potential economic impacts of zero thresholds for unapproved gmos the eu case as the pipeline of new biotech crops has continued to expand regulatory approvals of such crops across different countries have become less synchronized as a result some biotech crops can be cultivated in one or more countries but may not be approved for use in others under such circumstances small amounts of unapproved biotech crops can be found in the food feed supplies of some countries and under zero threshold policies they must be withdrawn and can lead to market disruptions in this paper we examine the potential economic implications of regulatory asynchronicity and zero threshold policies for unapproved gmos using the eu as a case study to measure the potential economic impacts from possible trade disruptions between the eu and its major suppliers of soybeans we develop a spatial equilibrium model and examine alternative scenarios where bilateral trade flows are set to zero from our analysis we find that when asynchronous approvals become a systemic problem leading to trade disruptions with multiple trading partners the impacts can be severe for instance we find that if the eu were to stop imports from its three main suppliers the us brazil and argentina it would pay roughly 220 more for soybeans 211 more for soybean meal and 202 more for soy oil

co2 emissions energy consumption and economic growth in china a panel data analysis this paper examines the causal relationships between carbon dioxide emissions energy consumption and real economic output using panel cointegration and panel vector error correction modeling techniques based on the panel data for 28 provinces in china over the period 1995 2007 our empirical results show that co2 emissions energy consumption and economic growth have appeared to be cointegrated moreover there exists bidirectional causality between co2 emissions and energy consumption and also between energy consumption and economic growth it has also been found that energy consumption and economic growth are the long run causes for co2 emissions and co2 emissions and economic growth are the long run causes for energy consumption the results indicate that china s co2 emissions will not decrease in a long period of time and reducing co2 emissions may handicap china s economic growth to some degree some policy implications of the empirical results have finally been proposed

resolving differences in willingness to pay and willingness to accept reply gwendolyn c morrison 1997 raises a logical point regarding our experimental test of the divergence between willingness to pay wtp and willingness to accept wta measures of economic value shogren et al 1994 she argues that our design does not provide a true test of the existence of a fundamental endowment effect since we did not control for the potential of a pivoting indifference map daniel kahneman et al 1990 she concludes that even though our ev idence shows that the mean wtp and wta bids for market goods with close substitutes e g candy bars and coffee mugs converge after market experience the endowment effect might still be alive and well albeit at statisti cally insignificant levels

does income inequality harm the environment empirical evidence from the united states abstract this study revisits the growth inequality environment nexus in the context of country specific time series data the short and long run effects of income inequality economic growth and energy consumption on co2 emissions in the u s are examined using the autoregressive distributed lag ardl approach we find that more equitable distribution of income in the u s results in better environmental quality in the short and long run it is also found that in both the short and long run economic growth has a beneficial effect on environmental quality whereas energy consumption has a detrimental effect on the environment

investigating environmental kuznets curve from an energy intensity perspective empirical evidence from china abstract this study pioneers investigating the environmental kuznets curve ekc hypothesis and its possible regional differential characteristics in china based on 2003 2017 years of provincial panel data this research employs panel smooth transition auto regression pstr model to analyze the impact of income levels on environmental pollution and identify the ekc threshold of energy intensity then 30 chinese provinces were categorized by energy intensity to examine the inter provincial and interregional differences in the ekc threshold of energy intensity rather than the traditional threshold of income the results indicate that china s pollution emissions and energy intensities show a stepwise decreasing pattern from the western region to the eastern region in addition the impact of income levels on pollution emissions is non linear and the critical value of energy intensity is 0 9168 between the high and low regimes an inverted u shaped environmental kuznets curve is accepted for energy intensity with 0 7670 as its threshold value when the energy intensity is higher lower than the threshold value the income elasticity of pollution emission is positive negative the more developed provinces and municipalities mainly in the eastern region are proved to exceed the threshold than the provinces in the central and western regions within the sample period given these findings this study further divides china s provinces into eco friendly low pollution and high pollution provinces and accordingly the most important policy recommendations were discussed for policy makers and researchers this research can provide a new insight to investigate countries with unbalanced development levels within and a reference for environmental governance policies in sub regions

do doctors practice defensive medicine defensive medicine is a potentially serious social problem if fear of liability drives health care providers to administer treatments that do not have worthwhile medical benefits then the current liability system may generate inefficiencies much larger than the costs of compensating malpractice claimants to obtain direct empirical evidence on this question we analyze the effects of malpractice liability reforms using data on all elderly medicare beneficiaries treated for serious heart disease in 1984 1987 and 1990 we find that malpractice reforms that directly reduce provider liability pressure lead to reductions of 5 to 9 percent in medical expenditures without substantial effects on mortality or medical complications we conclude that liability reforms can reduce defensive medical practices

trade openness and the environmental kuznets curve evidence from chinese cities this paper examines the impact of economic growth and trade openness on environment in 261 chinese cities over the period of 2004 2013 using recently developed continuously updated fully modified method which allows for both cross sectional dependence and endogeneity two types of pollutants industrial waste water and sulphur dioxide are investigated and three measures of openness are employed in the regression from the results we find that the environmental kuznets curve hypothesis holds not only for the whole china but also in different regions it is estimated that wastewater pollution increases with economic development until per capita gdp reaching the turning point of 42 991 48 828 yuan in constant 2002 price which varies depending on the specific measure of trade openness the turning point for sulphur dioxide is found to occur at a much lower income level around 9 588 10 663 yuan per capita gdp furthermore export is mostly found to be positively related with pollution and the impact of import is likely to be negative for both the whole china and across regions if the significance is identified in the estimation results

commodity price instability and economic goal attainment in developing countries abstract this paper reviews the theoretical and empirical micro and macro foundations for the frequent claims that instabilities in international commodity markets have deleterious effects on goal attainment in primary commodity exporting developing countries this review leads to the conclusion that the available evidence does not support these claims the paper concludes with speculation on why such claims are so strong despite the lack of supporting evidence perhaps it is because of measurement problems and perhaps because of small but articulate groups with vested interests in overstating the problem

