O13 - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary ProductsReturn

This paper investigates the nonlinear risk transmission from the oil and natural gas markets to the foreign exchange markets of five energy importers and one major energy exporter. We separate conditional volatility into the transitory (short-term) and permanent (long-term) parts, and then these volatilities are embedded in an elaborate robust linear quantile regression model. We find that the risk spillover effect is relatively low in Central and Eastern European countries (CEECs) probably because they pursue a managed float exchange rate regime. On the other hand, this effect is higher for Turkey and Russia, which is especially true for the effect from oil to the rouble at the highest quantile. This happens because Russia receives the largest amount of foreign currency from oil exports. The results indicate that the short-term risk spillover effect is notably stronger than the long-term one, which means that the exchange rate volatility is mainly determined by market sentiment. The rolling regression results coincide very well with the estimated quantile parameters.

Against the background of green development, green technology innovation is an important driving force for high-quality economic development. Countries are facing energy shortages, environmental deterioration and other issues that limit high-quality economic development by extending green technology innovation. The study aims to investigate the impact of green technology innovation and its spillover effect on high-quality economic development. For this purpose, the study applies panel data on 30 provinces in China from 2010 to 2019 to construct a spatial Durbin model. The study finds that green technology innovation in the region plays a positive role in promoting high-quality economic development. The findings show that green technology innovation in the Eastern Region could promote high-quality economic development. Nevertheless, the role of the Central and Western Regions is not significant and negative. Green technology innovation in the Central and Eastern Regions shows a significant positive role in promoting the high-quality economic development level of the surrounding areas. However, spillover effects in the Western Region are not obvious.