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Forecasting carbon prices under diversified attention: A dynamic model averaging approach with common factors Energy Econ. (IF 12.8) Pub Date : 2024-04-15 Zhikai Zhang, Yudong Wang, Yaojie Zhang, Qunwei Wang
To improve the predictability of carbon prices under diversified attention, this paper develops a dynamic model averaging approach with common factors (DMA-CF) which uses dimension-reduction techniques to extract factors from all models including the subsets of attention predictors and allows time-varying coefficients and model switching. The in-sample results using univariate models reveal the strong
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Social enterprise, renewable energy, and cap-and-trade under sustainable insurance Energy Econ. (IF 12.8) Pub Date : 2024-04-12 Shi Chen, Hanhan Bai, Bin Wang, Jyh-Horng Lin
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Oil boom, rent sharing, job prospects and human capital investment: Evidence from Chad Energy Econ. (IF 12.8) Pub Date : 2024-04-09 Mahamat Moustapha
A large body of literature shows that the drop in educational attainment resulting from the resource boom is one of the major drivers of the so-called resource curse. This paper explores how upstream actions can avoid this resource curse and promote human capital development at the local level. Specifically, I examine how a rent-sharing model and the employment opportunities induced by an oil boom
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The carbon tax and the crisis in Australia’s National Electricity Market Energy Econ. (IF 12.8) Pub Date : 2024-04-09 Ricardo Gonçalves, Flávio Menezes
Australia faced a severe energy crisis in 2022, which prompted the Australian Energy Market Operator to halt in National Electricity Market operations from June 15 to June 24. In this study, which examines half-hourly data from Australia’s National Electricity Market between 2010 and 2016, we aim to demonstrate the notable and intended consequences of the carbon tax, which was enacted in 2012 and repealed
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Examining spillovers and connectedness among commodities, inflation, and uncertainty: A quantile-VAR framework Energy Econ. (IF 12.8) Pub Date : 2024-04-07 Nikolaos Kyriazis, Stephanos Papadamou, Panayiotis Tzeremes, Shaen Corbet
This paper explores dynamic interactions and connectedness between inflation, commodities, and economic and monetary policy uncertainty during various market phases between 1985 and 2022, developing upon the innovative quantile-VAR methodology. Results reveal that inflation exhibits strong interlinkages with money supply, as would be expected, along with the price of gold during periods of low-price
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Price differences within retail gasoline markets Energy Econ. (IF 12.8) Pub Date : 2024-04-06 Carlos Hurtado, Julia González
This paper characterizes fueling stations' pricing strategies to study price differentials within retail gasoline markets. We use a unique dataset with stations' locations and daily gasoline prices in the major cities of the continental U.S. to classify cycler and non-cycler stations. We exploit station-level variability in pricing behavior within retail gasoline markets to show that cyclers charge
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Robust green Schumpeterian endogenous growth model and spatial Kuznets curve Energy Econ. (IF 12.8) Pub Date : 2024-04-03 Yuwen Zhou, Lixin Tian, Xiaoguang Yang, Bingyue Wan
This paper examines the green Schumpeterian endogenous growth model is robust. The principal findings of this paper can be summarized as follows. Firstly, diverging from the knife-edge condition typical in endogenous growth theory, the study reveals that the green Schumpeterian model exhibits dual knife-edge conditions. However, the dual knife-edge conditions are not necessary conditions for the emergence
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Exploring non-linear causal nexus between economic growth and energy consumption across various R&D regimes: Cross-country evidence from a PSTR model Energy Econ. (IF 12.8) Pub Date : 2024-04-03 Mohsen Khezri, Jamal Mamkhezri, Almas Heshmati
This study endeavors to elucidate the divergent conclusions encountered in empirical research regarding the interplay of Economic Growth (EG) and Energy Consumption (EC). For this purpose, we employ the Panel Smooth Threshold Regression (PSTR) model to intricately examine the non-linear impacts of independent variables on EC and EG within a dataset encompassing 46 countries over the period from 1996
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Mitigating energy instability: The influence of trilemma choices, financial development, and technology advancements Energy Econ. (IF 12.8) Pub Date : 2024-04-03 Chien-Chiang Lee, Farzan Yahya
