total factor carbon emission performance of the chinese transportation industry a bootstrapped non radial malmquist index analysis this paper proposes a non radial malmquist co2 emission performance index nmcpi for measuring dynamic changes in total factor co2 emission performance over time this index enables the consideration of non radial slacks in the conventional malmquist co2 emission index mcpi the nmcpi is calculated based on a non radial directional distance function derived by several data envelopment analysis dea models furthermore nmcpi could be decomposed into an efficiency change ec index and technological change tc index a bootstrapping approach is conducted to introduce statistical inferences into the nmcpi and its decompositions based on the proposed indices the dynamic co2 emission performance change and its decompositions of the chinese regional transportation industry from 2002 to 2010 are investigated the empirical results demonstrate that the total factor carbon emission performance of the transportation industry as a whole decreased by 32 8 over the period and this reduction was primarily caused by technological decline

the substitutability of non fossil energy potential carbon emission reduction and energy shadow prices in china abstract the rapidly increasing consumption of energy and fossil fuel dominated energy structure have caused great pressure on energy security and carbon reduction policies in china and the chinese government has attempted to substitute fossil with non fossil energy to investigate the feasibility of replacing fossil energy with non fossil energy in china we apply an input distance function to estimate the substitutability of non fossil energy for fossil energy and compare shadow prices the result confirms the feasibility of substituting non fossil energy for fossil energy we then divide the non fossil energy into nuclear energy and renewable energy and find that nuclear energy is more suitable than renewable energy to substitute for fossil energy the shadow price ratio of non fossil to fossil energy is 268 41 on average in the study period the ratio experiences several fluctuations and shows a declining trend at the end of the study period implying that improving energy structure in china is very promising

a comprehensive eco efficiency model and dynamics of regional eco efficiency in china abstract in order to have a comprehensive eco efficiency measure which can incorporate productivity resource efficiency environmental efficiency and inter temporal comparability and circularity the paper proposes an extended data envelopment analysis model named gb us sbm model which combines global benchmark technology undesirable output super efficiency and slacks based measure using the gb us sbm model this paper investigates the dynamics of regional eco efficiency in china from 2000 to 2010 the empirical results show that the movement of average eco efficiency of china presents a v shape from 2000 to 2010 with the trough occurred in 2005 but there are big differences of eco efficiency among the regions for the growth of eco efficiency technological progress contributes 56 87 58 21 18 27 62 19 scale efficiency contributes 40 01 61 14 167 43 39 12 efficiency change contributes 3 82 19 99 63 40 2 16 to the eastern middle western and northeastern regions of china respectively these imply that there is a big space for western region to enhance its technological progress and huge space for the whole country to promote its management ability

assessing regional eco efficiency from the perspective of resource environmental and economic performance in china a bootstrapping approach in global data envelopment analysis abstract eco efficiency has been receiving increasing attention across the world this paper proposes an extended data envelopment analysis model which combines global benchmark technology directional distance function and a bootstrapping approach to investigate the dynamic trends of regional eco efficiency in china from 2003 to 2014 moreover a developed slacks based measure is utilized to decompose the performance fluctuations into resource environmental and economic efficiency then the key factors responsible for the changes in eco efficiency are explored using the global malmquist luenberger index the empirical results demonstrate an upward trend of eco efficiency in china during the study period this trend was high in eastern and northern areas but low in northwestern areas however it should be noted that some eco efficient regions still consume much land water and energy and emit much environmental pollutants in absolute terms the whole of china performs well on the economic front while resource and environmental performances are not encouraging particularly on environmental efficiency the eastern and northern regions have experienced the greatest advances in both resource and environmental efficiency while the undeveloped areas have not shown much progress which further widens the gaps between developed areas and undeveloped areas the decomposition of productivity growth indicates that technical progress is the decisive factor in promoting china s eco efficiency while decreasing management level is the major obstacle hampering the improvement in eco efficiency

assessing regional environmental efficiency in china with distinguishing weak and strong disposability of undesirable outputs abstract china has developed a remarkable economic growth in the past 30 years by accompanying with undesirable outputs the assumptions of weak and strong of undesirable outputs have become the focus discussion in data envelopment analysis dea models to have a comprehensive environmental efficiency measurement this paper proposes three dea models considering weak disposability strong disposability and distinguishing weak and strong disposability of undesirable outputs respectively we further combine with the malmquist luenberger productivity index to assess the environmental efficiency and the dynamic change trend of 30 provinces in china from 2005 to 2014 the results show that distinguishing technical features of undesirable outputs makes a significant difference to final environmental efficiency score at different regions the environmental efficiency of the whole nation however does not show any increasing trend during the ten years enhancing environmental efficiency of central and west area is an urgent task for chinese government the change trend of malmquist luenberger productivity index and technological change shows a similar shape technical progress is the main driving force to enhance the environmental efficiency relevant suggestions are presented for improving the regional environmental efficiency in china in the future