the impact of bse on the demand for beef and other meats in great britain indices of media coverage of bse are incorporated in a dynamic aids model of meat demand the publicity which bse has received is found to have had significant effects on the allocation of consumer expenditure among the meats a short run impact has been identified which accounts in large part for the discernible drop in the market share of beef in the early 1990s and more important there also appears to be a significant long run impact of bse which by the end of 1993 has reduced the beef market share by 4 5

trade gmos and environmental risk are current policies likely to improve welfare food with inputs from genetically modified organisms gmos has met considerable skepticism among european union eu consumers the eu import ban on gm food has triggered a great deal of controversy and has been partly replaced by a mandatory labeling scheme although there is no measure in the general agreement on tariffs and trade that directly addresses the use of product labeling wto and others have been skeptical to mandatory product labeling on the grounds that they may be used as hidden protectionism hampering global welfare this study has two foci first we examine how different policies for the production and use of gmos might influence the market outcome in consumer food markets second we evaluate the welfare effects of the policy measures we find that mandatory labeling often increases domestic welfare and may also enhance global welfare on the other hand a trade ban is more likely to decrease global welfare

relationship between forest resources and economic growth empirical evidence from china abstract natural resources especially forests are critical to china s sustainable development in recent years effective utilization of forest resources has become a significant concern in china in this study on the basis of the environmental kuznets curve ekc hypothesis the relationship between forest resources and economic growth is examined using panel data from 30 provinces in china for the period 2002 2015 and the generalized method of moments gmm approach to control for potential endogeneity the empirical results indicate that with continuous economic growth the timber output and area of afforestation would at first increase and then decrease after reaching the corresponding turning points given the considerable regional gap in economic and social development three regions of china were investigated to perform a more in depth analysis evidence observed for the country and the three regions suggests an ekc for forest resources these findings indicate positive effects of china s pursuit of a more balanced growth path where forest resources would be less consumed and more actively protected

tests for parameter instability in regressions with i 1 processes this article derives the large sample distributions of lagrange multiplier lm tests for parameter instability against several alternatives of interest in the context of cointegrated regression models the fully modified estimator of phillips and hansen is extended to cover general models with stochastic and deterministic trends the test statistics considered include the supf test of quandt as well as the lm tests of nyblom and of nabeya and tanaka it is found that the asymptotic distributions depend on the nature of the regressor processes that is if the regressors are stochastic or deterministic trends the distributions are noticeably different from the distributions when the data are weakly dependent it is also found that the lack of cointegration is a special case of the alternative hypothesis considered an unstable intercept so the tests proposed here may also be viewed as a test of the null of cointegration against the alternative of no cointegration the tests are applied to three data se

effects of stabex on acps economic growth further evidence the paper deals with the economic growth of the open and small developing countries which signed the lome convention henceforth acps results showing that earnings instability damages their economic performance can be used to support the eu policy of guaranteeing financial aid to those countries suffering reductions in export proceeds the second section of the paper analysing the workings of stabex however highlights certain weaknesses in the effectiveness of stabex transfers when their impact on economic growth is considered the general conclusion is that if the current eu acp negotiations for lome v are to be successful then some aspects of the scheme eligibility criteria and use of funds will have to be radically changed

co2 emission and economic growth in algeria abstract algeria is one of the most important co 2 emitters among developing countries and the third among african countries it pledged to curb carbon emissions by at least 7 by 2030 however complying with this target may be a difficult task without compromising economic growth the aim of this paper is to analyze the relationship between co 2 emissions and economic growth in algeria taking into account energy use electricity consumption exports and imports the validity of the ekc hypothesis throughout the period from 1970 to 2010 is tested by using the autoregressive distributed lag model extended to introduce the break points results confirm the ekc for algeria nevertheless the turning point is reached for a very high gdp per capita value indicating that economic growth in algeria will continue to increase emissions results also indicate that an increase in energy use and electricity consumption increase co 2 emissions and that exports and imports affect them negatively and positively respectively therefore it is necessary to promote renewable energies and energy efficiency policies regulatory reforms are needed to facilitate foreign investments with which to carry out these policies likewise it may be appropriate to decrease subsides in energy prices to encourage energy efficiency

tax structure and growth how robust is the empirical evidence this paper examines the link between the composition of tax revenues and the level of income per capita in the long run the tax and growth ranking suggested by some recent empirical studies is not robust under different assumptions about heterogeneity across countries of the long run and short run coefficients in the underlying econometric model evidence for significant taxstructure effects depends on long run parameter homogeneity restrictions underlying pooled mean group estimation which are found to be invalid

living like there s no tomorrow the psychological effects of an earthquake on savings and spending behavior abstract natural disasters impact economies not only through physical damages but also by affecting survivors emotionally and psychologically this can alter their economic behavior in ways that remain poorly understood we present a model of post disaster savings that reveals two opposing tendencies the need to self insure through increased savings and the drive to enjoy life while it lasts through increased spending we use panel datasets from china s sichuan province and isolate psychological impacts by focusing on those who lived in quake areas but did not themselves suffer damages or injuries although they did not bear economic losses they saved less spent more on alcohol and played majiang a chinese game more often suggesting that the no tomorrow tendency dominated over the precautionary tendency the magnitude of the savings rate impact a drop of 0 17 percentage points for each percent of distance closer to the epicenter is economically significant and persists in the medium term

capital instability and economic growth in sub saharan africa the current study finds that instability in capital formation capital instability ci rather than export instability ei per se is a relevant variable affecting growth of less developed countries ldcs of sub saharan africa using a cross sectional analysis involving 1967 86 world bank annual data on 33 sub saharan ldcs the article observes that neither ci nor ei exercises a negative influence on gdp growth when arguments of the augmented production function namely labour capital and exports are allowed to vary controlling for the effects of these variables however reveals a substantial adverse impact of ci on gdp growth meanwhile ei is found to be extraneous in the growth equation

