School of Business, Guangzhou College of Technology and Business Guangzhou, Guangzhou, 510850, China.
Faculty of Business, City University of Macau, Avenida Padre Tomás Pereira, Macau, 999078, Taipa, China.
Environ Sci Pollut Res Int. 2022 Nov;29(52):78683-78697. doi: 10.1007/s11356-022-21100-5. Epub 2022 Jun 13.
The aim of the study is to test the nexus between oil prices, energy risk exposer, and financial stability to recommend the implications for the period of COVID-19 crises. The study findings show that a systemic macroeconomic simulation that combines with the 17% oil prices and 26% energy risk exposure at household item demand gives a rise to energy subsidies at 18.14% and it contributes to make energy financing as efficient as 38.3% in study context. By this, the oil prices and energy risk exposure repercussions caused significant connection with financial stability. Utilization of oil-importing and oil-exporting economies necessitates the use of energy. Energy and capital are complementary in manufacturing. Following the study findings, we suggested and adjusted the energy risk exposure framework to take into account. The findings show that allocating oil price-related subsidy to enterprises yields the best policy results. However, the benefit to society as a whole is quite small. Additional analysis results indicate that in a less energy-dependent sector, having no subsidies would be the best strategy. On such benefits, different policy implications are also suggested for associated individuals to sustain financial stability.
本研究旨在检验油价、能源风险敞口与金融稳定之间的关系，为 COVID-19 危机期间提供相关建议。研究结果表明，在一个将 17%的油价和 26%的家庭需求能源风险敞口纳入的系统性宏观经济模拟中，能源补贴上升了 18.14%，这使得能源融资效率提高了 38.3%。由此可见，油价和能源风险敞口的影响与金融稳定有着显著的联系。石油进口和出口经济体的利用需要能源。能源和资本在制造业中是互补的。根据研究结果，我们建议调整能源风险敞口框架以考虑相关因素。研究结果表明，将与石油价格相关的补贴分配给企业会产生最佳的政策效果。然而，对整个社会的好处却相当小。进一步的分析结果表明，在能源依赖程度较低的部门，不提供补贴将是最佳策略。基于这些好处，我们还为相关个人提出了不同的政策建议，以维持金融稳定。
