With the development of decentralized sources of electricity generation, different ways of organizing electricity exchanges at the local level have been developed. The literature has studied extensively over the past decade how local exchanges can take place. This has resulted in different concepts reflecting different perimeters of study. However, the perimeters of these different concepts are not always well defined in the literature, which can lead to some con- fusion about the organization of the local market under study. There is a lack of harmonization because different terms may be used for the same concept or the same term may be used for several concepts. This paper aims to propose a harmonization of the different concepts for the study of local markets including local energy markets, peer-to-peer trading, local flexibility markets, microgrids, energy communities and transactive energy. These concepts are com- pared by identifying the characteristics of each. For this purpose, a literature review was per- formed in order to understand the context in which these concepts emerged and to identify their specific characteristics. Moreover, this paper proposes to analyze the economic challenges of local exchanges by identifying the economic incentives and solutions developed to make business models viable.
{"title":"Trading in local markets: A review of concepts and challenges","authors":"Olivier Rebenaque, Carlo Schmitt, K. Schumann","doi":"10.3280/efe2022-002002","DOIUrl":"https://doi.org/10.3280/efe2022-002002","url":null,"abstract":"With the development of decentralized sources of electricity generation, different ways of organizing electricity exchanges at the local level have been developed. The literature has studied extensively over the past decade how local exchanges can take place. This has resulted in different concepts reflecting different perimeters of study. However, the perimeters of these different concepts are not always well defined in the literature, which can lead to some con- fusion about the organization of the local market under study. There is a lack of harmonization because different terms may be used for the same concept or the same term may be used for several concepts. This paper aims to propose a harmonization of the different concepts for the study of local markets including local energy markets, peer-to-peer trading, local flexibility markets, microgrids, energy communities and transactive energy. These concepts are com- pared by identifying the characteristics of each. For this purpose, a literature review was per- formed in order to understand the context in which these concepts emerged and to identify their specific characteristics. Moreover, this paper proposes to analyze the economic challenges of local exchanges by identifying the economic incentives and solutions developed to make business models viable.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45486701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Charles Ayobola Olufolake, Anthony Onogiese Osobase, Wilson Friday Ohioze, Samuel Olayinka Musa, Tope Joshua Ojo
The outcome of resources and globalization on growth and the quality of the environment among SANE (South Africa, Algeria and Nigeria) nations from 1990 to 2020 was investigated in this study. Economic growth and environmental degradation are the dependent variables, whereas the independent variables are natural resources, population, foreign direct invest- ment, trade openness, globalization, domestic credit to private sector by banks and investment. The study utilizes FMOLS and Granger Causality estimation procedure. Findings from the environmental degradation outcome suggest that per capita gross domestic product, gross fixed capital formation and globalization have positive significant impact on the regressand while trade openness has adverse significant impact on environmental degradation. The result from the economic growth model indicates that natural resources and total population posi- tively and significantly influence per capita gross domestic product. The Granger causality outcome predicts a uni-directional relationship that runs from environmental degradation to globalization, and a one-way causality from globalization to per capita gross domestic prod- uct. Also, a uni-directional causal relationship was observed from natural resources to glob- alization. Based on the outcome, the study recommends that investment in clean technologies should be given high precedence, and since these greener technologies are capital intensive, there is a need for the provision of adequate finance to the private sector to procure these technologies as these would help to alleviate the challenge of degradation of the environment, and increase the value of the environment in the SANE nations.
