Resources Policy最新文献

{"title":"Dynamic regime differences in the market behavior of primary natural resources in response to geopolitical risk and economic policy uncertainty","authors":"Erhan Muğaloğlu ,&nbsp;Sevda Kuşkaya ,&nbsp;Luigi Aldieri ,&nbsp;Mohammed Alnour ,&nbsp;Mohammad Enamul Hoque ,&nbsp;Cosimo Magazzino ,&nbsp;Faik Bilgili","doi":"10.1016/j.resourpol.2023.104340","DOIUrl":"https://doi.org/10.1016/j.resourpol.2023.104340","url":null,"abstract":"<div><p>The study explores the dynamic effects of geopolitical risks and economic policy uncertainties on oil and natural gas prices in the US market's less volatile and highly volatile regimes, employing Markov regime-switching dynamic regression models (MS-DR) with monthly data from January 2000 to November 2022. Our empirical results demonstrate that a positive shock in the geopolitical risk of the USA (GPR_US) causes an increase in the growth rate of the prices of WTI at the high volatile periods (regime 1), and its one-period lagged effects are negative at time t in the less volatile periods (regime 0), and it cumulatively causes an increase in WTI price. GPR_US and one lagged effect negatively and positively natural gas prices (NGAS) at both regimes. respectively, where the dynamic cumulative impact of GPR_US causes NGAS to increase. World geopolitical risks (GPR) lead to an increase in WTI and natural gas prices. Furthermore, US economic policy exerts a reduction in WTI price at both less and highly volatile regimes, and its lag influences are positive at both regimes, where it cumulatively causes a decrease in WTI price. In a similar manner, global economic policy uncertainty also reduces WTI. US economic policy and its lag effects exhibit an increase and decrease in NGAS prices in the high volatile regime but exhibited a cumulatively positive response to shock in economic policy uncertainty. Global economic policy uncertainty causes nature gas prices to go up. Hence, geopolitical risks and economic policy uncertainty might have a complex impact on the prices of natural resources. It depends on the specific circumstances and the supply-demand dynamics in the market. Our findings offer insightful implications for economic agents.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"87 ","pages":"Article 104340"},"PeriodicalIF":10.2,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71760680","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 long-term impact of a resource-based fiscal windfall: Evidence from the Peruvian canon","authors":"Fernando M. Aragón ,&nbsp;Hernan Winkler","doi":"10.1016/j.resourpol.2023.104305","DOIUrl":"https://doi.org/10.1016/j.resourpol.2023.104305","url":null,"abstract":"<div><p>This paper examines the long-term impact of the canon, a resource-based transfer, on local living conditions in Peruvian municipalities. We use the most recent data and several identification strategies with cross-section and panel data. We find no evidence of significant improvements in access to public services, poverty, or inequality. This negligible impact occurs, even though we observe sizable increases in municipalities’ revenue, personnel, and equipment. We only observe some suggestive, albeit weak, evidence of increased infrastructure projects in local areas, such as the construction and repair of urban roads.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"87 ","pages":"Article 104305"},"PeriodicalIF":10.2,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71761382","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":"Can U.S. strategic petroleum reserves calm a tight market exacerbated by the Russia–Ukraine conflict?","authors":"Noha Razek ,&nbsp;Valentina Galvani ,&nbsp;Surya Rajan ,&nbsp;Brian McQuinn","doi":"10.1016/j.resourpol.2023.104062","DOIUrl":"10.1016/j.resourpol.2023.104062","url":null,"abstract":"<div><p>Recent changes in global petroleum markets have driven the debate regarding the use of strategic petroleum reserves (SPRs) as a price management tool during periods marked by extreme price volatility. We examine the price management role of the U.S. SPR under typical market conditions and in extreme emergencies. Furthermore, we discuss the White House's hypotheses that (a) boosted Organization of the Petroleum Exporting Countries' (OPEC) production and releases from the U.S. SPR result in a negative pressure on U.S. gasoline inflation, and (b) crude oil releases from the U.S. SPR helps balance the global oil market. The threshold cointegration results indicate that U.S. SPR releases impact neither OPEC production nor imported input prices. We apply a hybrid open-economy Phillips curve to model gasoline inflation, accounting for backward- and forward-looking price settings, domestic and global slackness, and energy security. We distinguish between normal-, super-, and hyper-backwardation and -contango oil markets using threshold cointegration and regression techniques. Our results demonstrate that SPR releases and OPEC output increases generally decrease inflation, with a crucial exception being the hyper-backwardation market, as seen in 2021–2022. This period was characterized by severely constrained global supply buffers, including OPEC's spare capacity, exacerbated by the Russia–Ukraine conflict. For this period, we conclude that (1) the impact of OPEC production changes on gasoline inflation would be negligible, (2) excess domestic demand relative to domestic supply raises concerns about domestic energy security, and (3) the unprecedentedly large SPR drawdowns are likely to have caused the market to panic and contributed to gasoline price increases, contrary to arguments suggesting that the 2022 releases eased domestic gasoline prices. We conclude that the SPR is an ineffective price control mechanism during crises and may not have the strategic value previously thought in an extremely tight oil market.