Economic Policy Uncertainty: Global Energy Security with Diversification

Dagar, Vishal and Dagher, Leila and Rao, Amar and Doytch, Nadia and Kagzi, Muneza (2024): Economic Policy Uncertainty: Global Energy Security with Diversification. Published in: Economic Analysis and Policy

Abstract

Global energy security is a growing worldwide concern in the presence of high economic policy uncertainty (EPU) that can be addressed by advancing sustainable energy diversification (ED) practices. Energy security can be estimated by combining ED and EPU indices; hence, this study uses a dataset covering three continents and 26 countries from 1995 to 2023 to measure energy security employing this approach. The study employs quantile regression and panel data analysis, finding a positive relationship between EPU and ED. The results reveal that when EPU increases, the spectrum of energy sources declines, negatively impacting energy security. Other factors of globalization, Gross Domestic Product, gross capital formation, and the labor force also have an impact on the spectrum of energy sources. To obtain a sustainable level of ED, policymakers should increase investment in gross capital formation because economic growth and openness via pro-global policies have less impact on ED. This study also demonstrates that labor capital shifts have a significant effect on ED. The quantitative results reveal the importance of clear and precise economic policies for increasing investment in carbon-free energy security.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economic Policy Uncertainty; Energy Security; Energy Diversification; Carbon Neutrality; Risk Mitigation.
• Subjects: C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models; G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q43 - Energy and the Macroeconomy; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q4 - Energy > Q48 - Government Policy; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q54 - Climate ; Natural Disasters and Their Management ; Global Warming; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q58 - Government Policy

References

Abbas, Q., & Alqama, K. (2020). Energy Security: A National Security Paradigm Shift for US in Post 9/11 Epoch. Review of Economics and Development Studies, 6(2), 481–490. https://doi.org/10.47067/reads.v6i2.216

Amin, A., & Dogan, E. (2021). The role of economic policy uncertainty in the energy-environment nexus for China: Evidence from the novel dynamic simulations method. Journal of Environmental Management, 292, 112865. https://doi.org/10.1016/j.jenvman.2021.112865

Apergis, N., & Payne, J. E. (2009). Energy consumption and economic growth: Evidence from the Commonwealth of Independent States. Energy Economics, 31(5), 641–647. https://doi.org/10.1016/j.eneco.2009.01.011

Arellano, M., & Bond, S. (1991). Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968

Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. In Journal of Econometrics (Vol. 68, Issue 1). https://doi.org/10.1016/0304-4076(94)01642-D

Aslani, A., Antila, E., & Wong, K. F. V. (2012). Comparative analysis of energy security in the Nordic countries: The role of renewable energy resources in diversification. Journal of Renewable and Sustainable Energy, 4(6). https://doi.org/10.1063/1.4765695

Aslani, A., Helo, P., & Naaranoja, M. (2014). Role of renewable energy policies in energy dependency in Finland: System dynamics approach. Applied Energy, 113, 758–765. https://doi.org/10.1016/j.apenergy.2013.08.015

Assaf, A., Charif, H., & Mokni, K. (2021). Dynamic connectedness between uncertainty and energy markets: Do investor sentiments matter? Resources Policy, 72, 102112. https://doi.org/10.1016/j.resourpol.2021.102112

Aydin, C., & Esen, Ö. (2018). Does the level of energy intensity matter in the effect of energy consumption on the growth of transition economies? Evidence from dynamic panel threshold analysis. Energy Economics, 69, 185–195. https://doi.org/10.1016/j.eneco.2017.11.010

Ayoo, C. (2020). Towards Energy Security for the Twenty-First Century. In Energy Policy. IntechOpen. https://doi.org/10.5772/intechopen.90872

Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. Quarterly Journal of Economics, 131(4), 1593–1636. https://doi.org/10.1093/qje/qjw024

Ben-Porath, Y. (1973). Labor-Force Participation Rates and the Supply of Labor. Journal of Political Economy, 81(3), 697–704. https://doi.org/10.1086/260065

