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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
This study aims to provide a comprehensive picture of the sustainable economic growth undertaken by 22 OECD countries from 2005 to 2021. Sustainable economic growth is conceived as environmental-economic efficiency, that is the ability to increase GDP while reducing greenhouse gas (GHG) emissions. An efficiency effect frontier model is employed to simultaneously estimate the production frontier, technical
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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
Local residents generally do not prefer the installation and operation of power infrastructure because of the perceived economic, health, environmental, and landscape risks associated with it. This study investigates public preferences for undergrounding high-voltage power transmission lines, which is a popular option to cope with conflicts related to transmission infrastructure. Undergrounding refers
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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 weaken its economy, and further deteriorated its government finance. The recent surge of inflation, due to the rising energy costs in 2022, has
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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
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What is the difference between fossil fuel embargo and price shocks? Energy Econ. (IF 12.8) Pub Date : 2024-02-28 Marius Clemens, Werner Röger
In this paper, we model a fossil fuel embargo as a temporary quantity constraint on fossil fuel imports and we compare the impact with the effect of a fossil fuel price shock. We show that while both shocks have similar responses of output and inflation, they differ with respect to the reaction of other macroeconomic components, such as consumption, exports and the trade balance. In particular, an
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Stock market bubbles and the realized volatility of oil price returns Energy Econ. (IF 12.8) Pub Date : 2024-02-27 Rangan Gupta, Joshua Nielsen, Christian Pierdzioch
Using monthly data for the G7 countries from 1973 to 2020, we study whether stock market bubbles help to forecast out-of-sample the realized volatility of oil price returns. We use the Multi-Scale Log-Periodic Power Law Singularity Confidence Indicator (MS-LPPLS-CI) approach to identify both positive and negative bubbles in the short-, medium, and long-term. First, we successfully detect major crashes
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An in-depth analysis of green innovation efficiency: New evidence based on club convergence and spatial correlation network Energy Econ. (IF 12.8) Pub Date : 2024-02-27 Rui Bai, Boqiang Lin
Green innovation is the cornerstone of global economic transformation. Based on the green innovation efficiency calculated under the two-stage innovation process, this paper discusses its convergence and network structure characteristics by applying the club convergence model and social network analysis method. The quadratic assignment procedure approach is employed to analyze the influencing factors
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The asymmetric impact of input prices, the Russia-Ukraine war and domestic policy changes on wholesale electricity prices in India: A quantile autoregressive distributed lag analysis Energy Econ. (IF 12.8) Pub Date : 2024-02-27 Charanjit Kaur, Jalal Siddiki, Prakash Singh
This paper investigates the presence of asymmetry in the long-run relationship between wholesale electricity prices () in the day-head market and fossil fuel ( and ) prices, the exchange rate () and economic policy uncertainty () in India, and how the Real-Time Market introduced on 01/06/2020, and the Russia-Ukraine war have affected these relationships. Using daily data from 28/06/2008 to 30/04/2023
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Energy Transition and the role of new natural gas turbines for power production: The case of GT11N2 M generators Energy Econ. (IF 12.8) Pub Date : 2024-02-22 T, a, l, a, t, , S, ., , G, e, n, c
We study General Electric’s new combined-cycle natural gas generator called GT11N2 M upgrade and quantify its economic benefits and the environmental implications in Ontario. We propose a structural power supply chain model involving upstream supplier General Electric and downstream power firm TransAlta at Sarnia, construct generation, service and maintenance cost functions, and calibrate different
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Retail competition among multi-type retail electric providers in social networks Energy Econ. (IF 12.8) Pub Date : 2024-02-21 He Li, Debin Fang, Chaoyang Zhao
