IDEAS home Printed from https://ideas.repec.org/a/eee/jrpoli/v85y2023ipbs0301420723006748.html
   My bibliography  Save this article

Resource efficiency and economic sustainability in APEC: Assessing the financial sector's role

Author

Listed:
  • Yao, Niaoer
  • Fabus, Michal
  • Hu, Lifeng
  • Qian, Fangbin

Abstract

Efforts by countries worldwide to enhance the efficiency of natural resources and mitigate environmental harm are driven by a multitude of policies across various dimensions. This paper aims to investigate the relationship between the financial sector and energy efficiency in 21 APEC member countries from 2000 to 2021. Employing the CUM-FM estimation, the study reveals significant insights. The results indicate that both the green financial market and the degree of financial openness have a positive impact on increasing the efficiency of natural resources. Moreover, the size of the economy (GDP) also demonstrates a positive correlation with resource efficiency. However, the effect of the economic uncertainty index and foreign direct investment on resource efficiency in APEC member countries is found to be unfavorable. To enhance resource efficiency, the examined countries are advised to focus on expanding digital green financial markets and fostering green foreign direct investment. Additionally, the establishment of an early warning system can play a crucial role in mitigating economic uncertainty.

Suggested Citation

  • Yao, Niaoer & Fabus, Michal & Hu, Lifeng & Qian, Fangbin, 2023. "Resource efficiency and economic sustainability in APEC: Assessing the financial sector's role," Resources Policy, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:jrpoli:v:85:y:2023:i:pb:s0301420723006748
    DOI: 10.1016/j.resourpol.2023.103963
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301420723006748
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.resourpol.2023.103963?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Xu, Jiaqi & She, Shengxiang & Gao, Pengpeng & Sun, Yunpeng, 2023. "Role of green finance in resource efficiency and green economic growth," Resources Policy, Elsevier, vol. 81(C).
    2. Yunfeng Shang & Yuanjie Pu & Yiting Yu & Nan Gao & Yun Lu, 2023. "Role of the e-exhibition industry in the green growth of businesses and recovery," Economic Change and Restructuring, Springer, vol. 56(3), pages 2003-2020, June.
    3. Lee, Chien-Chiang & Chen, Pei-Fen & Chu, Pin-Jie, 2023. "Green recovery through financial inclusion of mobile payment: A study of low- and middle-income Asian countries," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 729-747.
    4. Shang, Yunfeng & Zhu, Lingrou & Qian, Fangbin & Xie, Yani, 2023. "Role of green finance in renewable energy development in the tourism sector," Renewable Energy, Elsevier, vol. 206(C), pages 890-896.
    5. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
    6. Appolloni, Andrea & Chiappetta Jabbour, Charbel Jose & D'Adamo, Idiano & Gastaldi, Massimo & Settembre-Blundo, Davide, 2022. "Green recovery in the mature manufacturing industry: The role of the green-circular premium and sustainability certification in innovative efforts," Ecological Economics, Elsevier, vol. 193(C).
    7. Zhou, Xiaoxiao & Lin, Junjie & Wang, Lu & Huang, Hongyun & Zhao, Xin, 2022. "Wind power resources and China's sustainable development roadmap: Evidence from China," Resources Policy, Elsevier, vol. 79(C).
    8. Joakim Westerlund, 2007. "Testing for Error Correction in Panel Data," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(6), pages 709-748, December.
    9. Zhang, Can & Liang, Qian, 2023. "Natural resources and sustainable financial development: Evidence from South Asian economies," Resources Policy, Elsevier, vol. 80(C).
    10. M. Hashem Pesaran, 2021. "General diagnostic tests for cross-sectional dependence in panels," Empirical Economics, Springer, vol. 60(1), pages 13-50, January.
    11. Blazquez, Jorge & Galeotti, Marzio & Martin-Moreno, Jose M., 2021. "Green recovery packages for a post-Covid-19 world: A lesson from the collapse of Spanish wind farms in the past financial crisis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 151(C).
    12. Sun, Yunpeng & Gao, Pengpeng & Tian, Wenjuan & Guan, Weimin, 2023. "Green innovation for resource efficiency and sustainability: Empirical analysis and policy," Resources Policy, Elsevier, vol. 81(C).
    13. Rongwei, Xie & Xiaoying, Zhai, 2020. "Is financial development hampering or improving the resource curse? New evidence from China," Resources Policy, Elsevier, vol. 67(C).
    14. Zhao, Linhai & Rasoulinezhad, Ehsan, 2023. "Role of natural resources utilization efficiency in achieving green economic recovery: Evidence from BRICS countries," Resources Policy, Elsevier, vol. 80(C).
    15. Shang, Yunfeng & Lian, Yi & Chen, Hui & Qian, Fangbin, 2023. "The impacts of energy resource and tourism on green growth: Evidence from Asian economies," Resources Policy, Elsevier, vol. 81(C).
    16. Ayesha Afzal & Ehsan Rasoulinezhad & Zaki Malik, 2022. "Green finance and sustainable development in Europe," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 5150-5163, December.
    17. Geng, Qianqian & Wang, Ying & Wang, Xiaoqing, 2023. "The impact of natural resource endowment and green finance on green economic efficiency in the context of COP26," Resources Policy, Elsevier, vol. 80(C).
    18. Wan, Qilong & Qian, Jine & Baghirli, Araz & Aghayev, Aligul, 2022. "Green finance and carbon reduction: Implications for green recovery," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 901-913.