This research investigates the applicability of the renowned “impossible trinity” hypothesis within the context of energy instability, contributing a unique perspective to the relevant literature. Through asymmetrical analysis of the optimal trilemma policy choices aimed at mitigating energy volatility, we dissect energy instability into three dimensions: consumption, generation, and price volatility
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The energy efficiency gap and barriers to investments: Evidence from a firm survey in The Netherlands Energy Econ. (IF 12.8) Pub Date : 2024-03-29 Leon Bremer, Sacha den Nijs, Henri L.F. de Groot
This study investigates the energy efficiency (EE) gap, referring to private agents who are not making seemingly profitable investments to reduce energy use. We deploy a questionnaire among firms in The Netherlands in which we ask them about investment behavior and barriers to investing in EE. A set of 16 barriers is constructed based on the literature. We find that most firms (70%) have made EE investments
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Assessing the vulnerability of oil-dependent countries in Europe Energy Econ. (IF 12.8) Pub Date : 2024-03-29 Carla Oliveira Henriques, Alexandre Lima, Duc Khuong Nguyen, Maria Elisabete Neves
In this article, we attempt to assess the vulnerability of European oil-dependent countries, using the Weighted Russell Directional Distance Model, which provides a composite index and allows for the analysis of adjustments in different proportions for the evaluation factors to reduce oil vulnerability. Our empirical findings show heterogeneous degrees of vulnerability to oil across countries due to
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Re-examining crude oil and natural gas price relationship: Evidence from time-varying regime-switching models Energy Econ. (IF 12.8) Pub Date : 2024-03-27 Mübariz Hasanli
In this paper, we re-examine the relationship between crude oil and natural gas prices. Using a more flexible modelling approach, we find that the relationship between these two prices are more complex than previously documented. Specifically, we find that both the short-run and long-run relationships are highly nonlinear and shifted considerably over time. The effects of oil prices on gas prices fell
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Monetary policy uncertainty and the price bubbles in energy markets Energy Econ. (IF 12.8) Pub Date : 2024-03-27 Jinyu Yang, Dayong Dong, Chao Liang, Yang Cao
We examine the relationship between the monetary policy uncertainty (MPU) and the price bubbles in U.S. oil futures, including WTI crude oil future, heating oil future, and gasoline future. The Log Periodic Power Law Singularity (LPPLS) model is firstly used to analyze and validate the price bubbles of U.S. oil futures. We find that (1) the timing of local peaks of MPU closely aligns with the occurrence
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Credit default swaps and corporate carbon emissions in Japan Energy Econ. (IF 12.8) Pub Date : 2024-03-26 Tatsuyoshi Okimoto, Sumiko Takaoka
We examine the relationship between carbon emissions and the market perception of firms’ default risk, measured by corporate credit default swap (CDS) spreads in Japan. While corporate revenue size is the most significant factor of carbon emissions, pressure from investors has a significant decreasing effect on carbon emissions, which is greater for investment-grade companies. We find that carbon emissions
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Wired together: Integration and efficiency in European electricity markets Energy Econ. (IF 12.8) Pub Date : 2024-03-25 Cenk C. Karahan, Attila Odabaşı, C. Sani Tiryaki
This study investigates the efficiency dynamics of spot and futures electricity markets across a sample of European countries, while taking into account the impact of market couplings. The analysis employs three distinct efficiency measures, namely entropy, Hurst measure, and fractal dimension, to examine the markets of ten different countries. Specifically, entropy is used to gauge the randomness
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Does aging affect renewable energy? The role of extreme events and economic development Energy Econ. (IF 12.8) Pub Date : 2024-03-24 Bo Sui, Susan Sunila Sharma, Liu-Yang Yao, Guo-Hua Ni, Chun-Ping Chang
The world population structure and the global energy system are undergoing profound changes. Research on the relationships between population structure and energy changes is necessary for global sustainable development. This research mainly investigates the impact of aging on renewable energy development by using the data of 212 countries from 2000 to 2021 and further discusses the demand and supply
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Forecasting the VaR of the crude oil market: A combination of mixed data sampling and extreme value theory Energy Econ. (IF 12.8) Pub Date : 2024-03-24 Yongjian Lyu, Fanshu Qin, Rui Ke, Mo Yang, Jianing Chang