Bigerna, S., D’Errico, M. C., & Polinori, P. (2021). Energy security and RES penetration in a growing decarbonized economy in the era of the 4th industrial revolution. Technological Forecasting and Social Change, 166. https://doi.org/10.1016/j.techfore.2021.120648

Blum, H., & Legey, L. F. L. (2012). The challenging economics of energy security: Ensuring energy benefits in support to sustainable development. Energy Economics, 34(6), 1982–1989. https://doi.org/10.1016/j.eneco.2012.08.013

Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8

Bond, S. (1991). Some tests of specification for panel data:monte carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968

Bouoiyour, J., Selmi, R., Hammoudeh, S., & Wohar, M. E. (2019). What are the categories of geopolitical risks that could drive oil prices higher? Acts or threats? Energy Economics, 84, 104523. https://doi.org/10.1016/j.eneco.2019.104523

Bran, F., Ioan, I., & Radulescu, C. V. (2012). The challenge of energy security. Case study: Romania. Rivista Di Studi Sulla Sostenibilita, 2, 101–111. https://doi.org/10.3280/riss2012-su2008

Bruns, S. B., König, J., & Stern, D. I. (2019). Replication and robustness analysis of ‘energy and economic growth in the USA: A multivariate approach.’ Energy Economics, 82, 100–113. https://doi.org/10.1016/j.eneco.2018.10.007

Canay, I. A. (2011). A simple approach to quantile regression for panel data. The Econometrics Journal, 14(3), 368–386. https://doi.org/10.1111/j.1368-423X.2011.00349.x

Chang, T., Wang, M. C., Jia, L., & Ranjbar, O. (2023). Degree of persistence of energy mix diversification of the US states: fresh evidence using LM unit root tests with sharp or smooth breaks and cross-sectional dependence. Environmental Science and Pollution Research, 30(39), 91415–91439. https://doi.org/10.1007/s11356-023-28662-y

Chinn, M. D., & Ito, H. (2008). A New Measure of Financial Openness. Journal of Comparative Policy Analysis: Research and Practice, 10(3). https://doi.org/10.1080/13876980802231123

Chu, L. K. (2022). The impact of informal economy on technological innovation–ecological footprint nexus in OECD countries: new evidence from panel quantile regression. Journal of Environmental Studies and Sciences, 12(3), 515–533. https://doi.org/10.1007/s13412-022-00756-y

Chu, L. K., & Le, N. T. M. (2022). Environmental quality and the role of economic policy uncertainty, economic complexity, renewable energy, and energy intensity: the case of G7 countries. Environmental Science and Pollution Research, 29(2), 2866–2882. https://doi.org/10.1007/s11356-021-15666-9

Dabboussi, M., & Abid, M. (2022). A comparative study of sectoral renewable energy consumption and GDP in the U.S.: Evidence from a threshold approach. Renewable Energy, 192, 705–715. https://doi.org/10.1016/j.renene.2022.03.057

Dagar, V., & Malik, S. (2023). Nexus between macroeconomic uncertainty, oil prices, and exports: evidence from quantile-on-quantile regression approach. Environmental Science and Pollution Research. https://doi.org/10.1007/s11356-023-25574-9

Dagher, L., Bird, L., & Heeter, J. (2017). Residential green power demand in the United States. Renewable Energy, 114, 1062–1068. https://doi.org/10.1016/j.renene.2017.07.111

Dagher, L., Fattouh, B., & Jamali, I. (2020). Oil price dynamics and energy transitions in the Middle East and North Africa: Economic implications and structural reforms. Energy Policy, 139, 111329. https://doi.org/10.1016/j.enpol.2020.111329

Dagher, L., Jamali, I., & Abi Younes, O. (2023). Extreme energy poverty: The aftermath of Lebanon’s economic collapse. Energy Policy, 183, 113783. https://doi.org/10.1016/j.enpol.2023.113783