the impact and economic cost of environmental regulation on energy utilization in china this article utilizes three data envelopment analysis based models a no environmental regulation model a weak environmental regulation model and a strong environmental regulation model to reveal the impact of environmental regulation on china s regional total factor energy efficiency tfee during the period of 2003 2010 to take a further step these three models are adjusted for calculating the correspondingly macro economic cost of environmental regulation the estimation results show that at present the level of china s environmental regulation is relatively low and an enhancing of environmental regulation would lead to a sufficient increase of china s regional tfee with an enormous economic cost as its price that means in china the nationwide environmental stress is high and the regulation cost is very huge strengthening environmental regulation would inevitably have some negative influences on china s economy in the short run based on our findings some corresponding policies are also propo

an impossibility theorem for wealth in heterogeneous agent models with limited heterogeneity abstract it has been conjectured that canonical bewley huggett aiyagari heterogeneous agent models cannot explain the joint distribution of income and wealth the results stated below verify this conjecture and clarify its implications under very general conditions we show in particular that if i agents are infinitely lived ii saving is risk free and iii agents have constant discount factors then the wealth distribution inherits the tail behavior of income shocks e g light tailedness or the pareto exponent our restrictions on utility require only that relative risk aversion is bounded and a large variety of income processes are admitted our results show conclusively that it is necessary to go beyond standard models to explain the empirical fact that wealth is heavier tailed than income we demonstrate through examples that relaxing any of the above three conditions can generate pareto tails

optimal capital income taxation with incomplete markets borrowing constraints and constant discounting for a wide class of infinitely lived agent models chamley has shown that the optimal capital income tax rate is zero in the long run lucas has argued that for the u s economy there is a significant welfare gain from switching to this policy this paper shows that for the bewley class of models with incomplete insurance markets and borrowing constraints the optimal tax rate on capital income is positive even in the long run therefore cutting the capital income tax to zero may well lead to welfare losses

some models for estimating technical and scale inefficiencies in data envelopment analysis in management contexts mathematical programming is usually used to evaluate a collection of possible alternative courses of action en route to selecting one which is best in this capacity mathematical programming serves as a planning aid to management data envelopment analysis reverses this role and employs mathematical programming to obtain ex post facto evaluations of the relative efficiency of management accomplishments however they may have been planned or executed mathematical programming is thereby extended for use as a tool for control and evaluation of past accomplishments as well as a tool to aid in planning future activities the ccr ratio form introduced by charnes cooper and rhodes as part of their data envelopment analysis approach comprehends both technical and scale inefficiencies via the optimal value of the ratio form as obtained directly from the data without requiring a priori specification of weights and or explicit delineation of assumed functional forms of relations between inputs and outputs a separation into technical and scale efficiencies is accomplished by the methods developed in this paper without altering the latter conditions for use of dea directly on observational data technical inefficiencies are identified with failures to achieve best possible output levels and or usage of excessive amounts of inputs methods for identifying and correcting the magnitudes of these inefficiencies as supplied in prior work are illustrated in the present paper a new separate variable is introduced which makes it possible to determine whether operations were conducted in regions of increasing constant or decreasing returns to scale in multiple input and multiple output situations the results are discussed and related not only to classical single output economics but also to more modern versions of economics which are identified with contestable market theories

liquid capital and market liquidity this article considers how the supply of liquid capital affects the liquidity of asset markets the article views the former notion as a technological property of real investments and the latter as an endogenous property of financial market equilibrium and describes a channel by which the two are linked when agents hold more wealth in technologically liquid investments a marginal adjustment to portfolio holdings alters discount rates less causing a smaller price impact thus even without intermediaries or frictions the stock of transformable capital may be a crucial determinant of the resilience of financial markets

an empirical evaluation of the macroeconomic effects of tarrifs abstract the macroeconomic effects of unilateral tariff changes are reviewed in a variety of theoretical models it is shown that there is no theoretical presumption about the effects of tariffs on output or the trade balance five different data sets are found to be consistent with the hypothesis that tariff changs have no significant effects on the real exchange rate the real trade balance and real output both foreign and domestic tariff rates do appear to have a negative effect on the gross volume of international trade jel f13 f40

does environmental regulation affect energy efficiency in china s thermal power generation empirical evidence from a slacks based dea model abstract data envelopment analysis dea has gained much popularity in performance measurement of power industry this paper presents a slack based measure approach to investigating the relationship between fossil fuel consumption and the environmental regulation of china s thermal power generation we first calculate the total factor energy efficiency without considering environmental constraints an environmental performance indicator is proposed through decomposing the total factor energy efficiency the proposed approach is then employed to examine whether environmental regulation affects the energy efficiency of china s thermal power generation we find that the environmental efficiency plays a significant role in affecting energy performance of china s thermal generation sector decreasing the discharge of major pollutants can improve both energy performance and environmental efficiency besides we also have three main findings 1 the energy efficiency and environmental efficiency were relatively low 2 the energy and environmental efficiency scores show great variations among provinces 3 both energy efficiency and environmental efficiency are of obvious geographical characteristics according to our findings we suggest some policy implications

