an analysis of the driving forces of energy related carbon dioxide emissions in china s industrial sector abstract both energy consumption and the growth of carbon dioxide co2 emissions in china are attributed to the industrial sector energy conservation and co2 emissions reduction in china s industrial sector is decisive for achieving a low carbon transition we analyze the change of energy related co2 emissions in china s industrial sector from 1991 to 2010 based on the logarithmic mean divisia index lmdi method results indicate that industrial activity is the major factor that contributes to the increase of industrial co2 emissions while energy intensity is the major contributor to the decrease of co2 emissions industry size shows a varying trend interchanging intervals of growth along the study period moreover both energy mix and carbon intensity of energy use have negative effects on the increase of co2 emissions the cointegration method is adopted to further explore determinants of co2 emissions in china s industrial sector results show that there exists a long run relationship between industrial co2 emissions and affecting factors such as co2 emissions per unit of energy consumption industrial value added labor productivity and fossil fuel consumption china s industrial co2 emissions are mainly attributed to the coal dominated energy structure policy suggestions are thus provided to reduce industrial co2 emissions in china

a pure financial explanation for trade credit this paper provided a pure financial explanation for the existence of trade credit and for the values of the credit terms offered to customers two motives for extending trade credit were identified the pure operating flexibility motive arises because the opportunity to change credit policy provides the seller an efficient way to respond to fluctuations in demand this motive was eliminated from consideration in this paper by assuming constant demand the seller must hold a liquid reserve when the financial markets are imperfect and the desire to earn an excess rate of return on this reserve explains the pure financial intermediary motive for trade credit the pure financial incentive to lend this liquid reserve to customers was examined by viewing a market borrowing rate of interest that exceeds the market lending rate of interest as a hindrance to trade or equivalently as a financial market tariff this tariff imposes a wedge between the market prices paid and received for the product plus a loan and thereby inflicts a loss of surplus on the seller and buyers trade credit lending enables the seller and or the buyers to recapture at least part of this loss when the source of the tariff does not apply to direct loans to customers financial market tariffs caused by transactions costs fulfill this requirement because the trade credit lender s familiarity with its customers and product provide it with information and collection cost advantages over financial intermediaries tariffs caused by financial intermediary rents fulfill this requirement as well because the parties to a trade credit loan do not employ the services of a financial intermediary increasing opportunity costs and financial market imperfections in addition to the ones described above establish the limits of credit policy the optimal amount of accounts receivable is derived from the condition that the marginal revenue of trade credit lending is equal to the marginal cost this condition combined with factoring costs produces a unique finite optimal credit period accrual accounting for income tax purposes imposes an additional restriction because the firm is taxed on the recovery of its opportunity costs these limitations on credit policy were examined separately in this paper for clarity but they are in effect simultaneously in practice

the increase in brazilian household income and its impact on co2 emissions evidence for 2003 and 2009 from input output tables abstract in recent years brazil has experienced economic growth and a recovery of income that has had a positive impact on the consumption of goods in this paper we evaluate the impact of brazilian household consumption on the co2 emissions for 2003 and 2009 using input output tables from the world input output database we used a semi closed model with eight household groups in order to apply the hypothetical extraction method in the consumption structure of each group further we use the result from the hypothetical extraction to evaluate the impacts of the structure consumption of each household group in terms of co2 emissions we find that there is a trade off between the households greater satisfaction from consumption and the increasing setback in emissions from the restructuring and modification of the consumption basket thus this study contributes to the research on emissions by mapping the recent behavior of the brazilian economy in terms of increased income changes in the consumption structure and their impacts on emissions the paper s aggregated results by income and consumption structure based on the intensity of the emissions and their systemic effects add to the discussions on less polluting production processes more conscious consumption of goods and more rational uses of energy and transportation

specialization transactions technologies and money growth this paper develops a differentiated product model with endogenous specialization in which either money or a costly alternative transactions technology can be used for market purchases we discuss the real effects of monetary growth in this model which differ from those in standard cash in advance models and the implied interest sensitivity of money demand in general equilibrium

decomposing final energy use for heating in the residential sector in austria abstract in austria a considerable number of measures have been implemented to reduce final energy use for residential heating since the 1990s the aim of this analysis is to investigate why despite these implemented measures final energy use for heating has not decreased in the expected way the impact of eight factors on final energy use for heating is quantified by applying the logarithmic mean divisia index lmdi i method the dataset covers the sector of private households in austria for the period from 1993 to 2009 the main findings of the analysis are 1 while technical improvements reduce final energy use for heating significantly rising comfort needs nearly outweigh these savings 2 consumer behaviour reduces calculated final energy use considerably 3 the extent of this reduction is declining significantly in the period observed 4 the growing share of single family houses has increased energy demand for heating in the observed period though a reversal of this trend is detected from 2007 onwards 5 the impact of growing floor space per person is the major effect revealed by the analysis 6 weather conditions have a major impact on annual fluctuations of energy consumption