stoking the fires co2 emissions and economic growth abstract we examine the relationship between economic development and carbon dioxide emissions a greenhouse gas central to global warming predictions estimates derived from global panel data suggest a diminishing marginal propensity to emit mpe carbon dioxide as gdp per capita rises despite this global carbon dioxide emissions growth will continue at 1 8 percent per annum for the foreseeable future a result that is not sensitive to average output growth instead emissions growth continues because output and population will grow most rapidly in lower income nations with high mpes this latter feature emphasizes the distributional consequences of policies to reduce emissions

export instability and the domestic economy questions of causality the conventional view concerning the impact of export instability on the domestic economies of developing countries is one of pessimism export instability is thought to adversely affect the short run stability and longer run growth of income empirical evidence on these matters is however inconclusive this article applies a granger sims reduced form approach to examining whether export instability generates short run instability in domestic income for each of a sample of 20 trade dependent countries the results obtained strongly support the contention that export instability induces short run macroeconomic instability

export fluctuations and economic growth an empirical analysis abstract the uncertainty associated with trade variability is generally resumed to exert a significant effect on the domestic economy of loss developed countries inadequately equipped to cope with these fluctuations the belief that it has a negative influence on these economies has been for several decades the dominant hypothesis among economists but it has been challenged on both theoretical and empirical growths the present paper proposes to investigate this problem from an empirical point of view cross country analysis is developed to investigate the influence of export instability on the domestic economy of less advanced nations the results show that no clear conclusions for the general case can be provided since they are sensitive to the particular time period considered a negative impact can be expected when price and quantity instability appear to reinforce each other but this is not always the case

stochastic convergence in per capita energy consumption and its catch up rate evidence from 26 african countries using annual data from 1971 to 2014 we examine stochastic conditional convergence in per capita energy consumption for 26 low income lower middle income and upper middle income african countries

new toxics race to the bottom and revised environmental kuznets curve the case of local and global pollutants abstract this study empirically evaluated three different forms of environmental kuznets curve ekc including new toxics race to the bottom and revised ekc in a panel of 36 developed and developing countries for the period of 1995 2013 the results of robust least square mm estimator confirmed the race to the bottom hypothesis in nitrous oxide emissions n 2 o and carbon monoxides co emissions while revised ekc hypothesis exist in traffic volume emissions and co emissions the study constructed an emissions index by the principal component matrix for evaluating new toxics ekc hypothesis and confirm that industrial activities continuously created new unregulated and potentially toxic pollutants in a panel of countries the results found that industrial activities substantially increase traffic emissions and mono nitrogen oxides nox emissions across countries in a majority of the cases trade openness energy demand and per capita food variability directly associated with the air pollutants that deteriorate the natural environment

futures markets a consequence of risk aversion or transactions costs a two period model of an industry of risk neutral processors who have nonlinear production costs and who face transact ions costs in the spot and futures markets is put forth as a countere xample to the models of commodity markets in which processors risk a version plays the major role the model s equilibrium exhibits the sa lient endogenous features of actual commodity markets namely that t he futures price is below the current spot price that processors hol d inventories despite this opportunity cost that those holding inven tories are short in futures and that processors as a group hold an u nbalanced usually net short position in the futures market copyright 1987 by university of chicago press

trade shocks and macroeconomic fluctuations in africa this paper examines the role of external shocks in explaining macroeconomic fluctuations in african countries we construct a quantitative stochastic dynamic multi sector equilibrium model of a small open economy calibrated to represent a typical african economy in our framework external shocks consist of trade shocks modeled as fluctuations in the prices of exported primary commodities imported capital goods and intermediate inputs and a financial shock modeled as fluctuations in the world real interest rate our results indicate that while trade shocks account for roughly 45 percent of economic fluctuations in aggregate output financial shocks play only a minor role we also find that adverse trade shocks induce prolonged recessions

can foreign direct investment harness energy consumption in china a time series investigation abstract this study assesses the long run relationship and short run dynamics between foreign direct investment fdi and energy consumption in china applying the bounds testing approach to annual data from 1982 to 2012 we find that a stable fdi energy nexus exists in the long run and a 1 increase in fdi reduces energy consumption by 0 21 however this study shows a positive association between fdi and energy consumption in the short run attributing to the dominance of the scale effect our results remain robust to different measurements and estimators it is suggested that the chinese government shall support the inward fdi in the tertiary and energy sectors and strengthen local absorptive capacities to fully internalize fdi related knowledge spillovers in energy conservation

economic fluctuations and growth in sub saharan africa the importance of import instability the traditional thesis that export instability xi is deleterious to economic growth in developing economies has received mixed empirical results for african countries recent research suggests that the effect of xi is weak but that capital investment instability ki adversely influences economic growth the current study argues that in many of these nations imports are likely to be critical to the growth process while exports represent only one of the various sources of investment resources hence import instability mi may pose a more serious problem than xi in hindering economic growth employing 1968 1986 world bank data for 33 sub saharan african countries xi ki and mi variables are calculated for each country as the standard errors around the respective best fitted trends over the sample period these instability measures and additional world bank data are then used to estimate an augmented production function that controls for the effects of labour capital and exports the study fin

resource intensity institutions and development summary we examine the relationship between resource abundance and several indicators of human welfare consistent with the existing literature on the relationship between resource abundance and economic growth we find that given an initial income level resource intensive countries tend to suffer lower levels of human development while we find only weak support for a direct link between resources and welfare there is an indirect link that operates through institutional quality there are also significant differences in the effects that resources have on different measures of institutional quality these results imply that the resource curse is a more encompassing phenomenon than previously considered and that key differences exist between the effects of different resource types on various aspects of governance and human welfare 2005 elsevier ltd all rights reserved

