A stochastic analysis of cropland utilization and resource allocation under climate change

Kung, Chih-Chun; Cao, Xiaoyong; Choi, Yongrok; Kung, Shan-Shan

doi:10.1016/j.techfore.2019.119711

Cited by 5 publications

(1 citation statement)

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“…The fundamental transformation of economic activities and resource allocation caused by climate risks poses a challenge to the adaptability of the coal industry's low-carbon transition [25,26]. Some studies have already discussed the relationship between the climate-related factor and coal prices, focusing on the effects of climate policies [27][28][29][30][31].…”

Section: Introductionmentioning

confidence: 99%

The Asymmetric Effects of Extreme Climate Risk Perception on Coal Futures Return Dynamics: Evidence from Nonparametric Causality-In-Quantiles Tests

2023

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This paper uses nonparametric causality-in-quantiles tests to examine the asymmetric effects of climate risk perception (CRP) on the thermal and coking coal futures high-frequency returns and volatilities. The results show that CRP significantly impacts the dynamic high-frequency returns of the coal futures market, with volatility indicators exhibiting asymmetry at different percentiles and being more pronounced in a downward market. The influence of CRP on dynamic coal futures mainly transmits through continuous components, while its impact on coking coal futures primarily transmits through jump parts. Additionally, the positive and negative volatilities of coal futures are asymmetrically affected by CRP. By incorporating the climate risk perception factor, investors can better predict price fluctuations in the coal market. This study provides an important supplement to the theory of pricing climate risks, and it is beneficial for formulating financial policies related to climate risk management and promoting the sustainable development of the coal industry.

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