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104062"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42440454","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":"Are natural resources a hindrance to ecological footprint? Mineral rents, energy production, and consumption positions","authors":"Han Kang ,&nbsp;Le Li ,&nbsp;Jin Feng","doi":"10.1016/j.resourpol.2023.104048","DOIUrl":"10.1016/j.resourpol.2023.104048","url":null,"abstract":"<div><p><span><span><span>Natural resources can indeed hinder </span>ecological footprint, but this largely depends on how these resources are managed and utilized. Mineral rents, energy production, and consumption positions all play a role in determining the impact of natural resources on the environment. They are considered when assessing the impact of natural resources on the environment. This paper examines the natural resources hindrance and the ecological footprint nexus in the United States from 1971 to 2019, using mineral rents, energy use, and electricity production from coal as moderator variables. The results show that natural resources and energy use are positively associated with the ecological footprint, while mineral rents and electricity production from coal are negatively associated with it. These results are consistent with the literature suggesting that the increase in natural resources and energy use leads to an increase in ecological footprint, while the presence of mineral rents and electricity production from coal lead to a decrease in it. In addition, these results suggest that policy measures should be taken to reduce the impacts of natural resources and energy use on ecological footprint. The United States should strive to create policies that improve its mineral rents' sustainability while reducing its ecological footprint. This could be done by implementing measures that incentivize using </span>renewable energy resources, such as wind, solar, and </span>geothermal energy, and incentivizing businesses to reduce their reliance on mineral rents.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104048"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48120926","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":"Efficient natural resource rents and carbon taxes in BRICS green growth","authors":"LingYan Meng ,&nbsp;Jinshi Li","doi":"10.1016/j.resourpol.2023.104043","DOIUrl":"10.1016/j.resourpol.2023.104043","url":null,"abstract":"<div><p><span><span>The growing interest in green growth techniques results from the need for nations throughout the globe to pursue sustainable development in recent decades. This study looks at the role of efficient natural resource rents in mediating the financial sector’s readiness for green development in the BRICS nations between 2000 and 2021 concerning </span>carbon taxes. Using </span>econometric techniques, we examine the dynamic interactions between carbon taxes and the distribution of natural resource rents in BRICS economies. Our findings show that when combined with carbon taxing measures, effective management of natural resource rents is essential for easing the transition to green development. According to the results, maximizing the use of resource rents improve the financial sector’s preparedness for sustainable growth and encourage investments in environmentally friendly projects in the BRICS nations. This research might help policymakers and investors in BRIC economies encourage green growth and address environmental challenges.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104043"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45163373","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 impact of natural resource management, innovation, and tourism development on environmental sustainability in low-income countries","authors":"Bekpulatov Farrukh ,&nbsp;Ijaz Younis ,&nbsp;Cheng Longsheng","doi":"10.1016/j.resourpol.2023.104088","DOIUrl":"10.1016/j.resourpol.2023.104088","url":null,"abstract":"<div><p><span>Natural resource depletion<span><span> and the effects of global warming on the environment have emerged as urgent worldwide challenges. Many countries have responded by implementing plans to manage their </span>natural resources and deal with </span></span>environmental issues in the post-COVID-19 era. However, innovative abilities are frequently limited in low-income countries (LICs), which makes it difficult for them to successfully offset environmental consequences. It is crucial to comprehend the possible contributions that innovation, tourism, and the availability of natural resources can make to resolving these issues. This study focuses on examining how innovation, tourism, and environmental degradation relate to LICs richness of natural resources. To establish the reliability of the results, empirical analysis utilizing data from 2000 to 2020 of LICs was carried out using the Feasible GLS, Prais-Winsten Regression, Driscoll-Kraay standard error regression, and Non-Parametric Kernel regression models. The findings show that natural resources have a beneficial effect on environmental degradation in LICs. Natural resource-dependent sectors are thought to use energy-intensive procedures, which contribute to greater emissions, in countries where the share of natural resource rent in GDP is higher. Higher levels of innovation may not always result in environmental sustainability in LICs, as the study also demonstrates a positive association between innovation and environmental degradation. Although there is a link between tourism and environmental deterioration, it is possible that the growth of tourism in LICs will encourage the transition to a less carbon-intensive service-based economy.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104088"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47624853","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":"Consequences of the energy measures derived from the war in Ukraine on the level of prices of EU countries","authors":"Miguel Á. Martínez-García ,&nbsp;Carmen Ramos-Carvajal ,&nbsp;Ángeles Cámara","doi":"10.1016/j.resourpol.2023.104114","DOIUrl":"10.1016/j.resourpol.2023.104114","url":null,"abstract":"<div><p>The war in Ukraine and the sanctions imposed by the European Union on Russia, which is one of the largest exporters of gas and oil, are currently causing a serious energy crisis. The aim of our work is to analyze the effects that the rise in fossil fuel prices, due to the embargo on Russian gas and oil resulting from the war in Ukraine, is having on the productive sectors of European economies. We apply input-output methodology, which allows to determine and analyze the impacts experienced both in production and prices, when there is a change in an exogenous variable. The results show that not all countries and sector were affected in the same way. In fact, there are significant differences that should be considered. European countries should keep inflation under control, without social welfare losses.