{"title":"Analysis of the impact of natural resources and globalization on environmental quality and economic growth: The study of SANE nations","authors":"Charles Ayobola Olufolake, Anthony Onogiese Osobase, Wilson Friday Ohioze, Samuel Olayinka Musa, Tope Joshua Ojo","doi":"10.3280/efe2022-002010","DOIUrl":"https://doi.org/10.3280/efe2022-002010","url":null,"abstract":"The outcome of resources and globalization on growth and the quality of the environment among SANE (South Africa, Algeria and Nigeria) nations from 1990 to 2020 was investigated in this study. Economic growth and environmental degradation are the dependent variables, whereas the independent variables are natural resources, population, foreign direct invest- ment, trade openness, globalization, domestic credit to private sector by banks and investment. The study utilizes FMOLS and Granger Causality estimation procedure. Findings from the environmental degradation outcome suggest that per capita gross domestic product, gross fixed capital formation and globalization have positive significant impact on the regressand while trade openness has adverse significant impact on environmental degradation. The result from the economic growth model indicates that natural resources and total population posi- tively and significantly influence per capita gross domestic product. The Granger causality outcome predicts a uni-directional relationship that runs from environmental degradation to globalization, and a one-way causality from globalization to per capita gross domestic prod- uct. Also, a uni-directional causal relationship was observed from natural resources to glob- alization. Based on the outcome, the study recommends that investment in clean technologies should be given high precedence, and since these greener technologies are capital intensive, there is a need for the provision of adequate finance to the private sector to procure these technologies as these would help to alleviate the challenge of degradation of the environment, and increase the value of the environment in the SANE nations.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47818208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study revisits the role technological innovation plays in fostering environmental quality in South Africa over the period 1960-2020. Unlike the previous studies, the work employs the novel dynamic autoregressive distributed lag (ARDL) simulations framework to assess the positive and negative changes in technological innovation, scale effect, technique effect, for- eign direct investment, energy consumption, urbanization, industrial growth, and trade open- ness on CO2 emissions. Second, the paper uses the Squalli &Wilson (2011)'s innovative meas- ure of trade openness to overcome the limitations associated with the conventional trade in- tensity. Third, the study uses the frequency domain causality (FDC) approach developed by Breitung & Candelon (2006) to robustly capture permanent causality for long, short, and me- dium-term associations among the variables examined. Fourth, the paper employs the second- generation econometric procedures, which take into account the multiple structural breaks considerably overlooked by previous works. For South Africa, our empirical results reveal that: (i) technological innovation contributes to lower CO2 emissions in the short- and long run; (ii) while technique effect improves environmental quality, the scale effect largely con- tributes to escalate CO2 emissions, thus confirming that the environmental Kuznets curve (EKC) hypothesis holds; (iii) urbanization, industrial value-added, foreign direct investment and energy consumption increase CO2 emissions; (iv) trade openness contributes to worsen environmental degradation in the long run; (v) scale effect, technique effect, technological innovation, energy consumption, foreign direct investment, trade openness, urbanization, and industrial growth Granger-cause CO2 emissions in the short, medium and long run showing that these variables are fundamental to determine environmental quality. In light of our em- pirical evidence, this paper suggests that South Africa's government and policymakers could consider the role of technological innovation as a clean source of technology in achieving energy security and fostering environmental quality in the country.
{"title":"The role of technological innovation in fostering environmental quality in South Africa: Fresh evidence from the novel dynamic ARDL simulations approach","authors":"Maxwell Chukwudi Udeagha, N. Ngepah","doi":"10.3280/efe2022-002006","DOIUrl":"https://doi.org/10.3280/efe2022-002006","url":null,"abstract":"This study revisits the role technological innovation plays in fostering environmental quality in South Africa over the period 1960-2020. Unlike the previous studies, the work employs the novel dynamic autoregressive distributed lag (ARDL) simulations framework to assess the positive and negative changes in technological innovation, scale effect, technique effect, for- eign direct investment, energy consumption, urbanization, industrial growth, and trade open- ness on CO2 emissions. Second, the paper uses the Squalli &Wilson (2011)'s innovative meas- ure of trade openness to overcome the limitations associated with the conventional trade in- tensity. Third, the study uses the frequency domain