查看更多>>摘要：The natural resource curse hypothesis is largely discussed in the empirical literature; however, little is known regarding the financial resource curse hypothesis through the integration of business regulations. Also, most empirical research in the literature has used conventional estimation methods. To address these research gaps, this paper examines the financial resource curse hypothesis by scrutinizing the linkage between financial development and natural resources rent from 1984 to 2018. Empirical results validate the financial resource curse hypothesis. Business regulations encourage financial development and neutralize the negative consequences of natural resources on financial development. It implies that conducive business regulations mitigate the financial resource curse in ASEAN countries. This condition may be considered essential for the sustainability of natural resource rent-related advancements in financial development, and appropriate policy recommendations could be put forward.
查看更多>>摘要：Green credit policy has been increasingly critical in easing financing restraints on green innovation. China's Green Credit Guidelines (GCGs) limit loans to industries with high pollution, high energy intensity and overcapacity (THOS industries), and provide financial support to non-THOS industries. This study investigates the effects of the GCGs on green innovation from the perspective of peer effect. It explores mutual influences among THOS and non-THOS enterprises to reveal mechanisms underlying the peer effect. The key results are as follows. First, the peer effect positively influences the quality of enterprises' green innovation; compared with THOS industries, the GCGs could strengthen the peer effect of green innovation in non-THOS industries. Second, after implementing the GCGs, compared with THOS industry, the peer effect of green innovation in non-THOS industries is stronger. Green innovation in THOS enterprises could promote green innovation in non-THOS enterprises in the same peer group. Third, the stricter the financing constraint and the fiercer the industrial competition faced by enterprises, the weaker the peer effect of green innovation among industries. The higher the degree of marketization, the stronger the peer effect of green innovation for non-THOS enterprises.
查看更多>>摘要：Technology development plays a significant role in the petroleum industry. In countries where all oil activities are carried out under the supervision of the National Oil Company, technology development must be done at the industry level. The development of technology at the industry level requires careful planning at different layers of the industry. Systematic planning and alignment at different levels of plans are essential factors for success in this regard. At each level of the industry, certain conditions and requirements, technology strategies, interactions among stakeholders at different levels, and technology priorities affect each other through bilateral relations between different levels of the industry. This interaction necessitates the existence of alignment between them. This study aims to discover different aspects of technology planning with two famous techniques of roadmapping (TRM) and quality function deployment (QFD) and provide a model to ensure the alignment in technology plans of the oil industry of developing countries and to this end, the Iranian oil industry is studied as a case. The current model maintains the interrelationship between the strategic technology fields of the industry and technology priority applications in major companies as well as putting the future technology needs in the technology portfolio of the industry. Meanwhile, it provides a platform for managers to identify the priorities of companies and form learning circles to participate in the development of higher technology programs.
查看更多>>摘要：The influence of the international energy market on different economic aspects has increased significantly, especially after an escalation in the financialization of the energy market. Likewise following this trend, the relationship between the international energy market and the US sectoral returns has developed significantly since the last decade. We examine the presence of a non-linear relationship between major US sectors and energy commodities from January 2007 to December 2018. To rightly justify the application of non-linear estimation technique, we perform Narayan and Popp (2010) test followed by the Wald test to identify asymmetries in the model. These asymmetries are more pronounced in the coal market as compared to oil and gas markets. The results of NARDL model, which is capable of capturing the non-linear and asymmetric relationship, highlight the presence of asymmetries between the energy commodities and the US sectoral returns. This relationship is pronounced more in the short-run for all sectors. Our cumulative coefficients for representing the contemporaneous relationship between energy commodities and US sectoral returns also highlight not only consistent asymmetric behaviour in the short-run but show collective unitary positive and negative impact of oil, gas and coal market. As a robustness measure, our application of dynamic multipliers suggests that the relationship between energy commodities and US sectors converge in the long-run after 20-30 weeks' period. The results of our study entail valuable implications for policymakers and investors.
查看更多>>摘要：Recently, energy transition is an essential element for global development and needs the attention of recent researchers and policymakers. Thus, the present research investigates the impact of natural resources (total natural resources rent and natural gas rent) and economic factors (energy import, economic growth, and population growth) on the energy transition in China. Secondary data were collected from world development indicators (WDI) from 1971 to 2019. The Augmented Dickey-Fuller (ADF) test, Phillips-Perron (PP) test, Kwiatkowski-Phillips-Schmidt-Shin (KPSS) and "zivot-andrews structural break unit root" test was also utilized to check for stationarity among the autoregressive distributed lag model (ARDL) along with the error correction model (ECM) were used to examine the relationships between constructs. The results found that natural resources (total natural resources rent and natural gas rent) and economic factors (energy import, economic growth, and population growth) have a positive association with energy transition in China. The study concluded that energy transition is the essential requirement due to high usage of natural resources and high economic development. These results are helpful for energy sector regulators when formulating the rules and regulations related to energy transition in the country.
