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- EXTREME HEAT REDUCES INDIVIDUAL HAPPINESS
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Authors: FANGLIN CHEN, XIN ZHANG, ZHONGFEI CHEN
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Using individual-level happiness data in Chinese General Social Survey (CGSS) and county-level temperature data, this study analyzes the impact of extreme high temperature on happiness. Results show that extreme heat reduces individuals’ happiness. Specifically, each additional day spent experiencing extreme temperatures resulted in a 0.005 unit decrease in happiness. Results remained robust after modifying the model specification and variable measures. Further analysis shows that extreme heat more strongly affects the low-income and nonair-conditioned groups. Results of the mechanism analysis showed that extreme high temperature mainly affects the individual’s happiness by reducing the individual’s income and health. Thus, the effects of extreme heat on happiness are gradually amplified, in turn exacerbating environmental inequality. This study analyzes the negative impact of climate change from the perspective of social welfare and reveals the internal mechanism of environmental inequality, thus providing a reference for policy formulation.
Citation: Climate Change Economics
PubDate: 2024-06-06T07:00:00Z
DOI: 10.1142/S2010007823400043
Issue No: Vol. 15, No. 02 (2024)
- ECONOMICS OF COOLING AND HEATING: A REVIEW OF RECENT ADVANCES
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Authors: Chu Wei, Wenji Zhou, Andreas Löschel, Xiao-Bing Zhang
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Citation: Climate Change Economics
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S2010007824030015
Issue No: Vol. 15, No. 02 (2024)
- INCOME, EXTREME TEMPERATURE, AND RESIDENTIAL ELECTRICITY CONSUMPTION IN
THE SPANISH PROVINCES-
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Authors: MARIA DEL P. PABLO-ROMERO, ANTONIO SÁNCHEZ-BRAZA, CLAUDIA PRISCILA IZQUIERDO
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
The effect of income and extreme temperatures on the residential electricity consumption in Spain is analyzed. An electricity demand function is estimated by means of ordinary least squares-Driscoll and Kraay, feasible generalized least squares, and quantiles panel data techniques, for the total of the sample, and by coastal climatic zones. The results support the energy-environmental Kuznets curve hypothesis for Spain, the continental, and Mediterranean zones. An N form is found for the Atlantic zone. The results also reflect that increases in temperature above 22∘C and decreases below 15∘C increase electricity consumption, this increase being progressive as temperatures vary. Thus, extreme temperature generates electricity consumption growth. The Mediterranean zone is most sensitive to these temperature changes. The results also show that electricity consumption is more sensitive to cold than to heat. The results suggest an inefficient use of heating and cooling appliances in the areas with the highest electricity consumption.
Citation: Climate Change Economics
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S2010007824500040
Issue No: Vol. 15, No. 02 (2024)
- THE (NON)DISCLOSURE OF ENERGY EFFICIENCY: THE CASE OF COOLING TECHNOLOGIES
ACROSS AFRICA-
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Authors: PILLE-RIIN AJA, LOUIS-GAËTAN GIRAUDET, SÉBASTIEN HOUDE
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
The adoption of air conditioning (AC) could grow exponentially across Africa under the joint effect of acute warming, sustained income growth, and rapid urbanization. The implications for greenhouse gas emissions will crucially depend on the energy efficiency of the models adopted. Little is known, however, about how energy efficiency information is conveyed to consumers in these markets. To fill this gap, we gathered data on cooling appliances characteristics from Africa’s largest e-commerce platform, serving 13 countries — Algeria, Cameroon, Côte d'Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Tanzania, Tunisia, and Uganda. We find that less than 10% of the AC models available on the marketplace (N = 1229) have information disclosed about their energy performance. Information disclosure appears to be highly idiosyncratic with weak strategic motives. This overall lack of information about energy efficiency represents an important challenge for enforcing energy performance standards and steering demand toward energy-efficient cooling appliances.
