Energy Economics最新文献

{"title":"Spillover effects between energy uncertainty and financial risk in the Eurozone banking sector","authors":"Vincenzo Pacelli, Caterina Di Tommaso, Matteo Foglia, Maria Melania Povia","doi":"10.1016/j.eneco.2024.108082","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108082","url":null,"abstract":"This paper investigates the connection between energy uncertainty and banking credit risk within the Eurozone. To analyze this relationship, we first apply a Bayesian time-varying VAR model to examine how shocks in energy uncertainty influence financial risk. Next, we use the impulse response function to assess how these shocks propagate through the banking sector. Further, long-run Granger causality is employed to investigate the causal pathways of shock transmission. Our empirical findings show clear patterns: banking credit risk increases in response to energy uncertainty shocks. Over time, these shocks show a progressively rising impact on credit risk, highlighting the growing influence of energy uncertainty on the spread of financial risk.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"22 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825375","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}

{"title":"Exploring the connection between geopolitical risks and energy markets","authors":"Dora Almeida, Paulo Ferreira, Andreia Dionísio, Faheem Aslam","doi":"10.1016/j.eneco.2024.108113","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108113","url":null,"abstract":"This study delves into the complexities of energy commodity futures and clean energy indexes, analyzing their responses to geopolitical risk. The detrended fluctuation analysis was applied, and the efficiency index was estimated to assess energy market behavior better. This approach allows the evaluation of long-range dependence and market efficiency. The findings show evolving patterns influenced by significant geopolitical events such as the COVID-19 pandemic and geopolitical conflicts. Transfer entropy analysis also uncovers directional dependence between energy markets and geopolitical risk, highlighting energy commodities' influential (or anticipated) role on geopolitical indexes. The dynamic analysis emphasizes time-varying relationships, with fluctuations notably impacted by global events like the European sovereign debt crisis and escalating geopolitical tensions. Additionally, clean energy indexes exhibit sensitivity to geopolitical risk, offering valuable insights into market behavior and informing risk management strategies. The study highlights the complex and dynamic relationships between energy markets and geopolitical factors and provides useful information for investors and policymakers on energy markets.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"45 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825380","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}

{"title":"Emission reduction levels of manufacturers under carbon trading policies","authors":"Xiqiang Xia, Jiangwen Li, Wei Wei, Ramzi Benkraiem, Mohammad Zoynul Abedin","doi":"10.1016/j.eneco.2024.108111","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108111","url":null,"abstract":"Considering the policies surrounding carbon trading, decarbonization plans have been regarded as imperative choices for the manufacturing industry. However, there has been little research into combining the concrete carbon quota allocation methods with the low-carbon supply chain. Still, the distinction between ordinary and low-carbon manufacturers has been scarcely investigated. To fill these gaps, drawing on two quota allocation methods—grandfathering and benchmarking, we model the supply chains under two production modes, which consists of an ordinary manufacturer, a low-carbon manufacturer and a hybrid manufacturer. Our primary conclusions are listed here. The carbon emission reduction level (CERL) shall fluctuate within an acceptable scope to prevent adverse consequences on total social welfare. Additionally, independent of the production mode, manufacturers' profits will peak when the gross carbon quotas meet certain values under grandfathering. Meanwhile, under benchmarking, the environmental performance and consumer surpluses are better when the benchmark quota reaches a certain value.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"14 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825376","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}

{"title":"Asymmetry in the inequality of opportunity in energy consumption across gender, caste, and religion in India","authors":"Pragati Priya, Chandan Sharma, Chandan Kumar Jha","doi":"10.1016/j.eneco.2024.108110","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108110","url":null,"abstract":"Inequality in income and consumption expenditure is intricately linked to discrimination based on gender, caste, and religion in India. Using large-scale administrative survey data – the Consumer Pyramids Household Surveys (CPHS), we provide empirical evidence on Roemer's paradigm of equality of opportunity in energy consumption and its components: fuel and electricity consumption. We investigate the contributions of circumstance factors – gender, caste, and religion – in generating inequality of opportunity (IOP) in energy consumption and its components at the state level. We find evidence of high IOP in total energy consumption and moderate levels of IOP in fuel and electricity consumption. Our findings show that gender accounts for a substantial share of IOP in energy consumption and its components in southern regions, whereas caste and religion are the key drivers of such inequalities in the north and northeast states. Relative IOP estimates are high in northern states, but lower in the southern and northeast states. We draw several policy implications, highlighting the need for tailored policy initiatives designed and implemented at the state level to enhance energy accessibility and affordability to women-led households, backward castes, and minorities. We contend that the use of such indices cannot only inform the policymakers of the current state of IOP, but one can construct such indices to measure the progress toward ensuring equality of opportunity in energy consumption across demographic groups.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825381","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}