carbon weighted economic development performance and driving force analysis evidence from china based on a data envelopment analysis framework this study develops an indicator termed as carbon weighted economic development cwed covering the dimensions of energy environment economy and resources to measure the economic development performance in a carbon emission conscious economy as an empirical application the proposed approach is applied to a case study of 30 provinces in china in addition to identify the driving forces underlying low carbon economic development in china we analyze the endogenous interactions and dynamic behaviors between cwed foreign direct investment foreign trade industrial structure local fiscal expenditure and energy consumption structure using a panel vector auto regression model the main findings show that 1 adjusting industrial structure by vigorously developing the service industry and reducing the coal energy share in the primary energy consumption structure are the two most effective approaches to improve cwed in both the short run and long run in return cwed has positive feedback effects on both approaches in the long run 2 increase of the fiscal expenditure has a short term positive effect on cwed 3 fdi has an indirect negative effect on cwed in the long run and foreign trade has an indirect positive effect on cwed in the short term

the impact of trade liberalisation on exports imports and the balance of payments of developing countries this paper uses panel data and times series cross section analysis to estimate the effect of trade liberalisation on export growth import growth the balance of trade and the balance of payments for a sample of 22 developing countries that have adopted trade liberalisation policies since the mid 1970s we find that liberalisation stimulated export growth but raised import growth by more leading to a worsening of the balance of trade and payments to the extent that this has constrained the growth of output and living standards the findings have important implications for the sequencing and degree of liberalisation

environmental efficiency analysis of power industry in china based on an entropy sbm model chinese national natural science fund 71073040 710201139 71273075 humanities and social science fund of the ministry of education 09yjc790061

transaction costs and consumption abstract the rational expectations permanent income hypothesis re pih fails to explain several well documented features of consumption behavior first the estimated marginal propensity to consume mpc for unanticipated transitory income shocks is often much higher than what the theory warrants second the estimated mpc is typically much bigger for small shocks of this type than for large shocks third consumption is often smoothed against large anticipated future income changes but not always against small changes this paper argues that these findings can be reconciled within a re pih model that includes a cash in advance constraint and an assumption that the agent is required to pay a fixed transaction cost to transfer wealth between cash and assets key results of the paper include first the agent follows an s s rule with respect to cash holdings when he makes wealth transfer decisions second the mpc within the no transfer band is higher than that out of the band and can be as high as exactly equal to one and third the agent smoothes consumption in response to news of large future income changes but not necessarily to small ones

a new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the business cycle abstract this paper introduces a general procedure for decomposition of non stationary time series into a permanent and transitory component allowing both components to be stochastic the permanent component is shown to be a random walk with drift and the transitory or cyclical component is a stationary process with mean zero the decomposition methodology which depends only on past data and therefore is computable in real time is applied to the problem of measuring and dating business cycles in the portwar u s economy we find that measured expansions and contractions are of roughly equivalent duration and that our dating of cyclical episodes tends to lead the traditional nber dating and to a lesser extent the growth cycle chronology of zarnowitz and boschan 1977

a literature study for dea applied to energy and environment abstract this study systematically summarizes previous research efforts on data envelopment analysis dea applied to energy and environment in the past four decades including concepts and methodologies on dea environmental assessment industrial developments are very important for all nations in terms of their economic prosperities a problem is that the development produces various pollutions on air water and other types of contaminations all of which are usually associated with our health problems and climate changes thus it is necessary for us to consider how to make a balance between economic success and pollution mitigation to maintain a high level of social sustainability in the world it is widely considered that dea is one of the methodologies to examine the level of sustainability this study examines a recent research trend on dea applications from 1980s to 2010s nowadays many researchers have paid serious attention on how to combat various difficulties in the areas of energy and environment as a result the number of articles on dea applications on energy and environment has dramatically increased particularly after 2000s however it is true that dea has strengths and drawbacks in the applications therefore it is very important for us to carefully use dea for guiding large policy issues and business strategies such as the global warming and climate change an underlying premise of this study is that technology innovation in engineering and natural science may solve various problems by linking it with political and managerial efforts the use of dea provides a methodological linkage among them so enhancing the practicality in mitigating problems due to climate change and environmental pollutions this literature study along with a summary on conceptual and methodological developments provides us with guidelines for our future research works on dea on energy and environment issues

trade taxes and the current account abstract we show that under some conditions a temporary import tariff improves the current account whereas a temporary export tax deteriorates it permanent import tariffs and export taxes have an identical although ambiguous effect on the current account

national research funding and energy efficiency evidence from the national science foundation of china abstract the enhancement of energy efficiency is crucial to saving energy and reducing pollution emissions increasing investment in basic research may promote innovative energy technologies that improve energy efficiency in this paper the authors employ a stochastic frontier analysis to evaluate the impact of government funded research programs on improving national energy efficiency using estimates of energy efficiency based on the shepherd energy distance function the analysis used panel data from 30 provinces in china over the 2006 2015 period using the number of research programs funded by the national natural science foundation of china nsfc as a proxy the results show that research funding has a significantly negative effect on energy inefficiency the average energy efficiency continually increased from 2006 to 2015 in china while the energy efficiency in the eastern region was higher than that in the central and western regions in most years moreover a robustness test further validates and supports these findings some policy implications are proposed based on the empirical results

