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American Journal of  Applied 
Statistics and Economics (AJASE)

Contemporary Resource-Based Energy Financial Trade
Wang Qian1, Qian Cheng1, Jun Li2*

Volume 3 Issue 1, Year 2024
ISSN: 2992-927X (Online)

DOI: https://doi.org/10.54536/ajase.v3i1.2492
https://journals.e-palli.com/home/index.php/ajase

Article Information ABSTRACT

Received: February 17, 2024

Accepted: March 22, 2024

Published: March 25, 2024

Currently, faced with the rapid increase in energy demand and insufficient energy supply, 
as well as the two major contradictions between energy consumption in production and 
living and comprehensive sustainable development, countries and regions have chosen 
to cooperate to jointly cope with development problems, and use the “Belt and Road” 
energy cooperation and global climate Energy cooperation represented by negotiations is 
not uncommon. The transformation of  the resource-based economy has entered a critical 
period, and it is necessary to find strong theoretical support and feasible practical measures. 
Therefore, combining the proposition of  energy cooperation with the transformation 
needs of  the resource-based economy and studying the role of  energy cooperation in the 
transformation of  the resource-based economy from the perspective of  factor combinations 
can not only lay a micro-foundation for issues related to energy cooperation at the meso-
level in theory , opening up a new perspective for academic research related to resource-
based economy; it can also guide the practice of  resource-based economic transformation 
and explore breakthrough paths for it.

Keywords

Energy, Finance and Trade, 
Transformation and Development

1 Belarusian State University, Minsk, Belarus
2 Belarusian National Technical University, Minsk, 220013, PR, Belarus
* Corresponding author’s e-mail: jli701788@gmail.com

INTRODUCTION
Since the impact of  the first oil crisis in the 1970s, 
when then-U.S. President Richard Nixon first raised 
the issue of  energy security, the international energy 
market has undergone profound changes. The most 
prominent feature is that the financial attributes of  the 
international energy market have significantly increased. 
. In the context of  the new era, energy and finance, two 
core issues in today’s world economic development, are 
gradually moving from cooperation to mutual integration. 
In the context of  today’s energy transformation, how 
to combine energy finance with trade and achieve 
better transformation and development is an important 
research topic in various countries today. The era is of  
great significance . Feng Baoguo analyzed the related 
issues of  energy finance: he proposed the concept that 
the development of  energy finance is closely related to 
national development, energy security, and economic 
security; and emphasized that the energy finance center 
can gather financial markets, financial institutions and 
Financial capital plays the functions of  energy investment 
and financing, energy pricing, energy financial product 
development, and energy financial risk management 
to promote the positive interaction and coordinated 
development of  the energy industry and the financial 
industry, thereby further serving the development of  the 
real economy. ( Feng Baoguo, 2023 )

LITERATURE REVIEW
A Review of  Domestic and Foreign Research on 
Resource-Based Energy Financial Trade Cooperation
Chinese Scholars’ Research on Resource-Based 
Energy Financial Trade
Academic research on resource-based economies 
began with the concept of  “mining towns” proposed 

by Auronssean in 1921. On this basis, (Locus, 1971) 
proposed that the development of  resource-based cities 
will go through a construction period, a development 
period, a transformation period, and a maturity period. 
“Four Stage Theory”. (Bradbury, 1983) On this basis, 
the decline stage and closure stage were added to further 
develop and improve the research on the development 
process of  resource-based cities. (Auty , 1993) proposed 
the phenomenon of  “resource curse” in which areas rich 
in natural resources are subject to resource constraints, 
hindering economic development. It also started a 
climax of  research on the transformation of  resource-
based economy. Since the 1990s, domestic scholars have 
gradually introduced many foreign theories on resource-
based economic issues, and further discussions have been 
made based on the actual domestic situation. (Zhang 
Fuming, 2002) comprehensively considered economic, 
resource, environmental and other factors to construct 
a transformation index, and divided the resource-based 
economic transformation into four stages: the resource-
based economic stage, the initial stage of  transformation, 
the transition stage, and the critical transformation stage. 
The economic development of  typical resource-based areas 
is highly consistent with its transformation process. (Wu 
Minmin, 2011) divides it into the early stage of  economic 
structural adjustment, the period of  rapid development 
of  energy and heavy chemical industry base construction, 
the period of  equal emphasis on infrastructure and 
energy base construction, and the period of  economic 
structure strategy. Four developmental periods, including 
the sexual adjustment period. (Lu Shuo, 2020) uses city 
light image data to divide the development of  resource-
based cities into five stages: rise, growth, maturity, decline, 
and regeneration. (Li Ping, 2007) divides resource-based 
economic transformation into three models: market-



