Energy Economics最新文献

Corrigendum to “Exploring downside risk dependence across energy markets: Electricity, conventional energy, carbon, and clean energy during episodes of market crises” [Energy Economics Volume 127, Part B, November 2023, 107082]

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-04-04 DOI: 10.1016/j.eneco.2025.108353

Muhammad Abubakr Naeem , Nadia Arfaoui

引用次数: 0

A replication study on “Revisiting the linkages between oil prices and macroeconomy for the euro area: Does energy inflation still matter?”

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-04-02 DOI: 10.1016/j.eneco.2025.108455

Sajal Ghosh , Kakali Kanjilal

{"title":"A replication study on “Revisiting the linkages between oil prices and macroeconomy for the euro area: Does energy inflation still matter?”","authors":"Sajal Ghosh , Kakali Kanjilal","doi":"10.1016/j.eneco.2025.108455","DOIUrl":"10.1016/j.eneco.2025.108455","url":null,"abstract":"<div><div>This study presents a replication and critical assessment of <span><span>Jawadi et al. (2023)</span></span>, which explores the relationship between oil prices and the macroeconomy of the Eurozone. A key conclusion of their study is that monetary policy has limited effectiveness in mitigating the effects of energy inflation, leading to a recommendation for additional fiscal measures. Our replication identifies several methodological and empirical inconsistencies that may affect the validity of the reported findings. These include potential violations of theoretical principles, challenges in empirical interpretation, and concerns regarding model specification and estimation. For instance, some lagged dependent variable coefficients exceed one, suggesting possible stationarity issues, as certain non-stationary variables appear to have been treated as stationary. Additionally, residual diagnostics for both linear and nonlinear regression models indicate departures from standard assumptions, such as non-normality, autocorrelation, and heteroscedasticity, which may influence the reliability of the results. While <span><span>Jawadi et al. (2023)</span></span> report a minimal impact of monetary policy, our analysis suggests that the European Central Bank (ECB) rate plays a more substantial role in economic growth dynamics, particularly during periods of significant oil price fluctuations. These findings indicate that the role of monetary policy in addressing energy inflation may warrant further consideration.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108455"},"PeriodicalIF":13.6,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

An efficiency perspective on low carbon pilot city policy and carbon emission performance of listed enterprises: Quasi-experimental evidence from China

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-04-01 DOI: 10.1016/j.eneco.2025.108454

Jing Lan , Pei Wang

{"title":"An efficiency perspective on low carbon pilot city policy and carbon emission performance of listed enterprises: Quasi-experimental evidence from China","authors":"Jing Lan , Pei Wang","doi":"10.1016/j.eneco.2025.108454","DOIUrl":"10.1016/j.eneco.2025.108454","url":null,"abstract":"<div><div>This study decomposes the influence mechanism of low carbon city pilot (LCCP) policy on carbon emission efficiency (CEE) at enterprise-by-year level. Specifically, we measure the CEE of enterprises by using two-step stochastic frontier (SF) approach with bootstrap techniques. At first step, we apply stochastic frontier regression to estimate group-specific technology, then combine with a stochastic meta-frontier (SMF) at second step to estimate the meta technology. We also take a quasi-experimental method to evaluate the impact of the policy implementation on CEE of listed enterprises. We find that the LCCP policy improves CEE by 0.928 % and 5.86 % for high-tech industry and public utility industry at 5 % significance level, respectively. Further, it also reduces CEE by 4.17 % for construction industry, which are both economically and statistically significant. This reduction is mainly due to the negative performance of their green innovations within the industry. Thus, these imply that the LCCP policy is highly in line with China's transformation and upgrading strategies. It boosts the development of high-tech industry and enhances the efficiency of resources utilization. But it still works weak for the enterprises with little green innovations. The findings of our study provide an essential reference for the implementation of regional-based policy of LCCP project and improving CEE at enterprise level.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108454"},"PeriodicalIF":13.6,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Carbon removals meet Emission Trading System design: A precautionary path towards integration

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-28 DOI: 10.1016/j.eneco.2025.108389

Flore Verbist , Jelle Meus , Jorge Andrés Moncada , Pieter Valkering , Erik Delarue

