• Energy Research

Natural resources play a significant role in the development of the global economy. This refers, in particular, to strategic fuel and mineral resources. Due to the limited supply of natural resources and the lack of substitutes for most of the key resources in the world, the competition for the access to strategic resources is a feature of the global economy. It would seem that the countries which are rich in resources, because of this huge demand, enjoy spectacular economic prosperity. However, the results of empirical studies have demonstrated what is known as the ‘resource curse’. This article concentrates on the characteristics of the paradox of plenty, and in particular on the possibilities of preventing this phenomenon. The aim of this article is to identify the measures of economic policy with which to counteract the resource curse, based on the relationship between the state and the extraction business. Upon the critical analysis of the relevant literature, we concluded that the state’s economic policy, implemented in cooperation with the extraction business, is increasingly important for the prevention of the resource curse. In the context of the resource curse, the optimal and most consensual instrument, in comparison with other resource sharing agreements, is a production sharing agreement (PSA), which should also be adjusted to the current local economic conditions in a given country.

Entrepreneurship contributes to the economic well-being of every country. Specifically, the level of individual entrepreneurship is crucial in the process of developing and building economic potential, especially in Central European countries. Among the several factors impacting entrepreneurship, the ability to access the necessary external sources of financing need to be considered crucial. The financial literacy of the entrepreneur plays a crucial role in the relationship between the lender and the borrower. In this paper, we investigate the effects of financial literacy on sustainable entrepreneurship. We based our analysis on the framework proposed by the World Economic Forum. We present an OLS model that adopts entrepreneurship, financial literacy and macroeconomic variables. The analysis is carried out on individual and national data from different sources of information (Global Entrepreneurship Monitor, World Bank, and Organization for Economic Co-operation and Development). The results show a positive and statistically significant relationship between financial literacy and sustainable entrepreneurial activity. This evidence supports the increasing number of financial education initiatives and the inclusion of topics related to economic and financial culture in school education systems. We identify internationally valid policy implications. In the context of the growth strategies of Central European countries, financial literacy takes on even greater importance. The introduction of financial education in the national curricula could strengthen entrepreneurial skills and accelerate the inclusive growth process across Europe.

In the context of the 2030 Agenda for Sustainable Development, by adopting the EU Renewable Energy Directive and the European Green Deal, the European Union aims at an extremely ambitious goal to become climate neutral by 2050. This goal involves a massive investment plan to support this initiative, but also to reduce disparities between Member States, in order to transform the Union into a modern, resource-efficient, and competitive economy. The main objective of this paper is to investigate the sustainable development and renewable energy sources relationship in EU countries from a new perspective. Based on Eurostat available data and with the help of hierarchical clustering analysis, the Member States were divided in 2019 into five clusters, highlighting the key characteristics of the selected variables. The results of this research revealed high-performing groups of countries, as well as countries that need increased attention and additional support to become more efficient in achieving their sustainable development goals and renewable energy source targets.

Structural changes occurring in the crude oil market have stimulated the emergence of hypotheses suggesting that the relationship between prices of this raw material and the US dollar exchange rate can gradually become similar to that observed between oil prices and exchange rates of the currencies of the countries whose revenues from the export of this resource are a significant part of their current account balance. The purpose of this study was to determine and evaluate the time-varying dependence between oil prices and the exchange rate of the US dollar in the context of the same relationship for the Chinese, European, Japanese, Saudi, and Russian currencies. The results of our analyses implicate that a negative correlation between the variables in question grows stronger in time periods preceding global shocks and during thereof. The dominance of the USD in the crude oil market is reflected in similar characteristics of the correlations of the currencies of other countries, such as China, countries of the Euro area, or Japan. As for countries exporting crude oil, the situation varies. The results of our research suggest the lack of a stable relationships between prices of crude oil and currency exchange rates. It is also impossible to observe a long-term, unequivocal tendency of the currencies of oil exporting countries being positively correlated with oil prices. Russia was the closest to this situation. In Saudi Arabia, a positive correlation emerged during moments of crisis.

This article presents the historical progression of changes and arguments indicating the need to move from fossil energy sources to the green economy in the European Union (EU) countries. It shows trends in the EU’s climate and energy policy compared to the rest of the world. At the same time, it points to the elements of the necessary compromise between the climate requirements and the energy security of countries and their economies. The aim of the article is to present the main quantitative challenges for the development of the green economy in the EU, which are analyzed from the perspective of the year 2030. For this year, specific values have been established to be achieved by European countries in several fundamental areas. On the other hand, the strategic goals and further development perspective are included until 2050. This undoubtedly indicates the complexity of the issue, which is intensified as a result of the various economic and political strategies of many European Union members. At the same time, as part of the analysis carried out, efforts are made to develop concepts and practical recommendations for the development of a green European economy.