Citation: Climate Change Economics
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S2010007824400049
Issue No: Vol. 15, No. 02 (2024)
- IMPACTS OF GLOBAL WARMING ON REGIONAL ENERGY AND ECONOMY: UNEVEN
CONSEQUENCES ARISING FROM GLOBAL WARMING-INDUCED HEATING AND COOLING
DEMAND OF HOUSEHOLDS-
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Authors: LIN MA, TAOYUAN WEI, KALLE NORDLING, ASBJØRN AAHEIM
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
The impacts of global warming vary across regions. This paper studies the distributional implications of global warming impacts on household energy use for heating and cooling and the induced macroeconomic responses under different scenarios. Our research updates the direct impact of global warming on household energy demand in 140 regions worldwide by utilizing existing estimations of damage functions related to temperature changes. Subsequently, the updated direct impact is used in a global static computable general equilibrium (CGE) model to evaluate the macroeconomic responses. We find that at the global level, the market effects cause a reduction in the direct impact on the demand for oil and gas, while that for electricity displays a positive but moderate growth. Whereas the regional effects vary across countries and lead to changes in both directions, in which the autonomous adaptation embodied in the global market plays a vital role. Furthermore, we find strong inequality in the socioeconomic responses to global warming across regions. Notably, low-income countries are most strongly affected by increased primary energy use and decreased gross domestic product (GDP). Disparities in the impacts on carbon-based energy sources yield a near-perfect inequality as per the adjusted Gini index for CO2 emission changes, which potentially intensify the distributional consequences of global climate change.
Citation: Climate Change Economics
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S2010007824500052
Issue No: Vol. 15, No. 02 (2024)
- CLIMATE CHANGE AND HOUSEHOLD ELECTRICITY CONSUMPTION INEQUALITY IN CHINA
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Authors: DENGKE CHEN, SHIYI CHEN, HAO JIN
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Based on the micro-data of China’s Urban Household Survey, this paper investigates the impact of climate change on household electricity consumption inequality by using a two-way fixed effect model. The result reveals that households are more likely to purchase air conditioning (AC) and consume more electricity in response to extreme weather shocks. Furthermore, it is observed that high-income households are better equipped to mitigate the negative effects of extreme weather, as they possess a larger proportion of AC units and are more likely to acquire new ones to cope with extremely high temperatures. Finally, the study finds that extreme weather shocks exacerbate inequality in household electricity consumption.
Citation: Climate Change Economics
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S2010007824400013
Issue No: Vol. 15, No. 02 (2024)
- THE IMPACT OF INTERGENERATIONAL PARENTING ON AC COOLING DEMAND: EVIDENCE
FROM SOUTHERN CHINA-
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Authors: MENGSHU ZHU, RUOHAN ZHONG, CHU WEI
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Given ever-increasing temperatures, household air conditioner (AC) usage is increasing rapidly, posing significant sustainability challenges. Identifying the drivers of residential demand is critical, especially in developing countries such as China. In contrast to assumptions made by the existing literature, intergenerational parenting and multigenerational households are widespread in China. To address this oversight, this study is the first to use data from an appliance-level, 15-min AC operation database from southern China to quantify the impact of intergenerational parenting families on cooling-related electricity consumption and examine its mechanisms. First, intergenerational parenting significantly positively impacts such consumption. Compared to working-age households, Intergenerational households consume 49% more electricity for cooling, and families with children consume 28% more. In contrast, families with older adults but no children use 6% less electricity for cooling than working-age families. Second, intergenerational families use the AC for 0.5 additional hours per day, set the temperature 0.9°C lower, and keep the AC idle longer than working-age households. Third, intergenerational parenting’s impact shows an M-shaped pattern throughout the day (peaking at 9:00 and 17:00). Fourth, working-age adults significantly moderate the impact of intergenerational parenting on electricity demand.