co2 emissions and economic development china s 12th five year plan abstract for the period of the 12th five year plan 2011 2015 the chinese government has decided to reconsider and adjust its policies on economic development because of the pressures of co 2 emissions and fossil energy consumption the current paper adopts the logarithmic stochastic impacts by regression on population affluence and technology stirpat model to simulate the relationship between co 2 emissions and other economic development factors in china three groups of outliers are found using samples from 1989 to 2008 and the partial least square pls regularity test method the outlier analysis reveals three important areas for co 2 reduction a decreasing the share of coal to the total energy consumption and replacing it with non fossil energies b controlling vehicles used in the cities as well as c adjusting industrial structure furthermore based on the social and economic realities of china the current paper designs six feasible development scenarios for the period covered by the 12th five year plan and predicts the values of each factor in each scenario the values can test the implementation of china s co 2 control development concept the experiences obtained by outlier analysis can be of significant reference value for realizing the predicted scenarios

analysis on major drivers of cement consumption during the urbanization process in china abstract accompanying by the rapid urbanization process of china unprecedented amounts of cement have been poured into urban construction over the last decade since research is still scarce on the factors underlying the cement consumption the motivation of this paper is to provide insight into cement based socioeconomic metabolism and to improve understanding of the linkage between human activities and cement consumption to explore the key impact factors of cement consumption an extended stirpat model is exploited in this paper to examine the effect of population gross domestic product gdp per capita cement consumption intensity fixed investment and urbanization level with regional panel data of china from 2005 to 2013 the empirical results indicate that fixed investment and gdp per capita are the decisive driving factors of cement consumption the unbalanced investment between infrastructure and people s livelihood reflects bias urbanization policy in china inverted u shaped nexus between cement consumption and urbanization as well as gdp per capita are observed in the empirical results moreover regional heterogeneities are taken into account in the model estimation on the ground of the empirical findings several policy recommendations are provided for policy makers it is suggested that policy makers should take account of the regional discrepancy and implement a sustainable urbanization strategy to curtail cement consumption only when excessive fixed investment is curbed does the enthusiasm of cement consumption calm down

a chinese sky trust distributional impacts of carbon charges and revenue recycling in china abstract the introduction of carbon charges on the use of fossil fuels in china would have a progressive impact on income distribution this outcome which contrasts to the regressive distributional impact found in most studies of carbon charges in industrialized countries is driven primarily by differences between urban and rural expenditure patterns if carbon revenues were recycled on an equal per capita basis via a sky trust the progressive impact would be further enhanced low income mainly rural households would receive more in sky trust dividends than they pay in carbon charges and high income mainly urban households would pay more than they receive in dividends thus a chinese sky trust would contribute to both lower fossil fuel consumption and greater income equality

urban household energy use in tanzania prices substitutes and poverty abstract this paper presents the findings of the tanzanian urban household energy survey undertaken as part of the tanzania urban energy project household energy use varies by income group according to local fuel availability considerable differences between the marginal costs of supplying fuels and market prices paid by consumers have led to major misallocations of resources when the results of this survey are compared to the results of the 1987 household energy survey a significant shift by households toward kerosene and electricity away from fuelwood charcoal and lpg is shown to have taken place these shifts toward modern fuels are consistent with the claims of the households in the 1990 survey and can largely be explained by fuel prices finally an assessment of the lifeline tariff and the kerosene cross subsidy demonstrate that the latter is a more effective method of ensuring the basic energy needs of the urban and rural poor

decomposition analysis of the variations in residential electricity consumption in brazil for the 1980 2007 period measuring the activity intensity and structure effects abstract introduced at the end of the 1970s to study the impacts of structural changes on electricity consumption by industry index decomposition analysis techniques have been extended to various other areas to help in the formulation of energy policies notably in developed countries however few authors have applied these techniques to study the evolution of energy consumption in developing countries in brazil the few available studies have focused only on the industrial sector in this article we apply the decomposition technique called the logarithmic mean divisia index lmdi to electricity consumption of the brazilian residential sector to explain its evolution in terms of the activity structure and intensity affects over the period from 1980 to 2007 the technique is sufficiently robust and flexible to perform this analysis by disaggregating residential consumers by consumption classes and regions of the country among the main results is measurement of the impact of government programs for income transfer and universal service on variations in residential consumption typical of developing countries