Liberalization of the electricity retail market has intensified the competition among different types of retail electricity providers (REPs), leading REPs to pay more attention to electricity consumers' (ECs') preferences for electricity service quality, such as reliability and flexibility. In addition, social learning also greatly influences consumers' electricity purchase strategies. Therefore, this
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Household energy price resilience in the face of gas and electricity market crises Energy Econ. (IF 12.8) Pub Date : 2024-02-21 Andrew Burlinson, Apostolos Davillas, Monica Giulietti, Catherine Waddams Price
Despite the provision of financial support by the Government in response to the recent energy crisis, the resilience of households to the ensuing high energy prices remains to be established. In this study we propose a new definition of resilience, specifically ‘energy price resilience’, and put forward an empirical approach to capture low energy price resilience (LENRES). We also assess its associated
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A carbon tax versus clean subsidies: Optimal and suboptimal policies for the clean transition Energy Econ. (IF 12.8) Pub Date : 2024-02-21 Anthony Wiskich
A three-sector – services, clean and dirty - integrated assessment model with endogenous technology is described. Optimal policy leads to a period of intense clean research and requires a carbon tax and clean research subsidies. Using multiple calibrations, I explore the relative performance of these instruments when acting alone, along with a clean production subsidy and a dirty research tax. A carbon
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The impact of oil and global markets on Saudi stock market predictability: A machine learning approach Energy Econ. (IF 12.8) Pub Date : 2024-02-20 Hussein A. Abdou, Ahmed A. Elamer, Mohammad Abedin, Bassam A. Ibrahim
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Impact of artificial intelligence on renewable energy supply chain vulnerability: Evidence from 61 countries Energy Econ. (IF 12.8) Pub Date : 2024-02-19 Yuegang Song, Ziqi Wang, Changqing Song, Jianhua Wang, Rong Liu
By fully leveraging the mitigating effect of artificial intelligence (AI) on renewable energy, the supply chain vulnerability is referred to as the key to realizing the supply chain's safety, stability, reliability, and the continuous development of global environmental governance. Several databases have been selected here for the assessment: the UN Comtrade database, the global industrial robotics
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A global perspective on the nexus between energy and stock markets in light of the rise of renewable energy Energy Econ. (IF 12.8) Pub Date : 2024-02-17 Karishma Ansaram, Mikael Petitjean
The rise in renewable energy and the associated divestment initiatives from fossil fuel around the world have become prominent in combating climate change. This paper revisits the relationship between energy and stock markets by accounting for renewable energy through the use of the Divisia index method. The paper contributes to the literature by using three renewable energy tariffs rather than relying
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Optimal revenue adjustment in the presence of exogenous demand variation Energy Econ. (IF 12.8) Pub Date : 2024-02-15 D, a, v, i, d, , E, ., M, ., , S, a, p, p, i, n, g, t, o, n
This article examines optimal adjustments to a regulated firm’s revenue when realized revenue diverges from expected revenue due to exogenous variation in demand. The adjustments that are considered include those that arise under two popular forms of incentive regulation — price cap regulation (PCR) and revenue cap regulation (RCR). It is shown that the optimal revenue adjustment reflects the firm’s
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Greening through finance: Green finance policies and firms' green investment Energy Econ. (IF 12.8) Pub Date : 2024-02-15 Wei Zhang, Jinjun Ke, Yougang Ding, Sicen Chen
Green investment plays a crucial role in bolstering pollution control efforts and enhancing environmental quality. As an influential financial instrument, Green Finance has gained significant traction among global policymakers for its ability to motivate businesses to actively participate in sustainable practices. This study seeks to bridge existing research gaps by examining how the implementation
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Exploring the impact of key performance factors on energy markets: From energy risk management perspectives Energy Econ. (IF 12.8) Pub Date : 2024-02-15 Sachin Kumar Mangla, Praveen Ranjan Srivastava, Prajwal Eachempati, Aviral Kumar Tiwari
Currently, there are limited mechanisms to control harmful greenhouse gas emissions. There is a need to contain these emissions at the source level; understanding the root cause is imperative. This would aid in monitoring and curbing those factors to minimize these harmful emissions and control incidences of energy risk. While there are studies evidencing the role of generic indicators like per capita
