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Aligning common prosperity with sustainable development goals 3 and 7 through sustainable insurance 通过可持续保险使共同繁荣与可持续发展目标 3 和 7 相一致
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-05 DOI: 10.1016/j.eneco.2024.108033
Wei Zhou , Xuelian Li , Jyh-Horng Lin , Chuen-Ping Chang , Yujie Cai
{"title":"Aligning common prosperity with sustainable development goals 3 and 7 through sustainable insurance","authors":"Wei Zhou ,&nbsp;Xuelian Li ,&nbsp;Jyh-Horng Lin ,&nbsp;Chuen-Ping Chang ,&nbsp;Yujie Cai","doi":"10.1016/j.eneco.2024.108033","DOIUrl":"10.1016/j.eneco.2024.108033","url":null,"abstract":"<div><div>This paper develops a capped-call option model to evaluate sustainable insurance for achieving common prosperity. It integrates policyholder protection (Sustainable Development Goal 3 (SDG 3)) and the cap-and-trade mechanism (SDG 7) in modeling the Gini coefficient, thereby connecting SDGs 3 and 7 with common prosperity. The main findings are as follows. Life insurance policies that prioritize saving features enhance policyholder protection (SDG 3) but can detract from common prosperity. This impact is magnified when the regulatory cap within the cap-and-trade scheme for carbon-intensive manufacturers becomes stricter. High investment risks for carbon-intensive manufacturers reduce policyholder protection but support common prosperity. A stricter cap-and-trade scheme (SDG 7) also reduces policyholder protection and contradicts common prosperity. This paper avoids concluding any inherent inconsistency between the SDGs and common prosperity, as our analysis is based on the structure-conduct-performance paradigm rather than a macro perspective. Policymakers should carefully balance objectives between SDG 3 and common prosperity to ensure that policies promoting individual security do not compromise broader societal well-being and economic equality, as outlined by the SDGs.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108033"},"PeriodicalIF":13.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660776","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
Domestic and foreign cap-and-trade regulations, carbon tariffs, and product tariffs during international trade conflicts: A multiproduct cost-efficiency analysis 国际贸易冲突中的国内外限额交易法规、碳关税和产品关税：多产品成本效益分析
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-05 DOI: 10.1016/j.eneco.2024.108034
Yonghong Zhao , Fu-Wei Huang , Ching-Hui Chang , Jyh-Jiuan Lin
{"title":"Domestic and foreign cap-and-trade regulations, carbon tariffs, and product tariffs during international trade conflicts: A multiproduct cost-efficiency analysis","authors":"Yonghong Zhao ,&nbsp;Fu-Wei Huang ,&nbsp;Ching-Hui Chang ,&nbsp;Jyh-Jiuan Lin","doi":"10.1016/j.eneco.2024.108034","DOIUrl":"10.1016/j.eneco.2024.108034","url":null,"abstract":"<div><div>This paper develops a down-and-out call option model with structural breaks to examine the effects of domestic environmental policies on carbon-intensive firms amid international trade conflicts. The findings reveal that stricter cap-and-trade regulations, carbon tariffs, and product tariffs exacerbate pollutant-specific diseconomies of scale, limit economies of scope, and reduce firm equity. The positive impact on pollutant-specific diseconomies of scale leads to higher pollution, hindering progress toward Sustainable Development Goal 7 (SDG 7: Affordable and Clean Energy) from a multiproduct cost-efficiency perspective. Meanwhile, the negative impact on economies of scope results in fewer products and pollutants, aligning with SDG 7 but conflicting with Sustainable Development Goal 8 (SDG 8: Decent Work and Economic Growth), as the scope measure accounts for efficiency in both products and pollutants. Additionally, the negative impact on firm equity discourages progress toward both SDGs, especially during trade conflicts. In summary, environmental policies distinctly affect firm multiproduct cost efficiency and equity, particularly under varying trade conflict conditions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108034"},"PeriodicalIF":13.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660771","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
Bank-firm common ownership, green credit and enterprise green technology innovation: Evidence from Chinese credit markets 银行-企业共同所有权、绿色信贷与企业绿色技术创新：来自中国信贷市场的证据
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-04 DOI: 10.1016/j.eneco.2024.108014
Minghao Liu , Kun Xu , Lihong Zhai
