Rajasthan, the largest state in India, occupies 10.5 per cent of the total geographical area of the country, although about two-thirds of its area is arid. The state has a predominantly agrarian economy, and agriculture is the mainstay of about two-thirds of the workforce. Interestingly, only 28 per cent of the net cultivable area in the state is irrigated, compared to the national average of 49.8 per cent. With the aim to improve irrigation facilities and increase agricultural productivity, the state government implemented the solar photovoltaic water pumping system (SPVWPS) in 2008-09 as an appropriate alternative to grid-connected water pumping. The aim of this paper is to assess the costs and benefits of adopting the SPVWPS using data from a field survey of 126 households. The findings show that use of the SPVWPS offers substantial benefits to adopters in the long run. In addition, government subsidy plays a major role in determining the payback period of adopters' investment in the scheme. The paper suggests that, alongside timely implementation of the scheme, the government should facilitate domestic manufacturing of solar cells and panels to fully harness social benefits of the SPVWPS.
{"title":"Cost-benefit analysis of adopting the solar photovoltaic water pumping system: A case of Rajasthan","authors":"K. Muniyoor","doi":"10.3280/efe2020-002002","DOIUrl":"https://doi.org/10.3280/efe2020-002002","url":null,"abstract":"Rajasthan, the largest state in India, occupies 10.5 per cent of the total geographical area of the country, although about two-thirds of its area is arid. The state has a predominantly agrarian economy, and agriculture is the mainstay of about two-thirds of the workforce. Interestingly, only 28 per cent of the net cultivable area in the state is irrigated, compared to the national average of 49.8 per cent. With the aim to improve irrigation facilities and increase agricultural productivity, the state government implemented the solar photovoltaic water pumping system (SPVWPS) in 2008-09 as an appropriate alternative to grid-connected water pumping. The aim of this paper is to assess the costs and benefits of adopting the SPVWPS using data from a field survey of 126 households. The findings show that use of the SPVWPS offers substantial benefits to adopters in the long run. In addition, government subsidy plays a major role in determining the payback period of adopters' investment in the scheme. The paper suggests that, alongside timely implementation of the scheme, the government should facilitate domestic manufacturing of solar cells and panels to fully harness social benefits of the SPVWPS.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42243093","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}
Aim of the paper is to attempt an estimate of the air emissions external costs related to activity sectors in Italy with both a production and demand perspective and to explore possible appli-cations of the approach in public policies. This is done by adopting an environmentally ex-tended national input-output modelling (about 20 substances are covered, among which CO2 emissions) and law recognized methods for calculating air emissions external costs in Italy. The external costs resulting from this exercise on 2015 emissions sum up to € 77.4 billion, € 51.7 billion of which are related to all economy sectors of activity, while € 25.7 billion are due to household activities. Total external costs of air emissions embodied in final demand sum up to 53.0 billion euro in 2015 if total activated production is considered (including external costs embodied in imports), while they decrease to 36.1 billion euro if only domestic activated pro-duction is considered (assuming zero external costs embodied in imports). The specific exter-nal costs embodied in final demand, calculated for each sector through input-output analysis, are then compared with the specific external costs of direct emissions of the same sector pro-duction, highlighting the additional information provided by input-output analysis: many branches with relatively low direct external costs show much higher external costs when the supply chain branches are included in the assessment. A final chapter discusses the main poli-cy application areas of the suggested approach, focusing particularly on national environmental fiscal reform, company level environmental management, public investments planning and sustainable finance.
