Resources Policy最新文献

{"title":"Causality, Connectedness, and Volatility pass-through among Energy-Metal-Stock-Carbon Markets: New Evidence from the EU","authors":"Parisa Pakrooh ,&nbsp;Matteo Manera","doi":"10.1016/j.resourpol.2024.105408","DOIUrl":"10.1016/j.resourpol.2024.105408","url":null,"abstract":"<div><div>The EU carbon market serves as an innovative financial instrument with the primary objective of contributing to mitigating the impacts of climate change. This market demonstrates significant interconnectedness with fossil energy, precious metal, and financial markets, although limited research has focused on the causality, dependency, intensity and direction of time-varying spillover effects. This study examines how the energy, metal, and financial markets have an impact on the EU carbon market. It focuses on three main research questions, namely: 1) how do these markets affect each other?; 2) how do they connect?; 3) how do volatilities spillover among them? By answering these questions, the study aims to assist EU decision makers to develop effective carbon policies, help investors manage risks and promote practices that are consistent with the EU's climate goal. To achieve these objectives, this paper proposes a novel methodological approach that combines the most recent econometrics methods, such as Directed Acyclic Graph analysis, Canonical Vine Copula models, and Time-Varying parameter Vector Auto Regressive models with Stochastic Volatility with the use of a comprehensive sample of daily data from April 26, 2005 to December 31, 2022. The major findings of this study demonstrate that causality predominantly runs from energy, metal, and financial markets to the EU carbon market. The dependency structure, although varying across different sub-periods, shows a strong relationship observed between oil, coal, silver, copper, EuroStoxx600, and <span><math><mrow><msub><mtext>CO</mtext><mrow><mn>2</mn><mspace></mspace></mrow></msub></mrow></math></span> market. Additionally, the oil and copper futures prices exhibit the highest dependence on EUA prices. Furthermore, the study establishes that the EU carbon market is a net receiver of shocks from all other markets, with the energy, metal, and financial markets significantly influencing volatility in EUA prices. The time-varying spillover effect is most pronounced with a one-day lag, and the duration of the spillover effects ranges from 2 to 15 days, gradually diminishing over time. These results have the potential to increase the understanding of the EU carbon market and offer practical guidance for policymakers, investors, and companies involved in this domain.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105408"},"PeriodicalIF":10.2,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658085","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}

{"title":"Impact of oil and gold prices on Bitcoin price during Russia-Ukraine and Israel-Gaza wars","authors":"Shabnam Zeinedini ,&nbsp;Mohammad Sharif Karimi ,&nbsp;Azad Khanzadi ,&nbsp;Ali Falahati","doi":"10.1016/j.resourpol.2024.105405","DOIUrl":"10.1016/j.resourpol.2024.105405","url":null,"abstract":"<div><div>Political tensions between countries and geopolitical events can create significant uncertainty in financial markets, impacting the prices of traditional assets such as oil and gold, as well as the emerging asset, Bitcoin. This study investigates the effect of gold and oil prices, including their price shocks, on Bitcoin price during two specific conflicts: the Russia-Ukraine war and the Israel-Gaza conflict. To achieve this, we employed the Vector Auto-Regression (VAR) method and wavelet coherence analysis. The data used spans daily observations from January 2022 to April 2024.The findings indicate that gold prices have a positive impact on Bitcoin prices. Specifically, there is a predominantly short-term relationship between gold prices and Bitcoin prices throughout the entire period under review, with this influence gradually decreasing over the medium and long term. Conversely, the relationship between Brent oil prices and Bitcoin prices during the same period shows that crude oil prices generally have a negative and insignificant effect on Bitcoin prices in the short term.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105405"},"PeriodicalIF":10.2,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658083","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":"Digitalization of the financial market and green coal trade","authors":"Ping Wang ,&nbsp;Chengcheng Huang ,&nbsp;Gang Zhou ,&nbsp;Wenjun Wu ,&nbsp;Xinmeng Wu","doi":"10.1016/j.resourpol.2024.105406","DOIUrl":"10.1016/j.resourpol.2024.105406","url":null,"abstract":"<div><div>In recent years, fintech advancements have influenced global coal trade patterns. This study analyzes the impact of fintech on coal trade across 80 countries from 2012 to 2019. Findings from the MGARDL model reveal that increased fintech activity reduces coal imports while boosting exports, suggesting enhanced trade efficiency and access to capital. Income inequality and private infrastructure investment negatively impact coal trade, likely due to restricted financial access and infrastructure limitations. Meanwhile, ICT development supports coal trade by streamlining logistics and finance. The study confirms a bidirectional relationship between fintech and coal trade, emphasizing mutual influence. Policy recommendations include promoting fintech adoption, encouraging sustainable investments, improving financial access, and expanding ICT infrastructure to foster a more sustainable coal trade.