查看更多>>摘要：As an innovative financial model that promotes sustainable economic development, green finance is an important means to promote the adjustment of my country's energy consumption structure. This paper proposes corresponding policy recommendations based on the theoretical and empirical analysis results of the impact of green finance on the energy consumption structure of different regions in my country. Research indicates:(1) From a national perspective, the development of green finance is positively correlated with the structure of energy consumption, indicating that the improvement of the level of green finance development will effectively promote the adjustment of energy consumption structure, indicating that green finance has an obvious positive effect on the adjustment of energy consumption structure. The coefficient of economic development level is positive, and energy prices are positively correlated with energy consumption structure, but the overall impact is weak. The industrial structure and energy consumption structure are negatively correlated, but the significance test is not passed. Foreign direct investment and energy consumption structure have a significant negative correlation. (2) From a regional perspective, in eastern region , the level of green finance development has a positive impact on the energy consumption structure of the eastern region and the control variables of economic development level, energy prices and industrial structure are not significant, but foreign direct investment has a positive impact on the energy consumption structure of the eastern region; in the central region, the development level of regional green finance has a positive impact on the energy consumption structure, but it is not significant, and the level of economic development, energy prices, and industrial structure are not significant, but foreign direct investment has a significant negative impact on the energy consumption structure of the central region; in the western region, green finance has a positive impact on the energy consumption structure, but the significance is not passed test, and the level of economic development, energy prices, industrial structure and foreign direct investment are significant. The policy recommendations based on the impact of the development of green finance on the energy consumption structure derived from the research of the thesis are helpful to provide a reference for my country's green finance to promote the adjustment of energy consumption structure.
查看更多>>摘要：Previous research in the public health and epidemiology literatures has highlighted that coal-producing counties in Appalachia exhibit morbidity and mortality rates higher than those in the rest of the United States. However, these studies primarily use cross-sectional data, rely on singular measures of mortality, such as the age-adjusted mortality rate, and solely measure mining activity that occurs within a county's jurisdictional boundary. To address these limitations, I combine more than three decades of data on coal-mining activity and county-level mortality rates to quantify the association between surface coal production and mortality risk and highlight inequities in this relationship across demographic groups. I find increases in nearby surface coal-mining activity is associated with increased mortality rates from cardiovascular disease among the population over age 65. Results from this study support an expedited transition away from U.S. production of coal, which would mitigate the effects of climate change and would also address concerns about inequitably experienced local pollution exposure from extraction activities.
查看更多>>摘要：This study provides novel analysis of the events in the WTI crude oil futures market on April 20, 2020. We detail how the arbitrage linkages between the NYMEX CL contract and the e-mini NYMEX QM contract broke down and report new information about the unusual market conditions on that date. After establishing that most price discovery happens in the more liquid CL contract, we show how these two contracts decoupled in the May 2020 spot period. Next, using supervisory CFTC data, we document that the typical arbitragers did not participate in the WTI crude oil markets on April 20. This change in the composition of arbitragers had important implications for the unusual settlement prices in the CL contract. Third, we use generalizable non-parametric methods to rank the values observed in terms of price deviations, realized volatility and spreads to similar crude oils. We find the May 2020 spot month to have the largest values of these measures across all spot periods from 2011 to 2020. Finally, we show that natural gas futures markets did not experience a similar price decoupling, suggesting the lack of storage capacity at Cushing played an important role in the WTI crude negative price event.
查看更多>>摘要：The purpose of this study is to examine the effect of COVID-19 pandemic on gold, oil, conventional and Islamic stock markets. Two variables as the number of new COVID-19 cases and Infectious Disease Equity Market Volatility (IDEMV) Index developed by Baker, Bloom, Davis and Kost (2019) are used in order to discuss the effect of COVID-19 pandemic. Other variables used in the research are oil prices, gold prices and S&P Dow Jones Index values for conventional and Islamic stock markets. The data set used in the study is the daily data set between 31st December 2019 and 5th May 2020 for all variables. Time and frequency domain causality test is used in the study. According to the study results, there is a permanent causality in long term between stock markets, gold and oil prices and the number of COVID-19 cases. There is also a permanent causality in long term between IDEMV and gold and oil prices. However, in short term, there is a temporary causality between gold and oil prices and the number of COVID-19 cases. These results are highly important especially for policy performers and portfolio managers to determine the portfolio strategies.
查看更多>>摘要：The current paper examines the dynamic causal relationships between US stock market indices and precious metal prices across all quantiles of the conditional distribution covering the period 1987M1-2021M3. For empirical analysis, we employ the newly developed quantile unit root test, quantile autoregressive distributed lag (QARDL) model, and Granger-causality-in-quantiles testing approach. The QARDL analysis indicates that the relationship between precious metal prices and US stock market indices is quantile dependent. Further, the empirical findings indicate that Granger causality is quantile-dependent and differs according to each precious metal. We find evidence of bi-directional Granger causality between the US stock market indices and gold prices at the lower-and-middle quantiles of the distribution. Results also support bi-directional Granger causality from changes in the US stock market indices to silver prices at the extreme lower quantiles of the distribution. Lastly, we find evidence of bi-directional Granger causality from changes in the US stock market indices to changes in platinum prices in all tails of the conditional distribution. These empirical results may have important implications for investors, commodity market players and regulators, and policy makers.