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Am. J. Appl. Stat. Econ. 3(1) 67-72, 2024

led, government-led and laissez-faire. (Sun Xiaohua & 
Zheng Hui, 2019) summarized foreign resource-based 
economic transformation models and summarized 
them as the American model (industrial diversification 
+ orbital transition), the Norwegian model (industrial 
regulation + green economy), and the Indonesian model 
(supply and demand adjustment + export Upgrading + 
diversified investment), etc. (Yang Huaijia & Zhang Bo, 
2019) Through research based on the Krugman C-P 
model, they concluded that the model of  open market 
promotion of  transformation can effectively promote the 
transformation efficiency of  various factors in resource-
based regions.

Foreign Scholars’ Research on Resource-Based 
Energy Financial Trade
(Hoek , 2000) took the resource-based economic 
transformation of  the Netherlands as the research 
object and concluded that moderate wages, reduction of  
public expenditures, reduction of  tax burdens and lower 
welfare levels are important institutional measures to get 
rid of  its development dilemma. (Dianlov et al ., 2004) 
found that differences in institutional effectiveness will 
lead to significant differences in transformation effects. 
Therefore, the government should choose policies 
carefully. (Cappelen & Miset , 2009), (Frankel , 2010) 
and (Dyrstad , 2016) all systematically analyzed the tax 
and social welfare system implemented by Norway in the 
transformation of  resource-based economy and its impact 
on the harmonious development of  economy, society 
and natural resources. The role played has been studied. 
Regarding the practice of  economic transformation in 
resource-based regions, in terms of  innovation-driven 
transformation paths, (Papyrakis & Gerlagh , 2004) 

concluded that the lack of  innovation is an important 
reason for the slow development of  resource-based 
economies, and even for them to get into trouble. (SEvren 
Tok , 2020) conducted a study on micro-level innovation 
practices in the transformation of  Qatar’s resource-based 
economy and found that the single resource structure, 
unique demographic structure and lack of  innovation 
experience have led to the country’s corporate innovation 
being more dependent on opportunities provided by the 
government.

MATERIALS AND METHODS
Based on determining the explanatory variables, explained 
variables, intermediary variables and control variables of  
the quantitative test, in order to clearly verify the role of  
energy cooperation in the transformation of  resource-
based economy, this article draws lessons from (Baron 
& Kenny , 1986) used the hierarchical regression method 
to establish a baseline regression model and a mediation 
effect test model for four types of  energy cooperation 
on the transformation of  a resource-based economy, 
in order to preliminarily verify the impact of  different 
types of  energy cooperation on the transformation of  a 
resource-based economy. Whether the role exists, that is, 
whether the basis for the existence of  the intermediary 
effect is established; if  it is established , it proves that 
energy transformation and financial capital operations are 
inseparable .
In order to analyze the impact of  energy trade cooperation, 
energy investment cooperation, energy technology 
cooperation and energy governance cooperation on 
the transformation effect of  resource-based economy, 
this article established benchmark regression models 
respectively, as shown in Models 1.1 - 1.4 .

