on the link between exchange rate regimes capital controls and monetary policy autonomy in small european countries 1979 2000 we investigate international monetary policy transmission under different exchange rate and capital account regimes in eleven small open economies during the 1980s and 1990s we find no systematic link between ex post monetary policy autonomy and exchange rate regimes capital controls appear to have provided a degree of temporal insulation from foreign monetary policy shocks though not strict autonomy the results are consistent both with short term autonomy for small countries even under fixed exchange rates and an open capital account and with long term dependence under flexible exchange rates and an independent stability target results also indicate that euro area market interest rates are significantly more responsive to the development of the corresponding us rate than were the previous national rates

is it possible to improve environmental quality without reducing economic growth evidence from the qatar economy abstract in line with the priorities of the qatar national vision qnv 2030 and its principal pillars we examine in this paper the energy use economic growth nexus for qatar during the period 1970 2014 using recent development in both unit roots and ardl bounds testing approach with structural breaks we found strong evidence for the growth hypothesis this result indicates that the qatari policymakers should recognize that energy conservation policies will have adverse effects on economic growth and therefore alternative means must be undertaken to preserve the environment this paper presents and discusses a detailed economic energy and environmental policies that can help qatari policymakers in achieving the objective of balance between economic growth and environment quality

examining the link between energy consumption carbon dioxide emission and economic growth in latin america and the caribbean abstract this study aims at exploring the bi directional long run relationship between energy consumption carbon dioxide emission and economic growth in the latin american and caribbean countries the canonical cointegrating regression ccr is used to achieve the goal of this study taking the period of 1980 2008 the study arrived at different results while 60 of the countries have a positive bi directional long run relationship between energy consumption carbon dioxide emission and economic growth the others have mixed results the results of the study motivated the researcher to recommend that these countries should increase their energy efficiency increase the share of green energy from their total energy use and increase energy conservation in order to reduce unnecessary waste of energy

a review of renewable investment and power system operational issues in bangladesh generation investments especially large scale variable renewable energy requires careful scrutiny of the state of the power system power system planning and operations in a developing country like bangladesh can often achieve significant improvements in economics and security of supply through modest and prudent investments a review of the bangladesh power sector is presented in this paper that highlights a changes to dispatch protocols to undertake fuel constrained dispatch optimization and ancillary services co optimization and pricing b issues related to the allocation of natural gas between sectors and c a technology neutral investment framework the study uses an hourly dispatch and ancillary services co optimization model that also optimizes short to medium term investment decisions the results demonstrate bangladesh can a reduce its production costs by 63 through more efficient dispatch b reduce production costs by 77 by using an additional natural gas quota of 212 mmcfd or a 23 increase and c should have invested in power import and baseload gas coal rather than expensive solar pv projects proposed in 2011 at substantially higher cost at the time when a carbon price is imposed in the model the implied break even cost to justify the solar program is very high in excess of 150 tonne

examining generic competitive strategy types in u s and european markets identification of generic competitive strategy types has recently attracted considerable attention most of this research has however focused on competitive strategy of u s businesses in their domestic market the present study extends these findings to markets outside the united states and more specifically europe based on a sample of industrial businesses drawn from the pims database similar dimensions underlying competitive strategy and similar generic types are found among business in the u s and in europe some differences in the performance and business characteristics of certain strategy types were however observed between u s and european markets rate of market growth also appeared to have more significant relation to performance of businesses in europe than in the u s

the erm and monetary integration in the european union an investigation of long run relationships this paper investigates the integration of eu money supplies for the erm period 1979q1 93q4 an estimating equation is derived from a simple equilibrium model of the eu money markets estimation is undertaken using the johansen maximum likelihood cointegration procedure the results show that those eu members with relatively low exchange rate premia against the dm are those whose variations in the money supply have been most sensitive to those of germany

german dominance in the ems evidence from interest rates abstract the paper presents an empirical analysis of german dominance and asymmetries in the ems based on a dynamic system of equations explaining national money market interest rates the hypothesis of strict german dominance of the ems is rejected however there are some noticeable asymmetries in the ems germany is a relatively strong player and has been the least dependent country in the early phase of the system since 1983 german independence has diminished in contrast france throughout and italy in the early phase of the ems have been relatively weak players in the system