causality (FDC) approach developed by Breitung & Candelon (2006) to robustly capture permanent causality for long, short, and me- dium-term associations among the variables examined. Fourth, the paper employs the second- generation econometric procedures, which take into account the multiple structural breaks considerably overlooked by previous works. For South Africa, our empirical results reveal that: (i) technological innovation contributes to lower CO2 emissions in the short- and long run; (ii) while technique effect improves environmental quality, the scale effect largely con- tributes to escalate CO2 emissions, thus confirming that the environmental Kuznets curve (EKC) hypothesis holds; (iii) urbanization, industrial value-added, foreign direct investment and energy consumption increase CO2 emissions; (iv) trade openness contributes to worsen environmental degradation in the long run; (v) scale effect, technique effect, technological innovation, energy consumption, foreign direct investment, trade openness, urbanization, and industrial growth Granger-cause CO2 emissions in the short, medium and long run showing that these variables are fundamental to determine environmental quality. In light of our em- pirical evidence, this paper suggests that South Africa's government and policymakers could consider the role of technological innovation as a clean source of technology in achieving energy security and fostering environmental quality in the country.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44994491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, we investigate the consequences of oil price shocks on Algerian economic growth, both on an aggregated and a disaggregated level. We adopt the method used in (Kilian, 2009) in which global oil supply shocks, global demand shocks, and anticipated demand shocks are defined. We use a two structural VAR models. The first model identifies shocks to oil prices using monthly data on oil production, oil real prices, and indicators of global eco- nomic activity. The second model describes the dynamics of a set of macroeconomic varia- bles: real overall GDP, hydrocarbon GDP, agricultural GDP, construction GDP, and interna- tional trade variables. To grasp the impact of oil shocks on sectoral growth, the model is aug- mented via three external shocks identified in the first stage. Our results are twofold. First, they show the significance of the oil price shocks' impact on the Algerian economy. Second, they indicate an asymmetry in this impact. Negative shocks to oil prices have depressive ef- fects on economic activity as a whole, including the non-hydrocarbon sector. We detect a delay-effect; global demand shocks affect economic sectors after 5-7 quarters, whereas oil price shocks affect the hydrocarbon sector after 1-2 quarters only.
{"title":"The impact of oil price shocks on economic growth in Algeria","authors":"Kamel Malik Bensafta","doi":"10.3280/efe2022-002004","DOIUrl":"https://doi.org/10.3280/efe2022-002004","url":null,"abstract":"In this study, we investigate the consequences of oil price shocks on Algerian economic growth, both on an aggregated and a disaggregated level. We adopt the method used in (Kilian, 2009) in which global oil supply shocks, global demand shocks, and anticipated demand shocks are defined. We use a two structural VAR models. The first model identifies shocks to oil prices using monthly data on oil production, oil real prices, and indicators of global eco- nomic activity. The second model describes the dynamics of a set of macroeconomic varia- bles: real overall GDP, hydrocarbon GDP, agricultural GDP, construction GDP, and interna- tional trade variables. To grasp the impact of oil shocks on sectoral growth, the model is aug- mented via three external shocks identified in the first stage. Our results are twofold. First, they show the significance of the oil price shocks' impact on the Algerian economy. Second, they indicate an asymmetry in this impact. Negative shocks to oil prices have depressive ef- fects on economic activity as a whole, including the non-hydrocarbon sector. We detect a delay-effect; global demand shocks affect economic sectors after 5-7 quarters, whereas oil price shocks affect the hydrocarbon sector after 1-2 quarters only.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44292286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of the study is to identify scenarios relating to solar and wind renewable energy technologies by 2035 in Morocco, and to simulate their socio-economic effects (GDP, Value added by sector and employment). This consists in calculating the effect of these scenarios in comparison with a trend scenario that extends recent developments and takes into account the industrial integration policy already decided on both solar and wind technologies. The methodology applied is based on a dynamic Input-Output (IO) model. Three simulation sce- narios are discussed in this study for the assessment of the socio-economic impacts of con- centrated solar power, photovoltaic and wind energy on the Moroccan economy during the period 2020-2035. Also, a comparative analysis between the scenarios developed and the tar- gets indicated in the national strategies, in terms of economic and job creation indicators, reveals a significant potential in terms of job creation and value added.