Citation: Climate Change Economics
PubDate: 2024-03-07T08:00:00Z
DOI: 10.1142/S2010007824400037
Issue No: Vol. 15, No. 02 (2024)
- INVESTIGATING THE IMPACT OF INFORMATION FEEDBACK ON RESIDENTS’
ENERGY-SAVING BEHAVIOR IN THE HEATING SECTOR-
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Authors: HONGGUANG NIE, FENGJIAO MU, YING FAN
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Global fossil energy consumption is a significant source of carbon dioxide emissions and a major cause of global climate change. Heat consumption in the residential sector is an important part of this consumption. Based on reinforcement theory, this study analyzed the influence mechanism of information feedback on the residents’ energy-saving behaviors and applied the survey data from 1248 households in three Western European countries to analyze the impact of heat consumption information feedback on four typical heat-saving behaviors of residents. Finally, it applied the probit model to measure the quantitative effect of information feedback on the heat-saving behavior. Four heat-saving behaviors were considered: “improving house insulation”, “setting the thermostat to 20°C or below”, “turning the heat down at night” and “closing the windows when the heating is running”. The empirical results showed that heat consumption information feedback has a significant impact on residents’ heat-saving behavior. After adding the controlling variables, such as demographic variables, willingness to pay for greenness, environmental concern and environmental belief, the estimated results changed slightly, but the estimates of the study are still significant. According to the estimates, residents who can obtain the heat consumption information feedback timely were 9.3%, 5.2%, 5.9% and 4.3% more likely than residents who can’t obtain the heat consumption information feedback timely to adopt the heat-saving behaviors of “improving house insulation”, “setting the thermostat to 20°C or below”, “turning the heat down at night” and “closing the windows when the heating is running”.
Citation: Climate Change Economics
PubDate: 2024-02-08T08:00:00Z
DOI: 10.1142/S2010007823400079
Issue No: Vol. 15, No. 02 (2024)
- DOES WOODFUEL PRICE DISTORTION INHIBIT ECO-EFFICIENCY IN WOODFUEL
EXPLOITATION SYSTEMS IN SUB-SAHARAN AFRICA' EVIDENCE FROM CAMEROON-
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Authors: MOUSTAPHA MOUNMEMI, NOUROU MOHAMMADOU, GEORGES KOBOU
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
The aim of this study is to assess the impacts of woodfuel prices distortion on the eco-efficiency of woodfuel exploitation systems. The study, conducted in Cameroon, involved 415 randomly selected woodfuel operators. To achieve this, the marginal opportunity cost approach and the stochastic specification of the production technology were used to assess the price distortion degree and the eco-efficiency indices, respectively. In doing so, the 2SLS allowed to evaluate the impacts of woodfuel prices distortion on eco-efficiency of woodfuel exploitation systems. From this study, we conclude that the woodfuel prices distortion does not encourage eco-efficient exploitation of this resource. A 1% increase in the degree of distortion results in a reduction in eco-efficiency of −0.019 points. Including the optimal price in the woodfuel pricing system will improve eco-efficiency by 0.030 points. In view of these results, a marginal opportunity cost pricing system that takes into account all the exploitation costs ignored by the market price like user costs associated with resource depletion and the external costs associated with CO2 emissions will encourage producers to adopt a sustainable woodfuel exploitation path.
Citation: Climate Change Economics
PubDate: 2024-01-31T08:00:00Z
DOI: 10.1142/S2010007823400080
Issue No: Vol. 15, No. 02 (2024)
- DO HIGH TEMPERATURES DAMPEN CHINESE URBAN HOUSEHOLD CONSUMPTION'
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Authors: XUAN CHEN, LAN-CUI LIU, JUAN-JUAN HOU, XUE GAO
Abstract: Climate Change Economics, Volume 15, Issue 02, May 2024.
Increased extreme heat is one of the clearest manifestations of climate change, but its impact on household consumption is poorly understood. This paper estimates the effects of high temperatures on total household consumption. We find an inverted U-shaped relationship, with high temperatures (≥ 30∘C) reducing total household consumption by 7.18% compared with the reference group from 5∘C to 10∘C. In the living consumption subcategory, expenditures for eating out decline by 9.59%, whereas expenditures for protective gear, fuel, and housing increase. Expenditures in the going-out category generally decrease but vary with distance, vehicles, and sites. Spending on all types of public transportation and outdoor recreation decreases regardless of distance, whereas private transportation and short-distance indoor recreation expenditures increase slightly. Our findings indicate that households alleviate high-temperature impacts mainly by reducing expenditures outside the home and increasing expenditures on at-home or indoor activities.
Citation: Climate Change Economics
PubDate: 2024-01-26T08:00:00Z
DOI: 10.1142/S2010007823500264
Issue No: Vol. 15, No. 02 (2024)
- CLIMATE RISKS AND FINANCIAL MARKETS: A REVIEW OF THE LITERATURE
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Authors: PENGXIANG ZHAI, YING FAN, QIANG JI, YAN-RAN MA
Abstract: Climate Change Economics, Ahead of Print.