{"title":"Bank-firm common ownership, green credit and enterprise green technology innovation: Evidence from Chinese credit markets","authors":"Minghao Liu ,&nbsp;Kun Xu ,&nbsp;Lihong Zhai","doi":"10.1016/j.eneco.2024.108014","DOIUrl":"10.1016/j.eneco.2024.108014","url":null,"abstract":"<div><div>Bank-firm common ownership can tackle the innovation dilemma of bank loans on firms' green development. This paper constructs indicators of common ownership and green technological innovation and then investigates the impact of bank-firm common ownership on corporates' green technological innovation using Chinese A-share listed enterprises samples from 2004 to 2021. Our conducted experiments reveal that bank-firm common ownership shareholders not only make banks and lending firms have the same goal, promote the total level, quantity, and quality of technological innovation for the green development of lending firms, and profit from the firms' short- and long-term market responses. Our findings are prominent in private enterprises, small-capitalization enterprises, and bull market cycles. In addition, we discover that shareholder reduction restrictions and policies restricting corporate shareholding in financial institutions enhance bank-firm common ownership shareholders on corporate green technological innovation development. Common ownership shareholders reduce information asymmetry between banks and lending enterprises and provide green loans to support enterprise green technology innovations. Furthermore, alleviating financing constraints and strengthening the supervisory role are important influence mechanisms. In this regard, carried PSE analysis indicates the direct effect of bank-firm common ownership shareholders to promote enterprise green development of technological innovation accounts for about 41% of the total effect, the intermediary effect of “financing mechanism” and “supervision mechanism” account for about 50% and 9%, and the “financing mechanism” is more important than the “supervision mechanism.” The findings of this paper can optimize the credit market to serve the green and high-quality development of Chinese enterprises better.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108014"},"PeriodicalIF":13.6,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660428","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
Does climate risk as barometers for specific clean energy indices? Insights from quartiles and time-frequency perspective 气候风险是特定清洁能源指数的晴雨表吗？从四分位数和时间频率角度看问题
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-03 DOI: 10.1016/j.eneco.2024.108003
Hongjun Zeng , Mohammad Zoynul Abedin , Vineet Upreti
{"title":"Does climate risk as barometers for specific clean energy indices? Insights from quartiles and time-frequency perspective","authors":"Hongjun Zeng ,&nbsp;Mohammad Zoynul Abedin ,&nbsp;Vineet Upreti","doi":"10.1016/j.eneco.2024.108003","DOIUrl":"10.1016/j.eneco.2024.108003","url":null,"abstract":"<div><div>This study presents the first analysis of the nexus between the Southern Oscillation Index (SOI), a measure of climate risk, and segmented clean energy indices (such as solar, renewable, and bioenergy). Our research findings indicate that (i) the Granger quantile causality significance of SOI on segmented clean energy indices is asymmetric across different conditional quantiles. Significant predictability of SOI is observed only at the 0.25 and 0.75 quantile levels for all segmented clean energy indices, except for the WilderHill Clean Energy Index and NASDAQ OMX Fuel Cell Index. (ii) The clean energy market is significantly influenced by SOI under bullish market conditions. Impacts of SOI on all clean energy markets are nearly negligible when clean energy indices are at the median and lower quantile levels. (iii) The influence of strong La Niña episodes on segmented clean energy indices is more pronounced than during periods of intense El Niño phenomena. (iv) SOI exhibited a positive correlation at mid-term and long-term frequencies with segmented Clean Energy sectors, excluding bioenergy, for the majority of the sample period. Our conclusions provide deeper insights for investors managing clean energy investments in extreme climate conditions. Additionally, they offer useful information for policymakers to formulate viable economic policies addressing climate change, ensuring energy security, and facilitating a safer transition to clean energy.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108003"},"PeriodicalIF":13.6,"publicationDate":"2024-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660147","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}
引用次数: 0
Predicting the volatility of major energy commodity prices: The dynamic persistence model 预测主要能源商品价格的波动：动态持续性模型
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.107982
Jozef Baruník , Lukáš Vácha
