Top

Economic Change and Restructuring

Published in:

01-04-2024

Economic integration through renewable energy and digital currency in RCEP

Authors: Wen Jiayu, Zehao Wang

Published in: Economic Change and Restructuring | Issue 2/2024

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

This research examines economic integration within the RCEP subset of 13 countries from 2000 to 2020, focusing on the impact of green energy and digital currency adoption. A 1% increase in sustainable energy deployment yields significant short-term (0.01%) and long-term (0.05%) improvements; while, a 1% rise in electronic banking transactions results in substantial short-term (0.19%) and long-term (0.26%) enhancements. A 1% GDP increase leads to notable short-term (0.32%) and long-term (0.59%) improvements, emphasizing economic strength’s importance. Improved internet access (1% increase) contributes to short-term (0.09%) and long-term (0.10%) economic integration. Conversely, a 1% increase in economic risk corresponds to a significant long-term reduction (0.33%) in economic integration. The research suggests crucial policy implications, emphasizing prioritizing green power generation, strengthening digital infrastructure, and promoting eco-friendly blockchain technologies for sustainable economic integration.

previous article Policies to obtain energy transformation target: evidence from emission accounting impacts

next article Tailoring social welfare and energy transition for an aging population

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Abbas J, Wang L, Belgacem S, Pawar P, Najam H, Abbas J (2023) Investment in renewable energy and electricity output: Role of green finance, environmental tax, and geopolitical risk: Empirical evidence from China. Energy 269:126683. https://doi.org/10.1016/j.energy.2023.126683CrossRef

Alday S (2022) Regional integration and the regional risk paradox. Eur Manag J 40(5):793–808CrossRef

Alsalmi N, Ullah S, Rafique M (2023) Accounting for digital currencies. Res Int Bus Financ 64:101897. https://doi.org/10.1016/j.ribaf.2023.101897CrossRef

Amini H, Bichuch M, Feihstein Z (2023) Decentralized payment clearing using blockchain and optimal bidding. Eur J Oper Res 309(1):409–420CrossRef

Awijen H, Belaid F, Zaied Y, Hussain N, Lahouel B (2022) Renewable energy deployment in the MENA region: Does innovation matter? Technol Forecast Soc Chang 179:121633. https://doi.org/10.1016/j.techfore.2022.121633CrossRef

Butorina O, Borko Y (2022) Benefits of regional integration: redefining the concept. Eur Stud 92:S105–S112

Campbell D, Chentsov A (2023) Breaking badly: The currency union effect on trade. J Int Money Financ 136:102840. https://doi.org/10.1016/j.jimonfin.2023.102840CrossRef

Dong W, Li Y, Gao P, Sun Y (2023) Role of trade and green bond market in renewable energy deployment in Southeast Asia. Renewable Energy 204:313–319CrossRef

Dreger C (2022) Economic impact of the Corona pandemic: Costs and the recovery after the crisis. Asia and the Global Economy 2(1):100030. https://doi.org/10.1016/j.aglobe.2022.100030CrossRef

Feng Y, Lee C, Peng D (2023) Does regional integration improve economic resilience? Evidence from urban agglomerations in China. Sustain Cities Soc 88:104273. https://doi.org/10.1016/j.scs.2022.104273CrossRef

Frees EW (1995) Assessing cross sectional correlation in panel data. J Economet 69:393–414CrossRef

Garashchuk A, Castillo F, Rivero P (2023) Economic cohesion and development of the European Union’s regions and member states—a methodological proposal to measure and identify the degree of regional economic cohesion. Socioecon Plann Sci 88:101621. https://doi.org/10.1016/j.seps.2023.101621CrossRef

Griffith T, Clancey-Shang D (2023) Cryptocurrency regulation and market quality. J Int Finan Markets Inst Money 84:101744. https://doi.org/10.1016/j.intfin.2023.101744CrossRef

Haque A, Shoaib M (2023) e₹—The digital currency in India: challenges and prospects. Bench Council Trans Benchmarks Stand Eval 3(1):100107. https://doi.org/10.1016/j.tbench.2023.100107CrossRef

Hasanov F, Mukhtarov S, Suleymanov E (2023) The role of renewable energy and total factor productivity in reducing CO2 emissions in Azerbaijan. Fresh insights from a new theoretical framework coupled with Autometrics. Energy Strategy Rev 47:101079. https://doi.org/10.1016/j.esr.2023.101079

He J, Iqbal W, Su F (2023) Nexus between renewable energy investment, green finance, and sustainable development: role of industrial structure and technical innovations. Renew Energy 210:715–724CrossRef

Hoang Y, Ngo V, Vu N (2023) Central bank digital currency: a systematic literature review using text mining approach. Res Int Bus Financ 64:101889. https://doi.org/10.1016/j.ribaf.2023.101889CrossRef