This study reviews how climate change could be considered an additional source of financial market risk using a bibliometric methodology. We find that the primary impetus for academics’ research into these concerns has come from significant international climate change events, e.g., the adoption of the Paris Climate Agreement. Ecological Economics, Energy Policy, and Energy Economics emerge as the major journals of the existing research output. The bibliographic coupling analysis of the corpus further reveals the existence of five major themes. The first theme evaluates the climate risk and explores mechanisms by which can financial risks be impacted by climate change. The second theme talks about the losses brought on by climate change. The third theme talks about how climate finance products, such as green bonds, green securities, and green insurance, are created and issued, as well as how they help to address and mitigate climate risks. The fourth theme examines how the current financial policy frameworks and instruments can be optimized and adapted in light of the considerable degree of uncertainty that surrounds climate change. The fifth theme discusses the climate-related financial risk modeling. We provide a summary of the development of these themes as well as the future direction to be explored.
Citation: Climate Change Economics
PubDate: 2024-08-20T07:00:00Z
DOI: 10.1142/S2010007824400086
- CLIMATE POLICY UNCERTAINTY AND CARBON PRICE: EVIDENCE FROM FREQUENCY AND
QUANTILE PERSPECTIVE-
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Authors: KAI-HUA WANG, CUI-PING WEN, RAN TAO, JIANZENG LI, XIAOTIAN DONG
Abstract: Climate Change Economics, Ahead of Print.
Changes in climate policy are posing enormous challenges to carbon markets. However, the intricate link and time-frequency features between climate policy uncertainty (CPU) and carbon emission price (CEP) have not been extensively explored in the current literature. This paper aims to reveal the dynamic relationship between the two under different time frequencies and quantiles by using a wavelet-based quantile-on-quantile regression (QQR) method. Nine sets of variable pairs with various temporal frequencies are constructed, such as short-term CPU and long-term CEP. The results demonstrate that their coefficients would change from positive to negative or irrelevant, or conversely, under different quantiles and frequencies. China has been a global focus and an interesting case since its relentless efforts towards addressing climate change and constructing a carbon market, which makes one of the contributions of this paper. Additionally, time frequencies combined with different quantiles are employed to explore the connection between CPU and CEP, revealing nonlinear and asymmetric features between variables, and enriching the theoretical influencing mechanisms. Therefore, the government should avoid drastic policy changes, and make full use of policy guidance effect. Besides, top-design and market-oriented reforms for the carbon market are needed.
Citation: Climate Change Economics
PubDate: 2024-08-20T07:00:00Z
DOI: 10.1142/S2010007824400098
- THE IMPACT OF CHINA’S CARBON PLEDGE ON THE COUNTRY’S HYDROPOWER
PRODUCTION: EVIDENCE FROM THE STOCK MARKET-
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Authors: YAMIN LI, LINCHUANG ZHU, KEH KWEK, WENBIN WANG
Abstract: Climate Change Economics, Ahead of Print.
China’s national climate goals to “peak” its carbon emissions before 2030 and to achieve “carbon neutrality” before 2060 are considered to exert a considerable impact on the country’s production of hydropower, one of the major clean energy sources. Although the existing literature provides a large number of studies on the impacts of China’s “dual carbon” climate goals, only very few studies discuss their impact on the hydropower industry. This paper selects Chinese hydropower companies listed on the country’s stock market to examine. To overcome the traditional problem of the Chow test, the Quandt–Andrews test is used to identify the structural changes in the stock market performance data of those selected companies. The analysis provides essential evidence that shows the considerable impact of China’s announcement of “dual carbon” climate goals on the country’s hydropower industry.
Citation: Climate Change Economics
PubDate: 2024-07-31T07:00:00Z
DOI: 10.1142/S2010007824400104
- HETEROGENEOUS RESPONSES OF COMMERCIAL BANKS TO VARIOUS CLIMATE RISKS:
EVIDENCE FROM 42 A-SHARE LISTED BANKS IN CHINA-
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Authors: WENNA FAN, FENG WANG, HAO ZHANG, RUI LING, HONGFEI JIANG
Abstract: Climate Change Economics, Ahead of Print.