Doğan, B., Ghosh, S., Hoang, D. P., & Chu, L. K. (2022). Are economic complexity and eco-innovation mutually exclusive to control energy demand and environmental quality in E7 and G7 countries? Technology in Society, 68, 101867. https://doi.org/10.1016/j.techsoc.2022.101867

Doytch, N., & Narayan, S. (2021). Does transitioning towards renewable energy accelerate economic growth? An analysis of sectoral growth for a dynamic panel of countries. Energy, 235, 121290. https://doi.org/10.1016/j.energy.2021.121290

Ebhota, W. S., & Tabakov, P. Y. (2021). Development of domestic technology for sustainable renewable energy in a zero-carbon emission-driven economy. International Journal of Environmental Science and Technology, 18(5), 1253–1268. https://doi.org/10.1007/s13762-020-02920-9

Emir, F., & Bekun, F. V. (2019). Energy intensity, carbon emissions, renewable energy, and economic growth nexus: New insights from Romania. Energy & Environment, 30(3), 427–443. https://doi.org/10.1177/0958305X18793108

Encinas-Ferrer, C., & Villegas-Zermeño, E. (2018). Investment and Economic Growth. In N. Tsounis & A. Vlachvei (Eds.), Springer Proceedings in Business and Economics (pp. 657–678). Springer International Publishing. https://doi.org/10.1007/978-3-319-70055-7_46

Farah, P. D. (2020). Strategies to balance energy security, business, trade and sustainable development: selected case studies. Journal of World Energy Law and Business, 13(2), 95–99. https://doi.org/10.1093/JWELB/JWAA011

Fuss, S., Szolgayová, J., Khabarov, N., & Obersteiner, M. (2012). Renewables and climate change mitigation: Irreversible energy investment under uncertainty and portfolio effects. Energy Policy, 40(1), 59–68. https://doi.org/10.1016/j.enpol.2010.06.061

Gozgor, G., & Paramati, S. R. (2022). Does energy diversification cause an economic slowdown? Evidence from a newly constructed energy diversification index. Energy Economics, 109, 105970. https://doi.org/10.1016/j.eneco.2022.105970

Guivarch, C., & Monjon, S. (2017). Identifying the main uncertainty drivers of energy security in a low-carbon world: The case of Europe. Energy Economics, 64, 530–541. https://doi.org/10.1016/j.eneco.2016.04.007

Gygli, S., Haelg, F., Potrafke, N., & Sturm, J. E. (2019). The KOF Globalisation Index – revisited. Review of International Organizations, 14(3), 543–574. https://doi.org/10.1007/s11558-019-09344-2

Ha, L. T., & Thanh, T. T. (2022). Global value chains and energy security: Evidence from global sample. Energy Strategy Reviews, 42. https://doi.org/10.1016/j.esr.2022.100870

Halsnæs, K., & Garg, A. (2011). Assessing the Role of Energy in Development and Climate Policies-Conceptual Approach and Key Indicators. World Development, 39(6), 987–1001. https://doi.org/10.1016/j.worlddev.2010.01.002

Hansen, B. E. (1999). Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics, 93(2), 345–368. https://doi.org/10.1016/S0304-4076(99)00025-1

Hemrit, W., & Benlagha, N. (2021). Does renewable energy index respond to the pandemic uncertainty? Renewable Energy, 177, 336–347. https://doi.org/10.1016/j.renene.2021.05.130

Hsieh, C.-T., Hurst, E., Jones, C. I., & Klenow, P. J. (2019). The Allocation of Talent and U.S. Economic Growth. Econometrica, 87(5), 1439–1474. https://doi.org/10.3982/ecta11427

Hughes, L. (2012). A generic framework for the description and analysis of energy security in an energy system. Energy Policy, 42, 221–231. https://doi.org/10.1016/j.enpol.2011.11.079