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105406"},"PeriodicalIF":10.2,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658053","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":"Analysis of critical raw materials policy for electrical and electronic equipment: Planning for a truly circular economy","authors":"N.A. Vafeas ,&nbsp;P. Slezak ,&nbsp;M.W. Hitzman","doi":"10.1016/j.resourpol.2024.105380","DOIUrl":"10.1016/j.resourpol.2024.105380","url":null,"abstract":"<div><div>The European Union's objectives under the Green and Digital transitions, are contingent on the decarbonisation of essential sectors such as energy, transportation, and communications. At present, the EU does not have sufficient identified mineral resources, nor processing capacity, to supply many of its strategically defined materials. The success of these objectives hinges on the EU's ability to secure a stable and consistent supply of critical raw materials (CRM). Using a systematic three-part assessment of mandated and non-mandated EU policies, European Commission communications, and a review of CRM, the findings reveal that despite efforts to enhance local supply and diversify foreign sources of CRM, there is a lack of cross-sector coherence across social, economic, and technical aspects of recycling. This is further exacerbated by inefficient retention of waste-hosted critical raw materials. Failure to adopt integrative policy measures may result in the EU's continued dependency on undiversified foreign sources for its supply of critical raw materials, thereby compromising its strategic autonomy as well as the goals of the Green and Digital transitions. Improved design of electrical and electronic equipment and processing of waste from these products could conceivably provide a mechanism for a continuous and retained supply of critical raw materials, culminating in a potentially significant resource stream for the Union. The EU can improve resource efficiency, reduce its dependence on imports, and facilitate a truly circular economy by adopting a comprehensive and symbiotic policy framework that quantifies material resources in waste and that recognises the product design stage as an integral facet of the product recycling stage, herein referred to as “forwardcycling”.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105380"},"PeriodicalIF":10.2,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658052","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":"Private climate investment, coal transition and digitalization in the major coal-consuming countries","authors":"Ling Liu","doi":"10.1016/j.resourpol.2024.105382","DOIUrl":"10.1016/j.resourpol.2024.105382","url":null,"abstract":"<div><div>This paper examines the relationship between private investment, digitalization, and coal rent in major coal-consuming countries from 1999 to 2019. Using the CS-FMOLS technique, the results show that a 1% increase in the ICT Development Index raises coal rent by 0.24%, underscoring digitalization's role in enhancing coal industry profitability. Conversely, a 1% increase in private participation in infrastructure reduces coal rent by 0.35%, as private investments focus on sustainable energy. The study concludes that while private investment supports clean energy, digitalization extends coal reliance. To support coal transition, policies should promote green ICT production, renewable energy, green finance, and good governance in sustainable projects.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105382"},"PeriodicalIF":10.2,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658051","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":"Mineral policy dynamics and their impact on equity market volatility in the global south: A multi-country analysis","authors":"Haithem Awijen ,&nbsp;Sami Ben Jabeur ,&nbsp;Houssein Ballouk","doi":"10.1016/j.resourpol.2024.105373","DOIUrl":"10.1016/j.resourpol.2024.105373","url":null,"abstract":"<div><div>This study investigates the complex interplay between natural resources policy amendments in the Global South countries and their subsequent impact on equity market volatility, particularly in Asian countries. It scrutinizes how legislative, statute, act, code, or executive decree changes jointly provoke equity market volatility. Utilizing the asymmetric volatility Multiplicative Error Model, our research reveals how alterations in mineral policies significantly affect equity market volatility across various nations in the Global South. Notably, China is the most significant influencer, alongside India and Malaysia. The results indicate a strong link between government actions, including policy reforms and fiscal strategies, and the propagation of market volatility. This connection underscores the growing interdependence among Asian stock indices. This study provides valuable perspectives for policymakers, investors, and stakeholders in the Global South seeking to navigate the complex economic implications of natural resources policy decisions on equity markets.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105373"},"PeriodicalIF":10.2,"publicationDate":"2024-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658050","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 role of blockchain technology in facilitating finance for metal and mining resources","authors":"Ting Cai ,&nbsp;Xinchun Shi ,&nbsp;Zhaoyan Shang ,&nbsp;Xinxin Zhu ,&nbsp;Jingjing Qi","doi":"10.1016/j.resourpol.2024.105383","DOIUrl":"10.1016/j.resourpol.2024.105383","url":null,"abstract":"<div><div>As ESG investment becomes a key sustainability goal, its importance grows amid technological advancements. This study explores the effect of blockchain on ESG investments in 100 Chinese A-listed firms in the metal and mining sectors from 2016 to 2019. CS-FMOLS estimates show that a 1% rise in blockchain use increases ESG investments by 0.017%, underscoring blockchain's role in boosting transparency and efficiency. Additionally, a 1% increase in profits results in a 0.362% rise in ESG investments, and a 1% boost in EPS yields a 0.177% increase in ESG investments. Conversely, a 1% growth in personnel leads to a 0.42% decrease in ESG investment, highlighting a gap in green jobs and literacy. Changes in R&amp;D spending have no significant effect on ESG investments. To enhance ESG investments, policies should include sustainable education, industry-specific cryptocurrencies, blockchain-based credit references, and expanded use in carbon markets.