Impact of COVID-19 and green finance on transportation energy carbon emissions in China: From the perspective of an automobile energy consumption structure

Background: In China, the transportation sector is the main energy consumer and the main source of carbon emissions. Reducing carbon emissions in the transportation sector is an important goal for China, especially during the current period of economic development. Due to the impact of pandemic shocks, the rapid development of green finance is conducive to supporting the transportation sector in achieving a carbon peak. Thus, we examined whether the development of green finance is still effective under the impact of a pandemic and the actual effect of green finance on the reduction of carbon emissions. Methods: In this study, we searched the internet for consumption structure data of vehicles and green finance indices of 30 Chinese provinces and cities from 2016 to 2021. A regression discontinuity model was constructed to test the effect of pandemic shock and green finance development on the reduction of transportation energy carbon emissions. Results: The results show that the impact of the COVID-19 pandemic has helped people change their preference toward more energy-efficient vehicles and reduce carbon emissions in the transportation sector. Green finance can effectively contribute to the reduction of transportation energy carbon emissions;however, the overall mitigation effect is limited. Conclusion: The empirical evidence is not only helpful in assessing the long-term impact of the COVID-19 pandemic but also conducive to the appropriate establishment of policy tools for supporting green finance development, which is further conducive to reducing carbon emissions in the transportation sector. Copyright © 2023 Liu, Cheng, Guan, Liu, Zhang, Li and Yang.

The "Greenium” in Green Bonds: How Did It Change with COVID-19?

This paper focuses on the study of the "greenium”, i.e., the premium on Green Bonds (GBs) vs. Traditional Bonds (TBs) whereby investors accept lower yields of GBs vs. TBs, which is caused by the important difference between them with reference to their contribution to the green transition, specifically paying attention to the influence of the COVID-19 pandemic on it. The conjecture of this paper is that the negative shock of rates due to the pandemic crisis has increased the greenium, as it has also increased the interest in projects of the green transition. In addition, a hypothesis is made that the risk of breaking the green promises might be higher for corporations than for governments and, hence, that the greenium would be lower for corporate GBs than for government GBs. Finally, the possibility that the post-pandemic changes of the greenium might vary depending on individual GBs' liquidity is considered. The empirical analyses provide support for the first two hypotheses but not for the third one. © 2023 by the authors.

COVID-19 as a game-changer? The impact of the pandemic on urban trajectories.

Will the COVID-19 pandemic interrupt the recent European urbanization trends - and if so - what is the magnitude of this sudden shock, and how deaths, births, and net migration contribute to this disruption? Until now, most discussions on the topic have circled either around the anecdotal evidence of city center decline, or contrarian speculations about residential inertia and the forthcoming business-as-usual. Bringing clarity to the uncertainty and confusion surrounding COVID-19, this paper seeks to detect overarching patterns in and the magnitude of its sudden shock to long-term urban trajectories, understood as a reversal of the pre-pandemic population development trend, across European cities in the early 2020s. It reveals that during the first year of COVID-19, population growth in European cities significantly slowed down to -0.3 % per annum, with 28 % of all European cities having experienced a U-turn from population growth to loss. Out-migration was the main driver of such rapid urban shrinkage, while excess mortality associated with COVID-19 has also contributed to population loss in several European city-regions; some, especially, smaller cities suffered from a significant drop in birth rates. Based on the factorial, hierarchical, and temporal dimensions of the COVID-19 crisis, the paper provides a plausible forecast about the future of Europe's post-coronavirus city.

The Impacts of COVID-19 Shock on Intergenerational Income Mobility: Evidence from China.

The COVID-19 crisis has caused a huge negative shock to economic activities worldwide, leading to a reduction in income and changes in income distribution. Intergenerational mobility is an important indicator of sustainable social development. This paper explores the short-term impacts of the sudden COVID-19 pandemic on intergenerational income mobility and personal income in China. Using the variation in the number of confirmed cases across provinces, we construct a province-level pandemic intensity index and combine it with individual data from the China Family Panel Studies (CFPS). We apply a general difference-in-difference strategy to identify the causal effect of the pandemic on intergenerational income mobility. We find that personal income is positively related to parental income, and that the COVID-19 crisis has caused a decline in individual income and exacerbated intergenerational income persistence. A more intense COVID-19 pandemic shock is associated with a larger increase in intergenerational income elasticity and intergenerational income rank-rank slope. We found that with one standard deviation increase in local pandemic intensity, the intergenerational income elasticity increases by 0.315 and the intergenerational income rank-rank slope increases by 0.198 on average. The mechanism testing suggests that heterogeneous effects among different groups are the force underlying the results. Low-income, low-skilled, and low-parental-income individuals have suffered a more severe impact from the pandemic shock.

REVISITING LIMITS AND PITFALLS OF QE IN THE EMERGING MARKETS

The pandemic caused by COVID-19 is another huge blow to the world economy after the financial crisis that erupted in 2008. A health crisis has been interweaving with severe economic and social strain following a necessary lockdown for several months during 2020. Although most economies seem to have climbed out of the deep hole caused by The Shutdown, with a current strong economic rebound underway in large parts of the world economy, a longer-term recovery is likely to be difficult as it is surrounded by significant uncertainties and contradictory effects. This paper relies on the line of reasoning presented in Daianu (2020). It highlights the forceful and coordinated policy response in advanced economies in order to deal with the multiple shocks represented by COVID-19. Its main focus is on policy responses in the emerging economies, which have tried to replicate measures adopted in the advanced economies. The paper highlights significant differences between the advanced economies and the emerging economies, which must be considered when trying to adopt QE in the latter. The main inference is that there are limits and pitfalls for the emerging economies when it comes to practice the policy responses of the advanced economies.

Second-Hand Car Trading Framework Based on Blockchain in Cloud Service Environment

At present, the world economy is in recession, especially under the impact of the Covid-19 epidemic, China's economy has also been greatly impacted. In this context, the disposable personal income of residents has also declined to varying degrees. More and more people choose economical life. If they can buy a used car in good condition at a good price, they are less likely to buy a brand new one. Under such a consumption concept, China's demand for second-hand cars is increasing. However, although China's second-hand car industry has developed for more than 30 years and the market scale has gradually expanded, there are still many problems behind the prosperity of the second-hand car market. These problems have existed for a long time, leading to a lot of disputes, unhappiness, disappointment, and even threats to the lives of consumers. These long-term problems also affect the virtuous circle of the second-hand car market, and hinder the healthy development of China's economy to a certain extent. In the past, research work mainly focused on the role of new policies, relevant laws and vehicle management and traffic management functions, this paper introduces the blockchain technology, which has the advantages of non tampering, transparency and traceability. This paper attempts to use blockchain technology as an auxiliary means to solve the long-standing problems in the used car market. This paper proposes a framework of used car trading based on blockchain in cloud service environment, and explains the working principle of the framework. Finally, the future research work is prospected. © 2021 IEEE.