{"title":"Would geopolitical risks be the new driver of the energy transition? An empirical study on renewable energy technology innovation","authors":"Ying Zhang, Baoliu Liu, Jinjun Xue, Yiming Chen, Fang Zhao","doi":"10.1016/j.eneco.2024.108100","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108100","url":null,"abstract":"As a complement to previous studies related to geopolitical risk (GPRs) and renewable energy development, this study examines the impact of GPRs on renewable energy technology innovation in an attempt to reveal whether fluctuations in GPRs promote energy transition. The study finds that increased levels of GPRs will foster technological innovation in the renewable energy sector, most pronounced in the solar energy sector. Heterogeneity analysis showed that developed and non-OECD countries with less aggressive renewable policies see the most significant effects. The results from empirical analysis demonstrate that economic policy uncertainty could intensify the beneficial impact of GPRs on the development of renewable energy technology innovation. These findings confirm that the heightened GPRs globally could serve as new momentum for energy transition, providing some implications for policymakers and energy market investors to promote energy transition.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"43 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825379","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}

{"title":"Impact of bidding zone re-configurations on electricity prices: Evidence from Sweden","authors":"Luisa Loiacono, Leonzio Rizzo, Carlo Stagnaro","doi":"10.1016/j.eneco.2024.108106","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108106","url":null,"abstract":"In the European Union's electricity wholesale markets, energy is traded across large bidding zones, which, in most cases coincide with national borders: the so-called zonal markets. Within each market zone, energy flows are supposed to be free of transmission constraints. However, in some cases transmission constraints exist, implying an inefficient mismatch between demand and supply in different areas where the zonal market holds. Does transition to a more homogeneous multi-zonal market change equilibrium prices by facilitating a better balance between demand and supply when transmission constraints hold? We answer this question, by testing if the market re-configuration from one bidding zone to four zones, together with the commitment to not limit export with the neighboring countries, which took place in Sweden in November 2011, implied a change in prices. We perform a Regression Discontinuity in Time (RDiT) to compare change in prices in the four zones of Sweden. We find that, after November 2011, electricity prices increase across all zones with a stronger effect in southern Sweden.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"252 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825377","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}

{"title":"The dynamic connectedness between oil price shocks and emerging market economies stock markets: Evidence from new approaches","authors":"Aviral Kumar Tiwari, Mehmet Metin Dam, Halil Altıntaş, Festus Victor Bekun","doi":"10.1016/j.eneco.2024.108101","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108101","url":null,"abstract":"This paper uses the dynamic connectedness framework to investigate the interrelationship between the decomposed oil supply, demand and risk shocks that Ready (2018) developed and the stock market returns of emerging market economies. For this purpose, we use daily data from 11 October 2001 to 5 April 2021. Novel empirical methodologies, including wavelet quantile correlation (WQC), cross-quantilogram analysis, nonparametric causality-in-quantile approaches, contemporaneous R<ce:sup loc=\"post\">2</ce:sup> connectedness approach and generalized R<ce:sup loc=\"post\">2</ce:sup> connectedness approaches, are employed. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies, reflecting historical events. Demand price shocks are regarded as net transmitters within the system, whereas supply and risk price shocks are net receivers of spillovers. Concurrently, our findings indicate a considerable degree of dynamic connectedness among the stock markets of emerging market economies. In particular, the stock markets of Brazil, Mexico, and Argentina have been identified as net transmitters of spillovers. In contrast, the stock markets of Turkey, South Korea, Malaysia, Indonesia and India are classified as net receivers of spillovers. Furthermore, we examine and document the advantages of diversified portfolios that include all sector indices, including oil price shocks and emerging market economy stock markets, in terms of portfolio performance. The insights offered here are valuable for investors and policymakers striving to enhance their strategic approaches in today's interconnected global financial context. The results show that oil price fluctuations significantly impact the economic performance of emerging market economies and reflect historical events. Demand shocks affecting the stock market indices of Brazil, Argentina and Mexico tend to act as net spillover transmitters. In contrast, supply shocks affecting the stock market indices of Indonesia, South Korea, India, Turkey and Malaysia mainly act as net spillover receivers. Net pairwise interconnectedness analysis reveals that, except for crisis periods, interactions between financial markets or macroeconomic indicators are evenly distributed. Thus, systemic risk is lower, and markets act independently. Empirical findings obtained using WQC generally show the presence of negative correlations at long-time scales and low quantiles, which is considered an indicator of the safe-haven feature associated with the asset in question. The hedge feature is observed to be evident only at long time scales. The results of the cross-quantilogram analysis show mixed evidence of correlation in all stock indices, especially in the weekly lag structure, compared to daily and monthly lags. Finally, non-parametric Granger causality test results show that stock returns are insensitive to oil price fluctuations, making these markets attractive for investors se","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"18 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825378","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}

