Resources Policy最新文献

This study examines data from 1995 to 2021 using self-regressive distribution lag modeling to uncover how mineral wealth utilization influences sustainable development in select Central Asian countries. Our findings highlight a critical challenge: increased mineral asset mining significantly hampers the region's ecological growth, both immediately and over time, due to its detrimental environmental impacts. However, there is a beacon of hope: a 1% increase in hydropower output can elevate the sustainability score by 0.19% in the long term and 0.10% in the short term, showcasing the transformative potential of renewable energy. On the flip side, escalating carbon dioxide emissions pose a serious threat, stalling green financial development through ecological harm and higher healthcare costs. Furthermore, urbanization slightly diminishes the long-term sustainability score by 0.06%. This gives a clear confirmation of the necessity of Central Asian countries to embrace the renovation of the state's vectors for conformism towards the idea of ecological sustainability. The necessary legislative measures, the development of renewable power sources, making natural resources trading more effective and integrating eco-friendly finance to support green projects will help the region chart its course toward a sustainable and prosperous development.

We revisit the resource curse theory, producing empirical evidence of the importance of natural resources on the cyclical orientation of public debt. Using the Driscoll-Kraay fixed-effects method and panel data from 51 developing countries for the period 1986 to 2020, we show that natural resource rents accentuate the procyclicality of public debt. However, our results suggest that the impact of natural resource endowment in procyclicality does not have the same magnitude when taking into account (i) the disaggregation of public debt, (ii) alternative measures of natural resource rent and (iii) the division of the sample into African and non-African countries. More specifically, natural resource rents amplify the procyclicality of external public debt more than domestic public debt. In addition, we find that while coal and forest rents have no effect on the cyclical orientation of public debt, mineral and especially oil rents do amplify the procyclical nature of public debt. Finally, our results show that the accentuation of the procyclical nature of public debt generated by the interaction between the economic cycle and natural resource endowment is more pronounced in African developing countries than in non-African developing countries. Our results shed new light on the Dutch disease hypothesis, and have relevant policy implications for governments in resource-rich countries wishing to move towards counter-cyclical fiscal interventions.

Given the relationship between mineral extraction and conflict, human rights violations, and environmental degradation, there is an urgent need to examine how to mitigate harm in a more mineral intensive future. Thus far the literature has focused on two areas, the governance gaps present in the global governance of multinationals and the private governance scholarship which examines the rule-making power of mining firms. This paper argues that this story of mining firms' power is incomplete. Mining MNCs not only make rules, they also actively avoid regulations put in place to temper their impact on communities. To address this, the paper develops a chronological ‘arc of avoidance’, detailing the methods by which mining firms evade their fiscal and legal obligations to host communities. These methods include negotiation of tax concessions, tax avoidance, closing avenues of redress, and abandonment of mines without recourse. Using the case study of Paladin Energy, the paper confirms the power of large MNCs over governments and citizens of the Global South. It demonstrates that mining MNCs engage in avoidance tactics throughout the life of a mine, and that their power over host states does not weaken once investment has been made. Such tactics lead to entrenched negative outcomes for mining communities in the Global South. The findings reveal the full extent to which firms accrue the benefits and avoid the consequences of mineral extraction throughout the production process, and are of particular significance as we shift to extracting the resources required for the uptake of renewable energy.

We examine the return and volatility spillover dynamics and their portfolio implications among regional stock super-sectors, mineral (Energy, Industrial, and Precious Metals), and renewable (Agricultural and Livestock) commodities. To this end, we apply the time-varying parameter-vector autoregressive (TVP-VAR) model to analyze the intersectoral-commodity linkages separately in four major regions (Europe, Eastern Europe, Asia Pacific, and North America). The empirical results show that stock market sectors dominate the spillover transmission mechanism, while commodities emerge as net recipients of shocks. Moreover, we find heterogeneous connectedness patterns between stock sectors and commodities, predominantly running from the Energy and Basic Resources stocks to the Energy and Industrial Metals commodities. Thus, energy commodities play a more vital role as a spreader of volatility shocks amid the COVID-19 pandemic and the wake of the Russia-Ukraine war. The optimal portfolio weights reflect two episodes of “flight to safety” towards all commodities except Energy, triggered by the pandemic and the war, as investors decrease their fund allocation to stocks in favor of commodities.