decomposition analysis of gas consumption in the residential sector in ireland abstract to date decomposition analysis has been widely used at the macro economic level and for in depth analyses of the industry and transport sectors however its application in the residential sector has been rare this paper uses the log mean divisia index i lmdi i methodology to decompose gas consumption trends in the gas connected residential sector in ireland from 1990 to 2008 which despite an increasing number of energy efficiency policies experienced total final consumption growth of 470 the analysis decomposes this change in gas consumption into a number of effects examining the impact over time of market factors such as a growing customer base varying mix of dwelling types changing share of vacant dwellings changing size of new dwellings the impact of building regulations policy and other factors such as the weather the analysis finds the most significant effects are changing customer numbers and changing intensity the analysis also quantifies the impact of building regulations and compares it with other effects such as changing size of new dwellings by comparing the historical impact on gas consumption of policy factors and non policy factors this paper highlights the challenge for policy makers in achieving overall energy consumption reduction

a smarter plan a policy comparison between great britain and ireland s deployment strategies for rolling out new metering technologies abstract the irish and british governments have recently mandated the replacement of domestic gas and electricity meters with smart meters their deployment strategies differ based on the extent to which deregulation of the gas and electricity market has been successful a broad debate has been held on the various assumptions justifying the cost benefit analyses and the permutations of these assumptions what has been paid less attention is to what end is a smart meter being employed towards a corollary research question is whether the deployment plan is targeting the correct sector if the purpose is to introduce automated meter reading across the housing sector then a better strategy would be to legislate for accurate monthly bills as in sweden allowing suppliers to have greater flexibility will likely reward rather than stifle the design of competition if the purpose is to manage demand then it may be that it s working with complex tariffs and not the meter per se that counts the high consuming end use categories and profile classes would be better placed for that exercise innovation theory also supports the targeting of new innovations to larger consumers allowing metering innovations to proceed along historical trajectories

ghg emissions embodied in macao s internal energy consumption and external trade driving forces via decomposition analysis abstract as a member of the kyoto protocol macao faces the enormous challenge to tackle with energy conservation and greenhouse gas ghg emission reduction though many studies have been devoted to understanding macao s ghg emissions from energy consumption and external trade an investigation of the underlying driving forces is still absent therefore this study decomposed the energy related emissions change and imbalance in embodied emissions of external trade during 2000 2011 respectively by using the logarithmic mean divisia index lmdi method the economic scale effect and energy structure change were identified as the main driving factors of macao s increasing energy related emissions while trade structure and embodied emission intensity contributed to make macao a net importer of embodied emissions however some variations can be seen during the period concerned then the underlying reasons for the two decomposition results were further investigated on account of the results and analysis instructive policy implications can be put forward for macao to better proceed with energy conservation and emissions reduction

the optimum quantity of money rule in the theory of public finance this paper examines optimal tax policy in a monetary economy in which money serves as an intermediate good that helps facilitate the conversion of scarce resources into tinal consumption goods by enabling consumers to economize on the costs of transacting it is shown that in such an environment even though distorting taxes must be levied for revenue purposes the optimal tax structure calls for abstaining from inflationary finance and adopting the optimum quantity of money rule

money and credit as means of payment abstract a stochastic economic environment is presented in which the mix of cash and resource costly credit used as means of payment is endogenous for reasonable values of the credit cost parameter velocity can be quite variable and sensitive to the nominal interest rate those parameter values also generate larger welfare costs of inflation than have been found previously and a sizable impact of inflation on real interest rates

impact of household consumption on co2 emissions danish household consumption increased by 58 over the period 1966 1992 while co2 emissions only increased by 7 using decomposition analysis we investigated the global co2 impact of danish household consumption from 1966 to 1992 our conclusion is that overall growth in private consumption but not changes in the composition of consumption is the key to understanding the increase in co2 emissions however the effect of growth in private consumption has been partly offset by substantial energy conservation in the energy supply and manufacturing sectors

decomposing the change of co2 emissions a joint production theoretical approach this paper presents an alternative decomposition method to explore the driving forces of change in carbon emissions by using distance functions estimated by data envelopment analysis the proposed approach can isolate the effects of changes in gdp composition and energy supply composition on the change of carbon emissions in addition it is capable of identifying the effects of changes in different input ratios which may be very important if there are substitution effects among different inputs moreover the proposed model can measure the effects of changes in good and bad output technical efficiencies consequently this decomposition technique allows a change of carbon emissions to be decomposed into contributions from ten factors which provides more insights for policy makers we apply this model to decompose carbon emissions in 25 oecd counties and china for the sample countries as a whole the empirical results indicate that the economic growth is the crucial driver to carbon emissions increase while the changes in gdp composition and capital energy ratio are two main drivers to carbon emissions reduction in particular we discuss in detail the driving forces of china s carbon emissions change in order to propose some valuable policy implications for china from an international perspective

