Energy Transitions and Household Finance: Evidence from U.S. Coal Mining

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-09-16 DOI:10.1093/rcfs/cfac031

Ding Du, Stephen A Karolyi

引用次数: 0

Abstract

Between 2010 and 2020, the U.S. coal industry experienced a 50% drop in production, employment, and active mines, driven by regulatory factors and technological innovation in alternative energy sources. We study the impact of this energy transition on household employment, wages, migration, and home ownership in affected communities. Compared to non-coal-producing, resource-rich counties, coal-producing counties experience 6% and 4% drops in employment and wages, respectively, during this period. Economic mobility and access to banking services significantly moderate these real effects, suggesting a potential role for finance to shape the industrial and economic changes associated with climate transitions.

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能源转型与家庭金融:来自美国煤炭开采的证据

在2010年至2020年期间，受监管因素和替代能源技术创新的推动，美国煤炭行业的产量、就业和活跃矿井下降了50%。我们研究了这种能源转型对受影响社区的家庭就业、工资、移民和住房所有权的影响。与非产煤、资源丰富的县相比，产煤县在此期间的就业和工资分别下降了6%和4%。经济流动性和获得银行服务的机会大大缓和了这些实际影响，表明金融在塑造与气候转型相关的工业和经济变化方面具有潜在作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.