In recent years, geopolitical events have frequently been expected to be significant drivers of changes in crude oil prices. Based on previous studies, we establish a model using the rolling window VAR-DY spillover model and complex network theory to measure the dynamic net spillover across financial markets. We select the geopolitical risk index developed by Caldara and Iacoviell and international crude oil spot prices and Chinese crude oil spot prices as sample data to discuss the results. We find that fluctuations in international crude oil prices not only strongly influence Chinese crude oil prices but also affect geopolitical risk to a certain extent. Second, the key modes facilitating the transmission of net volatility in the dynamic network are relatively stable and have a high probability of maintaining their internal structures. By analyzing the time-varying spillover effect among variables and network topology characteristics, we provide information for predicting changes in the net spillover of volatility among geopolitical risk and crude oil prices and guidance for decision makers.

Compared to research on air and water pollution, scholarly attention to soil pollution remains somewhat marginalized. Using the Difference-in-Differences (DID) analytical framework, this research examines the impact of China's “Action Plan on Soil Pollution Prevention and Control” (APSPPC) policy on mining firms. Our result shows that the APSPPC policy can significantly reduce pollution violations by mining firms. And this finding retains its significance after an extensive series of robustness validations. In addition, APSPPC mainly affects mining firms' pollution compliance by promoting environmental protection investment and improving resource allocation efficiency. Furthermore, heterogeneity analysis shows that the policy compliance of mineral-extracting firms is achieved by increasing end-treatment and equipment purchases, while the compliance of mineral-processing firms with the APSPPC is achieved through technological progress and source control.

The "resource curse" has garnered significant academic attention, yet a consensus on its causes remains elusive. This article addresses this gap by empirically examining the impact of resource industry dependence on the green transformation of manufacturing corporations (GTM), based on a precise measurement. The study identifies the effect mechanism of the "resource curse" from both macro (city) and micro (enterprise) dimensions. The findings indicate that resource industry dependence significantly hampers the GTM corporations, substantiating the "resource curse" effect. Moreover, this effect is particularly pronounced in western regions, resource-based areas, and regions with well-developed transportation infrastructure. Mechanism analysis reveals that, at the macro level, resource industry dependence stifles technological innovation, weakens market competition, and diminishes credit availability and government investments in technology for manufacturing corporations, impeding their green transformation. At the micro level, resource industry dependence impedes the GTM through reduced total factor productivity, weakened profitability, reduced scale, and increased pollution. Based on these findings, the article proposes various measures to facilitate green technological progress, optimize credit allocation, improve the business environment, and enhance technology investment at the macro level. At the micro level, measures are suggested to foster internal motivation, enhance profitability, expand the scale, and control emissions. By offering empirical evidence and policy insights, this article promotes the GTM corporations and establishes a solid micro foundation for High-quality development.

Natural resources are of strategic importance for the economic and social development of countries. Various macroeconomic factors can affect natural resource rent (NAT). In this context, this study examines the impact of labor force, GDP, population density, urbanization, trade openness, geopolitical risk (GR), and load capacity factor (LCF) on NAT for the top 10 oil suppliers. For this purpose, the study uses the Cross-Sectional Augmented Distributed Lag (CS-ARDL) approach from 1992/1 to 2021/12. The study results indicate that GDP, GR, labor force, and trade openness increase NAT, whereas urbanization has no impact on NAT. It is also found that population density and LCF reduce NAT. The findings suggest that the upsurge in geopolitical risk can stimulate natural resource extraction in the top 10 oil supplier countries while improving the regenerative capacity of the environment of these societies can reduce NAT activities. Policymakers should consider these results when determining NAT policies.

Achieving sustainable development necessitates the exploration of innovative approaches towards low-carbon development and efficient resource management. By adopting the low-carbon city pilot project as a policy shock of Government Resource Management Policies (GRMP), we aim to scrutinize the nuanced impacts of GRMP on green productivity (GTFP). Using the difference-in-difference (DID) approach and panel data from 280 cities in China. Our findings reveal a significant relationship between GRMP and GTFP. In the immediate short-term, GRMP exhibits a negative effect on GTFP growth, followed by a long-term positive promoting effect. A detailed temporal analysis uncovers an “inverted N″ time-period effect of GRMP on GTFP growth. Further exploration into the mechanisms driving this influence reveals three key aspects: the reduction of natural resources consumption and the promotion of low-carbon production (LCP), low-carbon transportation (LCT), and low-carbon industries (LCI). While the regulated effect of financial technology resources on the relationship between GRMP and GTFP is positive but statistically insignificant, the regulated effect of digital resource policy emerges as positive and significant. Additionally, the regulated effect of mineral and forest resource coverage rate is positive but not statistically significant in the context of the influence of GRMP on GTFP. This comprehensive analysis contributes to our understanding of the dynamic interplay between policy interventions, resource management, and sustainable development in the Chinese urban landscape.