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105383"},"PeriodicalIF":10.2,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658089","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":"Evolutionary characteristics and structural dependence determinants of global lithium trade network: An industry chain perspective","authors":"Yonglin Li ,&nbsp;Zhili Zuo ,&nbsp;Jinhua Cheng ,&nbsp;Deyi Xu","doi":"10.1016/j.resourpol.2024.105381","DOIUrl":"10.1016/j.resourpol.2024.105381","url":null,"abstract":"<div><div>As a globally emerging critical mineral, lithium is increasingly prominent in international trade, emphasizing the importance for energy transition and industrial structure upgrading to understand the evolution and formation of the global lithium trade networks (GLTN). From the perspective of industry chain, this paper uses complex network theory to construct GLTN for 2000–2021, investigates the determinants of network structure dependence through an exponential random graph model (ERGM), for analyzing the evolutionary characteristics and formation mechanisms of trade networks in both the holistic and local dimensions. The results show that, firstly, GLTN exhibits the overall characteristics of a \"sparse upstream and tight midstream and downstream\" network. The downstream exhibits a distinctive small-world network feature. China, the United States and Europe are the most active countries and regions in GLTN, covering the whole industry chains. Second, endogenous structure, node attributes and exogenous network effects all exert an influence on network structure. Regarding the impact of network structural dependence, lithium trade has transitivity effect, connectivity effect, and popularity effect. Third, the shocks of COVID-19 cut off the transitivity effect formed by indirect dependencies to the downstream industry chain first, resulting in a high network volatility. There is a strong heterogeneity in the network structural dependency for the industry chain.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105381"},"PeriodicalIF":10.2,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658088","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":"When energy dispels curse: Linking natural resources, energy and inclusive growth in Africa","authors":"Fabrice Ewolo Bitoto ,&nbsp;Augustin Borice Ngounou ,&nbsp;Thierry Pondie Messie ,&nbsp;Emmanuel Wayisovia Juakaly ,&nbsp;Clément Nicodème Mefire Njikam","doi":"10.1016/j.resourpol.2024.105384","DOIUrl":"10.1016/j.resourpol.2024.105384","url":null,"abstract":"<div><div>The aim of this paper is twofold. First, we assess the impact of natural resource dependence on inclusive growth in Africa and the channels through which this impact is transmitted; and second, we investigate the moderating role of energy in the relationship between natural resources and inclusive growth. Using data from 48 African countries over the period 1995–2020, we then mobilized several recent methods to effectively address the endogeneity issue, including Driscoll-Kraay, the Generalized Method of Moments in System (GMM-S) and the Two-stage Instrumental Variables (2SIV) approach. Several results emerge from the econometric analysis. First, natural resource dependence significantly reduces inclusive growth in Africa. Second, trade openness, human capital, and institutional quality mediate this effect by 46%, 65%, and 18%, respectively. Third, energy use moderates the relationship between natural resources and inclusive growth in Africa. Specifically, access to electricity and clean cooking energy improves the region's inclusive growth, while renewable energy and energy intensity worsen it. Fourth, the control variables significantly affect inclusive growth in line with the literature. First, we suggest large government investments in renewable energy infrastructure to reduce dependence on non-renewable resources, diversify the economy, and promote inclusive, sustainable economic growth in the long run. Second, public policies targeting workers, firms, and communities are needed to ensure an equitable transition to renewable energy to improve energy efficiency on the continent.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105384"},"PeriodicalIF":10.2,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658048","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":"Breaking mineral resource curse through digital economy: Resource-based regions' sustainable path in the age of digitalization","authors":"Yanwei Lyu ,&nbsp;Wenqiang Wang ,&nbsp;You Wu ,&nbsp;Jinning Zhang","doi":"10.1016/j.resourpol.2024.105379","DOIUrl":"10.1016/j.resourpol.2024.105379","url":null,"abstract":"<div><div>As a new economic driver, the digital economy emerged globally in recent years. However, its potential role in alleviating the mineral resource curse may be disregarded. In this paper, urban mineral resource curse and digital economy are scientifically quantified through the data of 265 Chinese cities in 2009–2019. The FE model and spatial Durbin model are employed to examine the direct effects, specific mechanisms as well as spillover effects of digital economy on mineral resource curse. When digital economy is less than 0.123, the digital economy results in a worse mineral resource curse, but when digital economy exceeds 0.123, it turns into an enabler for breaking the mineral resource curse. Green total factor productivity, industrial structure upgrading and technological innovation are not only the major mechanisms for digital economy to break mineral resource curse, but also essential channels for the inverted U-shaped relationship. According to the heterogeneity analysis, mineral resource-based cities or cursed cities derive greater benefits for breaking mineral resource curse from digitalization process.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"99 ","pages":"Article 105379"},"PeriodicalIF":10.2,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658049","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}