money demand and the effects of fiscal policies this paper reexamines the choice of the scale variable in the money demand function a variety of evidence suggests that consumer spending is a better scale variable than gnp changing the money demand specification along these lines can profoundly affect the standard keynesian analysis of a tax cut copyright 1986 by ohio state university press

the lmdi approach to decomposition analysis a practical guide in a recent study ang energy policy 32 2004 compared various index decomposition analysis methods and concluded that the logarithmic mean divisia index method is the preferred method since the literature on the method tends to be either too technical or specific for most potential users this paper provides a practical guide that includes the general formulation process summary tables for easy reference and examples

demand for cash balances in germany theoretical underpinnings and empirical evidence the purpose of this paper is to develop and test a cash in advance model of an open economy following the contribution of bohn 1991 and using intertemporal balance of payments theory we set up a currency demand function with real consumption expenditure the foreign interest rate and exchange rate expectations as the core explaining variables we test the model with the aid of the econometric techniques proposed by hylleberg engle granger and yoo 1990 and engle granger hylleberg and lee 1993 relying on quarterly seasonally unadjusted data for germany in the period 1960 1 to 1993 4 the findings reported in the paper support the suggestions made by the theoretical model

the search for a stable money demand function a survey of the post 1973 literature phe question of whether the demnand function for money is stable is one of the most important recurring issues in the theory and application of macroeconomic policy what is being sought in a stable demand function is a set of necessary conditions for money to exert a predictable influence on the economy so that the central bank s control of the money supply can be a useful instrument of economic policy as such the notion of a stable demand function appears to involve three key elements e g john t boorman 1976 p 317 and david e w laidler 1977 pp 34 35 first the demand for money relation should be highly predictable in a statistical sense as measured by the usual goodness of fit statistics precision of estimated coefficients and presumably its ability to forecast accurately out of sample second a stable demand function for money has relatively few arguments a relationship that requires knowledge about a large number of variables in order to pin it down is in effect not predictable finally the variables that appear as arguments in the function should represent significant links to spending and economic activity in the real sector in sum a stable demand function for money means that the quantity of money is predictably related to a small set of key variables linking money to the real sector of the economy the importance of a stable money demand function for monetary policy can be illustrated with the standard is lm model in which interest rates and gnp are the endogenous variables in this context a stable demand function for money translates into a well defined relationship between money interest rates and gnp

drivers of urban and rural residential energy consumption in china from the perspectives of climate and economic effects abstract in this study we investigate the driving forces behind the changes in residential energy consumption rec in china s urban and rural areas over the 2001 2012 period based on the logarithmic mean divisia index method the rec changes are decomposed into seven driving forces which are climate change energy price energy expenditure mix energy cost share in total expenditure expenditure share in income per capita income and population effects according to the results climate effect due to increasing days with abnormal temperature energy cost share effect characterized by more expenditure to be paid for energy use income effect describing constant income growth in the residential sector definitely increase rec in both urban and rural areas in contrast energy prices and energy expenditure mix effects negatively contribute to the rec increase respectively because of the increase in energy prices and the transition from the low priced energy to high priced energy expenditure share and population effects play opposite roles in urban and rural areas and the reasons and implications are analysed in depth

what drives intersectoral co2 emissions in china abstract aiming to identify the intersectoral linkage of larger co2 emissions sectors this paper studies the co2 emissions elasticity of technical and final demand coefficients using the input output technique the results show that the greatest emission coefficient elasticities are those related to transactions between construction and manufacture of non metallic mineral products between gross fixed capital formation and construction and between agriculture and processing and manufacture of food and production and supply of electric power and heat power and mining and washing of coal all these transactions between these sectors imply that co2 emissions control policy only for a specific sector maybe have no obvious co2 emissions mitigations if national government promote the growth of those sectors which have the biggest emission coefficient sensitivity with it now chinese government formulates the policy to promote new type urbanization urbanization will cause the gross fixed capital formation in construction and the more demands for the products of manufacture of non metallic mineral products production smelting and pressing of ferrous metals and supply of electric power and heat power so how to balance the carbon emissions in larger emissions sectors and rapid urbanization is a big challenge for decision makers

the impact of china s differential electricity pricing policy on power sector co2 emissions abstract this article investigates the impact of china s differential electricity pricing policy on power sector co 2 emissions using the logarithmic mean divisia index method the differential pricing policy intended to reduce energy intensity in manufacturing is being implemented in eight electricity intensive industries the study finds that during 2004 2009 the policy accounted for a drop of roughly 115 twh in electricity use which amounted to a reduction of 82 million tons of co 2 emissions the policy has been most effective in reducing electricity use in the nonferrous metal smelting and rolling industry and least effective in the ferrous metal smelting and rolling industry because the differential pricing policy has had significantly different effects across industries improving the policy s design and implementation going forward will require a more detailed understanding and analysis of how it can be better tailored to individual industries