{"title":"From production to consumption: An inter-sectoral analysis of air emissions external costs in Italy","authors":"Andrea Molocchi","doi":"10.3280/efe2020-002007","DOIUrl":"https://doi.org/10.3280/efe2020-002007","url":null,"abstract":"Aim of the paper is to attempt an estimate of the air emissions external costs related to activity sectors in Italy with both a production and demand perspective and to explore possible appli-cations of the approach in public policies. This is done by adopting an environmentally ex-tended national input-output modelling (about 20 substances are covered, among which CO2 emissions) and law recognized methods for calculating air emissions external costs in Italy. The external costs resulting from this exercise on 2015 emissions sum up to € 77.4 billion, € 51.7 billion of which are related to all economy sectors of activity, while € 25.7 billion are due to household activities. Total external costs of air emissions embodied in final demand sum up to 53.0 billion euro in 2015 if total activated production is considered (including external costs embodied in imports), while they decrease to 36.1 billion euro if only domestic activated pro-duction is considered (assuming zero external costs embodied in imports). The specific exter-nal costs embodied in final demand, calculated for each sector through input-output analysis, are then compared with the specific external costs of direct emissions of the same sector pro-duction, highlighting the additional information provided by input-output analysis: many branches with relatively low direct external costs show much higher external costs when the supply chain branches are included in the assessment. A final chapter discusses the main poli-cy application areas of the suggested approach, focusing particularly on national environmental fiscal reform, company level environmental management, public investments planning and sustainable finance.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42683229","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}
Since 2018, the economic regulation of Italian municipal waste utilities is attributed to an inde-pendent authority, ARERA. This original model is supposed to facilitate the transition towards the circular economy paradigm, that associates demanding public service obligations to recy-cling and valorization of waste, in the context of a vertically-integrated industry with a wide differentiation of conditions and maturity throughout the country. This paper analyzes the ex-perience of the first two years and discusses the outcomes reached. We start from a discussion of the fundamental economic characteristics of the waste management industry and of how the circular economy paradigm has radically changed it, raising rather new regulatory issues. We next analyze the structure of the Italian municipal waste management industry and its trajecto-ries of evolution face to the challenge to achieve the demanding targets imposed by the EU Circular Economy Package. We present then the regulatory approach adopted by ARERA in the first regulatory period (2020-2021) and discuss its advantages and drawbacks, based on the experience made in the early phase of its implementation.
{"title":"Economic regulation of waste management utilities: Taking stock of the Italian reform","authors":"A. Massarutto","doi":"10.3280/efe2020-002001","DOIUrl":"https://doi.org/10.3280/efe2020-002001","url":null,"abstract":"Since 2018, the economic regulation of Italian municipal waste utilities is attributed to an inde-pendent authority, ARERA. This original model is supposed to facilitate the transition towards the circular economy paradigm, that associates demanding public service obligations to recy-cling and valorization of waste, in the context of a vertically-integrated industry with a wide differentiation of conditions and maturity throughout the country. This paper analyzes the ex-perience of the first two years and discusses the outcomes reached. We start from a discussion of the fundamental economic characteristics of the waste management industry and of how the circular economy paradigm has radically changed it, raising rather new regulatory issues. We next analyze the structure of the Italian municipal waste management industry and its trajecto-ries of evolution face to the challenge to achieve the demanding targets imposed by the EU Circular Economy Package. We present then the regulatory approach adopted by ARERA in the first regulatory period (2020-2021) and discuss its advantages and drawbacks, based on the experience made in the early phase of its implementation.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46311304","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}
Gerard Bikorimana, Charles Rutikanga, Didier Mwizerwa
This paper analyzes the link between energy consumption and economic growth in Rwanda for the period 1985-2017. The ARDL bounds test was used to test for the existence of co-integration, while the Toda and Yamamoto granger causality test was applied to test for causal direction. The results from the estimation of the ARDL bounds test showed that there was no evidence of co-integration between the considered variables under study. Additionally, the empirical findings confirmed that there was no relationship between economic growth and energy consumption in Rwanda. The findings supported the "neutrality hypothesis" between energy consumption and economic growth. This implies that neither conservative nor expansive policies in relation to energy consumption have any effect on economic growth. Furthermore, the study found a uni-directional granger causality running from energy consumption to economic growth. The results of this findings are consistent with the "growth hypothesis" which postulates that energy consumption leads to economic growth
