energy consumption economic growth relationship and carbon dioxide emissions in china this paper applies the panel unit root heterogeneous panel cointegration and panel based dynamic ols to re investigate the co movement and relationship between energy consumption and economic growth for 30 provinces in mainland china from 1985 to 2007 the empirical results show that there is a positive long run cointegrated relationship between real gdp per capita and energy consumption variables furthermore we investigate two cross regional groups namely the east china and west china groups and get more important results and implications in the long term a 1 increase in real gdp per capita increases the consumption of energy by approximately 0 48 0 50 and accordingly increases the carbon dioxide emissions by about 0 41 0 43 in china the economic growth in east china is energy dependent to a great extent and the income elasticity of energy consumption in east china is over 2 times that of the west china at present china is subject to tremendous pressures for mitigating climate change issues it is possible that the gdp per capita elasticity of carbon dioxide emissions would be controlled in a range from 0 2 to 0 3 by the great effort

electricity consumption and economic growth in south africa a trivariate causality test abstract in this paper we examine the causal relationship between electricity consumption and economic growth in south africa we incorporate the employment rate as an intermittent variable in the bivariate model between electricity consumption and economic growth thereby creating a simple trivariate causality framework our empirical results show that there is a distinct bidirectional causality between electricity consumption and economic growth in south africa in addition the results show that employment in south africa granger causes economic growth the results apply irrespective of whether the causality is estimated in the short run or in the long run formulation the study therefore recommends that policies geared towards the expansion of the electricity infrastructure should be intensified in south africa in order to cope with the increasing demand exerted by the country s strong economic growth and rapid industrialisation programme this will certainly enable the country to avoid unprecedented power outages similar to those experienced in the country in mid january 2008

tax management loss harvesting and hifo accounting virtually all companies and individuals are faced with the management of taxable assets to manage these assets efficiently investors need to be aware of the impact of taxes on investment returns in the study we report in this article we quantified the benefits of loss harvesting and highest in first out hifo accounting by using monte carlo simulations and investigated the robustness of these strategies in various markets and with various cash flows and tax rates we concluded that a market with high stock specific risk low average return and high dividend yield provides more opportunities to harvest losses in addition a steady stream of contributions refreshes a portfolio and allows the benefits of loss harvesting to remain strong over time conversely withdrawals reduce the advantages of realizing losses our findings show that no matter what market environment occurs in the future managing a portfolio in a tax efficient manner gives substantially better after tax performance than a simple i

exploring the relationship among co2 emissions real gdp energy consumption and tourism in the eu and candidate countries evidence from panel models robust to heterogeneity and cross sectional dependence a major criticism to the existing energy growth environment literature we notice is the selection of methodology panel estimation techniques that fail to consider both heterogeneity and cross sectional dependence across countries may cause forecasting errors the other concern related to the literature is that only a small number of studies analyze the influence of tourism on co2 emissions even though tourism sector has potential for affecting the environment to fulfill the mentioned gaps in the literature this study analyzes the relationship among carbon emissions real income energy consumption and tourism for a panel of the eu and candidate countries over the period 1995 2011 by using heterogeneous panel estimation techniques with cross sectional dependence results from the cadf and the cips panel unit root tests show that the analyzed variables become stationary at their first differences the lm bootstrap panel cointegration test indicates the presence of a long run relationship among the analyzed variables results from the ols with fixed effects the fmols the dols and the group mean estimator reveal that energy consumption contributes to the level of emissions while real income and tourism mitigate co2 emissions the emirmahmutoglu kose panel granger causality test suggests that there is one way causality running from tourism to carbon emissions and two way causality between co2 emissions and energy consumption and between real income and co2 emissions policy implications are further discussed