When forecasting the value-at-risk (VaR) of the crude oil market, traditional models often fail to capture the information embedded in low-frequency macro-variables and tend to underestimate the high quantiles caused by adopting commonly used distributions. To address these problems, this paper proposes a new approach, which combines the generalized autoregressive condition heteroskedasticity (GARCH)-mixed
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Global climate change mitigation technology diffusion: A network perspective Energy Econ. (IF 12.8) Pub Date : 2024-03-24 Jianhua Zhang, Dimitris Ballas, Xiaolong Liu
There is a rapidly growing number of studies on transnational climate change mitigation technology (CCMT) diffusion. Most of these studies have adopted a bilateral perspective, treating countries as primary agents driving the diffusion process. However, CCMT diffusion typically arises from the interactions between firms and involves strong network effects. In this paper, we explore the global CCMT
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Inform me when it matters: Cost salience, energy consumption, and efficiency investments Energy Econ. (IF 12.8) Pub Date : 2024-03-24 Puja Singhal
Using a large-scale natural experiment in staggered billing dates for energy use in Germany and a unique billing dataset for multi-apartment buildings, this paper shows that the month of billing is a significant determinant of heat energy consumption. A large set of residential buildings demand significantly more heat energy annually, when the bill is issued during off-winter months. The paper finds
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Sentiment and energy price volatility: A nonlinear high frequency analysis Energy Econ. (IF 12.8) Pub Date : 2024-03-22 Fredj Jawadi, David Bourghelle, Philippe Rozin, Abdoulkarim Idi Cheffou, Gazi Salah Uddin
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Examining connections between the fourth industrial revolution and energy markets Energy Econ. (IF 12.8) Pub Date : 2024-03-21 Ahmed H. Elsayed, Mabruk Billah, John W. Goodell, Sinda Hadhri
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How does artificial intelligence promote renewable energy development? The role of climate finance Energy Econ. (IF 12.8) Pub Date : 2024-03-21 Congyu Zhao, Kangyin Dong, Kun Wang, Rabindra Nepal
Scholars, stakeholders, and the government have given significant attention to the development of renewable energy in recent times. However, previous research has failed to acknowledge the potential impact of artificial intelligence on advancing renewable energy development. Drawing insights from a global dataset encompassing 63 countries over the period 2000–2019, this paper provides significant observations
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Quantifying the impact of interest rate volatility on Asian energy companies: A comparative study of fossil and renewable sectors Energy Econ. (IF 12.8) Pub Date : 2024-03-21 Amar Rao, Satish Kumar, Prashant Gupta, Saumya Ranjan Dash
This study examines the impact of government bond yield volatility on companies in the fossil and renewable energy sectors in five Asian countries from 2015 to 2023. The analysis uses quantile-based methods to explore the spillover effects of yield volatility on companies with high and low debt levels in these sectors. The findings show that yield volatility tends to transmit shocks at lower quantiles
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Exploring volatility interconnections between AI tokens, AI stocks, and fossil fuel markets: evidence from time and frequency-based connectedness analysis Energy Econ. (IF 12.8) Pub Date : 2024-03-20 Imran Yousaf, Muhammad Shahzad Ijaz, Muhammad Umar, Yanshuang Li
Energy and artificial intelligence (AI) are two of the top fields of the present time. However, investors of conventional energy assets have yet to consider the rapidly emerging AI-based assets for diversification. Owing to the rise of new categories of assets in the last two decades, which has sparked the interest of global investors to attain the most favorable outcomes, we examine volatility connectedness
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Factor models and investment strategies in the renewable energy sector Energy Econ. (IF 12.8) Pub Date : 2024-03-20 José Luis Miralles-Quirós, María Mar Miralles-Quirós
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Energy imports and manufacturing exports with successive oligopolies and storage Energy Econ. (IF 12.8) Pub Date : 2024-03-20 Lutz G. Arnold, Volker Arnold
Many industrial countries run a “business model” that is based on oligopolistic export industries which strongly depend on energy imports. This paper uses an analytically tractable general equilibrium model of international trade with successive oligopolies and storage to analyze optimum trade and industrial policies for such countries. There can be over-investment in storage for strategic reasons