natural gas consumption and economic growth the role of foreign direct investment capital formation and trade openness in malaysia the objective of this paper is to reinvestigate the relationship between natural gas consumption and economic growth by including foreign direct investment capital and trade openness in malaysia for the period of 1971 2012 the structural break unit root test is employed to investigate the stationary properties of the series we have applied combined cointegration test to examine the relationship between the variables in the long run for robustness sake the ardl bounds testing method is also employed to test for a possible long run relationship in the presence of structural breaks we note the validity of cointegration between the variables natural gas consumption foreign direct investment capital formation and trade openness have positive influence on economic growth in malaysia the results support the presence of feedback hypothesis between natural gas consumption and economic growth foreign direct investment and economic growth and natural gas consumption and foreign direct investment the policy implications of these results are provided

why exchange rate bands monetary independence in spite of fixed exchange rates abstract the paper argues that the reason real world fixed exchange rate regimes usually have finite bands instead of completely fixed exchange rates between realignments is that exchange rate bands counter to the textbook result give central banks some monetary independence even with free international capital mobility the nature and amount of monetary independence is specified informally and in a formal model and quantified with swedish krona data altogether the amount of monetary independence appears sizable for instance an increase in the swedish krona band from zero to about 2 percent may reduce the krona interest rate s standard deviation by about a half

energy consumption and gdp causality relationship in g 7 countries and emerging markets abstract the causality relationship between energy consumption and income is a well studied topic in energy economics this paper studies the time series properties of energy consumption and gdp and reexamines the causality relationship between the two series in the top 10 emerging markets excluding china due to lack of data and g 7 countries we discover bi directional causality in argentina causality running from gdp to energy consumption in italy and korea and from energy consumption to gdp in turkey france germany and japan hence energy conservation may harm economic growth in the last four countries

regime switching effect of financial development on energy intensity evidence from markov switching vector error correction model abstract studies that deal with financial development and energy intensity usually show the single effect of one variable on another or the causality running between them during the whole sample period but this study is an attempt to explore the regime switching effect of financial development on energy intensity in different periods within the sample using yearly data from 1972 to 2017 in case of bangladesh a markov switching vector error correction model is applied to carry out the study and the results reveal a two regime switching nature of the effect of financial development on energy intensity financial development plays a stimulating role in regime 1 where it plays an inhibiting role in regime 2 to influence energy intensity the duration of regime 1 is longer than that of regime 2 specifying that the promoting effect of financial development on energy intensity is more enduring than the inhibiting effect in bangladesh the results have important policy implications to formulate energy policy and to maintain a balance between financial development and energy intensity in bangladesh and other emerging nations

an empirical investigation of success strategies for businesses along the product life cycle since the introduction of the concept of the product life cycle plc some decades ago a great deal has been written on the subject and several empirical studies have been conducted however empirical research to date is often limited in scope it is oriented towards the analysis of the growth and saturation stages and focused primarily on the study of consumer goods furthermore the application of the plc concept in strategic planning is largely disappointing the normative orientation of most of this literature being somewhat naive and misleading the aim of the present research is to study the efficiency of different strategies for achieving market share and cash flow objectives this study is performed on different types of businesses producing both consumer and industrial products situated at various stages on the product life cycle growth maturity and decline a sample of approximately 1 100 businesses 217 in the growth stage 315 in the maturity stage 569 in the decline stage is drawn from the pims data base a cluster analysis is run to identify natural groups of homogeneous businesses for each of the nine identified groups linear regression models are estimated to study the influence of strategic actions finance marketings production r d personnel on two criteria of performance market share and cash flow the research indicates that strategies not only depend on the life cycle stage but also are influenced by the goal orientation of the firm short term cash flow or long term market share and that success strategies appear to be contingent upon the business and the environmental characteristics

energy and national income in korea further evidence on the role of omitted variables abstract results of this paper indicate that the real oil price is a major determinant of real national income and energy consumption the combined effects of real money and real government expenditure on real income and energy consumption are also substantial a lack of causality or the causality between energy and real income in prior studies is due to the omitted variables results also confirm that the two oil price shocks combined adversely affected real national income

an investigation of co integration and causality between energy consumption and economic activity in taiwan applying hsiao a version of the granger causality method this paper examines the causality between energy and gnp and energy and employment by applying recently developed techniques of co integration and hsiao s version of the granger causality to taiwanese data for the 1955 1993 period the phillips perron tests reveal that the series with the exception of gnp are not stationary and therefore differencing is performed to secure stationarity the study finds causality running from gdp to energy consumption without feedback in taiwan it is also found that causality runs from gdp to energy but not vice versa