Ikram, M., Ferasso, M., Sroufe, R., & Zhang, Q. (2021). Assessing green technology indicators for cleaner production and sustainable investments in a developing country context. Journal of Cleaner Production, 322. https://doi.org/10.1016/j.jclepro.2021.129090

Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7

Kasaei, M. J., Gandomkar, M., & Nikoukar, J. (2017). Optimal management of renewable energy sources by virtual power plant. Renewable Energy, 114. https://doi.org/10.1016/j.renene.2017.08.010

Khan, Y., Hassan, T., Kirikkaleli, D., Xiuqin, Z., & Shukai, C. (2022). The impact of economic policy uncertainty on carbon emissions: evaluating the role of foreign capital investment and renewable energy in East Asian economies. Environmental Science and Pollution Research, 29(13), 18527–18545. https://doi.org/10.1007/s11356-021-17000-9

Kim, S. J., & Kim, H. (2023). Corporate risk and greenhouse gas emissions: evidence from Korea. Applied Economics Letters, 30(16), 2252–2258. https://doi.org/10.1080/13504851.2022.2096852

Kim, Y. J. (2022). The countervailing effects of stocks of knowledge on low-carbon innovation through international collaboration. Energy Policy, 170, 113217. https://doi.org/10.1016/j.enpol.2022.113217

Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91(1), 74–89. https://doi.org/10.1016/j.jmva.2004.05.006

Kruyt, B., van Vuuren, D. P., de Vries, H. J. M., & Groenenberg, H. (2009). Indicators for energy security. Energy Policy, 37(6), 2166–2181. https://doi.org/10.1016/j.enpol.2009.02.006

Kumari, R., & Sharma, A. K. (2017). Determinants of foreign direct investment in developing countries: a panel data study. International Journal of Emerging Markets, 12(4), 658–682. https://doi.org/10.1108/IJoEM-10-2014-0169

Labandeira, X., & Manzano, B. (2012). Some Economic Aspects of Energy Security. EUROPEAN RESEARCH STUDIES JOURNAL, XV(Issue 4), 47–64. https://doi.org/10.35808/ersj/371

Lee, C.-C., & Wang, C. (2022). Financial development, technological innovation and energy security: Evidence from Chinese provincial experience. Energy Economics, 112, 106161. https://doi.org/10.1016/j.eneco.2022.106161

Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7

Liu, R., He, L., Liang, X., Yang, X., & Xia, Y. (2020). Is there any difference in the impact of economic policy uncertainty on the investment of traditional and renewable energy enterprises? – A comparative study based on regulatory effects. Journal of Cleaner Production, 255, 120102. https://doi.org/10.1016/j.jclepro.2020.120102

Mišík, M. (2022). The EU needs to improve its external energy security. Energy Policy, 165, 112930. https://doi.org/10.1016/j.enpol.2022.112930

Narayan, S., & Doytch, N. (2017). An investigation of renewable and non-renewable energy consumption and economic growth nexus using industrial and residential energy consumption. Energy Economics, 68, 160–176. https://doi.org/10.1016/j.eneco.2017.09.005

Nepal, R., Best, R., & Taylor, M. (2023). Strategies for reducing ethnic inequality in energy outcomes: A Nepalese example. Energy Economics, 126. https://doi.org/10.1016/j.eneco.2023.106910

Nepal, R., Indra al Irsyad, M., & Nepal, S. K. (2019). Tourist arrivals, energy consumption and pollutant emissions in a developing economy–implications for sustainable tourism. Tourism Management, 72. https://doi.org/10.1016/j.tourman.2018.08.025

Nepal, R., Sofe, R., Jamasb, T., & Ramiah, V. (2023). Independent power producers and deregulation in an island based small electricity system: The case of Papua New Guinea. Energy Policy, 172. https://doi.org/10.1016/j.enpol.2022.113291