electricity consumption and economic growth in algeria a multivariate causality analysis in the presence of structural change this article addresses the issue of electricity consumption petroleum price and economic growth in algeria the primary objective is to investigate and analyze the causal relationship between electricity consumption ec brent oil price bop and economic growth gdp for algeria over the period of 1971 2010 to examine short run long run and joint causality relationships we used a multivariate cointegration approach based on the recent advances in time series econometrics e g zivot andrews test gregory hansen cointegration test vector error correction models vecm the empirical results show that there is evidence of short run and a strong long run bi directional causal relationship between ec and real gdp in algeria findings indicate also the absence of causal relationship between bop and ec our empirical findings support the idea that there a link between electricity consumption and economic growth and disproves the neo classical assumption referred to as the neutrality hypothesis

power market long term stability a hybrid madm ga comprehensive framework stabilizing the long term electricity markets by providing new generation resources is one of the most important challenges that are surfaced to the industry regulators to deal with this complex problem this paper proposes a comprehensive multiple attribute decision making madm framework in which the genetic algorithm ga is used to model the investment decisions of the market generation firms the fitness function of the ga is itself a decentralized optimization problem that simulates the short term behavior of these profit oriented firms a simple fuzzy inference system and an elasticity relation between price and demand represent the power market as the link among all firms the framework is augmented by tradeoff risk analysis to incorporate the effects of the uncertainties finally a realistic case study is presented to show the advantages of the proposed framework

the british model in britain failing slowly in 1990 britain reorganised its electricity industry to run on competitive lines the british reforms are widely regarded as successful and the model used provides the basis for reforms of electricity industries worldwide the main reason for this perception of success is major reductions in the real price of electricity with no reduction in service quality this paper examines whether the reputation of the british reforms is justified it concludes that the reputation is not justified and that serious fundamental problems are beginning to emerge the central question is have the british reforms resulted in the creation of efficient wholesale and retail markets on this criterion the reforms have failed the wholesale market is dominated by obscure long term contracts privileged access to the market and self dealing within integrated generator retailers leaving the spot markets with minimal liquidity and unreliable prices the failure to develop an efficient wholesale market places the onus on consumers to impose competitive forces on electricity companies by switching regularly small consumers will not do this and they are paying too much for their power for the future there is a serious risk that the electricity industry will become a weakly regulated oligopoly with a veneer of competition

is aggregate domestic consumption spending adcs per capita determining co2 emissions in south africa a new perspective aggregate domestic consumption spending is one of the prime drivers of economic progress that facilitates the process of industrialization international trade and innovation but its effect on the environment remains underresearched this paper proposes a novel framework to explain the impact of aggregate domestic consumption spending per capita adcsp on carbon dioxide emissions co2e in south africa using the autoregressive distributed lag ardl technique the results indicated that the adcsp determines co2e in the short run sr and long run lr from adcsp to carbon intensity adcsp ci estimations it was observed that an increase 1 in adcsp increases co2e in both the lr 0 31 and sr 0 22 furthermore the nardl estimations showed that the lr effects of positive shocks in the adcsp on co2e are comparatively stronger than the sr effects the paper offers important policy implications for academics theorists and policymakers

economic growth and electricity consumption in cote d ivoire evidence from time series analysis this paper examines the causal relationship between the electric power industry and the economic growth of cote d ivoire using the data from 1971 to 2008 a test was conducted for the cointegration and granger causality within an error correction model results from these tests reveal a bidirectional causality between per capita electricity consumption and per capita gdp a unidirectional causality running from electricity consumption to industry value added appears in the short run economic growth is found to have great effects on electricity consumption and a reverse causality from electricity to economic growth may also appear in the long run there is a unidirectional causality between electricity and both gdp and industry value added from these findings we conclude that the country will be energy dependent in the long run and must therefore secure the production network from shortfalls to ensure a sustainable development path accordingly government should adopt policies aimed at increasing the investment in the sector by stepping up electricity production from existing and new energy sources