efficient energy saving targets for apec economies abstract energy saving target ratios estr for 17 apec economies during 1991 2000 are computed in a total factor framework all nominal variables are transformed into real variables by the purchasing power parity ppp at the 1995 price level the data envelopment analysis dea approach is used to find the energy saving target est for apec economies without reducing their maximum potential gross domestic productions gdps in each year energy labor and capital are the three inputs while gdp is the single output our major findings are as follows 1 china has the largest est up to almost half of its current usage 2 hong kong the philippines and the united states have the highest energy efficiency 3 the energy efficiency generally increases for apec economies except for canada and new zealand 4 chile mexico and taiwan have significantly improved their energy efficiency in the last 5 years 5 an inverted u shape relation exists between per capita est and per capita gdp 6 estr has a positive relation with the value added percentage of gdp of the industry sector and a negative relation with that of the service sector

time preference in global warming calculations a proposal for a unified index abstract many aspects of the calculation of the impacts of greenhouse gas ghg emissions and the costs and benefits of possible response options are highly sensitive to the way in which time preference is incorporated into the computations the intergovernmental panel on climate change ipcc used global warming potentials gwps to standardize inputs of different gases with differing radiative forcings and atmospheric lifetimes in the results emphasized by the ipcc s second assessment report a 100 year time horizon and no discounting is used and this has been adopted by the kyoto protocol for use in the first commitment period 2008 2012 here an alternative unified index is proposed that assigns explicit weights to the interests of different generations in contrast to discounting including the zero discount rate used by the ipcc the generationally weighted index forces policy makers to face the moral assumptions that underlie their choices related to global warming

tariffs employment and the current account real wage resistance and the macroeconomics of protectionism using a standard complete specialization model of a small open economy within a rigorous intertemporal optimization framework and with contract based wage rigidity we show that permanent tariffs lead to a current account deterioration and a fall in employment contradicting most of the literature on macroeconomic effects of import tariffs the crucial factor in this complete reversal of standard results is the impact of tariffs on domestic real product wages via wage indexation temporary tariffs will have less of a negative impact on the ca or potentially even a positive impact because they increase the consumption rate of interest the terms at which future consumption can be traded for current consumption and so increase private savings extensions towards incorporating a more general production structure investment and the use of tariff revenues to provide wage subsidies are presented this abstract was borrowed from another version of this item

existence of stationary equilibrium in an incomplete market model with endogenous labor supply in this article i first study an income fluctuation problem with endogenous labor supply let be the agent s time discount factor and r 0 be the constant gross rate of return on assets for r 1 i show that the agent s wealth either approaches infinity almost surely or converges to a finite level almost surely for r

ecological total factor energy efficiency of regions in china most existing energy efficiency indices are computed without taking into account undesirable outputs such as co2 and so2 emissions this paper computes the ecological total factor energy efficiency etfee of 30 regions in china for the period 2005 2009 through the slack based model sbm with undesirable outputs we calculate the etfee index by comparing the target energy input obtained from sbm with undesirable outputs to the actual energy input findings show that china s regional etfee still remains a low level of around 0 600 and regional energy efficiency is overestimated by more than 0 100 when not looking at environmental impacts china s regional energy efficiency is extremely unbalanced the east area ranks first with the highest etfee of above 0 700 the northeast and central areas follow and the west area has the lowest etfee of less than 0 500 a monotone increasing relation exists between the area s etfee and china s per capita gdp the truncated regression model shows that the ratio of r d expenditure to gdp and the degree of foreign dependence have positive impacts whereas the ratio of the secondary industry to gdp and the ratio of government subsidies for industrial pollution treatment to gdp have negative effects on the etfee

sources of production inefficiency and productivity growth in china a global data envelopment analysis abstract the current mode of production in china is extensive and inefficient and has caused great stress on both resources and the environment this paper focuses on analyzing the sources of production inefficiency and productivity growth in china here a developed slacks based measure is utilized to decompose production inefficiency into three components input inefficiency economic output inefficiency and environmental inefficiency furthermore by applying a method based on global data envelopment analysis we take a further step to analyze the key factors responsible for the change of environmental productivity during 2003 2011 from the point of view of technical progress productive scale and management level the results show that redundancy in energy and labor inputs and excessive emission of sulfur dioxide chemical oxygen demand and ammonia nitrogen are the main sources of production inefficiency in china during the sample period the efficiency in all inputs and environmental emissions has improved except for capital input efficiency which had a decreasing trend further analysis shows that the overall environmental productivity in china has begun to follow an ascending path technical progress is the most powerful contributor to china s productivity growth while the decreases in scale and management efficiency are the two main obstacles preventing productivity improvement