co2 emissions energy consumption trade and income a comparative analysis of china and india in order to prevent the destabilisation of the earth s biosphere co2 emissions must be reduced quickly and significantly the causes of co2 emissions by individual countries need to be apprehended in order to understand the processes required for reducing emissions around the globe china and india are the two largest transitional countries and growing economies but are in two entirely different categories in terms of structural changes in growth trade and energy use co2 emissions from the burning of fossil fuels have significantly increased in the recent past this paper compares china and india using the bounds testing approach to cointegration and the ardl methodology to test the long and short run relationships between growth trade energy use and endogenously determined structural breaks the co2 emissions in china were influenced by per capita income structural changes and energy consumption a similar causal connection cannot be established for india with regard to structural changes and co2 emissions because india s informal economy is much larger than china s india possesses an extraordinarily large number of micro enterprises that are low energy consumers and not competitive enough to reach international markets understanding these contrasting scenarios is prerequisite to reaching an international agreement on climate change affecting these two countries

export instability and economic growth in sub saharan africa empirical research on the relationship between export instability and economic growth in less developed countries ldcs has yielded mixed results while some researchers find a negative relationship between export instability and economic growth others find a positive relationship a third group of researchers finds no significant relationship between export instability and economic growth in ldcs 1 those who find a negative relationship between export instability and economic growth in ldcs stress the negative effect export instability has on the supply of output through the generation of uncertainty in long term planning as well as due to shortages of inputs at critical times during the production process those who find a positive relationship between export instability and economic growth argue that ldcs respond to export instability by reducing consumption this process if repeated over a period of time increases savings and hence the rate of investment those who find no significant relationship between export instability and economic growth argue that ldcs are able to anticipate the fluctuations in export earnings and plan for such fluctuations hence instability in export earnings has no appreciable effect on economic growth c moran investigates the relationships between domestic savings rate and economic growth rate on the one hand and export instability on the other in a sample of ldcs 2 he finds that export instability has no significant long run impact on either domestic savings rate or economic growth rate however over relatively short periods of time export instability has a negative and significant effect on both savings and economic growth rate the negative effect occurs when the negative effects of price and of quantity fluctuations reinforce each other on the other hand when the negative effect of price fluctuations is counterbalanced by the effects of quantity fluctuations export instabil

the influence of real output renewable and non renewable energy trade and financial development on carbon emissions in the top renewable energy countries due to tremendous increase in the level of carbon dioxide co2 emissions in the last several decades a number of studies in the energy growth environment literature have attempted to identify the determinants of co2 emissions a major criticism related to the existing studies we realize is the selection of panel estimation techniques almost all studies use panel methods that ignore the issue of cross sectional dependence even though countries in the panel are most likely heterogeneous and cross sectionally dependent in addition the majority of existing studies use aggregate energy consumption and thus fail to identify the impacts of energy consumption by sources on the environment in order to fulfill the mentioned gaps in the literature this empirical study analyzes the influence of the real income renewable energy consumption non renewable energy consumption trade openness and financial development on co2 emissions in the ekc model for the top countries listed in the renewable energy country attractiveness index by employing heterogeneous panel estimation techniques with cross section dependence we find that the analyzed variables become stationary at their first differences by using the cadf and the cips unit root tests and the analyzed variables are cointegrated by employing the lm bootstrap cointegration test by using the fmols and the dols we also find that increases in renewable energy consumption trade openness and financial development decrease carbon emissions while increases in non renewable energy consumption contribute to the level of emissions and the ekc hypothesis is supported for the top renewable energy countries

from export instability effects to international stabilization policies abstract this paper examines how the analysis of export earnings instability effects can help in the search for international policies of export earnings stabilization export instability which has been increasing and has been a quantity instability as well as a price instability is seen as a development problem a judgment relying mainly on a new cross section study and its policy implications stabilization of export earnings is analyzed as a response to this problem shortfall compensation and its different alternative conditions are examined with regard to the assumed effects of export instability and with special reference to the imf compensatory financing facility to the stabex and to the new proposal of the 1985 unctad expert group

the impact of growth energy and financial development on the environment in china a cointegration analysis this article aims to investigate the impact of financial development economic growth and energy consumption on environmental pollution in china from 1953 to 2006 using the autoregressive distributed lag ardl bounds testing procedure the main objective is to examine the long run equilibrium relationship between financial development and environmental pollution the results of the analysis reveal a negative sign for the coefficient of financial development suggesting that financial development in china has not taken place at the expense of environmental pollution on the contrary it is found that financial development has led to a decrease in environmental pollution it is concluded that carbon emissions are mainly determined by income energy consumption and trade openness in the long run moreover the findings confirm the existence of an environmental kuznets curve in the case of china

sharp breaks or smooth shifts an investigation of the evolution of primary commodity prices this paper explores the behavior of real commodity prices over a 50 year period attention is given to how the shifting means for various commodity prices have changed with a special emphasis on behavior since the mid 2000s to identify structural changes in commodity prices we estimate shifting mean autoregressions by using the bai and perron 1998 procedure for determining structural breaks low frequency fourier functions and a procedure that specifies shifts to be smooth logistic functions of time we find that the pattern in the timing of shifts is suggestive of the causal factors underlying the recent boom

economic growth and atmospheric pollution in spain discussing the environmental kuznets curve hypothesis abstract the environmental kuznets curve ekc hypothesis posits an inverted u relationship between environmental pressure and per capita income recent research has examined this hypothesis for different pollutants in different countries despite certain empirical evidence showing that some specific environmental pressures have diminished in developed countries the hypothesis could not be generalized to the global relationship between economy and environment at all in this article we contribute to this debate analyzing the trends of annual emission flux of six atmospheric pollutants in spain the study presents evidence that there is not any correlation between higher income level and smaller emissions except for so2 whose evolution might be compatible with the ekc hypothesis the authors argue that the relationship between income level and diverse types of emissions depends on many factors thus it cannot be thought that economic growth by itself will solve environmental problems