查看更多>>摘要：The current serious resource constraints and ecological problems have brought new challenges to China's economic growth. Improving green total factor energy efficiency (GTFEE) and reducing energy consumption are necessary ways to achieve economic transformation and sustainable development. Based on the panel data of 30 Chinese provinces for the 2006-2017 period, this study uses the spatial Durbin model discuss the influence of OFDI and institutional quality on GTFEE. The research conclusions show that inter-provincial GTFEE has a significant spatial correlation. OFDI can not only improve the local GTFEE, but also the GTFEE in neighboring areas. Specifically, under the economic weight matrix, for every 1% increase in OFDI, the local GTFEE increased by 0.031%, and the GTFEE of the neighboring areas increased by 0.117%. OFDI can improve the GTFEE of the home country by improving technological innovation, upgrading the industrial structure and alleviating capital misallocation. Additionally, the results of the threshold effect show that the nonlinear impact of OFDI on GTFEE is dependent on institutional quality. Higher levels of corruption result in a reduction in OFDI's role in promoting GTFEE. However, the improvement in the marketization level and intellectual property protection can increase the positive influences of OFDI on GTFEE.
查看更多>>摘要：In light of increasing environmental degradation, a body of research has studied the role that financialization and natural resources endowments can play as an emergency lever for the achievement of a sustainable environment. The previous studies on the factors leading to environmental degradation have followed a restrictive approach as they have resorted mainly to CO2 emissions and ecological footprint. Few existing studies have referred to more globalizing indicators of environmental degradation such as the ecological gap and its dynamics. This study focuses not only on environmental sustainability, but also on its dynamics as proxies of environmental degradation. The aim of our paper is to identify the dynamic impacts on environmental sustainability caused by financial development and natural resources rents in low and high sustainability regimes. Therefore, the objective of this paper is to verify if the provision of a developed financial sector and the endowment of abundant natural resources for a country like Saudi Arabia makes it possible to ensure a sustainable environment. Results based on the Markov switching model in the case of Saudi Arabia spanning the period 1985-2017 revealed that financialization promotes environmental sustainability, but not its dynamics, in high sustainability regime. Our findings reported also that natural resources rents are beneficial for the achievement of environmental sustainability both in low and high sustainability regimes, but do not constitute a means to preserve the dynamics of environmental sustainability. Biomass energy consumption has negative effects on ecological gap and its dynamics under high sustainability regime. Economic growth is beneficial for reducing the ecological gap, but harmful for maintaining a dynamic of environmental sustainability in low sustainability regime. The effects of economic growth are reversed in high sustainability regime. The results found in this study not only offer decision-makers the appropriate policies to achieve a sustainable environment, but also some recommendations to preserve its dynamics.
查看更多>>摘要：The resource curse literature has established that taxation of natural resources might limit the long-term development of fiscal capacity in resource-rich countries. This article explores if, and how, natural resource abundance generates fiscal dependence on natural resource revenues. We compare five peripheral economies of Latin America (Bolivia, Chile, Peru) and Scandinavia (Norway, Sweden) over a period of 90 years, between 1850 and 1939. Both groups were natural resource abundant, but in the latter natural resource dependence decreased over time. By using a novel database, we find that fiscal dependence was low in Norway and Sweden, while high and unstable in Bolivia, Chile and Peru. This suggests that natural resource abundance should not be mechanically linked to fiscal dependence. An accounting identity shows that sudden increases in fiscal dependence were related to both economic and political factors: countries' economic diversification, and attitudes of the relevant political forces about how taxation affects the companies operating in the natural resource sector.
查看更多>>摘要：This study examined the copper production and economic growth nexus across the countries with a higher copper production in the regional and global levels from 2002 to 2016. The testing framework (cross-sectional dependence, panel unit root, and cointegration tests) and panel common corrected effects mean group (CCEMG) and cross-sectionally augmented distributed lags (CS-DL) estimators were employed. The main findings showed that all selected variables are cross-sectionally dependent and integrated at the first order, which implies the existence of long-run cointegration relationships. Except in Africa and Middle-East, copper production signifi-cantly contributes to increasing economic growth across the regional and global levels. Moreover, a unidirec-tional causal relationship running from economic growth to copper production is detected in Africa and Middle-East, and North-America. This causal link is running from copper production to economic growth in Europe and Central-Asia and at the global level. A bidirectional causal link was detected in Asia-Pacific, while the neutral causal link was noted in South and Central America. This study suggested the potential policy implications to strengthen the link between copper production and growth with respect to labor and capital.
查看更多>>摘要：This paper investigates how extreme oil price shocks affect the stock market returns of major oil-exporter countries (Gulf Cooperation Council [GCC] countries) at different time horizons. We contribute to the literature by examining the extreme co-movements (tail dependence) between the different sources of oil price shocks and stock market returns directly by testing the tail dependence of the joint distribution across frequencies. Our methodology incorporates the recent oil shock decomposition of Ready (2018) with a novel quantile cross-spectral dependence approach of Barunik and Kley (2019) and wavelet coherence analysis for the period of June 1, 2006 to February 28, 2020. These two approaches enable the detection of the dependence structure during extreme market conditions (bearish and bullish markets) and/or at different time horizons (frequencies). Examining the strength of co-movement between the GCC stock market returns and disaggregated oil shocks may impact the GCC-country portfolio's value at risk levels. The findings provide potential implications for portfolio investors in the GCC region, who could consider co-movement through both return quantiles dependence and time frequencies when designing their portfolios.
NSTL
Elsevier