is the implementation of energy saving and emission reduction policy really effective in chinese cities a policy evaluation perspective abstract reducing pollutant emissions while ensuring a stable economic growth is an important embodiment of sustainable development based on the national comprehensive demonstration of energy saving and emission reduction fiscal policy eser policy proposed by the chinese government in 2011 this paper analyzes the impact of such policy on emissions reduction and economic growth under the framework of differences in differences did method this paper first identifies the implementation conditions of eser policy then we adopt three specifications to control the endogenous problem for the selection of demonstration cities the robustness test verifies the reliability of our findings and the spillover effect analysis reveals the deficiency of this policy we reach the following conclusions 1 different from the previous studies we find that the eser policy can effectively reduce the pollutant emissions while ensuring a stable economic growth 2 however the event study reveals that the reduction effect is only existing in the demonstration period which means that this policy is not sustainable 3 furthermore we find no spillover effect of eser policy on the non policy targeted pollutant suggesting that the local government only cares about the reduction of policy targeted pollutants based on these findings we propose that the future energy saving and emissions reduction policy formulation should focus on the policy sustainability and overall environmental performance

total factor energy efficiency of coal consumption an empirical analysis of china s energy intensive industries abstract improvement of coal consumption efficiency is very important both for china in solving its problems of energy security and environmental pollution and for the world in addressing the issue of greenhouse gas emissions using a total factor framework this paper employs a data envelopment analysis dea approach to evaluate the coal consumption efficiency of six energy intensive sub industries in china in 2015 coal consumption efficiency is factorized into economic efficiency and environmental efficiency with sulfur dioxide nitrogen oxide and industrial smoke dust and soot emissions treated as undesirable outputs of energy consumptions the results show the following 1 of the six energy intensive sub industries studied two exhibit both dea effective coal economic efficiency and coal environmental efficiency coal economic efficiency is found to be greater than coal environmental efficiency indicating that the benefits of economic efficiency have masked the negative effects of the environmental impact china should therefore pay more attention to the clean utilization of coal 2 low environmental efficiency mainly resulted from the joint effects of pure technical efficiency and scale efficiency therefore enterprises in these industries must engage in management efforts to improve their ability to manage large enterprises 3 the energy intensive industries characterized by coal environmental efficiency that failed to achieve pure technological effectiveness all exhibited input redundancy or output inadequacy of varying degrees while showing a potential for energy conservation and emissions reductions

capital income taxation wealth distribution and borrowing constraints the theorem of zero taxation of capital income is reexamined and is shown to hinge critically on the assumptions of a long horizon and perfect markets for the inter temporal allocation of resources the theorem does not hold when borrowing constraints prevent individuals from insuring against idiosyncratic shocks and have a precautionary motive for savings structural assumptions are made such that with no taxation aggregate savings are socially excessive in the long run i e the rate of return is smaller than the discount rate sufficient conditions for a pareto efficient taxation or subsidization of capital in the long run depend on the correlation between individuals consumption and savings a subsidy may be efficient when individuals incomes follow a predictable pattern of life cycles with no negative bequest 2001 elsevier science b v all rights reserved

saving and liquidity constraints this paper is concerned with the theory of saving when consumers are not permitted to borrow and with the ability of such a theory to account for some of the stylized facts of saving behavior the models presented in the paper seem to account for important aspects of reality that are not explained by traditional life cycle models copyright 1991 by the econometric society

the measurement and influences of china s urban total factor energy efficiency under environmental pollution based on the game cross efficiency dea abstract in recent years urban energy efficiency has received much attention from researchers however ignorance of the competitive relationships among regions results in inaccurate energy efficiency game cross efficiency data envelopment analysis dea which can account for the competitive relationships is a reliable method to measure energy efficiency first this paper applies game cross efficiency dea to analyze the urban total factor energy efficiency utfee of 26 chinese prefectural level cities from 2005 to 2015 under environmental constraints then a comparative analysis and a concrete analysis are conducted based on the urban energy efficiency finally a tobit model is used to examine the effects of 10 potential influence factors the measurement results show that the urban energy efficiency considering the competitive relationship is lower than the traditionally calculated efficiency additionally the urban energy efficiency did not improve during the research period furthermore regression analysis suggests that economic development and city scale can promote urban energy efficiency while government expenditure industrial structures energy prices foreign investments research investments and production endowment have negative impacts on urban energy efficiency according to our results some implications of theory and practice are discussed for researchers and policy makers