environmental kuznets curve for carbon emissions in pakistan an empirical investigation this study investigates the relationship between carbon emissions income energy consumption and foreign trade in pakistan for the period 1972 2008 by employing the johansen method of cointegration the study finds that there is a quadratic long run relationship between carbon emissions and income confirming the existence of environmental kuznets curve for pakistan moreover both energy consumption and foreign trade are found to have positive effects on emissions the short run results have however denied the existence of the environmental kuznets curve the short run results are unique to the existing literature in the sense that none of the long run determinants of emissions is significant the contradictory results of short and long run give policy makers the opportunity to formulate different types of growth policies for the two terms taking environmental issues into consideration in addition the uni directional causality from growth to energy consumption suggests that the policy makers should not only focus on forecasting future demand for energy with different growth scenarios but also on obtaining the least cost energy furthermore the absence of causality from emissions to growth suggests that pakistan can curb its carbon emissions without disturbing its economic growth

explaining the relationship between co2 emissions and national income the role of energy consumption i estimate a simultaneous equation system in which gdp and co2 emissions are jointly determined i find that including energy consumption in the regression implies a negative relationship between income and co2 emissions which is contrary to previous findings

sector value addition technology and co2 emissions in saudi arabia abstract this study assesses the environmental kuznets curve ekc hypothesis with the case study of saudi arabia by considering three channels volume of production sector value addition to gdp and technological innovation using a long time series data set and applying autoregressive distributed lags ardl methodology this study nullifies the existence of the ekc hypothesis in the case of saudi arabia the study also provides robust evidence that economic growth fosters co2 emissions linearly the results also present that the value addition of growth in the industrial and service sectors is responsible for faster growth in co2 emissions while agriculture value addition is negatively and insignificantly associated with emissions finally this study shows that technological innovation is insignificant in helping to reduce co2 emissions thus substantial technological progress in the production process would reduce co2 emissions without harming economic growth

dynamic linkages between globalization financial development and carbon emissions evidence from asia pacific economic cooperation countries abstract this study determines the dynamic linkages between globalization financial development and carbon emissions in asia pacific economic cooperation apec countries in the presence of energy intensity and economic growth under the framework of environment kuznets curve ekc this study employs the panel data from 1990 to 2016 westerlund cointegration technique to find long run cointegration and continuously updated bias corrected cup bc and continuously updated fully modified cup fm methods to check the long run elasticities between the variables empirical results indicate that globalization and financial development significantly reduce carbon emissions but economic growth and energy intensity increase them these results support the ekc hypothesis for apec countries the dumitrescu and hurlin causality analysis shows that globalization granger causes co2 emissions globalization also causes financial development and energy intensity a feedback effect exists between financial development and co2 emissions furthermore financial development causes economic growth but similar is not true from opposite side in granger sense finally this study presents important policy implications with respect to apec countries

finance inequality nexus the long and the short of it financial development affects income inequality differently in the short and in the long term investigating oecd countries from 1870 2011 we find in the short run an improvement in financial development tends to reduce inequality while in the long run more finance contributes to more inequality the short run effect concurs with theories advocating financial development increases the availability of financial services primarily for the poor however this effect becomes nil within a few years results thus imply that policies aimed at reducing inequality through improving access of the poor to finance need to be carefully designed to ensure longevity of impact

environmental kuznets curve in china new evidence from dynamic panel analysis this paper applies a panel of 28 provinces of china from 1996 to 2012 to study the impacts of economic development energy consumption trade openness and urbanization on the carbon dioxide waste water and waste solid emissions by estimating a dynamic panel model with the system generalized method of moments gmm estimator and an autoregressive distributed lag ardl model with alternative panel estimators respectively we find that the environmental kuznets curve ekc hypothesis is well supported for all three major pollutant emissions in china across different models and estimation methods our study also confirms positive effects of energy consumption on various pollutant emissions in addition we find some evidence that trade and urbanization may deteriorate environmental quality in the long run albeit not in the short run from policy perspective our estimation results bode well for chinese government s goal of capping greenhouse emissions by 2030 as outlined in the recent china us climate accord while containing energy consumption and harm effects from expanding trade and urbanization remains some environmental challenges that china faces

estimating the market effect of a food scare the case of genetically modified starlink corn abstract in 2000 a genetically modified corn variety called starlink that was not approved for human consumption was discovered in the food corn supply to estimate the price impact of this event on the u s corn market we develop the relative price of a substitute method this method applies not only to the starlink event but also to rare events in other markets we find that the contamination led to a 6 8 discount in corn prices and that the suppression of prices lasted for at least a year

democracy and environmental quality we develop and estimate an econometric model of the relationship between several local and global air pollutants and economic development while allowing for critical aspects of the socio political economic regime of a state we obtain empirical support for our hypothesis that democracy and its associated freedoms provide the conduit through which agents can exercise their preferences for environmental quality more effectively than under an autocratic regime thus leading to decreased concentrations or emissions of pollution however additional factors such as income inequality age distribution education and urbanization may mitigate or exacerbate the net effect of the type of political regime on pollution depending on the underlying societal preferences and the weights assigned to those preferences by the state

event studies in economics and finance the event study is an important research tool in economics and finance the goal of an event study is to measure the effects of an economic event on the value of firms event study methods exploit the fact that given rationality in the marketplace the effects of an event will be reflected immediately in security prices thus the impact can be measured by examining security prices surrounding the event in this paper event study methods are described including some of the potential complications an example is included to illustrate the approach