post neoliberal electricity market re reforms in argentina diverging from market prescriptions this paper focuses upon the policy and institutional change that has taken place within the argentine electricity market since the country s economic and social crisis of 2001 2 as one of the first less developed countries ldcs to liberalise and privatise its electricity industry argentina has since moved away from the orthodox market model after consumer prices were frozen by the government in early 2002 when the national currency was devalued by 70 although its reforms were widely praised during the 1990s the electricity market has undergone a number of interventions ostensibly to keep consumer prices low and to avert the much discussed energy crisis caused by a dearth of new investment combined with rising demand levels this paper explores how the economic crisis and its consequences have both enabled and legitimised these policy and institutional amendments while drawing upon the specifics of the post neoliberal market re reforms to consider the extent to which the government appears to be moving away from market based prescriptions in addition this paper contributes to sector specific understandings of how despite these changes neoliberal ideas and assumptions continue to dominate argentine public policy well beyond the postcrisis era

energy consumption and economic growth revisited in african countries abstract the aim of this paper is to provide new empirical evidence on the relationship between energy consumption and economic growth for 21 african countries over the period from 1970 to 2006 using recently developed panel cointegration and causality tests the countries are divided into two groups net energy importers and net energy exporters it is found that there exists a long run equilibrium relationship between energy consumption real gdp prices labor and capital for each group of countries as well as for the whole set of countries this result is robust to possible cross country dependence and still holds when allowing for multiple endogenous structural breaks which can differ among countries furthermore we find that decreasing energy consumption decreases growth and vice versa and that increasing energy consumption increases growth and vice versa and that this applies for both energy exporters and importers finally there is a marked difference in the cointegration relationship when country groups are considered

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

economic growth fossil fuel and non fossil consumption a pooled mean group analysis using proxies for capital this study employs a pooled mean group estimator to examine the nexus between economic growth and fossil and non fossil fuel consumption for 53 countries between 1990 and 2012 the global sample was divided into four categories developed exporters developed importers developing exporters and developing importers the purpose of these categories was to observe whether factors unique to these countries influence the relationship between energy consumption and economic growth with the exception of developing importers evidence of bi directional causality between fossil fuel consumption and real gdp across all subsamples is observed this leads to the conclusion that efforts to directly conserve fossil fuels may harm economic growth in terms of non fossil fuel use the results are more diverse bi directional causality between non fossil fuel use and real gdp is found in the long and short run for developed importers bi directional causality only in the long run for developed exporters negative long run causality from real gdp to non fossil fuels for developing exporters and long run causality from non fossil fuel use to real gdp for developing importers these results lead to the conclusion that other factors have been responsible for the progress seen in non fossil fuel use thus it is concluded that economic growth on its own is insufficient to promote clean energy development there is a need for policy makers to create an environment conducive to renewable energy investment

electricity consumption and economic growth in burkina faso a cointegration analysis abstract this study empirically establishes the direction of causality between electricity consumption and economic growth in burkina faso for the period 1968 2003 the bounds test yields evidence of cointegration between electricity consumption gdp and capital formation when electricity consumption and gdp are used as dependent variable causality results indicate that there is no significant causal relationship between electricity consumption and investment estimates however detect in the long run a bidirectional causal relationship between electricity use and real gdp there is also evidence of a positive feedback causal relationship between gdp and capital formation burkina faso is therefore an energy dependent country it is also a country in which electricity consumption is growing with the level of income all of this shows that electricity is a significant factor in socio economic development in burkina faso as such energy policy must be implemented to ensure that electricity generates fewer potential negative impacts

co2 emissions energy consumption and economic growth in turkey abstract this paper examines the long run and causal relationship issues between economic growth carbon emissions energy consumption and employment ratio in turkey by using autoregressive distributed lag bounds testing approach of cointegration empirical results for turkey over the period 1968 2005 suggest an evidence of a long run relationship between the variables at 5 significance level in turkey the estimated income elasticity of carbon emissions per capita is 0 606 and the income elasticity of energy consumption per capita is 1 375 results for the existence and direction of granger causality show that neither carbon emissions per capita nor energy consumption per capita cause real gdp per capita but employment ratio causes real gdp per capita in the short run in addition ekc hypothesis at causal framework by using a linear logarithmic model is not valid in turkish case the overall results indicates that energy conservation policies such as rationing energy consumption and controlling carbon dioxide emissions are likely to have no adverse effect on the real output growth of turkey

