Economic Change and Restructuring最新文献

This study explores the relationship between sports commodity imports and the green growth index in G20 economies from 2000 to 2020, using the cross-sectionally augmented autoregressive distributed lag technique. Our findings reveal a significant positive correlation, indicating that a 1% increase in sports commodity imports corresponds to notable short-term and long-term increases of 0.38% and 0.46%, underlining the sports industry’s vital role in advancing environmental sustainability. Conversely, detrimental effects on the green growth index are observed for the carbon footprint, waste generation, health expenditure, and foreign direct investment, emphasizing the need for sustainable practices. The enduring impact of these factors is consistently demonstrated. A robustness analysis, substituting the green growth index with green energy deployment, reaffirms the positive impact of sports commodity imports. Recommendations include incentivizing eco-friendly sports technologies, implementing stringent environmental standards, fostering collaboration, introducing tax incentives, and conducting comprehensive awareness campaigns.

This research investigates the interaction among state education expenditure, the proportion of educated population, and their influence on the Composite Sustainable Development Index from 2000 to 2020, encompassing BRICS and extended BRICS + nations, using the CUP-FM methodology. Results indicate a significant correlation, where a 1% increase in education spending in BRICS + corresponds to an almost 0.15% elevation in sustainable development. This correlation is attributed to enhancements in human capital, innovation, poverty reduction, social equality, and environmental awareness. Nevertheless, the sheer quantity of educated individuals alone does not markedly affect sustainable development, underscoring the importance of educational quality. The study also identifies a robust connection between internet access and sustainability, with a 1% increase resulting in a more than 0.2% improvement. Conversely, challenges arise from waste generation, CPI, and uncertainty, each causing roughly 0.10%, 0.23%, and 0.19% reductions with a 1% increase. Policy implications emphasize the need to prioritize environmentally friendly education, strategically allocate resources, address challenges, and promote digital connectivity for informed decision-making and innovation.

The objective of this paper is to assess the dynamic volatility connectedness between fossil energy, clean energy, and major assets i.e., Bonds, Bitcoin, Dollar index, Gold, and Standard and Poor's 500 from September 17, 2014 to October 11, 2022. The main motivation of the study relates to examining the dynamic volatility connectedness mentioned during periods of important events such as the recent coronavirus pandemic and the Russia–Ukraine conflict which has shown the vulnerability of economic and financial assets, energy commodities, and clean energy. The novel Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) approach is employed for the investigation of the sample period mentioned. Empirical analysis reveals that both the total and net volatility connectedness between assets is time-varying. The highest connectedness among the assets is observed with the onset of the coronavirus (COVID-19) pandemic, and it increases with some important international events, such as the Russia–Ukraine conflict, the referendum of Brexit, China–US trade war, and Brexit day. On average, the result shows that 32.8% of the volatility in one asset spills over to all other assets. The DCC-GARCH results also indicate that crude oil, bonds, and Bitcoin act as almost pure volatility transmitters, whereas the Dollar index, gold, and S&P500 act as volatility receivers. On the other hand, clean energy is found neutral to external shocks until the first quarter of 2020 and after that time, it starts to behave as a volatility transmitter. Based on the obtained results, we offer some specific policy implications that are beneficial to the US economy and other countries.

Graphical Abstract

Dynamic volatility connectedness between fossil energy, clean energy, and major assets (Bonds, Bitcoin, Dollar index, Gold, and Standard and Poor's 500)