exploring the depth of energy penetration in economic advancement perspective of bangladesh abstract developing countries consume a tiny share of world commercial energy this tempts policymakers in developing countries to sort out ways to increase commercial energy demand so that their invaluable resources are best utilized country like bangladesh may fall in trap if quickly declining and immensely valuable energy is wasted in unsustainable growth this urges for better use of its scarce resources for sustainable growth in this paper we aim to identify how energy consumption in bangladesh is related to various growth indicators like national income financial development industrialization and urbanization in the long run in search of a right path for sustainable development in this study we try to assess the relationship among energy consumption financial development economic growth industrialization and urbanization from 1980 to 2010 a number of cointegration techniques are employed to examine whether there is a long run relationship besides these we also employed augmented granger causality test to examine the causality if presents this study finds that financial development economic growth industrialization and urbanization have positive impact on energy consumption in short run but industrialization has no impact in the long run our causality test ensures that the above mentioned variables granger cause energy consumption for sustainable growth industrialization should be given priority as future consumption of energy in industrial sector will be greater than any other sector this future demand can only be fulfilled by injecting more and more renewable energy through solar wind and other technology as nonrenewable energy are declining quickly

natural gas trade and sustainable growth empirical evidence from the top gas consumers of the developing world abstractnatural gas is the key non renewable source of energy for a low carbon economy the research applies heterogeneous panel techniques to investigate the impact of natural gas consumption on economic growth across a panel of top 15 natural gas consumers of the developing world we establish long run dynamics with cross sectional dependence and heterogeneity across the sample countries the long run output elasticities suggest that the natural gas consumption and trade variables have significant positive effect on the output in a panel of developing economies further we establish feedback relationship among gas consumption output and trade in the short run given the significance of natural gas as the low emission source of energy we suggest governments and policy advisers of these major natural gas consumers to focus on developing pipeline infrastructure for adequate supply reforming natural gas sector with a competitive price structure to combat excess demand in individual natural gas market w

examining performance of u s multinationals in foreign markets in the u s a basic tenet of business philosophy is that profitability is related to market share the generality of this finding in markets outside the u s is examined based on a sample of product businesses drawn from the pims profit impact of marketing strategy data base all businesses belong to firms whose corporate headquarters are located in the u s the relation between 7 marketing mix variables and market share and roi return on investment is compared in general the relationship between market share and roi appears to hold in european and other foreign markets the marketing mix variables associated with these measures of performance however as well as the strength of the relationship vary by market area

the dynamics of natural gas consumption and gdp in bangladesh abstract reserves of natural gas in bangladesh are very large and total demand has increased secularly in recent years this paper examines the causal relationship between the consumption of natural gas and gdp in bangladesh over the period 1980 to 2010 we find that there is a positive unidirectional causality running from gdp to natural gas consumption movements in gdp affect the consumption of natural gas but not vice versa while our results rest on several statistical assumptions they support the pursuit of policies that are in line with energy conservation implementing these policies will be of particular significance in light of the fact that bangladesh s current reserves of natural gas will not meet its current level of consumption demand beyond the next two decades

causality relationship between electricity consumption and gdp in bangladesh in this paper we examine the causal relationship between the per capita electricity consumption and the per capita gdp for bangladesh using cointegration and vector error correction model our results show that there is unidirectional causality from per capita gdp to per capita electricity consumption however the per capita electricity consumption does not cause per capita gdp in case of bangladesh the finding has significant implications from the point of view of energy conservation emission reduction and economic development

linkage in ems term structures evidence from common trend and transitory components abstract we test for the link among selected ems term structures during 1979 1995 by decomposing each term structure into its common trend and transitory components we find that ems common trends move together over time that the german trend is not the driving source of the shared co movements and that the transitory components spread are more loosely linked in recent years perhaps due to widened exchange rate bands our findings refute arguments that germany plays a dominant role in setting policy and raise doubts that it will play a dominant role if and when emu takes place

exchange rates policy convergence and the european monetary system in this paper we use a recently developed multivariate cointegration technique to analyze the degree of policy convergence of ems member relative to that of some non ems countries interestingly we find convergence for the nominal and real exchange rates and money supplies of the ems members but not for the non ems countries we also provide some evidence to support the german leadership hypothesis in the context of intra ems monetary policy convergence which accords with anecdotal evidence on the modus operandi of the ems

interest rate linkages within the european monetary system further analysis j costas karfakis and demetrios m moschos 1990 examine the interest rate linkages within the european monetary system ems concluding that the german interest rate plays a dominate role within the ems the authors reexamine the interest rate linkages within the ems with the addition of the interest rate of the united states their results suggest that both the united states and german interest rates play an important but not dominant role in ems interest rate linkages copyright 1993 by ohio state university press

