Spatial spillover effects and action paths of electricity consumption driven by China’s financial development based on global co-integration

Abstract

Although studies on the influencing factors of electricity consumption are rich, the focus on the relationship between financial development and electricity consumption is scarce due to the characteristics of financial sector. In fact, the financial development cannot only increase electricity consumption, but also have the spatial spillover effects. Based on the global spatial modelling techniques, the long-term and short-term relationship between financial development and electricity consumption is examined, and the intermediary effect of financial development on electricity consumption through economic growth, urbanization and industrial structure optimization is also verified. Results show that there is a global co-integration relationship between financial development, economic growth, urbanization, industrial structure optimization and China's electricity consumption, rather than a local co-integration relationship. When the short-term change of electricity consumption deviates from the equilibrium state, the global error correction mechanism can promote the unbalanced system to return to equilibrium from time and spatial dimension. This study not only confirms the spatial spillover effects, but also heterogeneous influences of financial development on electricity consumption, which provides new evidence to make relevant policies.

The impacts of extreme marine weather and marine scientific and technological innovation on marine economic development: Evidence form China’s coastal regions

“…(2) Marine scientific and technological innovation. Referring to the research of Xu et al (2022), we select the number of marine technology patent authorization in each region to indicate the regional marine technological innovation level.…”

“…Unfortunately, China is one of the worst victims of marine disasters. With the rapid development of marine economy, marine disaster risks in coastal areas are becoming increasingly prominent, and the marine disaster prevention and relief situation is pretty serious (Hwang et al, 2020;Xu et al, 2022). Direct economic losses caused by marine disasters in 2021 amounted to 3.07 billion Yuan.…”