Template-type: ReDIF-Article 1.0 Author-Name: Patrice Geoffron Title: Confronting the gas crisis: Can we REPowerUE? Abstract: This paper aims to analyse the first collective responses, at European level, to the energy (and very acutely for gas) crisis that began in the second half of 2021, but particularly accentuated by the Russian invasion of Ukraine. Since the beginning of the conflict, discussions have been held to identify policy levers to reduce Russian gas imports, while ensuring a satisfactory level of security of supply. This type of exercise implies considering different horizons, the first of which is the winter of 2022-2023, with the concern of managing to fill gas stocks sufficiently early. Beyond this emergency, which stems from crisis management, the perspective is also to establish a horizon at which the countries of European Union could do without Russian gas altogether. These two horizons are addressed by two European Commission initiatives: ?Save gas for a safe winter? for the shorter term (i.e. winter 2023), and ?REPowerEU? beyond, plans whose main mechanisms will be presented here, after reminding the regulatory framework for its security of gas supply at the EU level developed in response to the tensions already ob- served over the last two decades. Classification-JEL: Q35, Q42, Q48, Q54 Keywords: Note: Pages:5-15 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71987&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001001 Number: 1 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71987 Template-type: ReDIF-Article 1.0 Author-Name: Jakub Zezula Title: Commodity risk hedging of a power producer: Case study of the Czech power market Abstract: Every power producer is facing the risk of an adverse price movement of commodities used for the power production and power itself in the meantime between cash flow planning and the actual power production. This study analyzes process of hedging the commodity market risk with usage of derivatives with financial settlement as an alternative to physical ones. For this purpose a hypothetical power producer operating a gas power unit was selected. Based on the real Czech power market data of 2019 this paper simulates expected cash flow, assesses potential risk for the producer and compares real cash flow of an unhedged position with a position hedged via futures contracts and spread options with financial settlement. For the risk evaluation Monte Carlo simulation and value at risk methods are used. As the most effective way to hedge the market risk of 2019 proved itself the futures hedge with monthly hedging tenor with an alternative in a short call option position. Practical implications: The study is written in a practical approach to the market risk man- agement process so that could be applicable in any company active in the power market facing the risk of commodity price movements regardless the input commodity used for the electric- ity production. Using the data of the Czech power market of 2019 the paper presents the case of a real power market participant. Classification-JEL: M00, M21, O13 Keywords: Note: Pages:17-32 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71988&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001002 Number: 2 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71988 Template-type: ReDIF-Article 1.0 Author-Name: Salah U-Din Author-Name: Usman Sadiq Title: Crude oil prices: A curse or a blessing for small businesses in Alberta? Abstract: Small and medium enterprises (SMEs), entrepreneurship, and crude oil are important contrib- utors to the economic growth of several countries. Crude oil revenue facilitated the develop- ment of other economic sectors including SMEs in many countries and became a blessing for economic stability. However, in some countries or regions, it attracted most of the labour, capital, and government support at the cost of other economic sectors and became a curse. This study investigates the relationship between crude oil prices and small business entrepre- neurship activities in the province of Alberta. The Ordinary Least Square (OLS) models, along with some other statistical tools, are used to analyze the data for the period 1988-2018. Our findings reveal a positive relationship between crude oil prices and the number of small busi- nesses in Alberta and Canada, which is consistent with the natural resources blessing hypoth- esis. However, some labour-intensive and low-wage small business sectors were found to be negatively associated with crude oil prices. Moreover, the population growth and market in- terest rate hampered small business entrepreneurial activities, while GDP growth promoted them. Some implications are provided at the end of the study to diversify the economy of Alberta through promoting small business entrepreneurial activities. Classification-JEL: G14, G32, N52, Q51, Q54 Keywords: Note: Pages:33-50 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71989&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001003 Number: 3 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71989 Template-type: ReDIF-Article 1.0 Author-Name: Fariba Osmani Author-Name: Masuod Homayounifar Author-Name: Mohammad Javad Gorjipour Title: Do export quality, urbanization and fertility rate affect the ecological footprint? Case study: A panel of developing countries Abstract: The purpose of this study is to investigate the effect of export quality and fertility rate on ecological footprint in a panel of developing countries. For this purpose, panel quantile regression in the period 1990-2014 has been used. Also in this study, the variables of trade openness, urbanization, and GDP per capita were considered as observer variables. Experi- mental results show that the quality of exports and Fertility rate at all levels of the quantile improve the quality of the environment. Open trade and urbanization help to improve the quality of the environment. GDP per capita further degrades the environment. Therefore, policymakers should take into account these factors affecting the ecological footprint and adopt appropriate policies. Classification-JEL: Q56, Q57, F18 Keywords: Note: Pages:51-67 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71990&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001004 Number: 4 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71990 Template-type: ReDIF-Article 1.0 Author-Name: Fay?al Chiad