This paper analyzes the co-movements of prices of fossil fuels, energy stock markets and EU allowances. This analysis is conducted in order to identify the spillover effect of volatility and correlation among these financial markets, and to provide a scientific basis that shows the interest of incorporating sustainable assets in the design of minimum risk strategies of investment. To achieve this goal, we have used a Vector Autoregressive-Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroscedasticity (VAR-DCC-GARCH) model that also incorporates a stock index of industrial companies as a leading indicator of the level of economic activity. In addition, the paper conducts an impulse response analysis to determine how unexpected shocks to prices are propagated along time, and, in particular, how they affect prices of the others, both in mean, variance and correlation. Therefore, the results of this one- and two-dimensional analysis allow for the study of short and long run dynamics of the relationship among those prices, thus, providing greater meaning and information for investors, which has implications for building their portfolios. The analyzed period was from January 2010 to February 2021, so that the data include half of phase II, full phase III and the onset of phase IV of the EU ETS, as well as the COVID-19 outbreak in the European context. We also analyzed whether the EUA price impulses the demand of clean energy stocks, which has important implications for the objective of triggering the investment in clean energy. Our results show the transmission mechanism of all of those prices, which are relevant not only for investors but also for policymakers to construct an early-warning system, revealing the most important transmission channels. Moreover, from an investment viewpoint, we observe a decline in dirty energies and a rise in the clean energy market, which might be an indication of the progress towards the energy transition to renewables sources within a circular economy perspective. Therefore, this shows that the EU ETS is achieving its goals, and that clean energy companies, aligned with their role towards socially responsible initiatives, are also gaining acceptance in terms of investments, which would be beneficial for the environment.

This paper explores the relationship between service exclusion and the depopulation phenomenon. To achieve this, we apply structural equation modelling (SEM) to evaluate the lack of development of primary services (healthcare, education, social services, commerce, restaurants and bars, as well as Internet access) at the municipal level, considering their relationship with population loss and ageing—two of the most defining aspects of depopulation. Additionally, using cluster analysis techniques, we classify municipalities based on their degree of service exclusion, identifying distinct typologies and highlighting the most critical service deficits within each group. The study focuses on the Spanish region of Aragon, a striking example of severe rural population loss and pronounced ageing within the European context. Our findings reveal significant heterogeneity in both depopulation patterns and service exclusion. This heterogeneity highlights the need to propose specific rural policy measures adapted to the peculiarities of each territory to contribute to more resilient rural communities.

The official development aid provided by donor countries does not solely depend on government decisions; it is also affected by trends in public opinion. This means that it is important to find out more about the opinions, views and attitudes of the citizens of donor countries. In spite of this, very few research studies have specifically analysed the opinions of people from rural areas. The aim of this research is to analyse the attitudes of the inhabitants of rural areas in northeast Spain to assess the degree of support for policies of international cooperation and development. To this end we carried out a survey of 403 people resident in small towns, selected using a stratified sampling process. We then conducted multivariate statistical techniques of the information we had gathered, in which we found that there were three types of individuals according to their level of interest, concern and action: aware but not actively involved, not interested and passive, and proactive with strong convictions. This research has shown that educational level, size of the town and age all influence the person’s interest in the problems affecting the rest of the world and their support for international cooperation.