RESULTS AND DISCUSSION
Correlation analysis can show the interrelationship 
between variables and determine whether there may be 
serious multicollinearity problems between variables. 
This article conducts correlation analysis on variables, 
and the results are shown in Table 1 . It can be seen 
that, first, the explanatory variables Ln - Transfer 
(energy transfer amount), Ln vest (frequency of  energy 
investment cooperation activities), Ln - Tech (frequency 
of  energy technology cooperation activities), Ln - Gover 
(frequency of  energy governance cooperation activities) 

and The explained variable Eco - Tran (resource-based 
economic transformation effect) has a significant positive 
correlation at the 10% significance level (r=0.478, 
p<0.01; r=0.138, p<0.10: r= 0.135, p<0.10; r=0.156, 
p<0.10), which preliminarily shows that provinces 
with higher frequency and larger scale of  various 
energy cooperation activities will have better results 
in resource-based economic transformation. Second, 
at the 5% significance level, the intervening variables 
Rev (energy resource industry income), E CK (factor 
product elasticity), TFP (total factor production) and Sub 



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- ela (energy factor substitution elasticity) are related to 
the explained The variable Eco - Tran (resource-based 
economic transformation effect) has a significant positive 
correlation (r=0.512, p<0.01; r=0.015, p<0.05; r=0.178, 
p<0.05; r=0.029, p< 0.05), which preliminarily shows 
that the greater the value of  each positive intermediary 
variable, the stronger the intermediary effect and the 
better the resource-based economic transformation 
effect; RS (energy industry structure), Ratio (proportion 
of  energy industry) and the explained variable Eco - 
Tran (resource-based economic transformation There 

is a significant negative correlation (r=-0.248, p<0.01; 
r=-0.255, p<0.05), which preliminarily shows that the 
smaller the value of  each negative intermediary variable, 
the stronger the intermediary effect, and the resource-
based economy The better the transformation effect. At 
the same time, the correlation coefficients between the 
variables in the model are all lower than 0.8, indicating 
that there is no multicollinearity problem between 
the models. This also provides a good foundation for 
studying the role of  various types of  energy cooperation 
in the transformation of  a resource-based economy.

Table 1: Variable correlation analysis results
Eco- Tran LN-Transfer LN-Invest LN-Tech LN-Gover LN- Rev RS

Eco-Tran 1
LN-Transfer 0.478*** 1
LN-Invest 0.138* 0.196** 1
LN-Tech 0.135* 0.191** 0.966*** 1
LN-Gover 0.165* 0.137* 0.856** 0.895*** 1
LN -Rev 0.512*** 0.851*** 0.332* 0.344*** 0.259*** 1
RS -0.248*** -0.276*** -0.002 -0.01 0.001 -0.029 1
Ratio -0.255** 0.499*** 0.084 0.141* 0.085 0.668*** -0.009
E-CK 0.015** 0.015 0.254*** 0.270*** 0.339*** 0.111 0.261***
TFP 0.178** 0.036 -0.128 -0.178** -0.176** -0.098 -0.128
Sub - she 0.029** -0.153* 0.057 0.0 24 0.031 -0.166** 0.046
GEI -0.293*** -0.337*** -0.455*** -0.4 30 *** -0.372*** -0.534*** -0.098
Supervisor -0.276*** -0.486*** 0.086 0.101 0.045 -0.449*** -0.094
Market 0.303*** 0.289*** -0.369*** -0.384*** -0.309*** 0.188** -0168**
Privatc 0.195** 0.237*** 0.557*** 0.563*** 0.548*** 0.354*** -0.103
Technology 0.272*** 0.098 0.093 0.071 0.069 0.167** 0.108

 Continued table
Ratio E - CK TFP  GEI Prosecutor Market Privatec Technology

Ratio 1
E - CK -0.132 1
TFP -0.067 0.025 1
Sub-that -0.268*** 0.065 -0.206** 1
GEI 0.062 -0.242*** 0.071 -0.022 1
Fiscal -0.198** -0.037 0.073 0.03 0.140* 1
Market 0.206** -0.186** -0.008 -0.055 0.153* -0.591*** 1
Privatc 0.014 0.296*** -0.066 0.005 -0.581** 0.045 -0.393*** 1
Technology -0.102 0.071 0.003 0.045 -0.412** 0.123 -0.326** * 0.272* **

* p<0.10, ** p<0.05,* ** p<0.01   
Data source: (Kang, 2021) http://www.cnki.net

This article uses Eco-Tran (resource-based economic 
transformation effect) as the explained variable, Ln 
-Transfer (energy transfer amount), Ln -Invest (energy 
investment cooperation), Ln -Tech (energy technology 

cooperation), Ln -Gover (energy Governance 
cooperation) is the explanatory variable and is substituted 
into models 1.1 - 1.4 for baseline regression. The results 
are shown in Table 2.