Lambaerde P, Naeher D, Vo H, Saber T (2023) Regional economic integration and machine learning: Policy insights from the review of literature. J Policy Model. https://doi.org/10.1016/j.jpolmod.2023.07.001CrossRef

Li D, Han D, Weng T, Zheng Z, Li H, Li K (2024) On Stablecoin: ecosystem, architecture, mechanism and applicability as payment method. Comput Stand Interfaces 87:103747. https://doi.org/10.1016/j.csi.2023.103747CrossRef

Li N, Dilanchiev A, Mustafa G (2023) From oil and mineral extraction to renewable energy: Analyzing the efficiency of green technology innovation in the transformation of the oil and gas sector in the extractive industry. Resour Policy 86(Part A):104080. https://doi.org/10.1016/j.resourpol.2023.104080

Liu W, Shen Y, Razzaq A (2023) How renewable energy investment, environmental regulations, and financial development derive renewable energy transition: evidence from G7 countries. Renew Energy 206:1188–1197CrossRef

Ma S (2022) Growth effects of economic integration: New evidence from the Belt and Road Initiative. Econ Anal Policy 73:753–767CrossRef

Mohsin M, Taghizadeh-Hesary F, Iqbal N, Saydaliev H (2022) The role of technological progress and renewable energy deployment in green economic growth. Renew Energy 190:777–787CrossRef

Pesaran MH (2004) General diagnostic tests for cross section dependence in panels. IZA DP No.1240

Pesaran MH (2007) A simple panel unit root test in the presence of cross-section dependence 22(2):265–312

Phung T, Rasoulinezhad E, Thu H (2023) How are FDI and green recovery related in Southeast Asian economies? Econ Chang Restruct 56:3735–3755CrossRef

Qu X, Xu A (2023) Ways to promote investments in sustainable energy utilities in the central Asian regional economic cooperation program region. Utilities Policy 84:101625. https://doi.org/10.1016/j.jup.2023.101625CrossRef

Rasoulinezhad E (2020) Environmental impact assessment analysis in the Kahak’s wind farm. JEAPM 22(01):2250006. https://doi.org/10.1142/S1464333222500065CrossRef

Shang Y, Yang Q, Pu Y (2024a) Role of foreign direct Investment and political openness in boosting the eco-tourism sector for achieving sustainability. Humanit Soc Sci Commun 11:72. https://doi.org/10.1057/s41599-023-02592-zCrossRef

Shang Y, Yang Q, Pu Y, Taghizadeh-Hesary F (2024b) Employing artificial intelligence and enhancing resource efficiency to achieve carbon neutrality. Resour Policy 88:104510CrossRef

Shinwari R, Yangjie W, Payab A, Kubiczek J, Dorduncu H (2022) What drives investment in renewable energy resources? Evaluating the role of natural resources volatility and economic performance for China. Resour Policy 77:102712. https://doi.org/10.1016/j.resourpol.2022.102712CrossRef

Sun G, Li G, Dilanchiev A, Kazimova A (2023) Promotion of green financing: role of renewable energy and energy transition in China. Renew Energy 210:769–775CrossRef

Ullah A, Mishra A, Bavorova M, Kachele H (2022) The effect of COVID-19 pandemic on market integration: Evidence from vegetable farmers in Pakistan. Int J Disaster Risk Reduction 80:103220. https://doi.org/10.1016/j.ijdrr.2022.103220CrossRef

Westerlund J (2007) Testing for Error Correction in Panel Data. Oxford Bull Econ Stat 69(6):709–748CrossRef

Yoshino N, Rasoulinezhad E, Taghizadeh-Hesary F (2021) Economic impacts of carbon tax in a general equilibrium framework: empirical study of Japan. JEAPM 23(01):1–25

Zhang T, Huang Z (2022) Blockchain and central bank digital currency. ICT Exp 8(2):264–270CrossRef

Zhao L, Rasoulinezhad E (2023) Role of natural resources utilization efficiency in achieving green economic recovery: evidence from BRICS countries. Resour Policy 80:103164. https://doi.org/10.1016/j.resourpol.2022.103164CrossRef

Title: Economic integration through renewable energy and digital currency in RCEP
Authors: Wen Jiayu
Zehao Wang
Publication date: 01-04-2024
Publisher: Springer US
Published in: Economic Change and Restructuring / Issue 2/2024
Print ISSN: 1573-9414
Electronic ISSN: 1574-0277
DOI: https://doi.org/10.1007/s10644-024-09646-5

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Other articles of this Issue 2/2024

Urban–rural income gap and economic sustainability: how does energy transition matters?

Policies to obtain energy transformation target: evidence from emission accounting impacts

Exploring the nexus between poor governance and household food security

Empowering rural development: the socioeconomic impact of energy transition and sustainable agriculture

Tailoring social welfare and energy transition for an aging population

Public–private partnerships for energy transition: studying role of economic change and energy restructuring over the time

Premium Partner