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How are artificial intelligence, carbon market, and energy sector connected? A systematic analysis of time-frequency spillovers Energy Econ. (IF 12.8) Pub Date : 2024-03-20 Yingying Xu, Xuefeng Shao, Cristina Tanasescu
The dual role of artificial intelligence (AI) in carbon emissions has come under scrutiny. The feedback mechanism in the “AI-Carbon-Energy” system contains the enlightenment of coordinated development of environment and economy. Based on the dynamic connectedness index and network diagrams, we quantify how the AI industry is connected to the carbon market and the energy sector in the short-term and
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Monetary policy and renewable energy production Energy Econ. (IF 12.8) Pub Date : 2024-03-19 Shiu-Sheng Chen, Tzu-Yu Lin
This paper examines the relationship between monetary policy and renewable energy. Using US quarterly data from 1990:Q1 to 2023:Q2, we employ a stylized monetary policy structural vector autoregressive model and provide evidence that monetary tightening reduces the production of renewable energy. Among different sources of renewable energy, solar energy shows the most significant response. Finally
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Managing inflation expectations and the efficiency of monetary policy responses to energy crises Energy Econ. (IF 12.8) Pub Date : 2024-03-19 Umer Shahzad, Bianca Orsi, Gagan Deep Sharma
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Unraveling the structural sources of oil production and their impact on CO2 emissions Energy Econ. (IF 12.8) Pub Date : 2024-03-18 Helmut Herwartz, Bernd Theilen, Shu Wang
In this study, we examine the structural short- and long-run effects of oil supply and demand shocks on the production of crude oil. Among these, oil supply shocks are the major determinant of oil production. Furthermore, we adopt local projections to elicit that oil supply and aggregate demand shocks are significant drivers of CO2 emissions, whereas oil-specific demand shocks have only limited impact
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A Comment on “The effectiveness of carbon pricing: The role of diversification in a firm’s investment decision” Energy Econ. (IF 12.8) Pub Date : 2024-03-18 Fredrik Armerin
We show that the set of parameter values satisfying the constraints, needed in order to make the stopping rule used in the extended model in Compernolle et al. (2022) an optimal one, is empty. Using the stopping rule in their paper will result in a strictly smaller stopping time than the optimal stopping time. It follows that the stopping rule used in Compernolle et al. (2022) will result in a lower
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Untangling the entanglement of US monetary policy uncertainty and European natural gas and carbon prices Energy Econ. (IF 12.8) Pub Date : 2024-03-18 Jiqiang Wang, Peng-Fei Dai, Xuewen Zhang
Owing to the Russia–Ukraine conflict, the price of natural gas in Europe fluctuated significantly in recent years. As natural gas in Europe is highly dependent on imports, import prices are inevitably affected by monetary policy uncertainties. Additionally, monetary policy uncertainty has a significant impact on financial markets. As a unique financial market, the carbon market is affected by monetary
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The nexus among artificial intelligence, supply chain and energy sustainability: A time-varying analysis Energy Econ. (IF 12.8) Pub Date : 2024-03-18 Yufei Zhong, Xuesheng Chen, Zhixian Wang, Regina Fang-Ying Lin
Studying the interrelationship among artificial intelligence, supply chain and energy market is crucial to achieving sustainable development. The research uses the TVP-SV-VAR methodology to recognise the ever-changing correlation among the artificial intelligence index (AII), global supply chain pressure indicator (GSCPI) and global energy-related uncertainty index (GEUI). In light of quantitative
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Revisiting the relationship between oil supply news shocks and U.S. economic activity: Role of the zero lower bound Energy Econ. (IF 12.8) Pub Date : 2024-03-16 Naafey Sardar, Irfan Qureshi
Do oil supply news shocks affect the U.S. economy differently at the zero lower bound? We provide evidence consistent with this hypothesis. Using various U.S. macroeconomic time series data from 1975, we find that the transmission of oil price shocks driven by changes in supply expectations is substantially different at the zero lower bound. These shocks tend to be contractionary when interest rates
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Tracing the dynamic impact of energy transitions on equity market volatility in an era of financial turbulence Energy Econ. (IF 12.8) Pub Date : 2024-03-16 Xunyong Xiao, Aixi Li, Bilal Kchouri, Shan Shan
This study investigates the dynamic relationship between the shift towards clean energy and stock market fluctuations, covering the period from January 2004 to August 2021 by applying time-varying parameters vector autoregressions (TVP-VAR). The results reported strong spillovers between clean energy markets and stocks, while dirty ones demonstrated disconnected spillovers. Asymmetry in the spillovers