{"title":"Empirical evaluation of the socio-economic impacts of renewable energies in Morocco by 2035: An input-output model","authors":"Bikrat Fatiha, Mohamed Karim, Znagui Zineb, Ghazi Anouar","doi":"10.3280/efe2022-002009","DOIUrl":"https://doi.org/10.3280/efe2022-002009","url":null,"abstract":"The objective of the study is to identify scenarios relating to solar and wind renewable energy technologies by 2035 in Morocco, and to simulate their socio-economic effects (GDP, Value added by sector and employment). This consists in calculating the effect of these scenarios in comparison with a trend scenario that extends recent developments and takes into account the industrial integration policy already decided on both solar and wind technologies. The methodology applied is based on a dynamic Input-Output (IO) model. Three simulation sce- narios are discussed in this study for the assessment of the socio-economic impacts of con- centrated solar power, photovoltaic and wind energy on the Moroccan economy during the period 2020-2035. Also, a comparative analysis between the scenarios developed and the tar- gets indicated in the national strategies, in terms of economic and job creation indicators, reveals a significant potential in terms of job creation and value added.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49509069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Francesco Gullí, P. Lazzeroni, Gianmarco Lorenti, I. Mariuzzo, Francesco Moraglio, M. Repetto
Renewable energy communities (RECs) are legal entities where citizens, small-to-medium en- terprises (SMEs) and local authorities join to manage cooperatively energy from renewable sources. Since the regulation requires to evaluate energy fluxes on the hour base, the operative control and performance assessment of these new energy hubs become complex and require the handling of data such as production from renewable energy sources (RES) and end user con- sumption, that are intrinsically affected by uncertainties. In this contribution, an optimization tool for the operational management of a REC is proposed. RECs can contain renewable energy technologies (photovoltaic or solar thermal panels, biofuel burners), electric, heating and cooling end users and coupling components (e.g., heat pumps). The tool can be used at the planning level to compare different REC configurations based on their performances, assuming optimal man- agement of the available technologies. In this paper, the tool is tested in the simulation of three case studies of collective self-consumption (that in Italy is a REC where all end users are in the same building), located at different latitudes of the Italian country.
{"title":"Recoupled: A simulation tool for renewable energy communities coupling electric and thermal energies","authors":"Francesco Gullí, P. Lazzeroni, Gianmarco Lorenti, I. Mariuzzo, Francesco Moraglio, M. Repetto","doi":"10.3280/efe2022-002003","DOIUrl":"https://doi.org/10.3280/efe2022-002003","url":null,"abstract":"Renewable energy communities (RECs) are legal entities where citizens, small-to-medium en- terprises (SMEs) and local authorities join to manage cooperatively energy from renewable sources. Since the regulation requires to evaluate energy fluxes on the hour base, the operative control and performance assessment of these new energy hubs become complex and require the handling of data such as production from renewable energy sources (RES) and end user con- sumption, that are intrinsically affected by uncertainties. In this contribution, an optimization tool for the operational management of a REC is proposed. RECs can contain renewable energy technologies (photovoltaic or solar thermal panels, biofuel burners), electric, heating and cooling end users and coupling components (e.g., heat pumps). The tool can be used at the planning level to compare different REC configurations based on their performances, assuming optimal man- agement of the available technologies. In this paper, the tool is tested in the simulation of three case studies of collective self-consumption (that in Italy is a REC where all end users are in the same building), located at different latitudes of the Italian country.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42752063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fariba Osmani, M. Homayounifar, Mohammad Javad Gorjipour
The purpose of this study is to investigate the effect of export quality and fertility rate on ecological footprint in a panel of developing countries. For this purpose, panel quantile regression in the period 1990-2014 has been used. Also in this study, the variables of trade openness, urbanization, and GDP per capita were considered as observer variables. Experi- mental results show that the quality of exports and Fertility rate at all levels of the quantile improve the quality of the environment. Open trade and urbanization help to improve the quality of the environment. GDP per capita further degrades the environment. Therefore, policymakers should take into account these factors affecting the ecological footprint and adopt appropriate policies.