market incentives for safe foods an examination of shareholder losses from meat and poultry recalls meat and poultry recalls while voluntary are carried out under governmental oversight if firms have financial incentives to avoid being implicated in a recall situation governmental involvement in recalls may cause firms to internalize social costs when making investment decisions concerning food safety controls to examine these incentives we analyze federally supervised meat and poultry recalls from 1982 to 1998 within an event study results show significant shareholder losses when publicly traded food companies are implicated in a recall involving serious food safety hazards we find no evidence that the stock market reacts negatively when recalls involve less severe hazards each year unsafe foods sicken millions and lead to losses in terms of life and productivity mead et al estimate that foodborne pathogens account for 76 million illnesses and 5 000 deaths in the united states given human error and the limitations of food safety technology food items that pose undue risks to the public will be distributed from time to time when this occurs the firms involved stand to incur expenses related to recovering disposing of or reconditioning potentially contaminated products already placed on the market in addition negative publicity can lead to reductions in product demand and may erode prior investments in reputation and brand capital these firms may also face costs from liability claims associated with an outbreak of food related illnesses or injury our main objective in this paper is to examine reductions in food company valuations that result from food contamination incidents we focus specifically on meat and poultry firms that have shipped products that were later recalled for food safety reasons because preventative actions taken by firms can affect the probability of being implicated in a product recall situation the wealth that is lost when companies are required to recall

environment kuznets curve for co2 emissions a cointegration analysis for china abstract this study examines the long run relationship between carbon emissions and energy consumption income and foreign trade in the case of china by employing time series data of 1975 2005 in particular the study aims at testing whether environmental kuznets curve ekc relationship between co 2 emissions and per capita real gdp holds in the long run or not auto regressive distributed lag ardl methodology is employed for empirical analysis a quadratic relationship between income and co 2 emission has been found for the sample period supporting ekc relationship the results of granger causality tests indicate one way causality runs through economic growth to co 2 emissions the results of this study also indicate that the carbon emissions are mainly determined by income and energy consumption in the long run trade has a positive but statistically insignificant impact on co 2 emissions

impact of natural gas consumption on co 2 emissions panel data evidence from china s provinces abstract this study utilizes 1995 2014 panel data of the 30 provinces in china to investigate the existence of the environmental kuznets curve ekc for carbon dioxide co 2 emissions in china the potential impact of natural gas consumption on co 2 emissions is also analyzed according to the panel fully modified ordinary least squares fmols and panel dynamic ols dols estimation results in the long run an inverted u shaped ekc link exists between per capita co 2 emissions and per capita gross domestic product gdp in the panel fmols model and panel dols model with 99 261 yuan and 59 159 yuan for per capita gdp the ekc of china will reach its peak by around 2029 or 2019 respectively furthermore natural gas consumption has a significant negative impact on co 2 emissions which indicates that 1 increase in natural gas consumption for the panel fmols model and panel dols model will decrease co 2 emissions by 0 033627 or 0 054914 respectively at the provincial level provinces in which the ekc hypothesis holds are predominantly concentrated in central and eastern china and the energy consumption structure share of natural gas in total energy consumption may affect the occurrence of a significant negative impact of natural gas consumption on co 2 emissions another finding of this study is that both the existence of ekc and the occurrence of a positive negative impact of natural gas consumption on co 2 emissions are independent of the individual provincial per capita gdp

cluster analysis of the relationship between carbon dioxide emissions and economic growth abstract as global warming continues to worsen the balance between carbon dioxide emissions and economic growth has received increasing attention and carbon reduction comes to be an urgent task in many countries in literature various regression models have been developed to investigate the relationship between carbon dioxide emissions and economic growth such as the inverted u shaped ekc model inverted n shaped model etc which play critical roles in analyzing the relationships existing studies suggest that some countries follow similar models to describe the relationships while others employ different ones regarding the interplay between carbon dioxide emissions and economic growth there lacks a cluster analysis to systematically uncover the similarity of countries that employ models more similar to each other than to the countries in other clusters in this paper a novel clustering approach is proposed to identify clusters of 67 countries from the spatial temporal and descriptive dimensions unlike the traditional clustering technique in which clusters are determined by geometric distances the clusters in this research are obtained based on the differences between the fitting models of the countries in each cluster the first step of the approach is to find clusters of countries sharing similar models in a given year based on the symbolic regression method and the second step is to determine the countries that frequently cooccur in the same cluster by the apriori algorithm the results present two high order clusters with different dynamic features during the period between 1971 and 2010 one high order cluster mainly consists of countries in higher level of income while the other contains lower income level countries and the carbon intensities of the two high order clusters have distinct differences the findings suggest that the countries within the same cluster could learn more lessons from each other while countries belonging to different clusters should not be examined together indiscriminately several policy implications are provided which may inform decision making for policymakers when choosing proper learning objects and help researchers with designing optimal models for specific countries

greenhouse gases emissions growth and the energy mix in europe the importance of energy on greenhouse gases ghg emissions is reflected by the fact that 65 of said emissions in the world are currently due to the use and production of energy however most empirical emission models are found within the environmental kuznetz curve ekc framework which focuses on the relationship between emissions and economic development ang s 2007 2008 papers are some of the exceptions that simultaneously study the relationship between emissions growth and energy with respect to ang s research we contribute on two important aspects first while ang uses a particular country as the study and use time series techniques we take advantage of a panel data set of 24 european countries between 1990 and 2006 and use a dynamic panel data dpd framework second the impact of energy consumption on emissions would depend on the primary energy mix and on the final use of this energy and we consider both factors in the model