Financial supervisors across the world recognize the threats posed by climate change. This research aims to examine the immediate impact of climate risks on bank returns using an event study methodology, with data from 42 A-share listed banks in China spanning the years 2012–2022. The findings reveal a delayed effect of climate risks on commercial banks. Hydrological disasters such as floods significantly reduce the returns of large state-owned, national joint-stock, and city commercial banks. Additionally, the launch of China’s carbon emissions trading market leads to a short-term decline in returns for national joint-stock banks, while rising loan exposure and weakening market sensitivity (MS), induced by climate change, reduce the returns of commercial banks. However, bolstering credit risk management proves effective in enhancing profitability. This study provides insights at the market level into the financial implications of climate change for banking institutions, supplementing existing evidence.
Citation: Climate Change Economics
PubDate: 2024-06-05T07:00:00Z
DOI: 10.1142/S2010007824500064
- THE IMPACT OF CHINA’S “DUAL-CARBON GOAL” ON THE STOCK MARKET:
EVIDENCE FROM THE PHOTOVOLTAIC INDUSTRY-
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Authors: CHUANGYE YAN, MINGJUN HE, FANG LI, LILI ZHU
Abstract: Climate Change Economics, Ahead of Print.
After the Chinese government’s announcement to achieve the goal of “carbon peaking and carbon neutrality”, the solar photovoltaic power generation industry in the country has experienced rapid development. This paper examines the impact of China’s “dual-carbon” goal on the country’s photovoltaic industry. Photovoltaic companies listed on the stock market are selected and the stock price data of these selected companies from June 1, 2020 to January 28, 2022 are tested for potential structural changes. The paper adopts the Quandt–Andrews test and the results show that the four selected companies have indeed undergone structural changes within one year after the announcement of the dual-carbon goal, and that the demand for photovoltaic power generation equipment has increased significantly. Finally, some suggestions are put forward for enhancing the photovoltaic industry after the COVID-19 pandemic.
Citation: Climate Change Economics
PubDate: 2024-05-28T07:00:00Z
DOI: 10.1142/S2010007824400062
- STOCK MARKET RESPONSE TO METEOROLOGICAL DISASTER RISK: FROM LIQUIDITY
PERSPECTIVE-
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Authors: JIE Wu, YUNONG WANG, XIAOGUANG YANG
Abstract: Climate Change Economics, Ahead of Print.
This study investigates the impact of meteorological disaster risk perception on stock liquidity of Chinese listed companies by constructing meteorological disaster risk perception indicators through the Baidu index. Empirical evidence reveals that an increase in meteorological disaster risk perception decreases investors’ risk appetite and increases investors’ loss aversion, which in turn negatively affects stock liquidity. In addition, the increase in meteorological disaster risk perception also shrinks stock trading volume by reducing investor sentiment. The negative effect of meteorological disaster risk perception on stock liquidity is more pronounced in summer and winter and for firms located in water-rich areas. The findings of this study provide empirical evidence from investors’ perspective for understanding the impact of meteorological disasters on stock market liquidity.
Citation: Climate Change Economics
PubDate: 2024-05-25T07:00:00Z
DOI: 10.1142/S2010007824400074
- FACT OR FICTION' — CLIMATE CHANGE RISK AND TRADE CREDIT
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Authors: HUANG-PING YEN, XIAOTONG YUE, KUNG-CHENG HO, XIAORAN KONG
Abstract: Climate Change Economics, Ahead of Print.
The economic consequences of frequent weather events at the firm level have received considerable attention in recent years. This study empirically investigates the impact of climate change risk on firms’ trade credit, using Chinese-listed firms as research subjects. The results suggested that climate change risk has a negative impact on corporate trade credit by deepening firms’ financial distress and lowering the level of industry competitiveness. Both digital transformation and government transparency were found to have a significant negative moderating effect. Heterogeneity analyses showed that firms without environmental background executives, nonstate-owned firms, and nongreen firms were more significantly affected. Finally, we found that the green, low-carbon city pilot policy had a benign effect on corporate trade credit.