{"title":"Do export quality, urbanization and fertility rate affect the ecological footprint? Case study: A panel of developing countries","authors":"Fariba Osmani, M. Homayounifar, Mohammad Javad Gorjipour","doi":"10.3280/efe2022-001004","DOIUrl":"https://doi.org/10.3280/efe2022-001004","url":null,"abstract":"The purpose of this study is to investigate the effect of export quality and fertility rate on ecological footprint in a panel of developing countries. For this purpose, panel quantile regression in the period 1990-2014 has been used. Also in this study, the variables of trade openness, urbanization, and GDP per capita were considered as observer variables. Experi- mental results show that the quality of exports and Fertility rate at all levels of the quantile improve the quality of the environment. Open trade and urbanization help to improve the quality of the environment. GDP per capita further degrades the environment. Therefore, policymakers should take into account these factors affecting the ecological footprint and adopt appropriate policies.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43882603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to analyse the first collective responses, at European level, to the energy (and very acutely for gas) crisis that began in the second half of 2021, but particularly accentuated by the Russian invasion of Ukraine. Since the beginning of the conflict, discussions have been held to identify policy levers to reduce Russian gas imports, while ensuring a satisfactory level of security of supply. This type of exercise implies considering different horizons, the first of which is the winter of 2022-2023, with the concern of managing to fill gas stocks sufficiently early. Beyond this emergency, which stems from crisis management, the perspective is also to establish a horizon at which the countries of European Union could do without Russian gas altogether. These two horizons are addressed by two European Commission initiatives: ‘Save gas for a safe winter' for the shorter term (i.e. winter 2023), and ‘REPowerEU' beyond, plans whose main mechanisms will be presented here, after reminding the regulatory framework for its security of gas supply at the EU level developed in response to the tensions already ob- served over the last two decades.
{"title":"Confronting the gas crisis: Can we REPowerUE?","authors":"P. Geoffron","doi":"10.3280/efe2022-001001","DOIUrl":"https://doi.org/10.3280/efe2022-001001","url":null,"abstract":"This paper aims to analyse the first collective responses, at European level, to the energy (and very acutely for gas) crisis that began in the second half of 2021, but particularly accentuated by the Russian invasion of Ukraine. Since the beginning of the conflict, discussions have been held to identify policy levers to reduce Russian gas imports, while ensuring a satisfactory level of security of supply. This type of exercise implies considering different horizons, the first of which is the winter of 2022-2023, with the concern of managing to fill gas stocks sufficiently early. Beyond this emergency, which stems from crisis management, the perspective is also to establish a horizon at which the countries of European Union could do without Russian gas altogether. These two horizons are addressed by two European Commission initiatives: ‘Save gas for a safe winter' for the shorter term (i.e. winter 2023), and ‘REPowerEU' beyond, plans whose main mechanisms will be presented here, after reminding the regulatory framework for its security of gas supply at the EU level developed in response to the tensions already ob- served over the last two decades.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47133230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Greenhouse gas emissions are a global concern, and many countries around the world are looking for alternative traditional sources of hydrocarbon energy with economic and environ- mental benefits, including considering the effects of rising oil prices and their subsequent shocks, increasing energy security, and reducing consumption of fossil fuels. The effective role of renewable energy in sustainable development, reducing greenhouse gases and increasing energy security on the one hand, and the necessity of assigning major financial resources to renewable energy projects on the other hand, double the importance of financial improve- ment in the development of renewable energy sources. Due to the importance of this issue, using a panel data model, the present study examines the impact of financial development in the stock market, credit market and total financial markets on the development of renewable energy technology in two groups of selected developed and developing countries during the years 2000-2018. According to the results, financial development has a significant positive impact on the development of renewable energy technology. Due to the nature of this type of energy, it can have multiple environmental benefits as well. Furthermore, in this regard, in the selected developed countries, the improved financial market (credit and stock markets) has a positive effect on the development of the annual installed capacity of renewable energy. How- ever, in the selected developing countries, development in financial market has a positive effect on the deployment of renewable energy as well. Based on the coefficients in two re- gression models, credit market improvement has a greater effect on the development of the installed capacity of renewable energy technologies in developing countries rather than in developed countries. Also, the overall financial index indicates that financial development has a greater effect on deployment of renewable energies in developed countries rather than in developing countries. JEL classification: G2, Q43, C23