decoupling co2 emission and economic growth in china is there consistency in estimation results in analyzing environmental kuznets curve china is one of the highest growth economies in the world and it has experienced a significant rise in energy consumption and greenhouse gas emissions in recent decades its economic growth heavily depends on fossil fuels of coal and oil which led to huge amount of greenhouse gas emissions this study logically analyzes the nexus of co2 emissions economic growth and energy consumption by decoupling greenhouse gas emission of co2 and economic growth to provide more conclusive evidence on the phenomenon of the environmental kuznets curve ekc over the period 1970 2015 to achieve the objective of consistency in the estimation results the study applies different estimation techniques such as ardl auto regressive distributed lag model fmols fully modified ordinary least squares dols dynamic ordinary least squares and impulse response and variance decomposition in addition the business as usual inverted u shaped relationship between gdp per capita and an economy related co2 emission is hypothesized the result supports the environmental kuznets curve ekc hypothesis from different techniques the turning point hovers around 744665 the estimation result indicates that china ekc turning point shows some inconsistencies when compared to other turning points obtained from different studies the inconsistency of the ekc turning point is attributed to the sensitivity of the result to different data source variables selection different pollutants and scope of the data although the ekc turning point of this present research differs from other china ekc turning points it gives a clear policy roadmap on the pursuance of long run economic growth in favour of environmental quality besides significance of the turning point lies with the need to explore other structural policies such as articulated demographic and energy policies rather than passively waiting for the arrival of the inflexion point one interesting findings of the analysis is the consistency of the estimation results from the different estimation techniques

a test of environmental kuznets curve for haze pollution in china evidence from the penal data of 27 capital cities abstract the mounting environmental crisis especially the large scale and continuous haze pollution is the most pressing challenge for china during rapid urbanization process this study is aimed at examining the relationship between haze pollution and economic growth and its turning points for different regions in china based on the panel data of 27 capital cities and municipalities in china during 2011 2015 we constructed the parameter estimation model after conducting the unit root cointegration and hausman tests based on the basic and extended models we find that the relationship between haze pollution and economic growth in china is not a typical inverted u shaped environmental kuznet curve ekc by introducing variables such as industrial structure foreign trade and energy intensity this study demonstrates that adjusting industrial structure and improving energy efficiency are effective means for haze pollution control grouping regressions reveal that regional differences exist in the relationships between haze pollution and economic growth and their tuning points for instance there was a u shaped relationship for the central region while there were inverted n shaped relationships for eastern western and northeastern regions policy implications are thus summarized for different regions in terms of balancing economic growth and environmental protection

accounting for changes in tastes health concerns are thought by many to have shifted consumption away from red meats though econometric evidence is mixed testing for structural change is difficult especially when one time series is used for both estimating demand equations and testing their stability specification errors may suggest a shift where none has occurred using nonparametric demand analysis we find that meat consumption patterns in the united states and australia can be explained using only relative prices and expenditures only imposing particular functional forms can reverse the conclusion suggesting that specification errors in econometric demand studies can account for findings of taste changes

pooled mean group estimation of an environmental kuznets curve for co2 abstract we apply the pooled mean group estimator to test for the existence of an environmental kuznets curve for co2 in 22 oecd countries this approach allows for more flexible assumptions in a panel data framework the period goes from 1975 to 1998

el nino la nina and world coffee price dynamics coffee is produced in equatorial and subequatorial regions of the world which are also most affected by el ni no southern oscillation enso enso events have a tendency to amplify weather conditions such as droughts or excess precipitation in the affected regions resulting in production shortage or excess supply subsequently impacting agricultural commodity prices in this research we assess effects of enso events on world coffee price dynamics using the monthly data between march 1989 and december 2010 we employ smooth transition autoregression framework to examine nonlinear dynamics of enso and coffee prices and illustrate the results of this research using generalized impulse response functions we find that enso events indeed have short term impacts on coffee prices the research findings are of interest to coffee producers and intermediaries in the coffee markets as well as researchers in the fields of environmental and development economics jel classifications c32 q11 q54

on the asynchronous approvals of gm crops potential market impacts of a trade disruption of eu soy imports due to their high protein content soybeans are important feedstuffs in the european union eu however the cultivation of soybeans using genetically modified gm varieties in non eu countries is increasing and the eu authorization of gm products takes longer than in other countries leading to an asynchronous approval between the eu and non eu countries that might induce soybean trade disruptions this paper uses an integrated modelling system to simulate argentina brazil and the united states ending soybean exports to the eu the impact on world trade and on the eu import prices of soy products is analysed with a computable general equilibrium model eu soy imports are shown to decline and the import price of soybeans in the eu increases the effects on eu agricultural markets are analysed based on a partial equilibrium model feed costs in the eu are found to increase with poultry and pork the most affected production and exports decline and imports increase however the effects of a trade ban are found to be less profound than in many other studies due to compensating substitution effects at various market levels increasing imports from third countries increasing domestic oilseed production and the use of other protein feeds

does economic growth and energy consumption drive environmental degradation in china s 31 provinces new evidence from a spatial econometric perspective the panel data analysis points to economic and social factors contributing to nox pm2 5 pm10 so2 and vocs in china s 31 provinces the spatial correlation analysis using global and local moran

empirical evidence on the trade impact of asynchronous regulatory approval of new gmo events abstract this paper focuses on the ex post empirical analysis of the trade impact of asynchronous regulatory approval of new genetically modified organism gmo events we contribute to the literature in three ways first we define indices to assess the extent of asynchronicity and the relative strictness of the gmo approval authorizations of 40 countries considering gmo regulatory developments between 2000 and 2012 regarding cotton maize and soybeans second we introduce indices that are country pair specific product specific and year specific in a gravity model to examine the trade impact of asynchronous regulatory approval across countries by grouping the countries according to the state of their national regulatory gmo frameworks we have an even more differentiated view on the trade impact of asynchronous approval that focuses not only on the existence of regulations but also on their restrictiveness the results from the gravity model show that asynchronous approval has negatively impacted trade flows of cotton maize and soybeans it is observed that both asynchronous approvals and the restrictiveness of importing countries regulations to address the importation of gmo products matter meaning those countries that have already adopted a comprehensive gmo regulatory framework and have policies to manage the importation of gmo crops tend to feel a higher negative impact on trade flows