sector decomposition of china s national economic carbon emissions and its policy implication for national ets development abstract uncovering the contributions of each sector s driving factors to the growth of national economic carbon emissions has great significance for china in developing its nationwide emission trading scheme ets the paper applies the index decomposition analysis ida and logarithmic mean divisia index lmdi model to discuss the underlying drivers behind china s national economic carbon emissions during the period 1996 2012 from both sector and factor decomposition perspectives and accordingly offers policy proposals for china s national ets development major conclusions include 1 six heavy industry sectors the transport storage post sector and the construction sector are the largest contributors and hence proposed for incorporation into the ets s coverage 2 the rapid expansion of economic output dominantly increases carbon emissions the design of cap on emissions should allow for a proper increment and establish a new entrant reserve to coordinate economic development 3 as the dynamics of carbon emissions vary markedly across sectors allowance allocation needs to consider the changing sectoral structure of emissions 4 the combined effects of sectoral energy intensity and structure changes largely offset carbon emissions benchmarking is suggested as an ideal allocation mechanism and the setup of sectoral carbon intensity benchmark should synthetically evaluate the potential impacts of related factors 5 manufacturer based manner and carbon offset mechanism are respectively recommended for the initial implementation of carbon trading in the transport storage post sector and the construction sector

review of literature on working capital management and future research agenda the purpose of this study is to take a stock of what has been studied on working capital management wcm so far and ascertain the factors which are more likely to be impacted by poor wcm moreover it aims to spell out the areas for further research on wcm so that the body of knowledge can be expanded a systematic literature review of the research works on wcm has been performed using google scholar articles with citations of 50 and above as of june 05 2018 are considered for the detailed citation based analysis further classification of such articles has been done on the basis of common themes followed by a thorough content analysis the citation based analysis suggests that there is a growing popularity of studies related to wcm in recent times however majority of the impactful studies are published in relatively lower category journals this further intrigues us to explore the content of such studies based on the content the studies are classified under five different themes it is found that majority of the highly cited articles have examined the relation between the wcm and profitability of the firms moreover repetitive uses of few proxies in such studies have also been identified this finding most probably explains the reason behind so many highly cited articles getting published in relatively lower category journals in view of this this study tries to explore further scope of research on wcm and lists down potential research questions for the future researches firstly it provides an idea about the most cited area of researches related to wcm and the recent growth of studies in this domain academicians can decide upon their future area of research based on the findings related to the proxies and outcome from these studies secondly it shows the most popular avenue of publishing the articles related to wcm which will certainly motivate the researchers to pursue such study it has been found from the analysis that majority of the impactful articles are published in lower category journals therefore this study identifies the reason behind the same and lists down some innovative research questions to provide some future research directions thirdly the finance managers can use this finding to identify the relevant consequences of poor wcm finally it can serve as a reference point for all future ideas related to wcm the paper classifies the present literature on wcm into five major themes and performs a content analysis of the same this is essential as the content analysis highlights different proxies used as inputs which effectively drive efficient wcm moreover the study also identifies the huge scope of future research in the domain of wcm according to our limited knowledge such extensive literature review on wcm is rare

asset prices liquidity and monetary policy in an exchange economy i formulate a model in which money coexists with equity shares on a risky aggregate endowment agents can use equity as a means of payment so shocks to equity prices translate into aggregate liquidity shocks that disrupt the mechanism of exchange i characterize a family of optimal monetary policies and find that the resulting equity prices are independent of monetary considerations i also study a perturbation of the family of optimal policies that targets a positive constant nominal interest rate and find that in this case the real equity return includes a liquidity return that depends on monetary considerations

money and asset prices in a cash in advance economy an asset pricing model with money introduced via a cash in advance constraint is presented the monetary velocity is variable hence money demand does not obey the trivial quantity equation the effects of disturbances in output and money growth on real balances the price level and interest rates are examined monetary policy has effects on real asset prices the fisher relation and the premium on nominal bonds are discussed the precise role of the timing of information and transactions for properties of price levels and interest rates are clarified