environmental assessment for corporate sustainability by resource utilization and technology innovation dea radial measurement on japanese industrial sectors abstract this study proposes a new use of dea data envelopment analysis radial approach to examine the corporate sustainability of japanese industrial sectors the concept of corporate sustainability is measured by its subcomponent measures including uen unified efficiency under natural disposability uem unified efficiency under managerial disposability uenm unified efficiency under natural and managerial disposability uei unified efficiency for intermediate measurement and uenm dc unified efficiency under natural and managerial disposability with desirable congestion among the five measures the uei examines a degree of how each firm can efficiently utilize its resources the uenm dc examines a degree of how the firm can reduce an amount of undesirable outputs by technology innovation and or managerial change such a combined use between uei and uenm dc has been never explored in dea environmental assessment the empirical results obtained from the proposed approach have identified two important implications one of the two implications is that the japanese energy industry has been long under governmental regulation so that energy firms do not have corporate governance capabilities at the level of other industrial sectors which are competing in a global market in particular the implication is applicable to japanese electric power firms it is necessary for them to change their corporate governances e g by adding new executive board members who have international experience and or woman executives as widely found in american and european energy industries so that they can pay attention to consumers not regulatory agencies of the japanese government the other implication is that technology innovation can more effectively improve the performance of the energy sector employing high efficiency and low carbon generation technologies to achieve desirable fuel mix is essential for improving the corporate sustainability of the japanese energy sector

measuring eco efficiency based on green indicators and potentials in energy saving and undesirable output abatement abstract nowadays majority of organizations are seeking to achieve sustainable development with respect to green concept one of the main criteria for assessing green performance is eco efficiency to identify all aspects of the eco efficiency inputs should be divided into energy and non energy and outputs should be divided into good and bad outputs to deal with this issue a data envelopment analysis dea model is developed to divide inputs into both energy and non energy and outputs into both desirable good and undesirable bad outputs likewise variables are separated into both discretionary and non discretionary factors accordingly a bounded adjusted measure bam based on green indicators is developed to calculate the eco efficiency of decision making units dmus besides energy saving potentials and undesirable output abatement potentials are calculated to show correlation coefficient between energy consumption and undesirable output finally proposed model is validated by assessing the eco efficiency of some selected members of organization for economic cooperation and development oecd australia finland ireland new zealand and switzerland are recognized as eco efficient countries and the rest of countries are inefficient in terms of the eco efficiency high and positive spearman correlation coefficient between energy consumption and undesirable outputs addresses that the more use of energy inputs the more undesirable outputs

using data envelopment analysis for estimating energy saving and undesirable output abatement a case study in the organization for economic co operation and development oecd countries abstract environmental protection is one of the main concerns of the international community countries show meticulous attention to environmental issues by considering eco efficiency the eco efficiency evaluation of countries is a complex and multidisciplinary topic data envelopment analysis has widely been applied to measure the eco efficiency of organization for economic co operation and development countries in previous studies energy inputs have not been contemplated the subject becomes more important when there are non discretionary factors in this paper the eco efficiency of countries in the organization for economic co operation and development is assessed given energy inputs undesirable outputs and non discretionary factors to this end slack based and range adjusted measures are extended also new environmental indices are introduced the relationship between consumption of energy inputs and production of undesirable outputs can be addressed by two new environmental indices spearman correlation test indicates a direct and positive relationship between potential of energy saving and potential of undesirable output abatement france germany luxemburg norway sweden and the united kingdom are recognized as eco efficient countries south korea and italy have the highest and lowest potential for energy saving respectively poland and iceland are countries with the highest and lowest potential for undesirable output abatement respectively it can be concluded that countries producing high undesirable outputs may not operate eco efficiently and thus have an extreme potential to save the optimum energy moreover countries consuming low energy may operate eco efficiently and have a low potential to reduce undesirable outputs

on the existence and uniqueness of stationary equilibrium in bewley economies with production abstract i prove existence of stationary recursive competitive equilibrium in bewley economies with production under specifications in which i the utility function is allowed to be unbounded and ii the underlying discrete idiosyncratic productivity process can take any form aside from mild restrictions some of the intermediate results provide theoretical basis for assumptions often made in the quantitative macroeconomics literature by providing an example i illustrate that the equilibrium is not necessarily unique even under typical specifications of the model and discuss the underlying reasons for multiplicity

maximum likelihood estimation of the standard commodity storage model evidence from sugar prices we present a maximum likelihood estimator for the standard commodity storage model with stockouts based on prices only while it imposes no additional assumptions on the model the maximum likelihood estimator has small sample properties superior to those of the pseudo maximum likelihood approach we provide a proof that is crucial for applying our estimator to the model with normal harvests and possibly unbounded prices thereby eliminating an inconsistency in the empirical storage model literature applying our maximum likelihood estimator to a series of annual sugar prices from 1921 to 2009 provides new evidence for the empirical relevance of the standard storage model our results imply a cutoff price at which discretionary stocks go to zero which is higher than the price obtained by applying the pseudo maximum likelihood estimator to the same data the implied frequency of stockouts is lower and price correlations skewness and kurtosis implied by the model closely match those seen in the annual sugar price data we find the price of sugar to be highly responsive to small changes in consumption when inventories are not available to buffer the effects of negative supply shocks on consumption prices must increase sharply to induce the consumption changes needed to clear the market our results show why production shocks are not necessarily aligned with price spikes the same production shock can give rise to very different price responses depending on whether or not there are sufficient stocks to buffer its impact