comparative marketing the first twenty five years this article reviews the field of comparative marketing in terms of scope types and depth of studies methodological issues conceptual and managerial payoffs and teaching approaches after its first quarter of a century as an international business topic comparative marketing is still relatively green

innovation orientation environment and performance a comparison of u s and european markets much attention has been paid to the importance of innovation in ensuring the survival and growth of companies for u s companies a key issue is to what extent findings for the u s market can be extrapolated to non u s markets to provide a basis for designing innovation strategy similar innovation orientation types were identified in both markets using a sample of consumer businesses from the pims database a number of similarities and differences in associated environments and performance levels were also identified a major finding was that a high degree of product innovativeness leads to generally poor financial and market share performance in both markets but high rates of market share growth another major finding was that having pioneered in a market leads to effective performance results for the associated environments were more mixed in the sense that there was not a perfect correlation in the environments associated with the types in both markets

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

monetary interdependence among g 3 countries this paper uses vector autoregressions to investigate the interdependence of the monetary policies of the central banks of germany japan and the united states granger sims causalities and innovation accounting mechanisms suggest that tri lateral linkages are strong and complex the results imply that the influence of foreign central banks policies limit each central bank s capacity to determine an independent domestic policy

the impact of strategy on conflict a cross national comparative study of u s and japanese firms an empirical test of 290 u s and 653 japanese managers using the miles and snow typology provides a cross national examination of strategy s impact on conflict results substantially support the study s predictions and indicate that firms should 1 monitor their conflict handling mechanisms 2 emphasize integrative approaches and 3 appropriately use formalization for conflict handling despite a convergence of management practices globally findings indicate that considerable differences still exist between u s and japanese firms

the relationship among natural gas energy consumption capital and economic growth bootstrap corrected causality tests from g 7 countries abstract this paper examines the relationship between natural gas consumption economic growth and capital by using g 7 countries data and a bootstrap corrected causality test for the period 1970 2008 it was found eight significant granger causality relationships for italy the granger causality is from natural gas consumption to growth and united kingdom adverse for pattern of france germany and united states there is two sided granger causality between natural gas and growth

causality cointegration and control abstract the first sections of the paper show that causality tests can be relevant when considering the effectiveness of a control mechanism rejecting some results in earlier papers the relevance comes from a more careful consideration of what information is available to whom and when compared to previous work the final section of the paper extends this analysis to cointegrated variables when causality is a necessary consequence

a note on the causal relationship between energy and gdp in taiwan abstract this paper re examines the causality between energy consumption and gdp by using updated taiwan data for the period 1954 1997 as a secondary contribution we investigate the causal relationship between gdp and the aggregate as well as several disaggregate categories of energy consumption including coal oil natural gas and electricity applying granger s technique we find bidirectional causality between total energy consumption and gdp we find further that different directions of cause exist between gdp and various kinds of energy consumption

the multifaceted nature of exploration and exploitation value of supply demand and spatial search for innovation in this paper exploration and exploitation are conceptualized in terms of a nonlocal local search continuum in three dimensional supply demand and geographic space using cross sectional data from a wide range of manufacturing industries we develop and validate an operational measure of the exploration exploitation concept in line with theory based arguments our analysis suggests that the value of supply side demand side and spatial exploration and exploitation is contingent on the environment while boundary spanning supply side search is found to be positively associated with innovation in more dynamic environments typical of the entrepreneurial regime phase of technology evolution such exploration appears to hurt innovation in less dynamic environments in a reverse fashion while boundary spanning demand side search is found to be favorably associated with innovation in less dynamic environments it appears to harm innovation in a more dynamic context interestingly spatial boundary spanning search seems to contribute to innovation in more as well as less dynamic environments with the caveat that the substantive findings of this study are based on cross sectional data we discuss the implications of our work and future research directions

the relationship between energy and gnp further results this paper reexamines the casuality between gnp and energy consumption by using updated us data for the period 1947 1979 as a secondary contribution we investigate the causal relationship between energy consumption and employment applying sims technique we find no causal relationship between gnp and energy consumption we find further that there is a slight unidirectional flow running from employment to energy consumption economic interpretations of the empirical results are also presented