accounting for nitrogen in denmark a structural decomposition analysis abstract this paper examines the environmental economic cycle for nitrogen in denmark based on nitrogen input and output from different economic sectors an input output model is employed together with a nitrogen mass balance to apportion total nitrogen loading by final demand and estimate export and import of nitrogen from foreign trade the changes in agricultural and industrial nitrogen loading from the mid 1960s to the late 1980s are broken down into changes related to different technological and economic factors the analysis reveals that technological change intensified agricultural production and economic growth especially rising exports are the key factors structural shifts changes in commodity mix in the household and production sectors generally being of less importance

the welfare cost of inflation in a cash in advance economy with costly credit the paper presents a modification of the lucas stokey 1983 cash in advance economy in which the representative consumer decides based on relative prices which goods to buy with cash and which with costly credit an explicit baumol 1952 condition emerges that guides this consumer choice deriving and estimating a closed form welfare cost function in an example economy the paper shows that the welfare cost of inflation depends on the margins of substitution the consumer avoids inflation through costly credit and faces higher welfare costs of inflation than in standard cash in advance economies

calculation and decomposition of indirect carbon emissions from residential consumption in china based on the input output model abstract based on the input output model and the comparable price input output tables the current paper investigates the indirect carbon emissions from residential consumption in china in 1992 2005 and examines the impacts on the emissions using the structural decomposition method the results demonstrate that the rise of the residential consumption level played a dominant role in the growth of residential indirect emissions the persistent decline of the carbon emission intensity of industrial sectors presented a significant negative effect on the emissions the change in the intermediate demand of industrial sectors resulted in an overall positive effect except in the initial years the increase in population prompted the indirect emissions to a certain extent however population size is no longer the main reason for the growth of the emissions the change in the consumption structure showed a weak positive effect demonstrating the importance for china to control and slow down the increase in the emissions while in the process of optimizing the residential consumption structure the results imply that the means for restructuring the economy and improving efficiency rather than for lowering the consumption scale should be adopted by china to achieve the targets of energy conservation and emission reduction

decomposing inequality in energy related co2 emissions by source and source increment the roles of production and residential consumption abstract using provincial data on energy related co2 emissions in china from 1997 to 2014 and the co2 emission gini coefficient ceg this study evaluates china s spatial inequality in energy related co2 emissions further we decompose this inequality and its variation from the perspectives of production and residential energy consumption using the source decomposition and source increment decomposition methods this paper presents a new ceg source increment decomposition method that can achieve complete decomposition the results reveal a downward trend in china s overall production sector and residential sector co2 emissions inequality although the gini coefficient of co2 emissions from the residential sector is larger than that from the production sector the contribution of the latter to the overall ceg is higher the impacts of the spatial inequality of co2 emissions from china s production and residential sectors depend on the type of energy the concentration effect is the primary factor responsible for inducing changes in china s overall and production sector co2 emissions inequality but it is not the only dominant factor for the residential sector co2 emissions inequality

on cash in advance models of money demand and asset pricing this paper shows how a cash in advance model of money can be written in a way that combines a simple yet empirically defensible money demand function with an asset pricing equation that is similar to the standard barter economy euler equations return premia are determined as in the barter exchange model except that a short term risk free nominal interest rate enters into the first order conditions in special cases asset prices satisfy the barter economy euler equations exactly in the empirical analysis the interest rate factor adds some explanatory power but both the barter and the monetary asset pricing model perform rather poorly copyright 1991 by ohio state university press

rural household energy consumption the effects of access to electricity evidence from south africa this paper examines household energy consumption patterns in rural areas in the light of energy transition theories in particular the study aims to identify the effects of access to electricity on fuel choice the analysis uses data from an extensive household survey conducted in south africa and examines the prevalence of different fuels energy expenditure the end uses of fuels and multiple fuel use patterns it is concluded that evidence exists for the presence of an energy transition in rural households largely driven by income access to electricity affects the nature of this transition and there is weak evidence to suggest that it accelerates the process

money and interest in a cash in advance economy the authors analyze an aggregative general equilibrium model in which the use of money is motivated by a cash in advance constraint applied to purchases of a subset of consumption goods the system is subject to both real and monetary shocks which are economy wide and observed by all they develop methods for verifying the existence of characterizing and explicitly calculating equilibria copyright 1987 by the econometric society

impacts of household income change on co2 emissions an empirical analysis of china abstract sustained increase in chinese household income has exerted positive impact on the consumption of goods and services this paper aims to analyze the unequal impacts of household consumption across different income households on the whole co2 emissions by utilizing a semi closed input output model and hypothetical extraction method the semi closed input output model moves household consumption activities into the intermediate use along with dividing urban and rural households to several groups by their income levels and the hypothetical extraction method hem is used to estimate the reductions of co2 emissions relative to total emissions after extracting the consumption of each household group the results show that 1 the impact on co2 emissions generated by urban households consumption are 1 8 times as much as that of rural ones 2 excluding consumption of higher income households from the economy would cause greater co2 emission reductions than lower ones specifically urban highest income households have the most relative reductions of co2 emissions which are 12 2 in 2007 and 13 8 in 2012 while for rural highest income households are 5 1 in 2007 and 5 1 in 2012 and urban and rural highest income households are respectively 3 8 and 1 8 times on the relative reductions of the lowest income ones 3 the relative reductions of household co2 emissions from food sectors is the most while from residence sectors is the least based on the above conclusions this paper puts forward consumption based policy implications