the existence uniqueness and optimality of the terminal wealth depletion time in life cycle models of saving under uncertain lifetime and borrowing constraint abstract in life cycle models of saving under uncertain lifetime and borrowing constraint the consumer s wealth must be depleted before the maximum lifetime this paper investigates the existence uniqueness and optimality of the terminal wealth depletion time it is proved that the optimal terminal wealth depletion time if such exists must be unique if the equation that determines the optimal terminal wealth depletion has multiple solutions then the location of the optimal solution will depend on the configuration of the solutions an optimality test is developed to verify whether a candidate solution for the terminal wealth depletion time is indeed optimal the paper introduces a method new to economics the dubovitskii milyutin adjoint equation to analyze the properties of the optimal control problem

export diversification and international debt under terms of trade uncertainty abstract this paper proposes an intertemporal approach to export diversification in developing countries facing uncertain terms of trade by incorporating international debt by far the predominant source of ldc external financing today the model provides a richer and more realistic framework than static models with no financial markets or models emphasizing international trade in equities the approach is applied to a small developing country with a comparative advantage in a risky commodity to illustrate explicitly the relation between intertemporal substitution in consumption and diversification in production

total factor energy efficiency of regions in china abstract this paper analyzes energy efficiencies of 29 administrative regions in china for the period 1995 2002 with a newly introduced index most existing studies of regional productivity and efficiency neglect energy inputs we use the data envelopment analysis dea to find the target energy input of each region in china at each particular year the index of total factor energy efficiency tfee then divides the target energy input by the actual energy input in our dea model labor capital stock energy consumption and total sown area of farm crops used as a proxy of biomass energy are the four inputs and real gdp is the single output the conventional energy productivity ratio regarded as a partial factor energy efficiency index is computed for comparison in contrast to tfee our index is found fitting better to the real case according to the tfee index rankings the central area of china has the worst energy efficiency and its total adjustmentof energy consumption amount is over half of china s total regional tfee in china generally improved during the research period except for the western area a u shape relation between the area s tfee and per capita income in the areas of china is found confirming the scenario that energy efficiency eventually improves with economic growth

eco efficiency approach for global warming in the context of kyoto mechanism abstract this study discusses an approach to measuring and improving the economic and ecological efficiency of kyoto mechanism projects the approach consists of global warming eco efficiency gwee clean development mechanism cdm joint implementation ji environmental efficiency ee and cdm ji economic productivity ep the gwee indicator is based on the ratio of the value added of a system to its global warming influence in order to measure the eco efficiency of a product in terms of the global warming issue in addition cdm ji ee and cdm ji ep are proposed to measure the environmental and economic performances of cdm and ji projects respectively while ee is defined as the ratio of the certified emission reductions cer obtained from a cdm project or emission reduction unit eru from a ji project to total global warming influence relevant to the cdm or ji implemented ep is defined as the ratio of the total of cer profit and eru profit and the sales revenue to the costs of the cdm and ji implemented then the feasibility of these indicators is examined through a case study for the power generations in the field of alternative energy

tariffs and exchange rate dynamics redux abstract this paper builds a two country intertemporal macroeconomic model similar to one developed recently by obstfeld and rogoff imperfectly competitive producer consumers maximize an intertemporal utility function with consumption real money balances and output as arguments we use the framework to examine both the short run and steady state effects of the imposition of a tariff in one of the countries this results in a fall in the tariff imposer s output in both the steady state and in the short run a small tariff may make a country worse off contrary to the usual result under perfect competition spillover effects are also considered

the march of an economic idea protectionism isn t counter cyclic anymore conventional wisdom holds that protectionism is counter cyclic tariffs quotas and the like grow during recessions while that may have been a valid description of the data before the first world war it is now inaccurate since the second world war protectionism has not been counter cyclic tariffs and non tariff barriers simply do not rise systematically during downturns i document this new stylised fact with a panel of data covering over 180 countries and 40 years using over a dozen measures of protectionism and six of business cycles i test and reject a number of potential reasons why protectionism is no longer counter cyclic a diagnosis of exclusion leads me to believe that modern economics may well be responsible for the decline in protectionism s cyclic behaviour economists are more united in their disdain for protectionism than virtually any other concept this in turn leaves one optimistic that the level of protectionism will continue to decline along with its cyclicality andrew k rose

incomplete markets labor supply and capital accumulation we explore the accumulation of capital in the presence of limited insurance against idiosyncratic shocks borrowing constraints and endogenous labor supply in the exogenous labor supply case e g aiyagari 1994 huggett 1997 the presence of limited insurance increases the demand for savings for precautionary reasons as a consequence capital and output are higher under incomplete markets we show that if labor hours are endogenous labor supply is likely to be lower under incomplete markets because those agents who experience a high shock to productivity are ex post richer and they work fewer hours in some cases this wealth effect can overcome the aggregate precautionary savings and give rise to lower savings and output under incomplete