{"title":"Carbon removals meet Emission Trading System design: A precautionary path towards integration","authors":"Flore Verbist , Jelle Meus , Jorge Andrés Moncada , Pieter Valkering , Erik Delarue","doi":"10.1016/j.eneco.2025.108389","DOIUrl":"10.1016/j.eneco.2025.108389","url":null,"abstract":"<div><div>Accounting for negative emissions becomes increasingly important the closer we approach net-zero targets. Carbon removal pricing is, however, still in its infancy and raises several concerns including environmental challenges (e.g. carbon lock-ins, impermanence) and economic trade-offs (i.e. technology learning, financing and market efficiency). These concerns largely hinge on how removal pricing interacts with existing carbon pricing mechanisms, such as Emission Trading Systems (ETSs). This paper aims to offer analytical insights into the performance of different ETS-related removal pricing designs. Eight policy cases, drawn from the literature and real-world proposals, are analysed using an equilibrium model. Those cases vary in their connectivity to ETS markets and may incorporate additional mechanisms to address impermanence and/or stimulate the demand for net negative emissions. The results reveal the underlying working principles and sensitivity to the identified integration concerns. The comparison analytically shows that none of the modelled cases can fully mitigate all integration risks simultaneously. A phased approach is recommended, transitioning from a more market-regulated integration to the establishment of a unified emission and removal market. This gradual approach could especially help to overcome the potential high removal costs of first-of-a-kind removal technologies in the short run and promote market efficiency in the long run. The findings of this study should provide a solid basis to guide the current policy debate on best practices and potential pitfalls in carbon market reforms concerning removal activities.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108389"},"PeriodicalIF":13.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Asymmetric volatility spillover effects from energy, agriculture, green bond, and financial market uncertainty on carbon market during major market crisis

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-28 DOI: 10.1016/j.eneco.2025.108430

Paravee Maneejuk, Wucaihong Huang, Woraphon Yamaka

{"title":"Asymmetric volatility spillover effects from energy, agriculture, green bond, and financial market uncertainty on carbon market during major market crisis","authors":"Paravee Maneejuk, Wucaihong Huang, Woraphon Yamaka","doi":"10.1016/j.eneco.2025.108430","DOIUrl":"10.1016/j.eneco.2025.108430","url":null,"abstract":"<div><div>While previous studies have established the influence of energy, agriculture, green bonds, and market uncertainty on carbon markets, little is known about their impacts under extreme market conditions. Addressing this gap, we investigate the downside and upside risk spillovers from these markets to European carbon markets by employing a Copula Quantile Regression model to measure the Conditional Value-at-Risk (CoVaR) and ΔCoVaR. Our findings reveal that risk spillovers are asymmetric, with downside spillovers significantly exceeding upside spillovers across all markets. Notably, the agriculture and energy sectors exhibit the most pronounced spillover effects, particularly during periods of heightened uncertainty such as Brexit, the COVID-19 pandemic, and the Russia-Ukraine war. These results provide the critical role of agriculture and energy in shaping carbon market dynamics under extreme conditions and provide valuable insights for portfolio managers and market participants aiming to enhance the resilience of carbon markets to systemic risks.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108430"},"PeriodicalIF":13.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How does supply chain digitalization enhance energy resilience? Empirical evidence from listed companies in China

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-27 DOI: 10.1016/j.eneco.2025.108447

Zhiyuan Gao , Ying Zhao , Lianqing Li , Yu Hao

{"title":"How does supply chain digitalization enhance energy resilience? Empirical evidence from listed companies in China","authors":"Zhiyuan Gao , Ying Zhao , Lianqing Li , Yu Hao","doi":"10.1016/j.eneco.2025.108447","DOIUrl":"10.1016/j.eneco.2025.108447","url":null,"abstract":"<div><div>Strengthening energy resilience holds strategic importance for national energy security. As digital technologies increasingly integrate with supply chains, it is imperative to understand the mechanisms and impacts of this digitalization on energy resilience. This understanding is vital for ensuring energy security, advancing supply-side structural reforms, and fostering a new development paradigm. Drawing from an exogenous shock environment induced by the digitization of logistics processes and case studies, this study systematically evaluates the influence of logistical digitalization on corporate energy resilience. It does this by analyzing A-share company information between 2007 and 2022. The findings reveal that supply chain digitalization (SCD) markedly bolsters corporate energy resilience. Specifically, energy efficiency enhancement and green empowerment emerge as primary pathways through which digitalization improves corporate energy resilience. Furthermore, robust management practices and a conducive business setting for supply chains, facilitated by government interventions, are essential supporting conditions. Heterogeneity analysis further underscores that SCD's positive effects on energy resilience are especially evident in state-owned enterprises, non-high-tech firms, non-resource-based businesses, and growing entities. This research not only substantiates the need for expedited modernization of the supply chain system and assurance of energy security but also offers valuable policy insights for augmenting the resilience of industrial and supply chains, thereby fostering significant qualitative and quantitative economic growth.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108447"},"PeriodicalIF":13.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Credit availability of energy-intensive industries in emerging economies: Do financially established firms have better access to credit?