{"title":"Predicting the volatility of major energy commodity prices: The dynamic persistence model","authors":"Jozef Baruník ,&nbsp;Lukáš Vácha","doi":"10.1016/j.eneco.2024.107982","DOIUrl":"10.1016/j.eneco.2024.107982","url":null,"abstract":"<div><div>Time variation and persistence are crucial properties of volatility that are often studied separately in energy volatility forecasting models. Here, we propose a novel approach that allows shocks with heterogeneous persistence to vary smoothly over time, and thus model the two together. We argue that this is important because such dynamics arise naturally from the dynamic nature of shocks in energy commodities. We identify such dynamics from the data using localised regressions and build a model that significantly improves volatility forecasts. Such forecasting models, based on a rich persistence structure that varies smoothly over time, outperform state-of-the-art benchmark models and are particularly useful for forecasting over longer horizons.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107982"},"PeriodicalIF":13.6,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660775","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 service trade with AI and energy efficiency: Multiplier effect of the digital economy in a green city by using quantum computation based on QUBO modeling 人工智能与能源效率的服务贸易：基于 QUBO 模型的量子计算：绿色城市数字经济的乘数效应
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.107976
Da Huo , Wenjia Gu , Dongmei Guo , Aidi Tang
{"title":"The service trade with AI and energy efficiency: Multiplier effect of the digital economy in a green city by using quantum computation based on QUBO modeling","authors":"Da Huo ,&nbsp;Wenjia Gu ,&nbsp;Dongmei Guo ,&nbsp;Aidi Tang","doi":"10.1016/j.eneco.2024.107976","DOIUrl":"10.1016/j.eneco.2024.107976","url":null,"abstract":"<div><div>This research examines the energy efficiency of city districts through the Malmquist–DEA model and investigates the spatial effects of the service trade and the digital economy on energy efficiency in urban green development. The study also delves into the specific context of the AI service trade to gain insights into and align with the emerging digital intelligence industry. The interplay of the service trade with the digital economy, alongside the AI service trade with innovation, significantly enhances urban energy efficiency and demonstrates positive externalities. Building on the empirical findings, this research employs cluster analysis to explore the green development of city districts and uses AI technology to program green communication and cooperation mechanisms across district clusters, employing quantum computation based on QUBO modeling. This study contributes to a deeper understanding of the cofunction of the service trade and the digital economy in terms of energy efficiency and aids in developing new quality productivities for green cities through quantum-based AI advancements. This research has clear implications for cutting-edge interdisciplinary applications of green AI technologies in social computing science.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107976"},"PeriodicalIF":13.6,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660777","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
Key effects contributing to changes in energy imports in the EU-27 between 2000 and 2020: A decomposition analysis based on the Sankey diagram 2000 至 2020 年间欧盟 27 国能源进口变化的主要影响：基于桑基图的分解分析
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-02 DOI: 10.1016/j.eneco.2024.108009
Rocío Román-Collado , Virginia Casado Ruíz
{"title":"Key effects contributing to changes in energy imports in the EU-27 between 2000 and 2020: A decomposition analysis based on the Sankey diagram","authors":"Rocío Román-Collado ,&nbsp;Virginia Casado Ruíz","doi":"10.1016/j.eneco.2024.108009","DOIUrl":"10.1016/j.eneco.2024.108009","url":null,"abstract":"<div><div>The aim of this paper is to analyse the key effects contributing to changes in energy imports in the European Union (EU-27) in the period 2000–2020. Using the Logarithmic Mean Divisia Index (LMDI), the analysis examines the effect of changes in six factors—energy structure, energy dependence, energy transformation efficiency, energy yield after transformation, energy efficiency and activity—on imports of oil, natural gas and other sources of energy. The results of the analysis reveal that the decarbonisation process has fostered the abandonment of the most polluting fossil fuel sources; however, there has been an increase in energy dependence on less polluting sources that are not produced domestically. In contrast, there has been an opportunity for change through improved energy efficiency, which has made it possible to reduce energy requirements per unit produced. In short, in order to achieve a sustainable and secure energy future, it is crucial to implement policies and actions that promote both the diversification of the energy mix—particularly renewable energies—and efficiency in consumption. Doing so will enable countries to move towards true decarbonisation and minimise vulnerability in their energy supply.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108009"},"PeriodicalIF":13.6,"publicationDate":"2024-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660097","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