Citation: Climate Change Economics
PubDate: 2024-05-22T07:00:00Z
DOI: 10.1142/S2010007824400050
- CLIMATE RISKS AND PREDICTABILITY OF COMMODITY RETURNS AND VOLATILITY:
EVIDENCE FROM OVER 750 YEARS OF DATA-
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Authors: JACOBUS NEL, RANGAN GUPTA, MARK E. WOHAR, CHRISTIAN PIERDZIOCH
Abstract: Climate Change Economics, Ahead of Print.
We analyze whether metrics of climate risks, as captured primarily by changes in temperature anomaly and its stochastic volatility (SV), can predict returns and volatility of 25 commodities, covering the overall historical period of 1258 to 2021. To this end, we apply a higher-order nonparametric causality-in-quantiles test to not only uncover potential in-sample predictability in the entire conditional distribution of commodity returns and volatility but also to account for nonlinearity and structural breaks which exist between commodity returns and the metrics of climate risks. We find that, unlike in the misspecified linear Granger causality tests, climate risks do predict commodity returns and volatility, though the impact on the latter is stronger, in terms of the coverage of the conditional distribution. Insights from our findings can benefit academics, investors, and policymakers in their decision-making.
Citation: Climate Change Economics
PubDate: 2024-05-08T07:00:00Z
DOI: 10.1142/S2010007824500039
- CLIMATE-SMART CITY: CAN CHINA’S SMART CITY POLICY LEAD TO LOW-CARBON
DEVELOPMENT OF CITIES'-
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Authors: KANGYIN DONG, FARHAD TAGHIZADEH-HESARY, CONGYU ZHAO
Abstract: Climate Change Economics, Ahead of Print.
As an intensive mode of urbanization, a smart city may be conducive to achieving a win–win situation of regulating the urban economy and the environment. Based on a quasi-natural experiment in three batches of smart pilot cities, we use the difference-in-differences (DID) method to examine the impact of the smart city policy on CO2 emissions by adopting city panel data in China during the period 2003–2017. This study also explores the influence mechanism and heterogeneous effects of smart city policy. The empirical results indicate that China’s smart city policy effectively lowered CO2 emissions by approximately 1.83%. This primary finding remains reliable using the propensity score matching (PSM)-DID method for robustness check. Moreover, the smart city policy not only directly inhibits CO2 emissions, but also indirectly influences CO2 emissions through scale, structure, and technology effects. Regarding city heterogeneity, the first-tier cities in the eastern area, which have larger population scale and more resource endowments, tend to have stronger negative impacts on CO2 emissions. Based on these conclusions, we highlight several specific policy measures for reducing CO2 emissions and achieving dual carbon targets in China.
Citation: Climate Change Economics
PubDate: 2024-05-03T07:00:00Z
DOI: 10.1142/S2010007824500015
- THE FACTORS INFLUENCING THE JOINT PURCHASE OF ELECTRIC VEHICLE AND SOLAR
PHOTOVOLTAICS: EVIDENCE FROM CALIFORNIA-
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Authors: ATIA FERDOUSEE
Abstract: Climate Change Economics, Ahead of Print.
Environmentally friendly choices can make more impact when these are taken in combination. For example, purchasing electric vehicles (EV) and solar photovoltaics (PV) simultaneously. Previous studies suggest that although EVs emit fewer pollutants than conventional vehicles, they increase energy consumption, and that usually comes with more environmental damage. Installing solar PV can be a solution by producing energy while reducing our carbon footprints. This study analyzes the factors that influence the joint purchase of EVs and solar PV. The findings show that higher income and higher education levels significantly impact making these choices. The study also reveals that there is a gender gap in this purchase decisions, as nonbinary people show significant negative effects. More specifically, female and nonbinary consumers are less likely to purchase EVs. While considering future decisions, this study finds that higher education and nonbinary gender show similar effects of current choice analysis for future choice analysis. However, women show a positive impact on purchasing EVs but a negative impact on installing solar in the future.