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An option game model applicable to multi-agent cooperation investment in energy storage projects Energy Econ. (IF 12.8) Pub Date : 2024-02-15 Mingming Zhang, Jinchen Nie, Bin Su, Liyun Liu
This paper proposes an option game model that is applicable to multi-agent cooperation investment in energy storage projects. A power grid enterprise and power generation enterprise are assumed to act as the cooperation investors. A revenue sharing coefficient and cost distribution coefficient are introduced to simulate the realistic cooperation behavior of energy storage investment. The uncertainty
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The effect of the 2022 energy crisis on electricity markets ashore the North Sea Energy Econ. (IF 12.8) Pub Date : 2024-02-15 Bjarne Sæther, Anne Neumann
The European internal energy market has undergone institutional redesign during the last 30 years. It has the objective to deliver secure, affordable and increasingly decarbonized energy supply. Europe experienced its first inherent energy crisis after the global oil price crisis half a decade ago. With skyrocketing energy prices during 2022, electricity generation in Europe was under extreme stress
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Impacts of electricity price reform on Saudi regional fuel consumption and CO2 emissions Energy Econ. (IF 12.8) Pub Date : 2024-02-13 Abdulelah Darandary, Jeyhun I. Mikayilov, Salaheddine Soummane
Saudi Arabia enacted two waves of energy price reforms in 2016 and 2018 to effectively gauge their impact to curb historically fast-growing electricity demand. We quantify the effects of these policy measures on regional fuel consumption and carbon emissions. We model the resulting emissions and fuel savings on the supply side using an optimization model representing Saudi Arabia's power generation
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Dynamic pricing and joint carbon reduction strategies at the production and consumption end in a dual-channel fuel vehicle supply chain Energy Econ. (IF 12.8) Pub Date : 2024-02-13 Yongxi Yi, Ao Fu, Sheng Zhang, Yuqiong Li
This paper investigates carbon reduction in a fuel automotive supply chain. It consists of a manufacturer responsible for carbon reduction and opening an online channel opportunely and a retailer who markets and sells the product through traditional offline channels. Consumers have a preference for low-carbon and low-fuel consumption. It first analyzes decentralized and centralized decision-making
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Commonality in systemic risk from green and conventional energy Energy Econ. (IF 12.8) Pub Date : 2024-02-12 Md Akhtaruzzaman, Molla Ramizur Rahman
Our study is a novel attempt to examine the sub-industry sectors of conventional energy (i.e., oil & gas, crude production, oil refinery & marketing, and oil equipment and services) and the sub-industry sector of green energy (i.e., renewable energy) to analyse the systemic risk and commonality. The results show that the systemic risk for green energy has decreased since 2006, indicating a shift towards
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Does gender diversity in politics improve access to electricity and electrification inequality? A global analysis Energy Econ. (IF 12.8) Pub Date : 2024-02-12 Niharika Rustagi, Eric Evans Osei Opoku, Alex O. Acheampong
Vast literature expounds that women are more sustainability-conscious and are more affected by issues of energy poverty. Another strand of literature upholds the effect of women's empowerment on social and sustainability outcomes. Goal 5 of the Sustainable Development Goals, among other things, seeks to reduce gender inequality, intensify women's empowerment and increase the participation and involvement
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Connectedness between oil price shocks and US sector returns: Evidence from TVP-VAR and wavelet decomposition Energy Econ. (IF 12.8) Pub Date : 2024-02-12 María Caridad Sevillano, Francisco Jareño, Raquel López, Carlos Esparcia
This paper examines the dynamic return and volatility connectedness between oil price shocks (demand, supply, and risk shocks) and US sector returns from October 2001 to January 2022. For this purpose, we combine the decomposition of the time series in time scales through the wavelet approach with the application of the TVP-VAR model proposed by Antonakakis et al. (2020). Our results show the high
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Does voluntary environmental information disclosure prevent stock price crash risk? – Comparative analysis of chaebol and non-chaebol in Korea Energy Econ. (IF 12.8) Pub Date : 2024-02-09 Gunhee Lee, Mincheol Bae, Joongchan Sohn, Chanwoo Han, Jinhyung Cho