the role of saving and investment in exchange rate determination under alternative monetary mechanisms abstract we argue that the demand for national currencies depends on existing payment arrangements for imports and exports therefore exchange rate movements depend on these arrangement as a result the relationship between exchange rate movements and various macroeconomic aggregates like saving and investment depend on what we call the monetary mechanism these points are explicitly demonstrated by studying two extreme monetary mechanisms one in which all payments are done with the seller s currency and one in which all payments are done with the buyer s currency

the determinants of residential gas demand in ireland abstract this paper examines the determinants of residential gas demand in ireland using a micro econometric analysis of the daily gas consumption panel data from ireland s smart metering gas consumer behavioural trial it also investigates the effectiveness of the demand side management stimuli that were tested during the smart metering trial the analysis is based on a sample of 1181 households over 539 days in the period from 1st december 2009 to 30th may 2011 the results provide evidence that weather together with the structural characteristics of the dwellings and the socio economic characteristics of the households are significant factors in explaining residential gas demand more specifically weather is found to be the most influential factor on household s daily gas consumption finally the demand side management stimuli employed in the smart metering trial were found to reduce daily household gas use on average

the indirect energy consumption and co2 emission caused by household consumption in china an analysis based on the input output method in recent decades china s rapid economy development has been coupling with the steadily increasing household consumption which in turn leads to ever growing energy consumption and co2 emission with a focus on the decade of 2000 2010 this study examines the energy consumption and co2 emission caused by household consumption using the input output method as well as the influencing factors of the indirect co2 emission the results show that first the indirect energy consumption and co2 emission appear the main parts of total energy consumption and co2 emission caused by household consumption accounting for 69 77 and 77 84 respectively second the indirect co2 emission indicates an increasing trend mainly driven by per capita household consumption and energy intensity finally the five sectors with relatively higher direct or total co2 emission intensity are the key sectors for reducing co2 emission in china i e 1 production and distribution of electric power and heat power pdeh 2 smelting and pressing of metals spm 3 processing of petroleum coking processing of nuclear fuel ppcpn 4 manufacture of non metallic mineral products mnm and 5 manufacture of chemical materials mcm

driving forces of residential co2 emissions in urban and rural china an index decomposition analysis abstract there exist many differences between urban and rural china among which residential co 2 emissions arising from energy consumption is a major one in this paper we estimate and compare the energy related co 2 emissions from urban and rural residential energy consumption from 1991 to 2004 the logarithmic mean divisia index decomposition analysis is then applied to investigate the factors that may affect the changes of the co 2 emissions it is found that energy intensity and the income effects respectively contributed most to the decline and the increase of residential co 2 emissions for both urban and rural china in urban china the population effect was found to contribute to the increase of residential co 2 emissions with a rising tendency however in rural china the population effect for residential co 2 emissions kept decreasing since 1998

revisiting drivers of energy intensity in china during 1997 2007 a structural decomposition analysis the decline of china s energy intensity slowed since 2000 during 2002 2005 it actually increased reversing the long term trend therefore it is important to identify drivers of the fluctuation of energy intensity we use input output structural decomposition analysis to investigate the contributions of changes in energy mix sectoral energy efficiency production structure final demand structure and final demand category composition to china s energy intensity fluctuation during 1997 2007 we include household energy consumption in the study by closing the input output model with respect to households results show that sectoral energy efficiency improvements contribute the most to the energy intensity decline during 1997 2007 the increase in china s energy intensity during 2002 2007 is instead explained by changes in final demand composition and production structure changes in final demand composition are mainly due to increasing share of exports while changes in production structure mainly arise from the shift of chinese economy to more energy intensive industries changes in energy mix and final demand structure contribute little to china s energy intensity fluctuation from the consumption perspective growing exports of energy intensive products and increasing infrastructure demands explain the majority of energy intensity increase during 2002 2007

structural change and energy use the case of the manufacturing sector in taiwan abstract this paper examines the role of sectoral shift and improvements in energy intensity of individual industries in aggregate manufacturing sector energy intensity changes in taiwan during 1971 1985 the divisia index approach is employed to decompose sectoral shift and energy intensity effects a major finding of this analysis is that changes in energy intensities of individual industries were the main influence in changes in aggregate manufacturing sector fuel and electricity intensities during the period sectoral shifts were found to contribute very little to the energy intensity changes