{"title":"Linking energy consumption with economic growth: Rwanda as a case study","authors":"Gerard Bikorimana, Charles Rutikanga, Didier Mwizerwa","doi":"10.3280/efe2020-002008","DOIUrl":"https://doi.org/10.3280/efe2020-002008","url":null,"abstract":"This paper analyzes the link between energy consumption and economic growth in Rwanda for the period 1985-2017. The ARDL bounds test was used to test for the existence of co-integration, while the Toda and Yamamoto granger causality test was applied to test for causal direction. The results from the estimation of the ARDL bounds test showed that there was no evidence of co-integration between the considered variables under study. Additionally, the empirical findings confirmed that there was no relationship between economic growth and energy consumption in Rwanda. The findings supported the \"neutrality hypothesis\" between energy consumption and economic growth. This implies that neither conservative nor expansive policies in relation to energy consumption have any effect on economic growth. Furthermore, the study found a uni-directional granger causality running from energy consumption to economic growth. The results of this findings are consistent with the \"growth hypothesis\" which postulates that energy consumption leads to economic growth","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45174821","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}
José Ángel Gimeno, Eva Llera Sastresa, Sabina Scarpellini
Currently, self-consumption and distributed energy facilities are considered as viable and sustainable solutions in the energy transition scenario within the European Union. In a low carbon society, the exploitation of renewables for self-consumption is closely tied to the energy market at the territorial level, in search of a compromise between competitiveness and the sustainable exploitation of resources. Investments in these facilities are highly sensitive to the existence of favourable conditions at the territorial level, and the energy policies adopted in the European Union have contributed positively to the distributed renewables development and the reduction of their costs in the last decade. However, the number of the installed facilities is uneven in the European Countries and those factors that are more determinant for the investments in self-consumption are still under investigation. In this scenario, this paper presents the main results obtained through the analysis of the determinants in self-consumption investments from a case study in Spain, where the penetration of this type of facilities is being less relevant than in other countries. As a novelty of this study, the main influential drivers and barriers in self-consumption are classified and analysed from the installers’ perspective. On the basis of the information obtained from the installers involved in the installation of these facilities, incentives and barriers are analysed within the existing legal framework and the potential specific lines of the promotion for the effective deployment of self-consumption in an energy transition scenario.
{"title":"Determinants and barriers of PV self-consumption in Spain from the perception of the installers for the promotion of distributed energy systems","authors":"José Ángel Gimeno, Eva Llera Sastresa, Sabina Scarpellini","doi":"10.3280/efe2020-001007","DOIUrl":"https://doi.org/10.3280/efe2020-001007","url":null,"abstract":"Currently, self-consumption and distributed energy facilities are considered as viable and sustainable solutions in the energy transition scenario within the European Union. In a low carbon society, the exploitation of renewables for self-consumption is closely tied to the energy market at the territorial level, in search of a compromise between competitiveness and the sustainable exploitation of resources. Investments in these facilities are highly sensitive to the existence of favourable conditions at the territorial level, and the energy policies adopted in the European Union have contributed positively to the distributed renewables development and the reduction of their costs in the last decade. However, the number of the installed facilities is uneven in the European Countries and those factors that are more determinant for the investments in self-consumption are still under investigation. In this scenario, this paper presents the main results obtained through the analysis of the determinants in self-consumption investments from a case study in Spain, where the penetration of this type of facilities is being less relevant than in other countries. As a novelty of this study, the main influential drivers and barriers in self-consumption are classified and analysed from the installers’ perspective. On the basis of the information obtained from the installers involved in the installation of these facilities, incentives and barriers are analysed within the existing legal framework and the potential specific lines of the promotion for the effective deployment of self-consumption in an energy transition scenario.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"153-169"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45437492","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}
A. Giordano, H. Matthews, P. Fischbeck, P. Baptista
Past studies have shown that public support for battery electric (BEV) vans is justified by their emission external cost savings compared to their diesel equivalent. This study builds on this previous work and focuses on temperature effects on costs and energy use of large BEV and diesel vans. The authors find that temperature effect has relatively small private costs, when compared to the overall operational costs. However, it could reduce large BEV vans’ average range by up to 20% in cold cities. Pre-heating the vans could mitigate these negative effects by 5-10%, 90-95% and 100% for 23.4, 46.8 and 70.2 kWh large BEV vans, respectively. Hence, policy makers should adopt different strategies according to city temperature profiles, prioritiz-ing subsidies to charging stations in cold cities.