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104114"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49611442","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":"Greening the knowledge-based economies: Harnessing natural resources and innovation in information and communication technologies for green growth","authors":"Zhen Wang ,&nbsp;Yaoxuan Huang ,&nbsp;Victoria Ankrah ,&nbsp;Jiapeng Dai","doi":"10.1016/j.resourpol.2023.104181","DOIUrl":"https://doi.org/10.1016/j.resourpol.2023.104181","url":null,"abstract":"<div><p><span>The quest for green growth through the sustainable use of natural resources (NRs) and innovation in </span>information and communication technologies<span><span><span> (IICTs) has gained the utmost significance in the modern era, and the knowledge-based economies (KBEs) have been at the leading edge of embracing sustainable methods for accomplishing sustainable development objectives. However, the relationship between NRs, IICTs, and green growth remain unexplored. This study evaluates the impact of IICTs and NRs, alongside other key factors such as contractionary export policy (CEP), expansionary export policy (EEP), fossil fuels consumption (FFC), the labor force (LF), and gross fixed capital formation (GFCF) on green growth. Findings confirm that IICTs, NRs, GFCF, LF, and EEP positively affect green growth. The current research employs Slope homogeneity test, cross-sectional dependency test, Westerlund and Edgerton cointegration test, and cross-sectional augmented autoregressive distributed lag estimator to achieve the study's objective. These results highlight the significance of integrating environmentally conscious procedures and relying on technological advances within the information and communication technology sector to promote green development and ecological integrity. In addition, the study indicates that a growing reliance on FFC and the implementation of CEP harm green growth, underscoring the necessity of moving to </span>renewable energy sources and promoting favorable </span>trade policies<span>. This study suggests that policymakers should emphasize IICTs, effective NRs management, GFCF, labor skills, EEP, and the transition to greener energy. Moreover, they should incorporate ecological factors in their trade practices to reconcile economic growth with sustainability goals.</span></span></p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104181"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49872932","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":"What role public debt plays to moderate the influence of natural resources on financial development? Appraising Resource-Curse Hypothesis in MENA Region","authors":"Duan Chengyonghui,&nbsp;Soh Wei Ni,&nbsp;Ong Tze San,&nbsp;Norhuda BT Abdul Rahim","doi":"10.1016/j.resourpol.2023.104192","DOIUrl":"https://doi.org/10.1016/j.resourpol.2023.104192","url":null,"abstract":"<div><p><span>A sound financial structure is one of the imperative<span><span> macroeconomic goals for developed and developing ones, particularly for resource-abundant countries, which are more vulnerable due to the unexpected shock of COVID-19 and experiencing the financial </span>resource curse (FRC). The literature has extensively discussed the assimilation of </span></span>natural resources (NR) into a blessing or curse; however, little is known concerning the FRC hypothesis through integrating public debts (PD). Therefore, the present research scrutinizes the FRC in the Middle East and North African (MENA) countries by considering the PD, NR, institutional quality (IQ), and financial development (FD) in an integrating framework from 2001 to 2020. The study employs a cross-section augmented distributed lag (CS-ARDL) estimator to address the concerns of cross-section dependency and slope heterogeneity. The long-run empirical findings elucidate that NR significantly reduces FD and affirms the FRC hypothesis, while IQ positive promotes the FD in the MENA region. Another pertinent factor, PD reduces FD significantly, and the moderating impact of PD through NR reveals the inverse association with FD. Additionally, consistent findings are investigated in the short run with a smaller coefficient magnitude, and the cointegrating term converges towards the steady state equilibrium with a 29.4% adjustment rate in any diverging situation. Similar empirical outcomes are echoed from the alternative panel techniques, and panel causality testing indicates the bi-directional causality among all model variables except IQ and FD. Overall results provide valuable policy implications to the MENA region that should empower the IQ levels in mitigating the adverse impacts of FRC.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104192"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49894174","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":"How does natural resource dependence influence industrial green transformation in China? Appraising underlying mechanisms for sustainable development at regional level","authors":"Xiaodong Yang ,&nbsp;Xia Liu ,&nbsp;Qiying Ran ,&nbsp;Asif Razzaq","doi":"10.1016/j.resourpol.2023.104191","DOIUrl":"https://doi.org/10.1016/j.resourpol.2023.104191","url":null,"abstract":"<div><p><span>Natural resource and environmental carrying capacity bound industrial green transformation, and global economies are striving to ensure sustainable transformation. In response, efficient use of natural resources and reduced natural resource dependence have emerged as critical factors, mainly in industrial countries. Hence, this study empirically assesses how natural resource dependence affects industrial green transformation using Chinese regional data from 2008 to 2020. The results reveal that natural resource dependence inhibits industrial green transformation. Although the inhibitory effects of natural resource dependence are significant in both east-central and western regions, it is more pronounced in the east-central region. It inhibits industrial green transformation by dampening </span>marketization, industrial structure upgrading, and human capital. These findings offer valuable suggestions for effective resource management.</p></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"86 ","pages":"Article 104191"},"PeriodicalIF":10.2,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49894175","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}