income inequality and pollution a reassessment of the environmental kuznets curve abstract improvements in some measures of air and water quality can accompany rising per capita income as illustrated by the so called environmental kuznets curve for pollution variables which show such a relationship we hypothesize that a more equitable distribution of power contributes to these outcomes by enhancing the influence on policy of those who bear the costs of pollution relative to the influence of those who benefit from pollution generating activities an empirical analysis of international variations in seven indicators of air and water quality supports this hypothesis literacy political rights and civil liberties are found to have particularly strong effects on environmental quality in low income countries

the impact of environmental regulation shadow economy and corruption on environmental quality theory and empirical evidence from china abstract mounting environmental pressures led china to focus on the effectiveness of the environmental regulation to control pollution since the shadow economy or underground economic activities that are not included in official statistics accounts for an increasing fraction of china s economy its impacts on environmental quality should be carefully evaluated in this study the main research questions are as follows 1 what is the extent of the effect of environmental regulation on environmental quality and 2 what are the factors that influence the impact of environmental regulation on environmental pollution a theoretical model is developed to explain the relationship among the environmental regulation shadow economy and environmental quality in china an empirical analysis is conducted to test the three propositions of the model thereby examining the explanatory power of the theoretical model concretely using panel data from 30 provinces for the period of 1998 2012 the generalized method of moments gmm method is employed to control for potential endogeneity and introduce dynamic effects the estimation results indicate that stringent environmental regulation and the level of the shadow economy are both positively related to china s environmental pollution however the results also indicate that tighter environmental control would help reduce pollution at a given level of the shadow economy moreover an increase in the proportion of corrupt officials may weaken the environmental regulation which would consequently lead to the increase in illegal production and total pollutant emissions besides many economic and social factors may also affect the environmental quality for instance the development of secondary industry contributes toward an increase in pollutant emissions however increased research and development r d spending on eco friendly industrial operations can help to reduce pollution

impact of bovine spongiform encephalopathy on agribusiness in the united kingdom results of an event study of equity prices this article assesses the impact on agribusinesses of the united kingdom government s announcement of a possible link between bovine spongiform encephalopathy and human health three approaches are employed to derive benchmark models against which abnormal returns are estimated a simple market model scholes williams approach and an autoregressive distributed lag model abnormal returns are estimated for single firms and for subsectors over an eight day event window the autoregressive distributed lag model performs best and indicates significant negative abnormal returns in the beef pet food animal feed and dairy sectors and positive abnormal returns in the other meats sector

does the law of one price really hold for commodity prices in spite of the empirical failure of the law of one price it is usually assumed that commodity prices are perfectly arbitraged at least in the long run this paper argues that this assumption is counterfactual and that much of the empirical evidence provided to support it is flawed and affected by econometric shortcomings spurious regressions nonstationarity in the data inappropriate use of first differences an alternative methodology co integration by which a long run relationship between nonstationary series can be tested is proposed tests of nonstationarity and co integration for a group of commodities show quite uniformly that the law of one price as a long run relationship fails and that deviations from the pattern are permanent

an empirical analysis of the green paradox in china from the perspective of fiscal decentralization abstract while it is generally recognized that the introduction of environmental policy can effectively control carbon emissions the green paradox hypothesis puts forth a new warning about the validity of this policy s implementation this study uses panel data on 29 chinese provinces from 1995 to 2012 to investigate the impact of fiscal decentralization on the functional mechanisms of environmental policy while controlling for the spatial correlations of carbon emission the empirical results indicate that environmental policy alone can achieve the objective of reducing carbon emissions however the chinese style fiscal decentralization makes the environmental policy significantly promote carbon emissions leading to a green paradox moreover we find that the impact of fiscal decentralization on environmental policy varies greatly among different geographical regions and the direct controlled municipalities in addition our study confirms the spatial correlations in china s carbon emissions by using a spatial integration term finally we recommend that emission reduction efforts should be incorporated into the local government s performance evaluation system to improve the institutional environment further differentiated environmental policies and measures should be considered for different provinces to maximize the emission reduction potential

gospel or disaster an empirical study on the environmental influences of domestic investment in china abstract since the beginning of china s reform and opening up in late 1970s the contradiction between environmental quality and economic development has become increasingly acute as the main driving force of development china s fixed asset investment fai has grown rapidly in the meanwhile china s energy consumption surged and the environmental pressures mounted the surge in fai may have great influences on the environmental quality on the one hand the rapid increase in fai facilitated the development of the secondary industry especially energy and pollution intensive industries which brought about significant amount of energy related pollution on the other hand growing investment on environmental investment is expected to slow environmental deterioration moreover the environmental quality and domestic investment may have potential spatial correlations in this paper after fully accounting for the spatial dependence the relationship between domestic investment and environmental quality in china is quantitatively investigated using co2 and so2 as two representative pollutants the estimation results indicate that the spatial dependence indeed exists and total effects of fai on pollutant emissions are positive however there is no evidence that environmental protection investment had expected effects to effectively curb pollutant emissions in china

spatial market integration in the presence of threshold effects a large body of research has evaluated price linkages in spatially separate markets much recent research has applied models appropriate for nonstationary data such analyses have been criticized for their ignorance of transactions costs which may inhibit price adjustments and thus affect tests of integration this analysis utilizes threshold autoregression and cointegration models to account for a neutral band representing transactions costs we evaluate daily price linkages among four corn and four soybean markets in north carolina nonlinear impulse response functions are used to investigate dynamic patterns of adjustments to shocks our results confirm the presence of thresholds and indicate strong support for market integration though adjustments following shocks may take many days to be complete in every case the threshold models suggest much faster adjustments in response to deviations from equilibrium than is the case when threshold behavior is ignored a large amount of empirical research has evaluated the extent to which spatially separate markets are integrated though the term is used loosely in the literature tests of market integration usually consider the extent to which shocks are transmitted among spatially separate markets the integration of markets can have important implications for price discovery and the operation of the market since persistent deviations from integration may imply riskless profit opportunities for spatial traders