the relationship between natural gas consumption and economic growth in opec members the purpose of this study is to examine the relationship between natural gas consumption and economic growth in 12 opec member countries for the period of 1980 2012 the paper adopts the panel granger causality test of dumitrescu and hurlin 2012 21 to assess the causal relationship between natural gas consumption and economic growth the findings show the evidence of feedback relation between natural gas consumption and economic growth in opec members as a panel however diverse results are obtained when the member countries are individually examined the results provide evidence for growth hypothesis in iraq kuwait libya nigeria and saudi arabia but conservation hypothesis in algeria iran united arab emirates and venezuela further evidence suggests the existence of neutrality hypothesis in angola and qatar and feedback hypothesis in ecuador

natural gas consumption and economic development in china and japan an empirical examination of the asian context abstract this paper examined the relationship between natural gas consumption and economic development in two largest natural gas consumers in asia namely china and japan for the period of 1980 2012 it used the autoregressive distributed lags ardl method for the empirical analysis the findings revealed some similarities in the natural gas consumption and economic development nexus in china and japan thus a cointegration relationship between natural gas consumption and economic development was found to exist both in china and japan however there was an important difference in the findings in the case of china the findings indicated the existence of a unidirectional causality from natural gas consumption to economic development which was in line with the growth hypothesis in japan there was a bidirectional causality between natural gas consumption and economic development which supported the feedback hypothesis

natural gas consumption and economic growth nexus is the 10th malaysian plan attainable within the limits of its resource abstract the 10th malaysia plan 10mp is a strategic plan focused on attaining a level of economic growth that will enable the country to attain a developed nation status by 2020 as a result of this ambitious plan this paper aims to investigate empirically if the nexus between natural gas consumption exports capital and labour could provide a clue to the possibilities of reaching this target the study applied time series data from 1971 to 2012 and used dual structural break tests to ensure robust result the bayer hanck cointegration johansen cointegration and the ardl bounds tests were applied the findings of the study reveal that economic growth does not granger cause natural gas consumption in malaysia however the results show that capital and export contribute 29 18 and 41 46 to the country s gdp after 20 04 and 42 29 of natural gas consumption respectively also it suggests that natural gas consumption has an indirect effect to the malaysian economic growth wherewithal labour was on the other hand found to have a minimal contribution to gdp the study proposes the efficient exploitation of natural gas reserves of the country a concerted effort to develop the labour force and ensure a realistic time for the plan among others

stationarity of the european real exchange rates evidence from panel data this paper employs a panel unit root test for the real exchange rates of 13 eu member countries the estimation period covers the ems period from 1980 1 to 1992 2 in contrast with the earlier panel unit root studies concerning purchasing power parity ppp effective real exchange rates are used as a result the non stationarity of the real exchange rate was rejected however the half life of the real exchange rate adjustment turned out to be long potential reasons for this might be the relatively short estimation period and the nature of the data

fractional cointegration analysis of eu convergence traditional cointegration tests do not provide strong evidence of convergence between eu countries in this study fractional cointegration analysis is used to test for convergence between eu members fractional cointegration between inflation and between long term interest rates is found the results indicate that there is nominal convergence but that the equilibrium errors display long memory fractional cointegration analysis gives no evidence of real convergence in output

market structure and research intensity in high technological opportunity industries where the cost and uncertainty of r d are high and conditions favor speedy imitation by competitors concentration has a statistically significant and substantial positive impact on research intensity but its impact is clearly negative when r d cost and uncertainty are low and where high barriers to imitation exist a sample of 160 business unit observations for 1978 was drawn from the pims data base all the sample business units industries recently experienced major technological changes research intensity was measured by non government financed r d expenditures as a percentage of sales

energy consumption and economic growth assessing the evidence from greece abstract this paper attempts to shed light into the empirical relationship between energy consumption and economic growth for greece 1960 1996 employing the vector error correction model estimation the vector specification includes energy consumption real gdp and price developments the latter taken to represent a measure of economic efficiency the empirical evidence suggests that there is a long run relationship between the three variables supporting the endogeneity of energy consumption and real output these findings have important policy implications since the adoption of suitable structural policies aiming at improving economic efficiency can induce energy conservation without impeding economic growth

energy consumption and economic activities in iran abstract the causal relationship between overall gdp industrial and agricultural value added and consumption of different kinds of energy are investigated using vector error correction model for the case of iran within 1967 2003 a long run unidirectional relationship from gdp to total energy and bidirectional relationship between gdp and gas as well as gdp and petroleum products consumption for the whole economy was discovered causality is running from value added to total energy electricity gas and petroleum products consumption and from gas consumption to value added in industrial sector the long run bidirectional relations hold between value added and total energy electricity and petroleum products consumption in the agricultural sector the short run causality runs from gdp to total energy and petroleum products consumption and also industrial value added to total energy and petroleum products consumption in this sector