This research sheds light upon the relationship between Korean firms' voluntary carbon disclosure tendency, as measured in Environmental Information Disclosure (EID), and their stock price crash. We pay attention to whether firms' affiliation to the , unique conglomerates in the nation, and environmentally sensitive industry, play as decisive role in mitigating stock price crash. For analysis, we divide
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Measuring the network capacity utilization, energy consumption and environmental inefficiency of global airlines Energy Econ. (IF 12.8) Pub Date : 2024-02-09 Kok Fong See, Azwan Abdul Rashid, Ming-Miin Yu
While several studies have utilized carbon emissions to analyze airline performance, to the best of our knowledge, there have been limited studies simultaneously examining airline capacity utilization, energy consumption, and carbon emissions. The sample of this study comprises 33 global airlines in 2018. Our proposed model extends the two-stage network data envelopment analysis (DEA) model by adding
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Geopolitical risk: An opportunity or a threat to the green bond market? Energy Econ. (IF 12.8) Pub Date : 2024-02-09 Fangying Liu, Chuan Qin, Meng Qin, Petru Stefea, Diego Norena-Chavez
Against the backdrop of growing political instability, the interaction between green bond prices (GBP) and geopolitical risk (GPR) has attracted widespread attention. By employing the rolling-window Granger causality method, we probe their dynamic relationship and investigate GPR's role in shaping green bond (GB) market prospects. Our outcomes disclose that GBP is positively and negatively affected
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U.S. light tight oil supply flexibility - A multivariate dynamic model for production and rig activity Energy Econ. (IF 12.8) Pub Date : 2024-02-09 H, a, l, v, o, r, , B, r, i, s, e, i, d, , S, t, o, r, r, ø, s, t, e, n
I examine U.S. light tight oil (LTO) production theoretically and empirically. The theoretical model combines endogenous rig activity and stylized reservoir pressure mechanics with the Hotelling model for exhaustible resources. The empirical section presents a vector error correction model for U.S. LTO production. A one percent increase in the West Texas Intermediate (WTI) oil price results in up to
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Geopolitical risk and renewable energy consumption: Evidence from a spatial convergence perspective Energy Econ. (IF 12.8) Pub Date : 2024-02-08 Xiaohang Ren, Wanping Yang, Yi Jin
Using country-level data from 1990 to 2020, this study investigates the various convergence of renewable energy consumption (REC) and the effect of geopolitical risk (GPR) on the conditional spatial convergence. We find that there is a -convergence, spatial convergence, absolute spatial convergence and conditional spatial convergence in terms of REC. GPR is negatively associated with the conditional
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Household's willingness to pay for renewable electricity: A meta-analysis Energy Econ. (IF 12.8) Pub Date : 2024-02-08 Yushi Wang, Libo Wu, Yang Zhou
Increasing the penetration of renewable electricity is a key solution to achieving the climate target. Demand-side payment is one crucial financial source to support the development of renewable electricity by influencing the cost-benefit tradeoff, which is usually measured by the willingness to pay. However, the willingness to pay estimation is mostly based on survey and hence incomparable due to
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Organization capital and GHG emissions Energy Econ. (IF 12.8) Pub Date : 2024-02-08 Sagira Sultana Provaty, Mostafa Monzur Hasan, Le Luo
This study examines the impact of organization capital on greenhouse gas (GHG) emissions. Utilizing a sample of 3817 firm-year observations of US publicly listed companies over the period from 2002 to 2019, we find that firms with higher organization capital are associated with lower GHG emissions. Our cross-sectional analysis reveals a stronger negative relationship between organizational capital
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Female political empowerment and green finance Energy Econ. (IF 12.8) Pub Date : 2024-02-07 Md Al Mamun, Sabri Boubaker, Md Zakir Hossain, Riadh Manita
Using a large sample of 47 countries from 2007 to 2022, we provide evidence that female political empowerment () is a critical determinant of green finance (green bonds). Our results remain robust when addressing concerns of cross-sectional dependence, omitted variable bias, alternative definitions, and various alternative specifications. We explore three key economic mechanisms underlying our findings:
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Energy ETF performance: The role of fossil fuels Energy Econ. (IF 12.8) Pub Date : 2024-02-07 Rita Laura D’Ecclesia, Giacomo Morelli, Kevyn Stefanelli