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Quantile time-frequency connectedness analysis between crude oil, gold, financial markets, and macroeconomic indicators: Evidence from the US and EU Energy Econ. (IF 12.8) Pub Date : 2024-03-16 Jin Shang, Shigeyuki Hamori
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Quantifying the short-term asymmetric effects of renewable energy on the electricity merit-order curve Energy Econ. (IF 12.8) Pub Date : 2024-03-16 Kyriaki Tselika, Maria Tselika, Elias Demetriades
Amidst the growing significance of renewable energy, this paper examines the asymmetric effects of renewable energy on electricity prices and transmission flows in the Nordics using hourly electricity data. Employing a novel panel asymmetric fixed-effects method, we quantify the non-linear impact of renewable generation technologies on the electricity supply curve. Contrary to previous research, our
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Green transition and financial stability: The role of green monetary and macroprudential policies and vouchers Energy Econ. (IF 12.8) Pub Date : 2024-03-15 Ying Tung Chan, Maria Teresa Punzi, Hong Zhao
This paper analyzes a mix of alternative policies in supporting the green transition and the phase-out of fossil fuels, without compromising financial stability. An environmental dynamic stochastic general equilibrium (E-DSGE) model with two sectors ( and ) and endogenous default is developed to assess potential climate-induced financial stability threats that can be mainly generated through physical
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Does oil spin the commodity wheel? Quantile connectedness with a common factor error structure across energy and agricultural markets Energy Econ. (IF 12.8) Pub Date : 2024-03-15 Xiaoran Zhou, Martin Enilov, Mamata Parhi
Should investors and policy makers in agricultural markets consider oil market's incontestable impact on portfolio risk management? This paper investigates the time-varying market linkages between energy and agricultural commodities in the presence of two important exogenous shocks, viz., the COVID-19 pandemic and the subsequent 2022 Russia–Ukraine military conflict. We use a novel time-varying parameter
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Sustainable economic growth and energy security nexus: A stochastic frontier analysis across OECD countries Energy Econ. (IF 12.8) Pub Date : 2024-03-15 Maria Chiara D’Errico
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Complementary taxation of carbon emissions and local air pollution Energy Econ. (IF 12.8) Pub Date : 2024-03-13 Mathias Mier, Jacqueline Adelowo, Christoph Weissbart
Current decarbonization policies neglect damages from local air pollutants. We analyze the trade-off between complementary taxation of carbon emissions and local air pollution. We quantify results for the European power market until 2050. Taxing only air pollution results in system cost of 6,475 billion € and fosters nuclear deployment. Additional external cost accumulate to 5,890 billion €. Taxing
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Extreme time-varying spillovers between high carbon emission stocks, green bond and crude oil: Comment Energy Econ. (IF 12.8) Pub Date : 2024-03-12 Giovanni Bonaccolto, Massimiliano Caporin, Matteo Iacopini
In this article, we provide a comment on the work of Dai et al. (2023), who introduced the Time-Varying Parameters Quantile Vector Auto Regressive model (TVP-QVAR) to analyze the spillovers between high carbon emission stocks, green bonds, and crude oil. We argue that some peculiar results provided in the study cited above are due to a mismatch between the methodology presented by the authors and the
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How to select oil price prediction models — The effect of statistical and financial performance metrics and sentiment scores Energy Econ. (IF 12.8) Pub Date : 2024-03-11 Christian Haas, Constantin Budin, Anne d’Arcy
Predicting crude oil prices is an important yet challenging forecasting problem due to various influencing quantitative and qualitative factors. To address the growing number of potential prediction models and model parameters to consider during model selection, we highlight the need to systematically compare alternative prediction models and variables while taking the specific context of their application
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Institutional investor behaviour and the energy transition: A complexity framework for accelerating sustainable finance from UK investors Energy Econ. (IF 12.8) Pub Date : 2024-03-07 Kandace Persad, Bing Xu, Phil Greening