working capital and fixed investment new evidence on financing constraints this article presents new tests for finance constraints on investment by emphasizing the often neglected role of working capital as both a use and a source of funds the coefficient of endogenous working capital investment is negative in a fixed investment regression as expected if working capital competes with fixed investment for a limited pool of finance this finding addresses a criticism of previous research on finance constraints that cash flows may simply proxy shifts in investment demand in addition previous studies may have underestimated the impact of finance constraints on growth and investment because firms smooth fixed investment in the short run with working capital

retail bank deposit pricing an intertemporal asset pricing approach fundamentally spreads between market and deposit interest rates increase when interest rates rise and decline when rates fall recent empirical studies have found this phenomenon to be related to market concentration static equilibrium models are poorly equipped to explain this behavior in this paper the author applies an intertemporal asset pricing model incorporating bank deposits as a form of money in order to analyze the pricing behavior of a banking sector exercising market power his results extend the theoretical literature on deposit pricing and provide some insights into the behavior of interest rate spreads through time copyright 1995 by ohio state university press

energy decomposition analysis iea model versus other methods abstract in energy decomposition analysis the international energy agency iea model which is based on the laspeyres index method is included in a recent international collaborative initiative on energy indicators for sustainable development for possible adoption iaea 2005 energy indicators for sustainable development guidelines and methodology international atomic energy agency vienna www pub iaea org mtcd publications pdf pub1222 web pdf from an empirical analysis using the data of the united states we found that the residual term given by the iea model could be significant and that the estimates of the impacts of structure and intensity changes given by the model could be quite different from those given by other decomposition methods the residual term tends to be large when changes in structure and or energy intensity variables are significant since changes in these variables over time are generally larger in the developing countries than in the iea countries there is the question about whether the iea model is an appropriate decomposition method for the developing countries

evaluating the interplays among economic growth and energy consumption and co2 emission of china during 1990 2007 the interplays among economy and energy and environment have been widely concerned this paper put forward several indicators to quantify the relationships among economic growth and energy consumption and co2 emission as an example these indicators were applied to evaluate the comprehensive performances of china during 1990 2007 the results show that chinese people has been living a better life with chinese rapid economic growth but not synchronously in urban and rural areas non carbon energy resources share has increased however fossil energy resources have still acted as the main driver for chinese economic growth during this period technical progress has improved the fossil energy efficiency of chinese economic activity which leads to co2 emission per unit gdp and co2 emission per capita unit gdp dropping simultaneously however the two indicators annual decline rates become smaller and smaller which reflects that technical progress role is dropping and economic scale s effect is climbing people s survival has a rising contribution to co2 emission co2 emission per capita has increased which shows that economic scale has greater impact on co2 emission than technical progress does relatively speaking chinese development patterns have become more and more sustainable during this period finally based on the related issues being discussed some corresponding suggestions are put forward for chinese government to further coordinate the relationship among economic development and energy consumption and co2 emission the proposed indicators can form a set of useful tool for policy makers to promote the harmonious development of economy and energy and environment in different regions and countries

exploring the relationship between urbanization energy consumption and co2 emission in mena countries abstract this study explored the relationship between urbanization energy consumption and co2 emission in the mena countries the panel model was utilized taking the period 1980 2009 into consideration pedroni cointegration test results showed that urbanization energy consumption and co2 emission were cointegrated the dynamic ols results also showed that there was a long run bi directional positive relationship between urbanization energy consumption and co2 emission however the significance of the long run relationship between urbanization energy consumption and co2 emission varied across the countries based on their level of income and development moreover long and short run bi directional causal relationships were found between the variables based on the granger causality test results from the results of this study it is important for the urban planners and policy makers in the mena countries to slow the rapid increase in urbanization the level of energy consumption and co2 emission in the mena countries increased more than double thus slowing down the urbanization level can help reduce the level of pollution and energy consumption in addition the increased energy efficiency implementation of energy savings projects energy conservation and energy infrastructure outsourcing reduce the level of pollution produced by urban areas

factorial decomposition of co2 emissions a generalized divisia index approach abstract this paper introduces a novel approach to estimating the impact of the major factors driving co 2 emissions gdp energy consumption population their carbon intensities and other related indicators that may be chosen arbitrarily the suggested approach is based on the generalization of the divisia index to interconnected factors the approach also extends the kaya identity by explicitly including gross domestic product and energy consumption a computer program in r language aimed at automating the calculations is supplied factorial analysis of the united states and china s co 2 emissions is provided as an example of application