查看更多>>摘要：This study investigates the multifractality behavior, time-varying efficiency, and long memory in leading precious and industrial metals futures markets. We use Hurst exponent and an asymmetric multifractal detrended fluctuations analysis (A-MF-DFA). We show significant asymmetric multifractality. Moreover, gold has the lowest asymmetric multifractality behavior and silver experiences the highest magnitude of asymmetric multifractality. All metals markets show persistence under negative scales and anti-persistence at positive scales. Precious metals are more inefficient in a downward trend before and during the 2008 global financial crisis and European sovereign debt crisis (GFC and ESDC) and during the oil crisis. Industrial metals are highly inefficient in a downward trend before and during the GFC and ESDC and the recovery period, while the resuxlts are mixed during the oil crisis.
查看更多>>摘要：Yttrium (Y), mainly using for phosphors, is considered as one of critical rare earth elements (REEs) in several countries. However, its flows and stocks in the whole life and fundamental supply and demand are still unclear, leading to that it is difficult to measure its criticality. This study aims to estimate China's Y flows and stocks for the period of 2000-2019 by applying dynamic material flow analysis. The results indicate that: (1) 146 kilo tons (kt) Y concentrates were flowed into anthropogenic system, and 33 kt Y were used in fluorescent lights, accounting for 80% of the total final use; (2) Y supply had been imbalanced with its demand, generating 39 kt Y surplus during the study period; (3) accumulative net Y export was 55 kt, in which primary products and final products accounted for 84% of the total export. Finally, three policy implications are proposed, including dynamic and specific list of individual critical REE, emergent Y recycling plans, and comprehensive stockpile policies.
查看更多>>摘要：Samarium is one rare earth element that plays a vital role in the emerging high-tech sectors. However, few studies have been conducted to investigate this element. This study aims to investigate samarium flows and stocks in China for the period of 2011-2020 through dynamic material flow analysis. Also, a linear programming method is employed to predict future samarium demand and supply until 2035. The results show that the annual demand for samarium significantly increased from 162 tons in 2011 to 726 tons in 2020, while its supply remained stable with an annual amount of 600 tons. Due to this supply-demand imbalance, the total samarium surplus decreased to 1140 tons in 2020. Without any intervention policies, samarium resource will be depleted before 2025. From a trade perspective, China has exported more samarium resources to other countries due to its abundant reserves, which may influence its domestic supply. Finally, several policy recommendations are proposed to improve the overall samarium resource efficiency, including economic instruments, technological support, and the implementation of circular economy.
查看更多>>摘要：This study is to examine the impact of natural resources, economic growth, export diversity and inflation on financial development in top-10 natural resource abundant countries, spanning the period of 1990-2020. The empirical outcomes show that natural resources, economic growth, export diversity, inflation and financial development have long-run equilibrium relationship. Further, export diversity, economic growth and inflation increase financial development but natural resources reduce financial development in natural resource abundant countries. Furthermore, panel causality results show a unidirectional causality moving from financial development to export diversity and inflation. The empirical results offer new insights for policy makers to protect their natural resources for the betterment of financial development in top-10 natural resource abundant countries.
查看更多>>摘要：Energy resource investment has been critical for a sustainable economy. Its significance, however, intensified, notably post COVID-19. The function of energy efficiency in ensuring a sustainable environment has been undervalued. However, unlike previous studies, this study aims to analyze the role of energy efficiency, industrial production and investment in energy on carbon emissions for China employing data from 1990 to 2020. The study uses updated time series econometric methods such as Narayan and Pop unit root test, Bayer-Hanck cointegration method, fully modified, dynamic and canonical cointegration analysis. The results confirmed cointegrating relationship among variables via Bayer-Hanck cointegration approach. The study also revealed that energy efficiency and carbon emissions had an inverse connection. Meanwhile, China's industrial production, energy investment, and gross domestic product have all been found to increase emissions. Consequently, natural resource rents harm the ecosystem. Based on the empirical findings, this study recommends the adoption of energy-efficient technologies and the use of energy from efficient sources in order to assist China to lessen environmental deterioration.
NSTL
Elsevier