incentivize ET R&D investments in the context of aging populations, governments are advised to implement more liberalized trade policies regarding China's REP exports.

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引用次数: 0

Energy labels in the European Union: Consumer inattention and producer responses

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-15 DOI: 10.1016/j.eneco.2025.108275

Anne Kesselring

This paper studies the effect of mandatory eco-labels for durable goods using a bunching design. I exploit discontinuities in the European energy label for washing machines to document consumer inattention in response to the salient quality signal given by the label. The policy effect is driven by adjustments in both supply and demand, which leads to a sales distribution that is strongly concentrated around the label thresholds. Market transformation occurs not only through a local shift in existing segments of the product space, but also through the build-up of a new market segment at the highest label threshold. Regarding price effects, I find no evidence of green premia and argue that competition is effective in preventing this for the case of the European Union.

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

Energy 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.

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引用次数: 0

Dissecting the financial impact of climate risk

IF 13.6 2区经济学 Q1 ECONOMICS

Energy 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

Energy 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

Energy 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

The impact of geopolitical risk on higher-order moment risk spillovers in global energy markets

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2025-02-13 DOI: 10.1016/j.eneco.2025.108292

Qichang Xie , Yanhao Bi , Yiyu Xi , Xin Xu

The impact of geopolitical risk on financial markets has been well-documented, yet there is limited research on higher-order moment risk spillovers in energy markets. This paper employs an extended joint TVP-VAR spillover index model to investigate the risk spillover effects and their dynamic evolution across global energy markets under the moments of volatility, skewness, and kurtosis. By constructing a GARCH-MIDAS-GPR model, we examine the impact of geopolitical risks on the higher-order moment risk connectivity of the energy system. Our findings reveal that: (1) energy markets across countries exhibit strong interconnections in terms of volatility, skewness, and kurtosis, while the spillover effects of skewness and kurtosis are lower than those of conditional variance; (2) higher-order moment risk spillovers exhibit significant time-varying characteristics, tending to substantially increase during periods of geopolitical crises; (3) the major countries in Europe and America act as net exporters of risk at various moment levels, and the Asia-Pacific countries are primarily net importers of risk; (4) the higher-order moment risk spillover indices significantly improve the predictive capabilities for energy market risks; (5) geopolitical risks are a significant factor exacerbating the spillover of higher-order moment risks in energy markets, with an even greater impact on risk spillover at the level of skewness. Our research contributes to a deeper understanding of the risk spillover effects of geopolitical risks on energy markets under higher-order moments, which is of great significance for investors to optimize their portfolios and for regulatory authorities to establish regulatory systems.

{"title":"The impact of geopolitical risk on higher-order moment risk spillovers in global energy markets","authors":"Qichang Xie , Yanhao Bi , Yiyu Xi , Xin Xu","doi":"10.1016/j.eneco.2025.108292","DOIUrl":"10.1016/j.eneco.2025.108292","url":null,"abstract":"<div><div>The impact of geopolitical risk on financial markets has been well-documented, yet there is limited research on higher-order moment risk spillovers in energy markets. This paper employs an extended joint TVP-VAR spillover index model to investigate the risk spillover effects and their dynamic evolution across global energy markets under the moments of volatility, skewness, and kurtosis. By constructing a GARCH-MIDAS-GPR model, we examine the impact of geopolitical risks on the higher-order moment risk connectivity of the energy system. Our findings reveal that: (1) energy markets across countries exhibit strong interconnections in terms of volatility, skewness, and kurtosis, while the spillover effects of skewness and kurtosis are lower than those of conditional variance; (2) higher-order moment risk spillovers exhibit significant time-varying characteristics, tending to substantially increase during periods of geopolitical crises; (3) the major countries in Europe and America act as net exporters of risk at various moment levels, and the Asia-Pacific countries are primarily net importers of risk; (4) the higher-order moment risk spillover indices significantly improve the predictive capabilities for energy market risks; (5) geopolitical risks are a significant factor exacerbating the spillover of higher-order moment risks in energy markets, with an even greater impact on risk spillover at the level of skewness. Our research contributes to a deeper understanding of the risk spillover effects of geopolitical risks on energy markets under higher-order moments, which is of great significance for investors to optimize their portfolios and for regulatory authorities to establish regulatory systems.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108292"},"PeriodicalIF":13.6,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464504","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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