{"title":"Effects of temperature on economic attractiveness and airborne emissions' external costs of large battery electric and diesel delivery vans","authors":"A. Giordano, H. Matthews, P. Fischbeck, P. Baptista","doi":"10.3280/efe2020-001006","DOIUrl":"https://doi.org/10.3280/efe2020-001006","url":null,"abstract":"Past studies have shown that public support for battery electric (BEV) vans is justified by their emission external cost savings compared to their diesel equivalent. This study builds on this previous work and focuses on temperature effects on costs and energy use of large BEV and diesel vans. The authors find that temperature effect has relatively small private costs, when compared to the overall operational costs. However, it could reduce large BEV vans’ average range by up to 20% in cold cities. Pre-heating the vans could mitigate these negative effects by 5-10%, 90-95% and 100% for 23.4, 46.8 and 70.2 kWh large BEV vans, respectively. Hence, policy makers should adopt different strategies according to city temperature profiles, prioritiz-ing subsidies to charging stations in cold cities.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"95-151"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44294327","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 transport sector represents approximately 30% of the final energy consumption in the Eu-ropean Union. Cars, trucks and light vehicles are responsible for 70% of the final energy con-sumed in the transport sector (source: Eurostat). The process of decarbonisation of mobility is represented by a combination of technological, behavioural and policy dynamics to be effec-tively fostered and combined in order to maximise their impact. The introduction provides a review of the main mobility and energy integrated planning ap-proaches represented by Sustainable Urban Mobility Plans (SUMPs) and Sustainable Energy and Climate Action Plans (SECAPs), as well as a brief overview of the expected impacts of disruptive innovation and their inclusion in the revised approach towards mobility planning in Europe. This picture provides the framework for the presentation of the papers selected for the 2020 EPEE special issue on sustainable mobility, and their contribution to the progress of economic research to increase the knowledge of innovation trends that strongly influence the evolution of urban mobility networks.
{"title":"Mobility, energy, environment and disruptive innovation: Challenges, opportunities and perspective for new sustainable integrated approaches to planning","authors":"Gabriele Grea, G. Besagni, M. Borgarello","doi":"10.3280/efe2020-001001","DOIUrl":"https://doi.org/10.3280/efe2020-001001","url":null,"abstract":"The transport sector represents approximately 30% of the final energy consumption in the Eu-ropean Union. Cars, trucks and light vehicles are responsible for 70% of the final energy con-sumed in the transport sector (source: Eurostat). The process of decarbonisation of mobility is represented by a combination of technological, behavioural and policy dynamics to be effec-tively fostered and combined in order to maximise their impact. The introduction provides a review of the main mobility and energy integrated planning ap-proaches represented by Sustainable Urban Mobility Plans (SUMPs) and Sustainable Energy and Climate Action Plans (SECAPs), as well as a brief overview of the expected impacts of disruptive innovation and their inclusion in the revised approach towards mobility planning in Europe. This picture provides the framework for the presentation of the papers selected for the 2020 EPEE special issue on sustainable mobility, and their contribution to the progress of economic research to increase the knowledge of innovation trends that strongly influence the evolution of urban mobility networks.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"5-12"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44866631","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 preoccupation of this study is to give empirical explanations to the existing relationship between oil price dynamics and some selected macroeconomic variables in Nigeria. Specifical-ly, it seeks to identify if the impacts of the changing oil prices on output, investment and un-employment is symmetric or asymmetric. Monthly time series data used in the research was subjected to a nonlinear analysis through the newly developed NARDL. To that effect, our findings reveal that changes in oil prices has asymmetric effects on the chosen macroeconomic variables. Our findings call for different policy formulations for up and down swings in oil prices
{"title":"Asymmetric impact of oil price shocks on selected macroeconomic variables: NARDL exposition","authors":"Omoke Philip Chimobi, Uche Emmanuel","doi":"10.3280/efe2020-001008","DOIUrl":"https://doi.org/10.3280/efe2020-001008","url":null,"abstract":"The preoccupation of this study is to give empirical explanations to the existing relationship between oil price dynamics and some selected macroeconomic variables in Nigeria. Specifical-ly, it seeks to identify if the impacts of the changing oil prices on output, investment and un-employment is symmetric or asymmetric. Monthly time series data used in the research was subjected to a nonlinear analysis through the newly developed NARDL. To that effect, our findings reveal that changes in oil prices has asymmetric effects on the chosen macroeconomic variables. Our findings call for different policy formulations for up and down swings in oil prices","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"171-189"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44236423","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}
Purpose To mitigate energy and environmental challenges, several countries worldwide are considering different policies to promote the use of electric vehicles (EVs). Consequently, the necessity of studies focusing on the important and effective EV policy measures are develop-ing as policymakers are seeking to prioritize the policy measures based on their usefulness to achieve mass EV adoption. This study reviews evidence from China and Norway to identify factors that could substantially accelerate demand for EVs. Method We emphasize the cases of Norway and China, as these countries have already initiat-ed incentive-strong policies to accelerate EV's acceptance in their market and have succeeded considerably in improving their EV market share during the early adoption phases. The find-ings and discussion of this study is principally based on the reviewed literature of related poli-cy measures and two cases of successful EV uptake policies, Findings The evidence points at the significance of EV policy measures such as purchase-based and use-based incentives, availability of publicly accessible charging infrastructures, availability of EVs in the local market and collective communication measures. As findings, we have developed a general framework of essential EV policy measures. The reviewed litera-ture and cases suggest that publicly accessible charging infrastructures and financial incentives play crucial role in uptake. Conclusion Our study suggests that to accelerate EV penetration in the market, it is required the policymakers to pay more attention to the policy measures included in our general frame-work. However, the magnitude of the influences and interplay between these policy measures may differ between regions and on the context. Hence, policymakers should reconsider and restructure the EV polices after a certain level of EV-uptake is realized in the market.