electricity consumption growth nexus evidence from panel data for transition countries abstract this paper investigates the long run relationship and causality issues between electricity consumption and economic growth in 15 transition countries albania belarus bulgaria czech republic estonia latvia lithuania macedonia moldova poland romania russian federation serbia slovak republic and ukraine by using the pedroni panel cointegration method for the 1990 2006 period results suggest that the pedroni panel cointegration tests do not confirm a long term equilibrium relationship between electricity consumption per capita and real gdp per capita moreover since no cointegration was found error correction mechanisms plus causality tests cannot be run for further steps in the long term to investigate the causality between electricity consumption and economic growth overall it can be said that the electricity consumption related policies have no effect or relation on the level of real output in the long run for these countries as a conclusion the literature has conflicting results and there is no consensus either on the existence or the direction of causality between electricity consumption and economic growth thus the findings of this study have important policy implications and it shows that this issue still deserves further attention in future research

tax managed factor strategies we examine the tax efficiency of an indexing strategy and six factor tilts between june 1995 and march 2018 average value added by tax management exceeded 1 50 per year at a 10 year horizon for

the short and long run causality relationship among economic growth energy consumption and financial development evidence from south mediterranean countries smcs abstract this study aims at examining the short run and long run causal link between economic growth energy consumption and financial development by using data set of 6 smcs for the 1995 2015 periods the basic testing procedure requires four steps adf and pp unit root tests bound tests for co integration ardl approach and vecm method the results confirm cointegration between the variables it means that the long run relationship exists the short run causal relationships unidirectional exist at least once for each country except egypt the granger causality results for individual countries give mixed results these results urge for the attention of the policy makers in smcs to design a comprehensive energy conservation policy to minimize the consequences of massive energy consumption on economic growth by adding financial development

energy consumption carbon emissions and economic growth nexus in bangladesh cointegration and dynamic causality analysis abstract the paper investigates the possible existence of dynamic causality between energy consumption electricity consumption carbon emissions and economic growth in bangladesh first we have tested cointegration relationships using the johansen bi variate cointegration model this is complemented with an analysis of an auto regressive distributed lag model to examine the results robustness then the granger short run the long run and strong causality are tested with a vector error correction modelling framework the results indicate that uni directional causality exists from energy consumption to economic growth both in the short and the long run while a bi directional long run causality exists between electricity consumption and economic growth but no causal relationship exists in short run the strong causality results indicate bi directional causality for both the cases a uni directional causality runs from energy consumption to co 2 emission for the short run but feedback causality exists in the long run co 2 granger causes economic growth both in the short and in the long run an important policy implication is that energy electricity as well can be considered as an important factor for the economic growth in bangladesh moreover as higher energy consumption also means higher pollution in the long run policy makers should stimulate alternative energy sources for meeting up the increasing energy demand

causal relationships between energy consumption foreign direct investment and economic growth fresh evidence from dynamic simultaneous equations models this paper examines the interrelationships between energy consumption foreign direct investment and economic growth using dynamic panel data models in simultaneous equations for a global panel consisting of 65 countries the time component of our dataset is 1990 2011 inclusive to make the panel data analysis more homogenous we also investigate this interrelationship for a number of sub panels which are constructed based on the income level of countries in this way we end up with three income panels namely high income middle income and low income panels in the empirical part we draw on the growth theory and augment the classical growth model which consists of capital stock labor force and inflation with foreign direct investment and energy generally we show mixed results about the interrelationship between energy consumption fdi and economic growth