income and energy use in bangladesh a household level analysis abstract we examine how energy use at the household level moves with income in bangladesh using the 2010 wave of bangladesh household income and expenditure survey data our analyses indicate a u shaped relationship of both electricity use and other types of energy use combined with household expenditure the findings imply that as income grows households increase their energy expenditure less than proportionally up to a threshold level of income beyond the threshold income energy use increases as a proportion of income particularly for electricity use we identify the threshold turning point for both electricity and other types of energy use based on the current level of expenditure and its growth reaching the turning point would require 17years for the former category but only 7years for the latter group

structural breaks energy consumption and economic growth revisited evidence from taiwan abstract this paper studies the stability between energy consumption and gdp for taiwan during 1954 2003 we use aggregate as well as various disaggregate data of energy consumption including coal oil gas and electricity to employ the unit root tests and the cointegration tests allowing for structural breaks our main findings are first though gas consumption seems to have structural breaks in the 1960s after considering the structural breaks the series is a stationary variable when taiwan adopted its expansionary export trade policy second we find that different directions of causality exist between gdp and various kinds of energy consumption the empirical result shows unanimously in the long run that energy acts as an engine of economic growth and that energy conservation may harm economic growth third the cointegration between energy consumption and gdp is unstable and some economic events may affect the stability overall we do find the structural breakpoints and they look to match clearly with the corresponding critical economic incidents

age order of entry strategic orientation and organizational performance abstract this paper proposes an empirical test of several hypotheses linking age order of entry and strategic orientations to a firm s performance three strategies are defined cost leadership strategy innovative differentiation and marketing differentiation the aim is to show that the impact on performance of both age and each of the three strategic orientations may differ according to a firm s order of entry into an industry following lieberman and montgomery s 1998 evaluation of their major contribution on first mover advantage we emphasize three points first we develop and test hypotheses related to early and late followers strategic orientations broadening the scope of traditional studies on pioneers second the model combines the dimensions of a firm s age order of entry and strategic orientations as well as industry conditions stage of the industry environmental unpredictability and technology diffusion to establish a contingent model of performance analysis finally the empirical study deals chiefly with organizational performance and not market share which is considered a typical advantage accruing to pioneers in addition the scope of the study 582 french manufacturing firms provides the means to fill a void in empirical studies because it is a broad cross sectional test on non u s data the firms are mainly private small to medium sized and single or dominant business firms therefore our assumptions must be understood as particularly applicable to this type of firm the results reveal important lessons for practitioners first we did not find a first mover advantage in terms of organizational performance in addition pioneers organizational performance is enhanced by the cost leader strategy contrary to our assumption emphasizing innovative differentiation for these firms second early followers performance benefits from innovative differentiation and marketing differentiation finally late entrants developing a cost leader strategy have a significantly higher performance all groups considered late followers are the firms most sensitive to environmental uncertainty and age effects our study clarifies the impact of a firm s age and strategic orientations on its performance depending on the firm s order of entry the implications of these results are particularly relevant for practitioners and entrepreneurs first a cost leadership strategy seems to be a guarantee for a pioneer to increase its organizational performance new ventures should therefore take into consideration the fact that newness and innovative differentiation might not be the best strategic orientations for high performance in the long run second as a second mover however developing a superior product and being able to market it efficiently appear to be the enhancing factors of firm performance third for both pioneers and early followers age does not significantly reduce their performance however the longer a firm waits before entering the greater is the negative effect of age on its performance this is due to the difficulty of resisting competitive erosion because pioneers and early followers drive the changes in the industry the identification of these effects should help managers and stakeholders to make more effective entry decisions to sustain a firm s advantage leading to better performance and higher probability of survival