Citation: Climate Change Economics
PubDate: 2024-05-03T07:00:00Z
DOI: 10.1142/S2010007824500027
- DOES THE DIGITAL ECONOMY CHANGE THE RELATIONSHIP BETWEEN ECONOMIC GROWTH
AND CARBON EMISSIONS' EMPIRICAL EVIDENCE FROM 278 CITIES IN CHINA-
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Authors: JIAOJIAO FAN, XIAOYA GAO, LIN SUN, MENG QIN
Abstract: Climate Change Economics, Ahead of Print.
The rise of the digital economy has had widespread and profound impacts on the economy and society. Extensive literature exists on digital economy and carbon emissions. However, there is a lack of literature focusing on the impact of the digital economy on the relationship between economic development and carbon emissions. This paper examines whether the digital economy has changed the relationship between economic growth and carbon emissions using panel and spatial econometric modeling. Using a panel dataset of 278 prefecture-level cities in China for the period from 2011 to 2019, the results show that there is a significant inverted U-shaped relationship between economic growth and carbon emissions, which is consistent with the Environmental Kuznets Curve (EKC) model. Moreover, the digital economy brings the turning point forward. In terms of spatial decomposition effects, both direct and indirect effects of economic growth on carbon emissions are significant, suggesting that economic growth has a positive impact on carbon emissions both in local cities and in neighboring areas. Overall, these findings provide valuable policy insights for promoting the synergistic development of the digital economy and accelerating the transition to a low-carbon economy.
Citation: Climate Change Economics
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S2010007823400092
- THE IMPACT OF CLIMATE CHANGE ON THE RISK-TAKING LEVEL OF CHINESE
COMMERCIAL BANKS: EMPIRICAL EVIDENCE FROM CHINESE LOCAL COMMERCIAL BANKS-
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Authors: YUEGANG SONG, WENYUAN CHEN, KANYU ZHANG
Abstract: Climate Change Economics, Ahead of Print.
China’s risk disasters caused by climate change have increased the risk-taking level of China’s commercial banks, posing a threat to the stable development of financial markets. Based on the data from 152 commercial banks in China from 2011 to 2021, this paper uses the fixed effect model to analyze the effect and mechanism of China’s climate change on the risk-taking level of Chinese commercial banks. The main conclusions are as follows. (1) Climate change has significantly improved the risk-taking level of Chinese commercial banks. The results remain significant under the robustness and endogenous tests, such as dealing with endogenous problems, changing variables and adjusting sample intervals. (2) The results of heterogeneity analysis show that under different regions and different types of conditions, the impact of climate change on the risk-taking level of China’s commercial banks is heterogeneous, and the impact is stronger in urban commercial banks and eastern China. (3) The direct economic losses caused by natural disasters caused by climate change affect the risk-taking level of Chinese commercial banks; however, the adjustment of ex ante disaster insurance can weaken the impact of climate change on the risk-taking level of Chinese commercial banks. This paper studies the impact of climate change on the risk-taking level of Chinese commercial banks from the perspective of bank risk-taking level, which is of great significance to enhance the risk prevention awareness of Chinese commercial banks in response to climate change.
Citation: Climate Change Economics
PubDate: 2024-03-09T08:00:00Z
DOI: 10.1142/S2010007824400025
- ADVANCEMENTS TO THE RICARDIAN ANALYSIS IN THE PAST QUARTER OF THE CENTURY
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Authors: DIVYA PRAKASH, MEHDI NEMATI, ARIEL DINAR, CORY STRUTHERS, SCOTT MACkENZIE, MATTHEW S. SHUGART
Abstract: Climate Change Economics, Ahead of Print.
This paper presents a comprehensive review of the literature on Ricardian analysis as applied to estimating the impact of climate change on agriculture. Through a survey of published research, we discuss revisions, expansions, and the criticisms researchers have made of the Ricardian analysis since its introduction by Mendelsohn et al. The types of dependent variables and the choice of the climate variables utilized in the Ricardian analysis are synthesized and discussed. Additionally, the paper outlines the distinctions between static and dynamic Ricardian analysis, different farm types, and analyses using aggregate and farm-level data. The paper provides a synthesis of the findings of previous studies related to the study location and farm type and explores open questions and empirical concerns that require investigation in future research.
Citation: Climate Change Economics
PubDate: 2024-03-05T08:00:00Z
DOI: 10.1142/S2010007823500318
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