Critical minerals and structural oil shocks: Evidence from wavelet cross-quantile correlation

IF 10.2 2区经济学 0 ENVIRONMENTAL STUDIES

Resources Policy Pub Date : 2025-03-24 DOI:10.1016/j.resourpol.2025.105570

Seyi Saint Akadiri , Oktay Ozkan

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引用次数: 0

Abstract

Over the past decade, the intersection of energy and mineral markets has emerged as a key research focus. Transitions to renewable energy drive economic growth, reduce environmental impacts, and enhance energy diversity. Critical minerals are integral to renewable energy technologies and mitigate fossil-fuel dependence. It is against this backdrop that this study examines the dynamic interconnections between critical minerals and structural oil shocks, specifically oil supply shocks (OSSs) and oil demand shocks (ODSs), using a novel Wavelet Cross-Quantile Correlation (WCQC) approach complemented by Cross-Quantile Coherency (CQC) for robustness. Analyzing monthly data from 1975 to 2024 reveals significant long-term relationships, particularly at low frequencies, with OSSs predominantly impacting minerals linked to energy infrastructure and ODSs influencing broader industrial and economic activities. Geopolitical risks amplify these interdependencies, emphasizing the critical role of resource security in a globally interconnected economy. Policy recommendations advocate resource diversification, sustainable extraction, and innovation to mitigate the adverse impacts of energy and resource market volatility, fostering resilience and economic stability in the face of global uncertainty.

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关键矿物与结构性石油冲击：来自小波交叉分位数相关的证据

在过去的十年里，能源和矿产市场的交叉已经成为一个关键的研究焦点。向可再生能源的过渡推动经济增长，减少环境影响，增强能源多样性。关键矿物是可再生能源技术不可或缺的一部分，可以减轻对化石燃料的依赖。正是在这种背景下，本研究使用了一种新的小波交叉分位数相关（WCQC）方法，并辅以交叉分位数相干（CQC）来增强鲁棒性，研究了关键矿物与结构性石油冲击(特别是石油供应冲击（OSSs）和石油需求冲击（ODSs）之间的动态相互关系。分析1975年至2024年的月度数据揭示了显著的长期关系，特别是在低频率下，臭氧消耗物质主要影响与能源基础设施相关的矿物，而臭氧消耗物质影响更广泛的工业和经济活动。地缘政治风险放大了这些相互依赖关系，强调了资源安全在全球互联经济中的关键作用。政策建议提倡资源多样化、可持续开采和创新，以减轻能源和资源市场波动的不利影响，在全球不确定性面前增强韧性和经济稳定性。

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

Resources Policy ENVIRONMENTAL STUDIES-

CiteScore

13.40

自引率

23.50%

发文量

602

审稿时长

69 days

期刊介绍： Resources Policy is an international journal focused on the economics and policy aspects of mineral and fossil fuel extraction, production, and utilization. It targets individuals in academia, government, and industry. The journal seeks original research submissions analyzing public policy, economics, social science, geography, and finance in the fields of mining, non-fuel minerals, energy minerals, fossil fuels, and metals. Mineral economics topics covered include mineral market analysis, price analysis, project evaluation, mining and sustainable development, mineral resource rents, resource curse, mineral wealth and corruption, mineral taxation and regulation, strategic minerals and their supply, and the impact of mineral development on local communities and indigenous populations. The journal specifically excludes papers with agriculture, forestry, or fisheries as their primary focus.