The Principles for Responsible Investment (PRI) affected the financial markets since the year 2000. Asset managers and investors consider Exchange Traded Funds (ETFs) as a popular investment vehicle that represents a source of growth for sustainable strategies. Clean Energy ETFs (CE ETF) are funds that invest in stocks of alternative energy sectors such as solar energy, wind, hydroelectric, and geothermal
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Financial development and renewable energy adoption in EU and ASEAN countries Energy Econ. (IF 12.8) Pub Date : 2024-02-06 Florian Horky, Jarko Fidrmuc
The shift from carbon-based to green energy is pivotal in addressing climate change. However, this transition is expensive, and the availability of financing sources is a necessary precondition for the green transformation of the economy. We therefore examine the role of financial institutions and capital markets in facilitating this change, focusing on a heterogeneous sample of 32 EU and ASEAN countries
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Determinants and effects of country ESG controversy Energy Econ. (IF 12.8) Pub Date : 2024-02-06 Joscha Beckmann, Jennifer Rogmann
This paper provides a new perspective on the economic implications of Environmental, Social, and Governance (ESG) ratings. Using data for 152 countries, we introduce a new country measure which reflects controversies regarding ESG performance based on media coverage in real time. We evaluate our measure at the country and global level and over different frequencies, and illustrate that global ESG controversy
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Understanding the effects of artificial intelligence on energy transition: The moderating role of Paris Agreement Energy Econ. (IF 12.8) Pub Date : 2024-02-06 Muhammad Zubair Chishti, Xiqiang Xia, Eyup Dogan
This study contributes to the existing literature by investigating and confirming a range of diverse outcomes related to the interplay of factors shaping the global energy transition (ET). Employing advanced methodologies, including the extension of the QVAR technique to short-term (SR), medium-term (MR), and long-term (LR) connectedness analysis, as well as the application of the CQ method to explore
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The EU's vulnerability to gas price and supply shocks: The role of mismatches between policy beliefs and changing international gas markets Energy Econ. (IF 12.8) Pub Date : 2024-02-06 Roberto Cardinale, Ivano Cardinale, Ivan Zupic
Agencies and researchers have attributed the unprecedented surge in EU gas prices to a temporary convergence of exogenous shocks, especially the post-Covid economic recovery and the war in Ukraine. This paper argues that deeper issues are also in play, which go beyond the current conjuncture: the “policy beliefs” underlying its energy policy have made the EU unable to swiftly change policy approach
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Welfare implications of a tax on electricity: A semi-parametric specification of the incomplete EASI demand system Energy Econ. (IF 12.8) Pub Date : 2024-02-06 Andrés Ramírez–Hassan, Alejandro López-Vera
We perform a welfare analysis due to a tax on electricity consumption based on the incomplete exact affine Stone index (EASI) model using a novel data set in the Colombian economy. We provide a novel inferential framework based on a non-parametric specification of the stochastic errors using Dirichlet processes mixtures that allows handling non-normal errors, gaining efficiency, and taking into account
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International transmission of shocks and African forex markets Energy Econ. (IF 12.8) Pub Date : 2024-02-05 Shoujun Huang, Ahmed Bossman, Mariya Gubareva, Tamara Teplova
We explore the influence of oil price and geopolitical risk (GPR) on the international transmission of shocks within African forex markets. To gauge the dynamics of shock transmission, we employ the TVP-VAR connectedness model using daily data spanning over the period 2000–2023. We show that shock transmission between oil-exporting and oil-importing countries heterogeneously depends on oil and GPR
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A model for the competitive benchmarking of energy costs Energy Econ. (IF 12.8) Pub Date : 2024-02-04 Pablo Arocena, Antonio G. Gómez-Plana, Sofía Peña
Benchmarking is an essential tool for quantifying how a company's energy costs compare with those of competitors and understanding the sources of cost differences, with the ultimate goal of identifying strengths and opportunities for improving performance. The increasing relevance of energy as a factor in competitiveness has heightened interest in managing energy costs. This paper develops an analytical