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-27 DOI: 10.1016/j.eneco.2025.108433

Jintao Zhang , Xinghui Lei , Taoyong Su , Ziyao Li

{"title":"Credit availability of energy-intensive industries in emerging economies: Do financially established firms have better access to credit?","authors":"Jintao Zhang , Xinghui Lei , Taoyong Su , Ziyao Li","doi":"10.1016/j.eneco.2025.108433","DOIUrl":"10.1016/j.eneco.2025.108433","url":null,"abstract":"<div><div>Corporate efforts on carbon emissions reduction may be affected by their financial condition. It is always not clear whether financial institutions consider the financial position of higher carbon-emitting borrowers in credit decisions. This paper investigates the credit availability of higher carbon-emitting firms with different financial conditions in emerging economies. Evidence from energy-intensive industries shows that financially established firms have better access to credit than peers. Financial institutions charge lower credit expenses from those high carbon emitters with more desirable financial positions. We also find that in emerging markets, high carbon emitters employing non-Big Four accounting firms will have higher credit availability if they have strong financial conditions. In addition, access to credit for financially established firms benefits from higher R&D intensity. The results further manifest that the positive correlation between credit availability and a firm's financial position is consistent with the environmental performance of the country in which it is located. As a result, those findings can provide policy inspiration for decarbonization in emerging economies with the help of material efforts from financial sectors.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108433"},"PeriodicalIF":13.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Gender differences in the employment effects of climate policy

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-27 DOI: 10.1016/j.eneco.2025.108394

Malik Curuk , Rik Rozendaal , Tobias Wendler

引用次数: 0

Asymmetric dynamics between supply chain disruptions, oil price shocks, and U.S. investor sentiment

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-27 DOI: 10.1016/j.eneco.2025.108440

Linyue Li

{"title":"Asymmetric dynamics between supply chain disruptions, oil price shocks, and U.S. investor sentiment","authors":"Linyue Li","doi":"10.1016/j.eneco.2025.108440","DOIUrl":"10.1016/j.eneco.2025.108440","url":null,"abstract":"<div><div>The COVID-19 pandemic, ongoing Ukraine-Russian conflict, tensions in the Middle East, and US-China trade tensions have severely disrupted global supply chains and the oil market. Amid these distortions, the global supply chain pressures (GSCP) and oil price shocks (OPS) significantly influence investor sentiment. The global shocks are dynamic and asymmetric by nature. Therefore, this research explores the asymmetric impacts of GSCP and OPS on investor sentiment in the United States. We estimate both the short- and long-run associations with monthly data from 1998 to 2023 using a nonlinear autoregressive distributed lag model. After confirming the nonlinearity of the data and preliminary investigations, our long-run estimates reveal that positive GSCP shocks negatively impact investor sentiment, while negative GSCP shocks have insignificant effects. In contrast, positive and negative OPS shocks enhance investor sentiment. This study finds that negative shocks (GSCP-) have a more severe and prolonged impact on investor sentiment than positive shocks (GSCP+), highlighting the need for asymmetry in policy analysis. Similarly, OPS- exerts a stronger influence on investor sentiment than OPS+, with growing disparities over time, emphasizing the asymmetric nature of market reactions to shocks.The findings recommend that policymakers encourage supply chain resilience and diversification strategies to mitigate oil price uncertainty and supply chain disruptions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108440"},"PeriodicalIF":13.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143759803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of supply chain digitalization on urban resilience: Do industrial chain resilience, green total factor productivity and innovation matter?

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-03-26 DOI: 10.1016/j.eneco.2025.108443

Jingru Xu , Baochen Yang , Chunlai Yuan

{"title":"The impact of supply chain digitalization on urban resilience: Do industrial chain resilience, green total factor productivity and innovation matter?","authors":"Jingru Xu , Baochen Yang , Chunlai Yuan","doi":"10.1016/j.eneco.2025.108443","DOIUrl":"10.1016/j.eneco.2025.108443","url":null,"abstract":"<div><div>With the frequent occurrence of exogenous shock events such as natural disasters and extreme weather, building urban resilience has become an important goal for governments worldwide. Based on data from 254 cities in China from 2013 to 2021, this paper measures urban resilience through the entropy method. Furthermore, taking the supply chain digitalization pilot policy as a quasi-natural experiment, this paper explores the impact of supply chain digitalization (SCD) on urban resilience. The results indicate that SCD promotes urban resilience, enhancing cities' ability to resist and recover from risks. Specifically, the promotional effect of SCD on urban resilience is stronger in cities with better digital development, higher administrative levels, and those located in the eastern and middle regions. Additionally, mechanism analysis reveals that SCD strengthens urban resilience by enhancing industrial chain resilience, improving green total factor productivity, and stimulating innovation. This study provides empirical evidence for the contribution of SCD to urban resilience and offers policy implications for improving urban resilience in developing countries.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"145 ","pages":"Article 108443"},"PeriodicalIF":13.6,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143759801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0