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Energy Finance
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Energy Finance

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (31 August 2018) | Viewed by 28212

Special Issue Editor

Prof. Dr. Nicholas Apergis

grade E-Mail Website
Guest Editor
Department of Banking and Financial Management, University of Piraeus, 18534 Piraeus, Greece
Interests: macrofinance; energy economics and finance; applied economics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The energy landscape has recently experienced a number of substantial developments. In Europe, a number of new rules concerning environmental issues, as well as developments in energy efficiency towards a less carbon-intensive production pattern, guide us to develop new schemes in finance that can defend such developments, while energy consumption, especially across Asia, is still strong, despite a brief decline due to recessionary phases in China. In the U.S., the territory substantially needs a reform of the country’s energy mix in a sense that it will overcome the country’s supply dependency from traditional oil consumption.

The emergence of such crucial developments in the area of energy finance require a number of recent studies expected to shed light on these issues, by bringing together researchers in energy and finance. More specifically, these studies will attempt to explore: i) how countries in an attempt to reduce (fossil) energy use and turn into renewable could have an impact on lending activities, both in terms of client demand, due diligence procedures, and new product development, ii) specific financing issues for energy efficiency, iii) the potential role of government regulation in developing new financing schemes, and iv) other issues relevant to the evolution of energy efficiency financing and investment.

Prof. Dr. Nicholas Apergis
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

 

Keywords

  • energy efficiency financing;

  • energy and financial institutions

  • renewable financing schemes

  • innovative financing schemes

  • carbon finance

  • new financing operational divisions

Published Papers (5 papers)

