Are Industrial Structure Adjustment and Technical Progress Conducive to Environmental Improvement?

China actively broadens its channels for environmental protection and limits pollutant emissions through industrial structure adjustment and technical progress. Based on panel data of 30 provinces in China from 2003 to 2017, this study investigated the effects of industrial structure adjustment and technical progress on environmental pollution using spatial Dubin models. The findings show the following. (1) As the economy develops, the situation of environmental pollution in various regions deteriorates; moreover, spatio-temporal dependence is an aspect of environmental pollution. (2) Industrial structure adjustment and technical progress are beneficial to environmental improvement. Furthermore, there are spillover effects in factors such as industrial structure and technical progress to varying degrees. Thus, this study suggests that the path of coupling between industrial structure and technical progress should be explored to establish a pollution filtering mechanism, thereby improving environmental quality.

Agricultural Science and Technology Innovation, Spatial Spillover and Agricultural Green Development—Taking 30 Provinces in China as the Research Object

In the face of increasingly severe resource and environmental constraints, accelerating the transformation of agricultural green development through agricultural science and technology innovation is an effective measure to reduce agricultural pollution and improve agricultural production efficiency. From the perspective of multidimensional proximity, this paper expounds the mechanism of agricultural science and technology innovation on agricultural green development through spatial spillover from two perspectives: factor spillover path and product spillover path. Based on panel data of 30 provinces in China from 2006 to 2019, using the gray correlation analysis method, the level of agricultural green development in China was measured, and its spatial–temporal evolution trend was analyzed. The spatial economic matrix was selected as the spatial weight matrix, and the spatial econometric model was used to analyze the spatial spillover effect of agricultural science and technology innovation on agricultural green development. The results showed the following: (1) Agricultural green development had distinct spatial characteristics. The development level of green agriculture in eastern and northwestern China showed a trend of fluctuation decline, while that in southwest China showed a trend of fluctuation increase. The overall spatial distribution of green agriculture was high in the east and low in the west. (2) The spatial distribution of agricultural science, technological innovation and the agricultural green development level showed a significant positive global spatial autocorrelation, and the local spatial pattern characteristics of a number of provinces showed high-value agglomeration (HH), low-value agglomeration (LL), low-value collapse (LH) and high-value bulge (HL) as the auxiliary local spatial distribution. (3) Under the economic matrix, the improvement of the agricultural science and technology innovation level not only had a significant promoting effect on agricultural green development within each province but also promoted agricultural green development in neighboring provinces through positive spillover effects. This study provides insights that can help make up for the lack of regional agricultural science and technology investment, formulate scientific regional agricultural science and technology innovation policies and promote agricultural green development.

Shared Prosperity (or Lack Thereof) in the Sharing Economy

This paper examines the potential economic spillover effects of a home sharing platform—Airbnb—on the growth of a complimentary local service—restaurants. By circumventing traditional land-use regulations and providing access to underutilized inventory, Airbnb attracts visitors to outlets that are not traditional tourist destinations. Although visitors generally bring significant spending power, it is unclear whether visitors use Airbnb only primarily for lodging and thus do not contribute to the adjacent economy. To evaluate this, we focus on the impact of Airbnb on restaurant employment growth across locales in New York City (NYC). Specifically, we focus on areas in NYC that did not attract a significant tourist volume prior to the emergence of a home-sharing service. Our results indicate a salient and economically significant positive spillover effect on restaurant job growth in an average NYC locality. A one-percentage-point increase in the intensity of Airbnb activity (Airbnb reviews per household) leads to approximately 1.7% restaurant employment growth. Since home-sharing visitors are lodging in areas that are not accustomed to tourists, we also investigate the demographic and market-structure-related heterogeneity of our results. Notably, restaurants in areas with a relatively high number of White residents disproportionately benefit from the economic spillover of Airbnb activity, whereas the impact in majority-Black areas is not statistically significant. Thus, policy makers must consider the heterogeneity in the potential economic benefits as they look to regulate home-sharing activities.

Research on Regional Differences and Influencing Factors of Chinese Industrial Green Technology Innovation Efficiency Based on Dagum Gini Coefficient Decomposition

Industrial green technology innovation has become an important content in achieving high-quality economic growth and comprehensively practicing the new development concept in the new era. This paper measures the efficiency of industrial green technology innovation and regional differences based on Chinese provincial panel data from 2005 to 2018, using a combination of the super efficiency slacks-based measure (SBM) model for considering undesirable outputs and the Dagum Gini coefficient method, and discusses and analyses the factors influencing industrial green technology innovation efficiency by constructing a spatial econometric model. The results show that: firstly, industrial green technology innovation efficiency in China shows a relatively stable development trend, going through three stages: “stationary period”, “recession period” and “growth period”. However, the efficiency gap between different regions is obvious, specifically in the eastern > central > western regions of China, and the industrial green technology efficiency innovation in the central and western regions is lower than the national average. Secondly, regional differences in the efficiency of industrial green technology innovation in China are evident but tend to narrow overall, with the main reason for the overall difference being regional differences. In terms of intra-regional variation, variation within the eastern region is relatively stable, variation within the central region is relatively low and shows an inverted ‘U’ shaped trend, and variation within the western region is high and shows a fluctuating downward trend. Thirdly, the firm size, government support, openness to the outside world, environmental regulations and education levels contribute to the efficiency of industrial green technology innovation. In addition, the industrial structure hinders the efficiency of industrial green technology innovation, and each influencing factor has different degrees of spatial spillover effects.

Volatility spillovers among G7, E7 stock markets and cryptocurrencies

PurposeThe existence of long memory and persistent volatility characteristics of cryptocurrencies justifies the investigation of return and volatility/shock spillovers between traditional financial market asset classes and cryptocurrencies. The purpose of this paper is to investigate the dynamic relationship between the cryptocurrencies, namely Bitcoin and Ethereum, and stock market indices of G7 and E7 countries to analyze the return and volatility spillover patterns among these markets by means of multivariate (MGARCH) approach.Design/methodology/approachApplying the newly developed VAR-GARCH-in mean framework with the BEKK representation, the empirical results reveal that there exists an evidence of mean and volatility spillover effects among Bitcoin and Ethereum as the proxies for the cryptocurrencies, and stock markets reviewed.FindingsInterestingly, the direction of the return and volatility spillover effects is unidirectional in most E7 countries, but bidirectional relationship was found in most G7 countries. This can be explained as the presence of a strong return and volatility interaction among G7 stock markets and crypto market.Originality/valueOverall, the results of this study are of particular interest for portfolio management since it provides insights for financial market participants to make better portfolio allocation decisions. It is also increasingly important to understand the volatility transmission mechanism across these markets to provide policymakers and regulatory bodies with guidance to eliminate the negative impact of cryptocurrency's volatility on the stability of financial markets.