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It can be seen that in the regression results where Ln-
Transfer (energy transfer amount) is the explanatory 
variable, the coefficient of  Ln-Transfer is positive 
and passes the 1% significance level test r=0.0218, 
p<0.01), It shows that the amount of  energy transfer 
has a significant positive effect on the transformation 
effect of  the resource-based economy, and an increase 
in the amount of  energy transfer can promote the 
transformation and development of  resource-based 
provinces (regions). According to the previous analysis, 
in energy trade cooperation, whether energy elements are 
used as commodities or secondary energy commodities 
or higher-quality energy commodities, trade cooperation 
can stimulate resource-based economic energy products 
and the extension of  the industrial chain. This kind of  
The demand-side pulling effect will not only be reflected 
in the improvement of  the output level of  the resource-
based economy, but also affect regional income, which 
may in turn affect the society and people’s livelihood of  the 
resource-based economy. The positive impact of  energy 
trade cooperation on the resource-based economy will be 
more obvious in the early stage of  the transformation of  
the resource-based economy. As the transformation and 
development of  the resource-based economy continues 

to advance, more attention needs to be paid to increasing 
the proportion of  high-tech products in energy trade 
cooperation. The above relationship is verified in the 
baseline regression.
In the regression results where Ln-Invest (frequency 
of  energy investment cooperation activities) is the 
explanatory variable, the coefficient of  Ln-Invest is 
positive and passes the significance level test of  5% 
(r=0.0144, p<0.05), indicating that energy Investment 
cooperation has a significant positive effect on the 
transformation of  resource-based economies. Resource-
based provinces (regions) can promote the transformation 
of  resource-based economies by strengthening energy 
investment cooperation. Energy investment cooperation 
not only promotes the mechanization and large-scale 
development of  the energy resource-based economy, but 
also promotes the technological progress of  the industry 
to a certain extent, improves the production efficiency 
of  the resource-based economy, and is conducive to 
the transformation of  the resource-based economy. In 
addition, previous studies have shown that there is a certain 
substitution effect between capital and energy factors in 
production, and one of  the tasks of  the transformation 
of  an energy and resource-based economy is to reduce 

Table 2: Baseline regression results
(1) (2) (3) (4)
Eco - Tran Eco - Tran Eco - Tran Eco - Tran

LN - Transfer 0.0218***
( 3.94)

GEI -0.00271 -0.00249 -0.00245 -0.00572
( -0.28) ( -0.25) ( -0.24) (-0.58)

Fiscal 0.286 0.0705 0.0527 0.0643
(1.52) (0.38) (0.28) (0.35)

Market 0.0377*** 0.0469*** 0.0472*** 0.0452***
(4.93) (5.88) (5.95) (5.75)

Private 0.118** 0.112** 0.104* 0.105*
(2.40) (2.14) (1.97) (1.94)

Technology 2.909*** 3.540*** 3.626*** 3.451***
(4.16) (4.79) (4.89) (4.71)

LN-Invest 0.0144**
(2.27)

LN-Tech 0.0174**
(2.52)

LN-Gover 0.0151**
(2.22)

-cons -0.438*** 0.0896 0.0778 0.109*
( -2.75) (1.37) (1.18) ( 1.74)

N
r2 - a _

150 150 150 150
0.369 0.325 0.330 0.324

t statistics in parentheses, * p<0.10, ** p<0.05,** * p<0.01
Data source: (Kang, 2021) http://www.cnki.net



