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Time-varying interactions between geopolitical risks and renewable energy consumption
International Review of Economics & Finance ( IF 3.399 ) Pub Date : 2021-02-17 , DOI: 10.1016/j.iref.2021.02.006
Yifei Cai , Yanrui Wu

This study utilizes a time-varying parameter Bayesian vector autoregressive model to investigate the dynamic interactions between geopolitical risk (GPR) and renewable energy consumption growth (RECG). The identification strategy is flexible to accommodate cases both with and without restrictions of the direction of impact. It is shown that GPR shocks have positive impacts on RECG over time. In contrast, RECG shocks decrease GPR in the whole sample period. These results show that renewable energy is a useful tool to reduce geopolitical risks. Meanwhile, the increasing geopolitical risks tend to augment renewable energy consumption. We also provide the responses at different time horizons and during particular geopolitical events. The estimating results are robust when industrial production growth is used as a control variable. Lastly, several implications for economic policy making are discussed.



中文翻译:

地缘政治风险与可再生能源消耗之间的时变相互作用

这项研究利用时变参数贝叶斯向量自回归模型来研究地缘政治风险(GPR)与可再生能源消费增长(RECG)之间的动态相互作用。识别策略是灵活的,可以适应影响方向不受限制的案件。结果表明,随着时间的推移,GPR冲击会对RECG产生积极影响。相反,RECG冲击会在整个采样期间降低GPR。这些结果表明,可再生能源是降低地缘政治风险的有用工具。同时,不断增加的地缘政治风险倾向于增加可再生能源的消耗。我们还会在不同的时间范围内以及特定的地缘政治事件中提供响应。当工业生产增长用作控制变量时,估计结果是可靠的。最后,

更新日期:2021-02-23
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