cointegration and causality between electricity consumption and gdp empirical evidence from malawi abstract the granger causality gc and error correction ecm techniques were applied on 1970 1999 data for malawi to examine cointegration and causality between electricity consumption kwh and respectively overall gdp agricultural gdp agdp and non agricultural gdp ngdp cointegration was established between kwh and respectively gdp and ngdp but not with agdp the gc results detect bi directional causality between kwh and gdp suggesting that kwh and gdp are jointly determined but one way causality running from ngdp to kwh the ecm results detect causality running one way from gdp also from ngdp to kwh suggesting that a permanent rise in gdp may cause a permanent growth in electricity consumption

causal nexus between energy consumption and economic growth for high middle and low income countries using frequency domain analysis abstract this study aims to investigate the causal nexus between energy consumption and economic growth for 119 countries from all over the world having at least 30 years of available data on candidate variables including 30 high income oecd 13 high income non oecd 65 middle income and 11 low income countries the study employs granger causality in the frequency domain context for empirical analysis which allows one to examine the causal nexus over different frequencies and thus provides relatively a better picture of the causal nexus between the candidate variables in particular we examine the temporary short run as well as at permanent long run causal nexus between energy consumption and economic growth the empirical results suggest that 18 countries including 5 high income oecd 2 high income non oecd 10 middle income and 1 low income confirm the existence of feedback hypothesis 25 countries including 4 high income oecd 3 high income non oecd 14 middle income and 4 low income confirm growth hypothesis out of total 119 countries similarly 40 countries including 6 high income oecd 6 high income non oecd 27 middle income and 1 low income suggest conservation hypothesis while 36 countries comprising of 15 high income oecd 2 high income non oecd 14 middle income and 5 low income hold neutrality hypothesis between energy consumption and economic growth out of 119 countries the findings of the study suggest that an appropriate and effective public policy is required for all sample countries both in the short and long term while considering sustainable economic growth and development

the grin of the cheshire cat abstract throughout the 1990s privatisation liberalisation de regulation in short the british model dominated the policy agenda for electric utilities at the heart of these reforms was a desire to transform the electricity industry from a monopoly into a competitive market so that electricity could be bought and sold like other commodities and products however from 2001 onwards cracks in this policy became visible rather than admit the policy s failings its advocates have tried to fix the model by re introducing planning as planning replaces competition increasingly all that is left of the competitive element of the model is the free market rhetoric the grin of the cheshire cat but when supply security can no longer be guaranteed politicians will be forced to act for developed countries the problems will be significant but they willingly opted for liberalisation and have the financial resources to deal with these problems so sympathy must be limited by contrast developing countries often had little choice but to comply with the wishes of the international financial institutions ifis their industries have often suffered serious under investment in the privatised market it is these countries that the developed world has a duty to help and the ifis must urgently re assess their policies and widely acknowledge their mistakes

what would yale do if it were taxable corrected january 2016 the distinctive financial goals and constraints of ultra high net worth individuals together with their aggregate growth in assets have led to the emergence of new institutional investing which includes the best practices from institutional investors but also incorporates the critical element of tax management the authors design new institutional asset allocations that incorporate traditional investment metrics in a tax aware setting specifically they show how risk and after tax returns need to be combined from inception when seeking an optimal after tax asset allocation diversification is especially important for taxable investors because low asset class correlations can facilitate the inclusion of attractive but tax inefficient asset classes in a tax aware allocation

a panel bootstrap cointegration test this paper proposes a bootstrap test for the null hypothesis of cointegration in panel data the test is general enough to allow for dependence both within and between the cross sectional units and is shown to work well in small samples