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the proportion of  energy and resource-based industries 
in the overall economy. Therefore, the importance of  
energy investment cooperation Development is also 
conducive to the realization of  the goal of  optimizing the 
industrial structure in the transformation of  a resource-
based economy. The above relationship is verified in the 
baseline regression.
In the regression results where Ln-Tech (frequency 
of  energy technology cooperation activities) is the 
explanatory variable, the coefficient of  Ln-Tech is positive 
and passes the significance level test of  5% (r=0.0174, 
p<0.05), indicating that energy Technical cooperation 
has a significant positive effect on the transformation 
of  resource-based economies. Resource-based provinces 
(regions) can promote the transformation of  resource-
based economies by strengthening energy technology 
cooperation. Analysis shows that technological factors 
will improve the production efficiency of  energy factors 
and other factors. , thereby promoting the transformation 
of  the resource-based economy. At the same time, 
the introduction of  technology helps to acquire the 
innovation capabilities of  the resource-based economy. 
Energy technology cooperation is the most important and 
critical type of  energy cooperation. Energy technology 
cooperation can only truly enter the stage when it 
develops. At the advanced stage, the development mode 
of  resource-based economy is truly transformed.
In the regression results in which In-Gorer (frequency 
of  energy governance cooperation activities) is the 
explanatory variable, the coefficient of  Ln-Gorer is positive 
and passes the significance level test of  5% (r=0.0151, 
p<0.05), indicating that energy Governance cooperation 
has a significant positive effect on the transformation of  
resource-based economies. Resource-based provinces 
(regions) can promote the transformation of  resource-
based economies by strengthening cooperation in energy 
governance. Model analysis shows that resource-based 
economies can absorb high-quality external institutions 
through energy governance cooperation. It must be 
closely combined with the energy, capital, and technology 
that it already possesses to regulate and improve many 
aspects of  the problem in the transformation of  a 
resource-based economy. This in itself  will have the 
effect of  reducing the transaction costs of  economic 
activities and improving economic efficiency. At the 
same time, , Energy governance cooperation will have a 
profound impact on all aspects of  the economy, society, 
and environment of  resource-based regions by improving 
the formal and informal systems of  the resource-based 
economy, which is conducive to their transformation and 
healthy development.
Among the control variables, at the 10% significance 
level, Fscal (the ratio of  fiscal revenue to GDP), Markel 
(marketization index), Prnale (the ratio of  employees 
in private individual units), Technology (technology 
market turnover to GDP Proportion) has a significant 
positive effect on the effect of  resource-based economic 
transformation, while GEI (energy intensity) has an 

insignificant impact on the effect of  resource-based 
economic transformation. According to the model 
analysis, the ratio of  fiscal revenue to GDP, marketization 
index, The proportion of  employees in private individual 
units and the proportion of  technology market turnover 
in GDP have a positive effect on energy cooperation, 
while energy intensity has a negative effect. At the same 
time, the ratio of  fiscal revenue to GDP, the marketization 
index, the proportion of  employees in private individual 
units The ratio and the proportion of  technology market 
turnover to GDP respectively affect the capital stock, 
institutional environment factors, economic vitality 
and development level of  the resource-based economy, 
and have a positive effect on the transformation of  the 
resource-based economy. However, energy intensity itself  
is a limiting factor for the resource-based green and clean 
economy. Development factors have a negative effect on 
the transformation of  a resource-based economy.

CONCLUSION
A quantitative benchmark regression model was used to 
analyze the impact of  energy trade cooperation, energy 
investment cooperation, energy technology cooperation, 
and energy governance cooperation on the transformation 
of  a resource-based economy. The analysis showed that 
the above relationships were verified in the benchmark 
regression. Therefore, the transformation of  energy has 
an inseparable direct relationship with finance. With the 
development of  futures markets and financial markets, 
energy and finance have been integrated. The relationship 
between energy and finance is getting closer and closer. 
The understanding of  energy should be effectively 
improved. Understand finance, fully analyze and grasp the 
issues affecting energy finance, start from accelerating the 
construction of  the energy finance system, and improve 
the use of  energy finance to solve energy transformation 
issues.

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