The regulatory power of fiscal and monetary policies in driving renewable energy: The moderating influence of political stability in belt and road initiative countries

IF 9.8 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environmental Impact Assessment Review Pub Date : 2024-09-07 DOI:10.1016/j.eiar.2024.107653

Qianwen Li , Anwar Khan , Mengjie Xu , Chuanwang Sun

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引用次数: 0

Abstract

The government's policies on developing energy strategies have received much attention in empirical research. As such, fiscal and monetary policies can drive renewable energy. To this end, the current study proposes a new dimension in the empirical framework by regressing the fiscal and monetary policy variables on renewable energy under the moderating effect of political stability for the 71 “Belt and Road Initiative (BRI)” nations between 2000 and 2022. This research designs static and dynamic STIRPAT models to determine the effectiveness of lag periods. The results show that expansionary fiscal policy is instrumental in driving renewable energy development; in contrast, the contractionary monetary policy aligns with a reduction in renewable generation in the selected BRI countries. The moderating role of political stability in driving the monetary policy-renewable energy development and fiscal policy-renewable energy in these countries remain instrumental. The outcomes were reaffirmed by changing the estimator, testing the relationship with different fiscal and monetary policy indicators, and using the asymmetric analysis of the benchmark model to support the regression results. Finally, it discusses various policy proposals to the policymakers of BRI countries for practice.

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财政和货币政策在推动可再生能源方面的调节作用：一带一路倡议国家政治稳定的调节作用

政府制定能源战略的政策在实证研究中备受关注。因此，财政和货币政策可以推动可再生能源的发展。为此，本研究提出了实证框架的新维度，即在政治稳定性的调节作用下，对 2000 年至 2022 年 71 个 "一带一路（BRI）"国家的可再生能源的财政和货币政策变量进行回归。本研究设计了静态和动态 STIRPAT 模型，以确定滞后期的有效性。研究结果表明，扩张性财政政策有助于推动可再生能源的发展；相比之下，收缩性货币政策与选定的 "一带一路 "倡议国家可再生能源发电量的减少相一致。在这些国家，政治稳定对货币政策--可再生能源发展和财政政策--可再生能源发展的调节作用依然重要。通过改变估计器、测试与不同财政和货币政策指标的关系，以及使用基准模型的非对称分析来支持回归结果，再次证实了上述结果。最后，本报告讨论了各种政策建议，供 "金砖四国 "的决策者在实践中参考。

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

Environmental Impact Assessment Review ENVIRONMENTAL STUDIES-

CiteScore

12.60

自引率

10.10%

发文量

200

审稿时长

33 days

期刊介绍： Environmental Impact Assessment Review is an interdisciplinary journal that serves a global audience of practitioners, policymakers, and academics involved in assessing the environmental impact of policies, projects, processes, and products. The journal focuses on innovative theory and practice in environmental impact assessment (EIA). Papers are expected to present innovative ideas, be topical, and coherent. The journal emphasizes concepts, methods, techniques, approaches, and systems related to EIA theory and practice.