Odhiambo, N. M. (2009). Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach. Energy Policy, 37(2), 617–622. https://doi.org/10.1016/j.enpol.2008.09.077

Oh, W., & Lee, K. (2004). Energy consumption and economic growth in Korea: Testing the causality relation. Journal of Policy Modeling, 26(8–9), 973–981. https://doi.org/10.1016/j.jpolmod.2004.06.003

Ozcan, B., & Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30–37. https://doi.org/10.1016/j.rser.2019.01.020

Pavlović, D., Banovac, E., & Vištica, N. (2018). Defining a composite index for measuring natural gas supply security - The Croatian gas market case. Energy Policy, 114, 30–38. https://doi.org/10.1016/j.enpol.2017.11.029

Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83(4), 727–731. https://doi.org/10.1162/003465301753237803

Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597–625. https://doi.org/10.1017/S0266466604203073

Pirgaip, B., & Dinçergök, B. (2020). Economic policy uncertainty, energy consumption and carbon emissions in G7 countries: evidence from a panel Granger causality analysis. Environmental Science and Pollution Research, 27(24), 30050–30066. https://doi.org/10.1007/s11356-020-08642-2

Pourkhanali, A., Khezr, P., Nepal, R., & Jamasb, T. (2024). Navigating the crisis: Fuel price caps in the Australian national wholesale electricity market. Energy Economics, 129, 107237. https://doi.org/10.1016/j.eneco.2023.107237

Rahman, Z. U., & Ahmad, M. (2019). Modeling the relationship between gross capital formation and CO 2 (a)symmetrically in the case of Pakistan: an empirical analysis through NARDL approach. Environmental Science and Pollution Research, 26(8), 8111–8124. https://doi.org/10.1007/s11356-019-04254-7

Rao, A., Dagar, V., Sohag, K., Dagher, L., & Tanin, T. I. (2023). Good for the planet, good for the wallet: The ESG impact on financial performance in India. Finance Research Letters, 56, 104093. https://doi.org/10.1016/j.frl.2023.104093

Rasoulinezhad, E., & Saboori, B. (2018). Panel estimation for renewable and non-renewable energy consumption, economic growth, CO2 emissions, the composite trade intensity, and financial openness of the commonwealth of independent states. Environmental Science and Pollution Research, 25(18), 17354–17370. https://doi.org/10.1007/s11356-018-1827-3

Saidmamatov, O., Tetreault, N., Bekjanov, D., Khodjaniyazov, E., Ibadullaev, E., Sobirov, Y., & Adrianto, L. R. (2023). The Nexus between Agriculture, Water, Energy and Environmental Degradation in Central Asia—Empirical Evidence Using Panel Data Models. Energies, 16(7), 3206. https://doi.org/10.3390/en16073206

Salari, M., Kelly, I., Doytch, N., & Javid, R. J. (2021). Economic growth and renewable and non-renewable energy consumption: Evidence from the U.S. states. Renewable Energy, 178, 50–65. https://doi.org/10.1016/j.renene.2021.06.016

Saud, S., Danish, & Chen, S. (2018). An empirical analysis of financial development and energy demand: establishing the role of globalization. Environmental Science and Pollution Research, 25(24), 24326–24337. https://doi.org/10.1007/s11356-018-2488-y

Selvakkumaran, S., & Limmeechokchai, B. (2013). Energy security and co-benefits of energy efficiency improvement in three Asian countries. Renewable and Sustainable Energy Reviews, 20, 491–503. https://doi.org/10.1016/j.rser.2012.12.004

Shakya, S. R., Nakarmi, A. M., Prajapati, A., Pradhan, B. B., Rajbhandari, U. S., Rupakheti, M., & Lawrence, M. G. (2023). Environmental, energy security, and energy equity (3E) benefits of net-zero emission strategy in a developing country: A case study of Nepal. Energy Reports, 9, 2359–2371. https://doi.org/10.1016/j.egyr.2023.01.055