{"title":"Financial development and development of renewable energy technologies: A comparison of developing and developed countries","authors":"M. Rezagholizadeh, Younes Abdi","doi":"10.3280/efe2022-001006","DOIUrl":"https://doi.org/10.3280/efe2022-001006","url":null,"abstract":"Greenhouse gas emissions are a global concern, and many countries around the world are looking for alternative traditional sources of hydrocarbon energy with economic and environ- mental benefits, including considering the effects of rising oil prices and their subsequent shocks, increasing energy security, and reducing consumption of fossil fuels. The effective role of renewable energy in sustainable development, reducing greenhouse gases and increasing energy security on the one hand, and the necessity of assigning major financial resources to renewable energy projects on the other hand, double the importance of financial improve- ment in the development of renewable energy sources. Due to the importance of this issue, using a panel data model, the present study examines the impact of financial development in the stock market, credit market and total financial markets on the development of renewable energy technology in two groups of selected developed and developing countries during the years 2000-2018. According to the results, financial development has a significant positive impact on the development of renewable energy technology. Due to the nature of this type of energy, it can have multiple environmental benefits as well. Furthermore, in this regard, in the selected developed countries, the improved financial market (credit and stock markets) has a positive effect on the development of the annual installed capacity of renewable energy. How- ever, in the selected developing countries, development in financial market has a positive effect on the deployment of renewable energy as well. Based on the coefficients in two re- gression models, credit market improvement has a greater effect on the development of the installed capacity of renewable energy technologies in developing countries rather than in developed countries. Also, the overall financial index indicates that financial development has a greater effect on deployment of renewable energies in developed countries rather than in developing countries. JEL classification: G2, Q43, C23","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42476365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Small and medium enterprises (SMEs), entrepreneurship, and crude oil are important contrib- utors to the economic growth of several countries. Crude oil revenue facilitated the develop- ment of other economic sectors including SMEs in many countries and became a blessing for economic stability. However, in some countries or regions, it attracted most of the labour, capital, and government support at the cost of other economic sectors and became a curse. This study investigates the relationship between crude oil prices and small business entrepre- neurship activities in the province of Alberta. The Ordinary Least Square (OLS) models, along with some other statistical tools, are used to analyze the data for the period 1988-2018. Our findings reveal a positive relationship between crude oil prices and the number of small busi- nesses in Alberta and Canada, which is consistent with the natural resources blessing hypoth- esis. However, some labour-intensive and low-wage small business sectors were found to be negatively associated with crude oil prices. Moreover, the population growth and market in- terest rate hampered small business entrepreneurial activities, while GDP growth promoted them. Some implications are provided at the end of the study to diversify the economy of Alberta through promoting small business entrepreneurial activities.
{"title":"Crude oil prices: A curse or a blessing for small businesses in Alberta?","authors":"Salah U-Din, Usman Sadiq","doi":"10.3280/efe2022-001003","DOIUrl":"https://doi.org/10.3280/efe2022-001003","url":null,"abstract":"Small and medium enterprises (SMEs), entrepreneurship, and crude oil are important contrib- utors to the economic growth of several countries. Crude oil revenue facilitated the develop- ment of other economic sectors including SMEs in many countries and became a blessing for economic stability. However, in some countries or regions, it attracted most of the labour, capital, and government support at the cost of other economic sectors and became a curse. This study investigates the relationship between crude oil prices and small business entrepre- neurship activities in the province of Alberta. The Ordinary Least Square (OLS) models, along with some other statistical tools, are used to analyze the data for the period 1988-2018. Our findings reveal a positive relationship between crude oil prices and the number of small busi- nesses in Alberta and Canada, which is consistent with the natural resources blessing hypoth- esis. However, some labour-intensive and low-wage small business sectors were found to be negatively associated with crude oil prices. Moreover, the population growth and market in- terest rate hampered small business entrepreneurial activities, while GDP growth promoted them. Some implications are provided at the end of the study to diversify the economy of Alberta through promoting small business entrepreneurial activities.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42321995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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