optimal monetary policies and policy interdependence in the world economy the literature on strategic policy interactions has focused on the implications of alternative strategic policy interactions cooperative versus noncooperative for equilibrium macroeconomic policies given the state of the world economy this paper asks how changes in world economic conditions alter equilibrium policies given the nature of policy interdependence among nations the paper considers a world economy comprised of two countries operating under a system of flexible exchange rates both governments act noncooperatively and choose the rate of growth of their money supply so as to maximize the utility of their country s residents given the rate of growth of the other country s money supply the resulting nash equilibrium rates of growth of the home and foreign money supplies are determined and the dependence of international differences in money growth and inflation rates on international differences in technology jel e52 e60 f41 f42 the international transmission of monetary and fiscal policies has been studied a great deal by economists however policy interdependence how one country s policies depend on the policies enacted by other countries has only recently begun to be explored hamada s 1976 paper was one of the first major contributions in this regard hamada considered a world economy comprised of n countries operating under a fixed exchange rate system in which policymakers set domestic credit growth so as to maximize an objective function depending on inflation and the rate of accumulation of international reserves using this framework hamada demonstrated that in equilibrium optimal domestic credit policies are generally not pareto efficient when they are chosen noncooperatively but are pareto efficient when they are set cooperatively in subsequent work hamada 1979 1985 has elaborated on this and various other aspects of cooperative and noncooperative monetary policies under both fixed and flexible exchange rates many others have followed hamada s lead by comparing the properties of cooperative and noncooperative monetary policies eichengreen 1985 for instance considers discount rates as the instrument of monetary policy and examines issues of leadership and cooperation during the interwar years under the gold standard oudiz and sachs 1985 have used simulation methods to

persistence in foreign exchange rates abstract this study examines the long run behavior of seven daily nominal exchange rates using univariate and multivariate persistence measures our results indicate that for some currencies the long run behavior deviates from that of a pure random walk in certain periods the multivariate estimates reflect the effect of both the ems exchange rate mechanism and increased post louvre accord coordinated intervention a large portion of the effect of a shock in one currency on another currency s long run value can be attributed to contemporaneous effects on the other currencies

dominant interest and inflation differentials within the ems abstract this paper investigates nominal interest and inflation behavior in the ems between march 1979 and september 1989 using a modified version of principal components analysis neither over the whole period nor after march 1983 has the ems functioned as a dmark zone deviating movements in inflation and interest rates between ems countries still persist most important is the division between germany the netherlands and the united kingdom on the one hand and belgium france and italy on the other differences in deflationary policies between countries inside and outside the ems appear to be the most important determinant of this result

how do industrialization and trade openness influence energy intensity evidence from a path model in case of bangladesh abstract nowadays multifaceted interdependence between macroeconomic variables results in an extended list of factors that have diverse impacts on energy intensity thus sustaining energy intensity at a desired level demands advanced studies to investigate the multifarious influences of its factors and ensure proactive measures to deal with them this paper aims to set up a path model to analyze the direct and indirect impacts of industrialization and trade openness on energy intensity in bangladesh the results corroborate that industrialization has a direct positive influence on energy intensity where trade openness shows a direct negative effect on it and both industrialization and trade openness have negative indirect impact on energy intensity through technological innovation and economic growth respectively in case of individual total impacts only industrialization affects energy intensity positively where trade openness technological innovation and economic growth negatively do based on the empirical results some policy implications regarding energy intensity and effects of its factors on it are also presented

the relationship between disaggregate energy consumption and industrial production in the united states an ardl approach abstract we re examine the relationship between disaggregate energy consumption and industrial output as well as employment in the united states using the autoregressive distributed lag ardl approach developed by pesaran and pesaran pesaran m h pesaran b 1997 working with microfit 4 0 camfit data ltd cambridge and pesaran shin and smith pesaran m h shin y smith r j 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 in particular we focus attention on the following energy consumption variables coal fossil fuels conventional hydroelectric power solar energy wind energy natural gas wood and waste the sample period covers 2001 1 2005 6 our results imply that real output and employment are long run forcing variables for nearly all measures of disaggregate energy consumption