Despite sustainable investment flows having increased significantly over the past decade for transforming the current energy system, a large investment gap remains. This research explores the complex links between institutional investors' expectations on the speed of the energy transition and their sustainability-related investment behaviours. Through in-depth semi-structured interviews with institutional
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Model-driven multimodal LSTM-CNN for unbiased structural forecasting of European Union allowances open-high-low-close price Energy Econ. (IF 12.8) Pub Date : 2024-03-06 Wenyang Huang, Jianyu Zhao, Xiaokang Wang
European Union allowances (EUAs), the “currency in circulation” of the EU Emissions Trading Scheme (ETS), have spawned a great deal of speculative trading. This study proposes a model-driven long short-term memory network (LSTM)-convolutional neural network (CNN) hybrid model that integrates numerical data features and candlestick features to achieve accurate and unbiased structural prediction of EUA
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Renewable energy financing by state investment banks: Evidence from OECD countries Energy Econ. (IF 12.8) Pub Date : 2024-03-06 Paul Waidelich, Bjarne Steffen
While governments increasingly employ state investment banks (SIBs) to finance renewable energy projects, whether these institutions’ actual behavior aligns with expectations remains uncertain. Here, we assess the predictors of SIB involvement in renewable energy deals in OECD countries using a fixed-effects logit model. Our results show greater SIB involvement in higher-risk technologies such as offshore
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Does geopolitical uncertainty matter for the diffusion of clean energy? Energy Econ. (IF 12.8) Pub Date : 2024-03-06 Nidhaleddine Ben Cheikh, Younes Ben Zaied
This study revisits the determinants of renewable energy (RE) deployment, with an emphasis on the role of recent adverse geopolitical events. We implement a panel vector autoregressive model where different techniques and tools are available to trace the dynamic interdependence between RE and its main drivers. The impulse response analysis indicates that geopolitical uncertainty exerts a positive impact
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Forecasting of clean energy market volatility: The role of oil and the technology sector Energy Econ. (IF 12.8) Pub Date : 2024-03-06 Štefan Lyócsa, Neda Todorova
This study is the first to explore whether the well-known relationship between the clean energy sector, oil prices, and technology stocks can be leveraged to enhance the accuracy of realized volatility forecasts for individual clean energy sub-sectors. Based on intraday data and various decompositions of daily realized volatility, we account for the heterogeneity across clean energy sub-sectors using
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Time-varying causalities from the COVID-19 media coverage to the dynamic spillovers among the cryptocurrency, the clean energy, and the crude oil Energy Econ. (IF 12.8) Pub Date : 2024-03-05 Xunfa Lu, Nan Huang, Jianlei Mo
This paper aims to explore the time-varying causalities from the COVID-19 media coverage (MCI) to the dynamic spillovers among the cryptocurrency, the clean energy, and the crude oil. To achieve this goal, the dynamic spillovers among the three elements are estimated by employing the TVP-VAR extended joint connectedness approach in the first stage, while the temporal heterogeneity and persistence of
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Long-term issues with the Energy-Only Market design in the context of deep decarbonization Energy Econ. (IF 12.8) Pub Date : 2024-03-05 Alexis Lebeau, Marie Petitet, Simon Quemin, Marcelo Saguan
There has been fierce controversy in the literature over the long-run efficiency of the energy-only market (EOM) design ever since its inception. In this paper, we provide novel insights to illuminate this historical controversy, and we revisit it with a focus on contemporary issues and the profound changes brought about by the energy transition. Specifically, we develop an analytical and modeling
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Customer contagion effects of voluntary environmental regulation: A supplier green innovation perspective Energy Econ. (IF 12.8) Pub Date : 2024-03-05 Ailun Wang, Shuo Hu, Mei Zhu, Mingxuan Wu
Prior studies primarily focused on internal green innovation and environmental performance concerning voluntary environmental regulations. Little attention has been given to the impact of partner-imposed regulations, such as those by customers, on green innovation in supplier firms. This research explores the influence of customer-driven voluntary environmental regulation on supplier green innovation
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Does environmental law enforcement supervision improve corporate carbon reduction performance? Evidence from environmental protection interview Energy Econ. (IF 12.8) Pub Date : 2024-03-04 Junyu Pan, Lizhao Du, Haitao Wu, Xiaoqian Liu