{"title":"Policy measures for electric vehicle adoption. A review of evidence from Norway and China","authors":"Saiful Hasan, T. Mathisen","doi":"10.3280/efe2020-001003","DOIUrl":"https://doi.org/10.3280/efe2020-001003","url":null,"abstract":"Purpose To mitigate energy and environmental challenges, several countries worldwide are considering different policies to promote the use of electric vehicles (EVs). Consequently, the necessity of studies focusing on the important and effective EV policy measures are develop-ing as policymakers are seeking to prioritize the policy measures based on their usefulness to achieve mass EV adoption. This study reviews evidence from China and Norway to identify factors that could substantially accelerate demand for EVs. Method We emphasize the cases of Norway and China, as these countries have already initiat-ed incentive-strong policies to accelerate EV's acceptance in their market and have succeeded considerably in improving their EV market share during the early adoption phases. The find-ings and discussion of this study is principally based on the reviewed literature of related poli-cy measures and two cases of successful EV uptake policies, Findings The evidence points at the significance of EV policy measures such as purchase-based and use-based incentives, availability of publicly accessible charging infrastructures, availability of EVs in the local market and collective communication measures. As findings, we have developed a general framework of essential EV policy measures. The reviewed litera-ture and cases suggest that publicly accessible charging infrastructures and financial incentives play crucial role in uptake. Conclusion Our study suggests that to accelerate EV penetration in the market, it is required the policymakers to pay more attention to the policy measures included in our general frame-work. However, the magnitude of the influences and interplay between these policy measures may differ between regions and on the context. Hence, policymakers should reconsider and restructure the EV polices after a certain level of EV-uptake is realized in the market.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"25-46"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41515056","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 examines, using monthly data from 1995 to 2016, whether the oil, coal and electric-ity price shocks have an asymmetric influence on stock returns and inflation. The paper has employed Panel Structural Vector Autoregressive (PSVAR) model with various measures of the oil, coal and electricity price shocks on a dataset containing 1168 firms. Results from Pan-el-SVAR reveal that all oil, coal and electricity price specifications have an asymmetric impact on stock returns. Further, impulse response function reveals that the various dimensions of oil, coal and electricity price shocks lead to volatility in the response variables. It can also be ob-served that negative coal and electricity price shock has a radical impact on stock returns. Overall, the study on asymmetric impact of net oil and coal price increase, deserves attention from the investors and policy makers.
{"title":"Is the effect of Indian energy price shocks asymmetric on the stock market at the firm level? A panel SVAR approach","authors":"Bhagavatula Aruna, Rajesh H. Acharya","doi":"10.3280/efe2020-001009","DOIUrl":"https://doi.org/10.3280/efe2020-001009","url":null,"abstract":"This paper examines, using monthly data from 1995 to 2016, whether the oil, coal and electric-ity price shocks have an asymmetric influence on stock returns and inflation. The paper has employed Panel Structural Vector Autoregressive (PSVAR) model with various measures of the oil, coal and electricity price shocks on a dataset containing 1168 firms. Results from Pan-el-SVAR reveal that all oil, coal and electricity price specifications have an asymmetric impact on stock returns. Further, impulse response function reveals that the various dimensions of oil, coal and electricity price shocks lead to volatility in the response variables. It can also be ob-served that negative coal and electricity price shock has a radical impact on stock returns. Overall, the study on asymmetric impact of net oil and coal price increase, deserves attention from the investors and policy makers.","PeriodicalId":38445,"journal":{"name":"Economics and Policy of Energy and the Environment","volume":"1 1","pages":"191-211"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49545255","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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