variations in the environment energy and macroeconomic interdependencies and related renewable energy transition policies based on sensitive categorization of countries in africa abstract the disparities in development levels of countries in africa necessitate correspondingly sensitive categorization approaches because effective renewable energy related rer decisions policy making and subsequent implementation hinges on workable categorization indices however studies on sensitive categorization approaches for energy environment economy 3e interdependencies for africa is rare this study uses a sensitive characteristic driven approach to explore the interdependencies in 3e indicators for carbon dioxide co2 emissions renewable energy consumption rec fossil fuel energy consumption gross domestic product gdp population and gross fixed capital formation in 39 african countries further we forecast the dollar values of policy innovations necessary to facilitate the transition to 100 renewable energies for 2030 using balanced data spanning 2000 2014 the empirical results from the panel vector error correction model show long run granger causality in co2 emissions rec and gdp models for africa but no evidence of such relationship was found four sub panels the results depict varied individual unidirectional and bidirectional causalities among the variables in each panel evidence from variance decomposition analysis show that 93 of innovations required to achieve renewable energy led africa must happen in rec results from the high precision own data driven forecast puts total energy demand in africa at 25qbtu in 2030 with 40 from renewables estimates of the dollar value of innovations depict that it would cost africa us 3367 2 billion in 2030 only to transition to 100 renewables we find rer investment reris in billion us ranging from 2 69 to 1274 12 for seven sub panels yet the panel of moderate lower middle income economies need not to make further investments because their existing reirs could be enough to help the region reach 100 renewables by 2030 the findings herein imply that rer policies in africa must be intensified to achieve 100 renewable energy target

seventy five years of investing for future generations university endowments invest for future generations so their strategy should reflect their long horizon we researched whether they really do behave like long term investors we examined the behav

a game theoretic model for generation expansion planning problem formulation and numerical comparisons this paper presents an application of noncooperative game theory to generation expansion planning gep in a competitive electricity industry the authors apply the cournot model of oligopoly behavior to formulate a gep model that may characterize expansion planning in a competitive regime particularly in pool dominated generation supply industries numerical experiments are conducted on a test system to analyze generation investment and market participation decisions of candidate expansion units that vary in costs and forced outage rates the numerical results point to 1 greater industry expansion and system reliability under cournot competition than under centralized expansion planning and 2 higher probabilistic measures of reliability from multi player expansion than from expansion by a traditional monopolist with an equivalent reserve margin requirement furthermore the authors summarize analytical results involving a simplified version of the gep game

technological innovation and green growth in the organization for economic cooperation and development economies abstract green growth means improving production and demand based emissions through innovation of green technologies for cleaner production and supply chain this study examines the effect of technological innovation on green growth on twenty eight 28 organization for economic cooperation and development oecd economies for the period 2000 to 2014 with data sourced from oecd library statistics and world bank world development indicators the economies were sub grouped into oceania america asia and europe preliminary tests conducted were cross section dependence test im pesaran and shin unit root tests westerlund cointegration confirmed that the variables are cointegrated using stirpat and ipat models the study found transport related technologies has been beneficial to green growth in the oceania sub region oecd asia s technologies for production and processing of goods have been beneficial to green growth climate change technologies in relation to generation and transmission of energy are detrimental to green growth in the oecd economies but its impact is visible in asia and europe sub panels environmental related budget and taxes have been found worthwhile in the pursuit of green growth from the dominant negative coefficient values findings led to the presentation of some important implications which could be useful for policy makers and industries in the pursuit of green growth globally

multicriteria methods for resource planning an experimental comparison multicriteria decision making mcdm methods are widely used for comparing alternatives when there are multiple objectives for instance utilities use them for resource bidding externality quantification facility siting and resource planning there are many alternative methods differing in their ease of use validity results and appropriateness to resource planning several mcdm methods are compared in an experiment involving the choice of resource portfolio for seattle city light planners and interest group representatives applied direct weight assessment tradeoff weight assessment additive value functions and goal programming most of the participants concluded that mcdm methods could promote insight and confidence in decision making however the authors also confirmed the existence of method biases previously identified by psychologists no single method emerged as best thus application of two or more methods as consistency checks is recommended to guard against bias and to stimulate insight