a long run view of german dominance and the degree of policy convergence in the ems i introduction when the european monetary system ems was established in march 1979 the member countries agreed to gradually move to a european monetary union emu at the maastricht summit on december 9 10 1991 the member nations signed an agreement outlining the requirements and a timetable for monetary union building upon the framework specified in the 1989 delors report the maastricht agreement outlines a three stage transition to a common european monetary policy 1 the achievement of a high degree of monetary policy convergence among the member countries is crucial if a common monetary policy is to be initiated the ems already provides a framework in which monetary policy actions can be coordinated but have member nations actually coordinated their actions or have they conducted independent policies some have claimed that the bundesbank has dominated monetary policy in the ems one explanation is that by tying domestic monetary policy to that of germany other countries policymakers enhance their own credibility for instance giavazzi and pagano 1988 have argued that because the bundesbank is known to follow a consistent credible anti inflation policy tying policy to that of germany should enhance one s reputation a natural question to ask therefore is to what degree have monetary policies in the ems converged to that conducted by germany a finding of complete convergence among ems monetary policies would imply that the member countries have converged to one common monetary policy in studies examining the credibility hypothesis which clearly is linked to the notion of monetary policy convergence fratianni and von hagen 1990c and burdekin westbrook and willett 1993 rejected this hypothesis 2 to consider the prospects for the success of emu one must know whether and to what degree there has been a transmission of policy actions within the ems the question of whether germany has set the direction of monetary policy for the ems is a natural focus and has been the subject of recent study fratianni and von hagen 1990a 1990b 1990c von hagen and fratianni 1990 and kutan 1991 1992 all reject the hypothesis that german monetary policy actions dominate the monetary policy decisions of other ems countries 3 while germany is found to be an important player in setting monetary policy its actions are not independent of other members in contrast to this conclusion karfakis and moschos 1990 and macdonald and taylor 1991 argue that non german ems members policies are related closely to german policy changes and that german policy actions do not respond to those taken by the central banks of other ems countries this study tests for policy convergence among ems countries within a long run framework using cointegration procedures using both short term interest rates and the monetary base as measures of monetary policy our aim is to determine the number of shared common stochastic trends among ems monetary policies and test whether a complete convergence of policies has been achieved in the ems rejection of complete convergence a finding of two or more shared common trends indicates that some countries policies are set independently at least in the long run if this is true then the notion that the bundesbank dominates ems policy is rejected such a result also suggests that any credibility gain from tying policy to that of germany is probably outweighed by other considerations such as domestic growth or international competitiveness looking ahead our results indicate that ems monetary policies have not converged we also investigate the short run connection among policy measures using a longer sample than in previous work our results from this analysis indicate that while german policy actions influence monetary policy in other ems countries in the short run there is substantial policy interaction among ems members the format of the paper is as follows section ii discusses some methodological issues concerning the use of interest rates and the monetary base as indicators of policy actions

european monetary union a cointegration analysis this paper employs systems based cointegration techniques developed by johansen 1988 1995 to determine which european union countries would form a successful economic and monetary union emu based on long run behavior of the nominal convergence criteria laid down in the maastricht treaty the original 12 european union countries are analyzed together nominal exchange rates real exchange rates longterm interest rates and government budget deficits are each analyzed for co movements among the 12 countries and various subgroups of them the results suggest that not all of the 12 original countries of the european union could possibly form a successful emu over time unless several countries made significant adjustments

energy use and output growth in canada a multivariate cointegration analysis using a neo classical one sector aggregate production technology where capital labor and energy are treated as separate inputs this paper develops a vector error correction vec model to test for the existence and direction of causality between output growth and energy use in canada using the johansen cointegration technique the empirical findings indicate that the long run movements of output labor capital and energy use in canada are related by two cointegrating vectors then using a vec specification the short run dynamics of the variables indicate that granger causality is running in both directions between output growth and energy use hence an important policy implication of the analysis is that energy can be considered as a limiting factor to output growth in canada

energy and output dynamics in bangladesh the relationship between energy consumption and output is still ambiguous in the existing literature the economy of bangladesh having spectacular output growth and rising energy demand as well as energy efficiency in recent decades can be an ideal case for examining energy output dynamics we find that while fluctuations in energy consumption do not affect output fluctuations movements in output inversely affect movements in energy use the results of granger causality tests in this respect are consistent with those of innovative accounting that includes variance decompositions and impulse responses autoregressive distributed lag models also suggest a role of output in bangladesh s energy use hence the findings of this study have policy implications for other developing nations where measures for energy conservation and efficiency can be relevant in policymaking

can biomass energy be an efficient policy tool for sustainable development abstract this paper first reviews the potential causality from biomass energy to co2 emissions and economic development within relevant literature later the paper examines statistically the impacts of biomass energy consumption on co2 emissions and gdp in the us to this end paper observes environmental and economic implications of biomass fuel usage throughout energy literature and launches asymmetric causality test to confirm disconfirm the literature output the findings of the tests indicate that biomass energy consumption per capita mitigates co2 emissions per capita and increases gdp per capita eventually upon its output this research asserts that biomass energy consumption can be an efficient policy tool for environmentally sustainable development in the us and that hence biomass production technologies and biomass consumption need to be promoted in other countries as well as in the us on the other hand analyses underline the fact that policy makers should consider as well some potential constraints of biomass energy usage such as land use constraints and carbon leakage from biomass production therefore although this paper explores the remedial impact of biomass on environment and growth one may suggest also that further possible works consider the effects of biomass sources in detail to minimize the some worsening influence of biomass usage on climate change