Sharifuddin, S. (2014). Methodology for quantitatively assessing the energy security of malaysia and other southeast asian countries. Energy Policy, 65, 574–582. https://doi.org/10.1016/j.enpol.2013.09.065

Stern, D. I. (2000). A multivariate cointegration analysis of the role of energy in the US macroeconomy. Energy Economics, 22(2), 267–283. https://doi.org/10.1016/S0140-9883(99)00028-6

Su, C. W., Shao, X., Jia, Z., Nepal, R., Umar, M., & Qin, M. (2023). The rise of green energy metal: Could lithium threaten the status of oil? Energy Economics, 121. https://doi.org/10.1016/j.eneco.2023.106651

Sutrisno, A., Nomaler, Ӧnder, & Alkemade, F. (2021). Has the global expansion of energy markets truly improved energy security? Energy Policy, 148. https://doi.org/10.1016/j.enpol.2020.111931

Udemba, E. N., Dagar, V., Peng, X., & Dagher, L. (2023). Attaining environmental sustainability amidst the interacting forces of natural resource rent and foreign direct investment: Is Norway any different? OPEC Energy Review. https://doi.org/10.1111/opec.12292

Wang, K.-H., Su, C.-W., & Umar, M. (2021). Geopolitical risk and crude oil security: A Chinese perspective. Energy, 219, 119555. https://doi.org/10.1016/j.energy.2020.119555

Wu, G., Liu, L. C., Han, Z. Y., & Wei, Y. M. (2012). Climate protection and China’s energy security: Win-win or tradeoff. Applied Energy, 97, 157–163. https://doi.org/10.1016/j.apenergy.2011.11.061

Yerdelen Tatoglu, F., & Gul, H. (2020). Analysis of tourism demand using a multi-dimensional panel gravity model. Tourism Review, 75(2), 433–447. https://doi.org/10.1108/TR-05-2019-0147

Yu, T. H. K., Huang, M. C., & Huarng, K. H. (2016). Causal complexity of economic development by energy consumption. Journal of Business Research, 69(6), 2271–2276. https://doi.org/10.1016/j.jbusres.2015.12.041

Yuandong, S., Khaskheli, A., Raza, S. A., & Yousufi, S. Q. (2022). How COVID-19 influences prices of oil and precious metals: Comparison between data extracted from online searching trends and actual events. Resources Policy, 78, 102916. https://doi.org/10.1016/j.resourpol.2022.102916

Zakeri, B., Paulavets, K., Barreto-Gomez, L., Echeverri, L. G., Pachauri, S., Boza-Kiss, B., Zimm, C., Rogelj, J., Creutzig, F., Ürge-Vorsatz, D., Victor, D. G., Bazilian, M. D., Fritz, S., Gielen, D., McCollum, D. L., Srivastava, L., Hunt, J. D., & Pouya, S. (2022). Pandemic, War, and Global Energy Transitions. Energies, 15(17), 6114. https://doi.org/10.3390/en15176114

Zhang, Y. Q., Li, L., Sadiq, M., & Chien, F. S. (2023). Impact of a sharing economy on sustainable development and energy efficiency: Evidence from the top ten Asian economies. Journal of Innovation and Knowledge, 8(1). https://doi.org/10.1016/j.jik.2023.100320

Zhang, Y., Qamruzzaman, M., Karim, S., & Jahan, I. (2021). Nexus between Economic Policy Uncertainty and Renewable Energy Consumption in BRIC Nations: The Mediating Role of Foreign Direct Investment and Financial Development. Energies, 14(15), 4687. https://doi.org/10.3390/en14154687

Zhu, L., Luo, J., Dong, Q., Zhao, Y., Wang, Y., & Wang, Y. (2021). Green technology innovation efficiency of energy-intensive industries in China from the perspective of shared resources: Dynamic change and improvement path. Technological Forecasting and Social Change, 170, 120890. https://doi.org/10.1016/j.techfore.2021.120890