Retraction notice to “Corrigendum to ‘Geopolitical oil price uncertainty transmission into core inflation: Evidence from two of the biggest global players’ [Energy Economics, 126(2023), 106983]” [Energy Economics Volume 139, November 2024, 107911] 地缘政治油价不确定性传导至核心通胀 "的更正通知：来自两个全球最大参与者的证据'[《能源经济学》，126(2023)，106983]"[能源经济学》第139卷，2024年11月，107911]
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-01 DOI: 10.1016/j.eneco.2024.108023
Chien-Chiang Lee , Godwin Olasehinde-Williams , Oktay Özkan
{"title":"Retraction notice to “Corrigendum to ‘Geopolitical oil price uncertainty transmission into core inflation: Evidence from two of the biggest global players’ [Energy Economics, 126(2023), 106983]” [Energy Economics Volume 139, November 2024, 107911]","authors":"Chien-Chiang Lee ,&nbsp;Godwin Olasehinde-Williams ,&nbsp;Oktay Özkan","doi":"10.1016/j.eneco.2024.108023","DOIUrl":"10.1016/j.eneco.2024.108023","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 108023"},"PeriodicalIF":13.6,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701926","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
Forecasting carbon futures returns using feature selection and Markov chain with sample distribution 利用特征选择和带有样本分布的马尔可夫链预测碳期货收益率
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-01 DOI: 10.1016/j.eneco.2024.107962
Yuan Zhao , Xue Gong , Weiguo Zhang , Weijun Xu
{"title":"Forecasting carbon futures returns using feature selection and Markov chain with sample distribution","authors":"Yuan Zhao ,&nbsp;Xue Gong ,&nbsp;Weiguo Zhang ,&nbsp;Weijun Xu","doi":"10.1016/j.eneco.2024.107962","DOIUrl":"10.1016/j.eneco.2024.107962","url":null,"abstract":"<div><div>The accurate forecasting of carbon returns is paramount for enabling informed investment decisions, promoting emissions reduction, and effectively shaping policies to combat climate change. In this paper, we propose a novel method to improve carbon returns predictability in a data-rich environment. The innovations of the model are manifested in two key dimensions: (i) a feature selection strategy based on the minimum prediction error is introduced; (ii) a novel Markov chain with sample distribution considering both prediction and parameter estimation is proposed to quantify the error information and perfect the prediction performance by error modification. Our empirical findings demonstrate that the proposed model outperforms a comprehensive array of competing models, both in point and interval forecasting of carbon returns. The results are consistently confirmed in various robustness checks. Finally, we show that the enhanced prediction performance of the proposed model is economically significant, which can help investors make favorable decisions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 107962"},"PeriodicalIF":13.6,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660767","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
WITHDRAWN: Influencing conservation: The role of socio-psychological factors on consumer water-saving intentions and practices 撤回：影响节水：社会心理因素对消费者节水意愿和实践的影响
IF 13.6 2区 经济学
Energy Economics Pub Date : 2024-11-01 DOI: 10.1016/j.eneco.2024.107941
Ruihui Yu , Mengdi Qin , Yunpeng Gong , T.C.E. Cheng
{"title":"WITHDRAWN: Influencing conservation: The role of socio-psychological factors on consumer water-saving intentions and practices","authors":"Ruihui Yu ,&nbsp;Mengdi Qin ,&nbsp;Yunpeng Gong ,&nbsp;T.C.E. Cheng","doi":"10.1016/j.eneco.2024.107941","DOIUrl":"10.1016/j.eneco.2024.107941","url":null,"abstract":"<div><div>This article has been withdrawn at the request of the editor. The Publisher apologizes for any inconvenience this may cause.</div><div>The full Elsevier Policy on Article Withdrawal can be found at <span><span>https://www.elsevier.com/about/policies/article-withdrawal</span><svg><path></path></svg></span>.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"139 ","pages":"Article 107941"},"PeriodicalIF":13.6,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701221","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
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