Dynamic spillover effects between EU economic sanctions against Russia, oil prices, and share prices of energy companies in third countries: evidence from China and the USA.

This study establishes a comprehensive suite of sanction indices and employs the time-varying vector autoregressive dynamic spillover index (TVP-VAR-DY) model, to examine the spillover effects of EU economic sanctions against Russia on oil prices and share prices of third-country energy companies, as well as takes China and the USA as examples for analysis. The findings indicate that sanctions targeting the energy sector are the primary drivers of volatility in oil prices and energy company stock prices. The impact on Chinese energy firms' stock prices is more pronounced, while the effects on their American counterparts are more enduring. The indirect impact of EU sanctions on Russia on China is greater than that of the USA. Both direct and indirect sanctions exhibit comparable spillover effects on oil and stock prices. Direct sanctions have better explanatory power for stock price fluctuations, while indirect sanctions have better explanatory power for oil price fluctuations.

How can net petroleum importers achieve risk aversion in a globalized world: a multi-regional input-output perspective.

Net embodied petroleum importers face greater petroleum security risks in international trade due to their high foreign dependence. Therefore, paying better attention to the national flows and drivers of embodied petroleum consumption can effectively serve net embodied petroleum importers to avoid petroleum security risks and formulate environmental protection policy. This study utilized the multi-regional input-output model to determine the top five embodied petroleum net importers (i.e., the USA, Japan, Germany, the UK, and France) under the economic globalization, and traced the flows of embodied petroleum consumption through international trade. Combined with the logarithmic mean Divisia index method, this study also deeply investigated the drivers of changes embodied petroleum in net imports. The results show that from the perspective of international trade, the USA was not only the largest importer but also the largest exporter of embodied petroleum. Among the trade flows of embodied petroleum, the largest trade flow was from China to the USA, which indicated that China was the world factory and the USA was the consumer power. The embodied petroleum trade markets of Germany, the UK, and France was mainly distributed in Europe & Eurasia resulted from European economic integration. The largest contributor to the decrease of embodied petroleum imports in the top 4 net importers was the petroleum intensity effect. Meanwhile, the import dependence effect was the largest contributor to the increase of France's embodied petroleum net imports. In order to further avoid the risk of petroleum security, it is an effective path worth exploring to construct the diversified petroleum product import strategy and improve energy efficiency.

Measurement for overcapacity and its influencing factors on the construction industry-evidence from China's provincial data.

Achieving "Responsible Consumption and Production" is one of the 17 sustainable development goals set by the United Nations. Controlling overcapacity is an important guarantee in order to achieve this goal. There are many types and large quantities of raw materials in the construction industry, which easily leads to overcapacity. Studying the problems related to overcapacity in the construction industry helps to understand the formation mechanism of overcapacity in related industries. This puts forward targeted countermeasures and suggestions for the capacity resolution to achieve green and sustainable development. Based on this, this paper uses the construction industry capacity utilization data of the Shandong Province in China from 2005 to 2017. It also uses the production function method to construct a construction industry overcapacity calculation model to estimate the construction industry capacity utilization and overcapacity rate in Shandong Province. The DEA method was used to construct an extraction model of influencing factors for overcapacity. The results show that the capacity utilization ratio for Shandong Province from 2005 to 2016 was 81.98%. There was no overcapacity as a whole, but there were large fluctuations in capacity utilization for some time periods. Suggestions for optimization countermeasures were also proposed.

Revisiting China's provincial energy efficiency and its influencing factors.

Improving the energy efficiency is a fundamental way to ensure energy security and sustainable development, and is also the requirement of supply-side structural reform of China's energy. This paper uses the DEA-BCC model to estimate China's energy efficiency at the provincial level, analyzes its regional differences from 2006 to 2016, and applies a panel data model to analyze the influencing factors of energy efficiency. It selects labor, capital stock and total energy consumption as inputs and takes real GDP and comprehensive index of environmental pollution as desirable and undesirable outputs, respectively. The results show that (1) energy efficiency when undesirable output is included is generally lower than when undesirable output is excluded; (2) There is a considerable difference in energy efficiency among provinces, and China's energy efficiency, by and large, shows a trend of declining. The energy efficiency of four major regions demonstrates obvious regional differences: coastal region>northeastern region> middle region >western region; (3) The economic development level, technological progress, energy price and urbanization level are positively associated with energy efficiency, while the proportion of secondary industry and the energy consumption structure dominated by coal and oil are negatively correlated with energy efficiency.