    19. Wang, Kai-Hua & Zhao, Yan-Xin & Jiang, Cui-Feng & Li, Zheng-Zheng, 2022. "Does green finance inspire sustainable development? Evidence from a global perspective," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 412-426.
    20. Khan, Yasir & Liu, Fang & Hassan, Taimoor, 2023. "Natural resources and sustainable development: Evaluating the role of remittances and energy resources efficiency," Resources Policy, Elsevier, vol. 80(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gao, Zhibin & Li, Zengrong, 2024. "Role of free media and political openness in achieving resources efficiency and sustainability," Resources Policy, Elsevier, vol. 90(C).
    2. Xu, Jiaqi & Xu, Xiaowan & Jia, Gujiang, 2024. "Resource efficiency, green development, and social security: Evidence from ASEAN+6 economies," Resources Policy, Elsevier, vol. 90(C).
    3. Cheng, Xuanmei & Yan, Chengnuo & Ye, Kaite & Chen, Kanxiang, 2024. "Enhancing resource efficiency through the utilization of the green bond market: An empirical analysis of Asian economies," Resources Policy, Elsevier, vol. 89(C).
    4. Guo, Muhong & Pang, Deliang & Dong, Jingzheng, 2024. "Promoting green growth: Resource management and reosurce efficiency in East Asian and Pacific ecnomies," Resources Policy, Elsevier, vol. 90(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xu, Jiaqi & Zhao, Jingfeng & Liu, Wen, 2023. "A comparative study of renewable and fossil fuels energy impacts on green development in Asian countries with divergent income inequality," Resources Policy, Elsevier, vol. 85(PA).
    2. Chen, Xiaoyu & Wang, Yujing & Li, Tongxin, 2024. "Examining the resource curse phenomenon, digital finance integration, and their impacts on economic growth: Empirical insights from South Korea," Resources Policy, Elsevier, vol. 88(C).
    3. Ma, Xuewen & Liu, Liyan & Zhang, Dongming, 2024. "How green finance tools and electric vehicles minerals sustainability are related?," Resources Policy, Elsevier, vol. 90(C).
    4. Xiaoping, Chen & Yanqiu, Wu, 2024. "Cultivating green growth: The interplay of communication and resource efficiency in East Asia," Resources Policy, Elsevier, vol. 90(C).
    5. Yang, Jinghang & Xing, Yuanyuan & Han, Yuanyuan, 2023. "Utilization of E-commerce for fossil fuels allocation and green recovery," Resources Policy, Elsevier, vol. 85(PB).
    6. Hu, Xiaofeng, 2023. "Green economic recovery in Central Asia by utilizing natural resources," Resources Policy, Elsevier, vol. 83(C).
    7. Wang, Chuangang & Li, Xin, 2024. "Optimizing the utilization of mineral assets and human resources for enhanced social welfare and sustainable development," Resources Policy, Elsevier, vol. 90(C).
    8. Shen, Lihua & Zhang, Zhibin & Yang, Qin, 2024. "Is e-commerce capable to promote mineral resources? Evidence for Belt and Road Initiative countries," Resources Policy, Elsevier, vol. 88(C).
    9. Chen, Xia & Ding, Haiyang, 2023. "Assessment of green economic development through the impacts of fossil fuels resources and education in China," Resources Policy, Elsevier, vol. 85(PB).
    10. Zhang, Can & Zhang, Liangyu & Liu, Liyan & Du, Chaofei, 2024. "The study of the relationship between green finance and resource efficiency in east asian economies," Resources Policy, Elsevier, vol. 89(C).
    11. Li, Zengrong & Wu, Yanqiu & Rasoulinezhad, Ehsan & Sheng, Yishen & Bi, Chunyu, 2023. "Green economic recovery in central Asia by utilizing natural resources," Resources Policy, Elsevier, vol. 83(C).
    12. Ju, Chunhua & Liu, Huajin & Xu, Aidi & Zhang, Jie, 2023. "Green logistics of fossil fuels and E-commerce: Implications for sustainable economic development," Resources Policy, Elsevier, vol. 85(PB).
    13. Liu, Wen & Xu, Jiaqi & Cao, Lei & Li, Fuchang, 2024. "Towards iron ore mining sustainability and low-carbon transformation: Policies and implications," Resources Policy, Elsevier, vol. 90(C).
    14. Ma, Xuewen & Zhang, Dongming, 2023. "Digitalization of the economy for fossil fuels efficiency and carbon neutrality," Resources Policy, Elsevier, vol. 86(PA).
    15. Guo, Muhong & Pang, Deliang & Dong, Jingzheng, 2024. "Promoting green growth: Resource management and reosurce efficiency in East Asian and Pacific ecnomies," Resources Policy, Elsevier, vol. 90(C).
    16. Liu, Wen & Xu, Jiaqi & She, Shengxiang, 2023. "Green economic development by increasing efficiency of natural resource consumption," Resources Policy, Elsevier, vol. 85(PB).
    17. Chunyang Wang & Qianqian He & Jian Xu, 2024. "RETRACTED ARTICLE: Exploring the role of quality and inclusive education in meeting sustainable development goals," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-15, June.
    18. Zhang, Ming & Wei, Xuejiao, 2024. "Resource efficiency, cultural industry, and green economic growth: A synergistic approach," Resources Policy, Elsevier, vol. 90(C).
    19. Xu, Chunguang & Li, Xiaohui, 2023. "Achieving common prosperity and green development through utilizing natural resources," Resources Policy, Elsevier, vol. 85(PB).
    20. Zhang, Zhian & Tang, Jiayi & Ye, Ziyu, 2023. "New evidence of the relationship between media, culture industry, and mineral efficiency in high and low income asian economies," Resources Policy, Elsevier, vol. 87(PB).

    More about this item

    Keywords

    Sustainable development; Resource efficiency; Financial openness; Green finance; Panel data;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jrpoli:v:85:y:2023:i:pb:s0301420723006748. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30467 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.