{"title":"Do global COVOL and geopolitical risks affect clean energy prices? Evidence from explainable artificial intelligence models","authors":"Sami Ben Jabeur, Yassine Bakkar, Oguzhan Cepni","doi":"10.1016/j.eneco.2024.108112","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108112","url":null,"abstract":"We investigate the impact of global common volatility and geopolitical risks on clean energy prices. Our study utilizes daily data from January 1, 2001, to March 18, 2024. Using a new framework based on explainable artificial intelligence (XAI) methods, our findings demonstrate that the COVOL index outperforms the geopolitical risk index in accurately predicting clean energy prices. Furthermore, the Extreme Trees algorithm shows superior performance compared to traditional regression techniques. Our findings indicate that XAI improves transparency, thereby making a substantial contribution to agile decision-making in predicting clean energy prices. Practitioners, including investors and portfolio managers, can enhance investment decisions and manage systemic risks by incorporating COVOL into their risk assessment and asset allocation models.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"47 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790095","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}

{"title":"Impacts of border carbon adjustments on the Canadian economy","authors":"Hossein Jebeli, Y.-H. Henry Chen, Craig Johnston, Sergey Paltsev, Marie-Christine Tremblay","doi":"10.1016/j.eneco.2024.108089","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108089","url":null,"abstract":"This paper examines how border carbon adjustments (BCAs) may address the consequences of uncoordinated global climate action, focusing on the economic impacts for Canada. We investigate these impacts under different BCA design features and by considering a coalition of countries and regions that adopt BCAs. We find that when Canada is within a coalition of BCA-implementing countries including the United States, BCA measures in the form of import tariffs reduce Canada's carbon leakage and boost domestic and foreign competitiveness. We show that these results may change if Canada imposes BCAs on a different set of sectors than the rest of the coalition or includes export rebates and free emissions allowances to firms. When Canada remains in the coalition while the United States does not, we show that Canada's carbon leakage increases, domestic competitiveness weakens, and foreign competitiveness improves.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"1 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142790081","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}

{"title":"Gender norms and solar panel energy adoption in Australia: Evidence from a natural experiment","authors":"Sefa Awaworyi Churchill ,&nbsp;Russell Smyth ,&nbsp;Trong-Anh Trinh","doi":"10.1016/j.eneco.2024.108079","DOIUrl":"10.1016/j.eneco.2024.108079","url":null,"abstract":"<div><div>In the eighteenth and nineteenth centuries the United Kingdom transported convicts to the penal colonies of New South Wales and Van Diemen's Land. Most of the convicts who were sent to the colonies were men. Treating it as a quasi-natural experiment, we employ the gender imbalance associated with this historical event to examine how gender norms influence the adoption of photovoltaic solar panels (PVS) in modern day Australia. Estimates from our preferred instrumental variable specification suggest that a unit increase in the historical sex ratio causes 3.5 more PVS units to be installed per 1000 population. We provide indirect evidence on the role of female bargaining power as a channel. We find that women living in locations which had higher historical sex ratios report being more satisfied with the division of childcare and household responsibilities, consistent with having greater bargaining power. We find that the effect of historical sex ratios on each of these proxies for female bargaining power is moderated by having an Australian-born parent, such that having an Australian-born parent strengthens the relationship, consistent with gender norms being passed down across generations. We also find that the effect of historical sex ratios on female bargaining power is attenuated by internal migration and greater ethnic diversity in the postcode, both of which weaken the vertical transmission of gender norms.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"141 ","pages":"Article 108079"},"PeriodicalIF":13.6,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142756644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}