Political Stability, Economic Risk, and Renewable Energy Technology Innovation: International Evidence

IF 0.9 4区经济学 Q3 ECONOMICS

American Journal of Economics and Sociology Pub Date : 2025-01-08 DOI:10.1111/ajes.12613

Hanhua Shao, Yaning Wang

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Abstract

Renewable energy technology innovation (RETI) is essential for addressing climate change and ensuring energy security, but the impact of political stability on RETI remains underexplored. Using panel data for 65 countries from 2002 to 2022, this paper systematically examines the direct and indirect effects of political stability on RETI, along with the substitution effect of economic risk on political stability, by integrating economic risk into the analysis. The results show that (1) political stability has a significant contribution to RETI, which still holds after robustness tests and the exclusion of endogeneity. (2) Mechanism analysis reveals that political stability influences RETI via three channels: financial stability, industrial stability, and R&D stability. (3) Heterogeneity analysis shows that political stability contributes more significantly to RETI in countries facing higher economic risks. A lower economic risk also promotes RETI and partially substitutes for political stability. The findings offer key insights for maintaining political stability and advancing RETI.

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政治稳定、经济风险和可再生能源技术创新：国际证据

可再生能源技术创新（RETI）对于应对气候变化和确保能源安全至关重要，但政治稳定对RETI的影响仍未得到充分探讨。本文利用2002 - 2022年65个国家的面板数据，通过将经济风险纳入分析，系统考察了政治稳定对RETI的直接和间接影响，以及经济风险对政治稳定的替代效应。结果表明：(1)政治稳定性对RETI有显著贡献，在鲁棒性检验和排除内生性因素后仍然成立。(2)机制分析表明，政治稳定通过金融稳定、产业稳定和研发稳定三个渠道影响产业创新能力。(3)异质性分析表明，在经济风险较高的国家，政治稳定对RETI的贡献更为显著。较低的经济风险也促进了RETI，并在一定程度上替代了政治稳定。研究结果为维护政治稳定和推进RETI提供了重要见解。

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

American Journal of Economics and Sociology Multiple-

CiteScore

1.90

自引率

12.50%

发文量

期刊介绍： The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.