Author-Name: Smail Moumeni Author-Name: Amine Aoussi Title: The joint effect of financial development and human capital on the ecological footprint: The Algerian case Abstract: This study aims to figure out what factors influence environmental degradation as measured by the ecological footprint in Algeria. It examines the impact of financial development (access to credit), human capital (education), and economic growth on Algeria?s environmental deg- radation in the short and long term. For this purpose, the current study examines short- and long-term consequences using a 37 years time series of secondary data and applies the "autoregressive distributed lag" time-series model. Our findings show that economic growth has a considerable positive impact on the ecological footprint in both the long and short term. Both access to credit and education have a negative effect on environmental degradation. This sug- gests that access to credit and education are both negative short- and long-term derivatives of the ecological footprint in Algeria, whereas economic growth is a positive short- and long- term indicator. Furthermore, bidirectional causality is discovered between access to credit and ecological footprint, while the granger causality method discloses unidirectional causality from economic growth to the ecological footprint. Education also Granger-causes ecological footprint without any feedback. The current research has significant consequences since it will assist Algerian policymakers in controlling environmental deterioration through improved regulations. The findings inspire Algerian authorities to encourage the human resource to adopt green development through proper education programmes. Additionally, investors should be encouraged to finance environmentally friendly, sustainable projects. Furthermore, in Algeria, the government should reduce pollution from production by implementing green technologies. And participate in an international development track that is focused on longterm sustainability. Classification-JEL: G2, J24, Q01, F43 Keywords: Note: Pages:69-93 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71991&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001005 Number: 5 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71991 Template-type: ReDIF-Article 1.0 Author-Name: Mahdieh Rezagholizadeh Author-Name: Younes Abdi Title: Financial development and development of renewable energy technologies: A comparison of developing and developed countries Abstract: Greenhouse gas emissions are a global concern, and many countries around the world are looking for alternative traditional sources of hydrocarbon energy with economic and environ- mental benefits, including considering the effects of rising oil prices and their subsequent shocks, increasing energy security, and reducing consumption of fossil fuels. The effective role of renewable energy in sustainable development, reducing greenhouse gases and increasing energy security on the one hand, and the necessity of assigning major financial resources to renewable energy projects on the other hand, double the importance of financial improve- ment in the development of renewable energy sources. Due to the importance of this issue, using a panel data model, the present study examines the impact of financial development in the stock market, credit market and total financial markets on the development of renewable energy technology in two groups of selected developed and developing countries during the years 2000-2018. According to the results, financial development has a significant positive impact on the development of renewable energy technology. Due to the nature of this type of energy, it can have multiple environmental benefits as well. Furthermore, in this regard, in the selected developed countries, the improved financial market (credit and stock markets) has a positive effect on the development of the annual installed capacity of renewable energy. How- ever, in the selected developing countries, development in financial market has a positive effect on the deployment of renewable energy as well. Based on the coefficients in two re- gression models, credit market improvement has a greater effect on the development of the installed capacity of renewable energy technologies in developing countries rather than in developed countries. Also, the overall financial index indicates that financial development has a greater effect on deployment of renewable energies in developed countries rather than in developing countries. JEL classification: G2, Q43, C23 Classification-JEL: G2, Q43, C23 Keywords: Note: Pages:95-118 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71992&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001006 Number: 6 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71992 Template-type: ReDIF-Article 1.0 Author-Name: Yuliia Vyshnevska Author-Name: Viktor Ladychenko Author-Name: Olena Uliutina Author-Name: Juliia Kanaryk Author-Name: Svitlana Movchun Title: Regulatory and legal provision of alternative sources of energy as a component of the energy sector of the economy Abstract: The article provides that the military actions in Donbass, the temporary occupation of the Autonomous Republic of Crimea, the global pandemic caused by the coronavirus and a num- ber of secondary causes were the result of the first manifestations of the economic crisis in Ukraine. It is confirmed that the regulatory support of alternative energy sources in Ukraine consists of a large number of regulations and bylaws, which is an indicator of advanced work of legislative and executive bodies to further improve the mechanisms of regulatory support for the gradual transition to alternative energy sources. It is important for Ukraine now to provide state support to electricity producers from alternative energy sources on a competitive basis, namely through auctions and tenders. After all, such potential should be used to stimu- late the country?s economic activity, improve its trade balance, which allows not only mod- ernizing fixed assets in the energy sector. Classification-JEL: Q42, Q48 Keywords: Note: Pages:119-130 Volume: 2022/1 Year: 2022 Issue:1 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=71993&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:efeefe:v:html10.3280/EFE2022-001007 Number: 7 X-File-Ref: http://www.francoangeli.it/Riviste/References.ashx?idArticolo=71993