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Research

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11 pages, 724 KiB  
Article
On the Impact of Policy Uncertainty on Oil Prices: An Asymmetry Analysis
by Mohsen Bahmani-Oskooee, Hanafiah Harvey and Farhang Niroomand
Int. J. Financial Stud. 2018, 6(1), 12; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs6010012 - 23 Jan 2018
Cited by 19 | Viewed by 4447
Abstract
Previous research has assessed the impact of policy uncertainty on a few macro variables. In this paper, we consider its impact on oil prices. Oil prices are usually determined in global markets by the law of demand and supply. Our concern in this [...] Read more.
Previous research has assessed the impact of policy uncertainty on a few macro variables. In this paper, we consider its impact on oil prices. Oil prices are usually determined in global markets by the law of demand and supply. Our concern in this paper is to determine which country’s policy uncertainty measure has an impact on oil prices. Using both the linear and the nonlinear Autoregressive Distributed Lag (ARDL) methods, we find that while policy uncertainty measures of Canada, China, Europe, Japan, Russia, South Korea, and the U.S. have short-run effects, short-run effects last into the long-run asymmetric effects only in the case of China. This may reflect the importance and recent surge in China’s engagement in world trade. Full article
(This article belongs to the Special Issue Energy Finance)
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1190 KiB  
Article
Analysis of the Relationship between Ethanol Spot and Futures Prices in Brazil
by Derick D. Quintino, Sergio A. David and Carlos E. de F. Vian
Int. J. Financial Stud. 2017, 5(2), 11; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs5020011 - 01 Apr 2017
Cited by 9 | Viewed by 4684
Abstract
In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in [...] Read more.
In this work, an investigation and analysis are carried out in order to observe the relationship between ethanol spot and futures prices in Brazil. We adopted the Engle and Granger co-integration approach. Also, we consider the information share method proposed by Hasbrouck in order to examine the market efficiency in price discovery and information transmission. Results show that although the futures market is efficient in price discovery and information transmission, the cash market leads the long-run price discovery process. This suggests that the underlying cause of the dominance of the available market over the futures market can be attributed to the market’s relative concentration in wholesale ethanol distribution due to the formation of marketing pools by the ethanol mills, as well as the small number of distributors that control a significant portion of the market share. Full article
(This article belongs to the Special Issue Energy Finance)
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725 KiB  
Article
New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors
by Mert Topcu and Bulent Altay
Int. J. Financial Stud. 2017, 5(1), 1; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs5010001 - 01 Jan 2017
Cited by 8 | Viewed by 5133
Abstract
Seeing that reshaped energy economics literature has adopted some new variables in energy demand function, the number of papers looking into the relationship between financial development and energy consumption at the aggregate level has been increasing over the last few years. This paper, [...] Read more.
Seeing that reshaped energy economics literature has adopted some new variables in energy demand function, the number of papers looking into the relationship between financial development and energy consumption at the aggregate level has been increasing over the last few years. This paper, however, proposes a new framework using disaggregated data and investigates the nexus between financial development and sectoral energy consumption in Turkey. To this end, panel time series regression and causality techniques are adopted over the period 1989–2011. Empirical results confirm that financial development does have a significant impact on energy consumption, even with disaggregated data. It is also proved that the magnitude of financial development is larger in energy-intensive industries than in less energy-intensive ones. Full article
(This article belongs to the Special Issue Energy Finance)
1268 KiB  
Article
Oil Prices, Credit Risks in Banking Systems, and Macro-Financial Linkages across GCC Oil Exporters
by Saleh Alodayni
Int. J. Financial Stud. 2016, 4(4), 23; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs4040023 - 04 Nov 2016
Cited by 23 | Viewed by 7830
Abstract
This paper assesses the effect of the recent 2014–2015 oil price slump on the financial stability in the Gulf Cooperation Council (GCC) region. The first objective of this paper is to assess how oil price shock propagates within the macroeconomy and how the [...] Read more.
This paper assesses the effect of the recent 2014–2015 oil price slump on the financial stability in the Gulf Cooperation Council (GCC) region. The first objective of this paper is to assess how oil price shock propagates within the macroeconomy and how the macro shocks transmit to GCC banks’ balance sheets. This part of the paper implements a System Generalized Method of Moments (GMM) and a Panel Fixed Effect Model to estimate the response of nonperforming loans (NPLs) to its macroeconomic determinants. The second objective of this paper is to assess any negative feedback effects between the GCC banking systems and the economy. The paper, therefore, implements a Panel VAR model to explore the macro-financial linkages between GCC banking systems and the real economy. The results indicate that oil price, non-oil GDP, interest rate, stock prices, and housing prices are major determinants of NPLs across GCC banks and the overall financial stability in the region. Credit risk shock tends to propagate disturbances to non-oil GDP, credit growth, and stock prices across GCC economies. A higher level of NPLs restricts banks’ credit growth and can dampen economic growth in these economies. The results support the notion that disturbances in banking systems lead to unwanted economic consequences for the real sector. Full article
(This article belongs to the Special Issue Energy Finance)
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Review

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22 pages, 425 KiB  
Review
The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review
by Miroslava Zavadska, Lucía Morales and Joseph Coughlan
Int. J. Financial Stud. 2018, 6(4), 89; https://0-doi-org.brum.beds.ac.uk/10.3390/ijfs6040089 - 31 Oct 2018
Cited by 8 | Viewed by 5171
Abstract
Crude oil is the dominant energy resource worldwide. The focus of this paper is on its historical behaviour and subsequent implications for the global economy with an emphasis on the lead–lag relationship between spot and future prices. The paper examines the behaviour of [...] Read more.
Crude oil is the dominant energy resource worldwide. The focus of this paper is on its historical behaviour and subsequent implications for the global economy with an emphasis on the lead–lag relationship between spot and future prices. The paper examines the behaviour of oil spot and future prices and their determinants during periods of market uncertainty, particularly in the context of economic and financial crises. The analysis highlights a key controversy within the extant literature, as to whether spot or futures prices are the main crude oil price indicator. The literature review indicates that the lead–lag relationship is a dynamic one, especially during periods of sustained uncertainty, which leads to significant disagreements and incongruities among researchers regarding the price that plays a dominant role. Full article
(This article belongs to the Special Issue Energy Finance)
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