In response to the challenge of carbon emissions, countries worldwide have implemented a diverse range of environmental policies. However, the inefficient implementation of these policies remains a remarkable hurdle in the process of carbon governance. Exploiting the environmental protection interview (EPI) initiated in 2014 and 2015 as a quasi-natural experiment and utilizing firm-level data from
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The nexus between ReFi, carbon, fossil energy, and clean energy assets: Quantile time–frequency connectedness and portfolio implications Energy Econ. (IF 12.8) Pub Date : 2024-03-04 Heng Lei, Minggao Xue, Jing Ye
Leveraging blockchain and Web3 technologies, Regenerative Finance (ReFi) is dedicated to advancing the financing of climate initiatives. A key innovation within ReFi is the tokenization of carbon credits. Consequently, this study explores the return connectedness among ReFi, carbon, fossil energy, and clean energy markets, employing a quantile time–frequency connectedness framework. Our findings indicate
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Heterogeneous public preferences for undergrounding high-voltage power transmission lines: The case of Seoul metropolitan area in South Korea Energy Econ. (IF 12.8) Pub Date : 2024-03-04 Hyunhong Choi, Dongnyok Shim, Seung Wan Kim
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The macroeconomic costs of energy policies: Quasi-fiscal deficit in the Middle East and North Africa Energy Econ. (IF 12.8) Pub Date : 2024-03-03 Daniel Camos, Antonio Estache, Mohamad M. Hamid
The annual electricity investments needed in the Middle East and North Africa region to keep up with demand have been estimated at about 3% of the region's projected gross domestic product. However, in most economies of the region, the ability to make those investments is limited by fiscal and macroeconomic constraints. This paper demonstrates that by improving the management and performance of the
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Financing sustainable energy transition with algorithmic energy tokens Energy Econ. (IF 12.8) Pub Date : 2024-02-29 Omid Razavi Zadeh, Silvia Romagnoli
Financing energy firms and catalyzing the energy transition are pivotal for achieving a sustainable future. In this era of increasing environmental consciousness, banks are incorporating environmental considerations into their credit rating methodologies, like the Partnership for Carbon Accounting Financial Guidelines. In the meantime, the advent of digital tokens offers new avenues for energy token
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Electricity user connection pricing strategy: The incomplete contract theory perspective Energy Econ. (IF 12.8) Pub Date : 2024-02-29 Li Xie, Chun Kong
With the development of the global electricity market and the continuous improvement of China's electricity market mechanism, China's transmission and distribution price policy reform has also entered a critical period. Exploring the electricity user connection price policy's implementation plan has become an essential trend in the transmission and distribution price policy reform. To further examine
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Energy crisis, economic growth and public finance in Italy Energy Econ. (IF 12.8) Pub Date : 2024-02-28 Rosa Canelli, Giuseppe Fontana, Riccardo Realfonzo, Marco Veronese Passarella
Italy is the third-largest economy in the European Union after Germany and France. Italy has also the second-highest government debt-to-GDP ratio in the EU after Greece. The 2007–2008 Global Financial Crisis first, and the Covid-19 crisis after, have severely weakened its economy, and further deteriorated its government finance. The recent surge of inflation, due to the rising energy costs in 2022
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How do changes in settlement periods affect wholesale market prices? Evidence from Australia's National Electricity Market Energy Econ. (IF 12.8) Pub Date : 2024-02-28 Zsuzsanna Csereklyei, Peyman Khezr
We examine whether a major change in wholesale electricity market price settlement rules in Australia's National Electricity Market (NEM) has resulted in lower electricity prices, potentially benefiting consumers. In October 2021, the NEM transitioned from a 30-min average to a 5-min single period settlement price. We develop a theoretical framework for multiple firms spanning two periods, comparing
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Heterogeneous household responses to energy price shocks Energy Econ. (IF 12.8) Pub Date : 2024-02-28 Gert Peersman, Joris Wauters
We use survey evidence on reported spending in hypothetical energy price shock scenarios to study novel features of the price elasticity of energy demand and the marginal propensity to consume (MPC) after paying the energy bill. We document several nonlinearities depending on the sign and magnitude of the energy price shock that are economically relevant, including at the extensive and intensive margins