gaming the uniform price spot market quantitative analysis in this paper a range of indices have been derived to quantify the incentives to game the uniform price spot market the gain of a portfolio generator due to withdrawing capacity and or inflating the price bid has been found to be proportional to the in merit market share of the gaming generator and the inverse combined price elasticity of supply demand a gaming index has also been derived as a modification of the herfindahl hirschman index which takes into account the reduction in the number of competitors as the demand goes up and the benefit the portfolio generators take from gaming price elastic loads reduce gaming opportunities but do not remove them application of the indices has been illustrated using the the spot market in england and wales the results seem to confirm practical evidence from many countries that spot markets are vulnerable to gaming

analysis on the nexus of economic growth fossil fuel energy consumption co2 emissions and oil price in africa based on a pmg panel ardl approach abstract in this study the causal link amid economic growth fossil fuel energy consumption carbon emissions and oil price was empirically tested from 1990 to 2015 by using a panel of 22 african countries the sample of african countries was divided into two subgroups namely oil exporters and non oil exporters using the pmg panel ardl and panel econometric methods heterogeneity and cross sectional dependence were considered to examine the long and short term dynamic relationships as well as validity of a proposed model findings from the pesaran yamagata homogeneity test pesaran cd test cips and cadf panel unit root tests and westerlund edgerton bootstrap panel cointegration indicated the panel time series data has heterogeneity and cross sectional dependence analysed variables are stationary and cointegrated respectively with respect to the pmg panel ardl estimation method it was evidenced that there exist i a bilateral causal link flanked by fossil fuel energy consumption and economic growth as well as fossil fuel energy consumption and carbon emissions in long and shot terms for all panels ii a unilateral causality from carbon emissions to economic growth in long term and short term for non oil exporters nonetheless a bilateral causal relationship only in long term for oil exporting countries and iii a unilateral cause and effect link from oil prices to economic growth energy consumption fossil fuel and carbon emission across all country groups in long and short terms policy recommendations are further discussed

a regional energy paradox the case of central norway abstract central norway is expected to have a gap of 8 twh in 2010 because of heavy investments in energy intensive industries the region has two landing sites for natural gas and a considerable potential for wind power to cover the gap small scale hydropower and upgrading of existing hydropower plants also constitute a regional energy potential paradoxically the most realistic investment prospect seems to be extensive investments in new transmission lines to cover the supply deficit the aim of this paper is to present a problem of regional supply security and public intervention to illustrate and discuss the challenges of arriving at long term capacity adequacy in deregulated electricity markets

challenges when electricity markets face the investment phase abstract deregulation of electricity industry in europe has tended to start with a grace period of energy surplus inherited from the previously expansive coordinated economies and further amplified by better resource utilisation from extended international trade the regulatory challenge has therefore primarily been to allocate existing generation to consumers in an efficient way however as energy demand increases due to economic growth the challenge of providing new capacity surfaces the nordic region which has been a pioneer in internationalising and deregulating electricity is now approaching this stage ahead of most of the rest of europe while the nordic case is characterised by specificities related to hydropower it also raises the more general challenge of capacity expansion under a deregulated market economy the article therefore discusses how the nordic investment challenges of today shed light on more generic challenges that may become more general european challenges of tomorrow in a final section the article discusses policy options available to address the investment price hike challenge the argument is put forward that recursion to some degree of coordinated governance might seem necessary if solutions are confined within large scale technical systems however within the context of a small scale decentralised technological development one may be more confident of competitive solutions

two key concepts for wealth management and beyond corrected march 2012 asset allocation is profoundly influenced by at least two underappreciated concepts first tax deferred accounts for example 401 k s are like partnerships in which the investor owns 1 tn of the partnership principal and the government owns the remainder where tn is the marginal tax rate when the funds are withdrawn second the government shares in both the return and the risk of assets held in taxable accounts the authors discuss these concepts implications for wealth management

locational marginal price calculations using the distributed slack power flow formulation in practice locational marginal prices lmps are usually calculated by assembling their three components the reference price the congestion price and the loss price explicit formulas for calculating the three components based on the single slack power flow formulation can be found in the literature this letter presents the formulas for calculating the three components based on a distributed slack power flow formulation