financial integration and growth in a risky world abstract we revisit the debate on the benefits of financial integration in a two country neoclassical growth model with aggregate uncertainty the framework accounts simultaneously for gains from a more efficient capital allocation and gains from risk sharing together with their interaction global numerical methods allow for meaningful welfare comparisons gains from integration are quantitatively small even for riskier and capital scarce emerging economies these countries import capital for efficiency reasons before exporting it for self insurance leading to capital flows and growth reversals along the transition this opens the door to richer empirical implications than previously considered in the literature

how do environmental regulation and environmental decentralization affect green total factor energy efficiency evidence from china abstract green development is critical for china s economic transformation enhancing green total factor energy efficiency hereafter gtfee is vital to emission reduction and to win win industrial development this study uses the panel data of 30 chinese provinces for the period 2005 2016 to investigate the relationship between environmental regulation and china s gtfee the spatial durbin model is employed to control for the possible spatial spillover effect a dynamic threshold panel model that can effectively address the endogeneity problem and regional heterogeneity is utilized to examine the potential non linear relationship between environmental regulation and gtfee under different conditions of environmental decentralization the estimation results indicate that there is a significant u shaped relationship between environmental regulation and china s gtfee with the further expansion of environmental decentralization the local government s autonomous choice of pollution control is improved the improvement of environmental decentralization can lead to negative moderating effect of environmental regulation on gtfee additionally the regression results of dynamic threshold model show that environmental decentralization can increase the negative influences of environmental regulation on gtfee interestingly the non linear impact of environmental regulation on gtfee is dependent on the specific type of environmental decentralization higher degree of environmental decentralization can lead to an increase in the restraining effect of environmental regulation on gtfee however an improvement in the decentralization of environmental supervision and environmental monitoring can increase the negative influences of environmental regulation on gtfee

decomposition of energy efficiency and energy saving potential in china a three hierarchy meta frontier approach abstract considering both regional heterogeneity and industrial heterogeneity this paper proposes a three hierarchy meta frontier data envelopment analysis dea to decompose energy efficiency and energy saving potential into three components i e industrial structure regional balance development and management based on this approach the paper then analyses the historical evolution and current status of energy efficiency in china the results show the following 1 from 2001 to 2015 mainland china s energy efficiency increased by a factor of 2 48 primarily because of technological progress and the optimization of its industrial structure 2 nonetheless the current energy efficiency in mainland china remains very low and energy inefficiency is as high as 0 5922 indicating that 59 22 of total energy consumption is invalidly used severe industrial structure inefficiency and regional balance development inefficiency are the two main factors responsible for the very low energy efficiency 3 by promoting industrial restructuring regional balance development and management improvement mainland china is expected to save respectively 13 67 24 54 and 61 73 of its current total invalid energy consumption based on the estimation results this paper formulates strategies to improve energy efficiency and save energy for china s provinces based on their specific situations considering not only the direction of industrial restructuring in both the short and long terms but also the path to improved energy efficiency in addition a brief discussion about the applicability and the preconditions for an application of the multi hierarchy meta frontier approach is given at the end of the paper

total factor energy efficiency in developing countries this paper uses a total factor framework to investigate energy efficiency in 23 developing countries during the period of 1980 2005 we explore the total factor energy efficiency and change trends by applying data envelopment analysis dea window which is capable of measuring efficiency in cross sectional and time varying data the empirical results indicate that botswana mexico and panama perform the best in terms of energy efficiency whereas kenya sri lanka syria and the philippines perform the worst during the entire research period seven countries show little change in energy efficiency over time eleven countries experienced continuous decreases in energy efficiency among five countries witnessing continuous increase in total factor energy efficiency china experienced the most rapid rise practice in china indicates that effective energy policies play a crucial role in improving energy efficiency tobit regression analysis indicates that a u shaped relationship exists between total factor energy efficiency and income per capita

equilibrium asset prices with undiversifiable labor income risk abstract in a two period lucas tree economy in which ex ante identical but ex post dissimilar agents face undiversifiable labor income risk calibrating a wrong representative agent model results in overstating the equilibrium riskfree rate and in understating the equilibrium equity premium if the utility function exhibits decreasing absolute risk aversion and decreasing absolute prudence these behavioral assumptions provide as a consequence a theoretical rationale for the often advanced conjecture that nontraded risk contributes to the solution of the riskfree rate and equity premium puzzles

consumption liquidity constraints and asset accumulation in the presence of random income fluctuations recent empirical research flavin 1981 hagashi 1982 has rejected the certainty equivalent formulation of permanent income hypothesis hall 1978 these findings are often attributed to households inability to borrow completely against expected future labor income this paper is a theoretical investigation of optimal consumption behavior under risk aversion random income fluctuations and borrowing restrictions our principle objective is to establish the existence and to investigate the properties of the stationary probability distribution which characterizes the asymptotic behavior of consumption under these conditions this abstract was borrowed from another version of this item

industrial energy efficiency and driving forces behind efficiency improvement evidence from the pearl river delta urban agglomeration in china abstract improving energy efficiency of industrial sectors is essential to achieve energy conservation in the pearl river delta urban agglomeration prdua in china this study adopted stochastic frontier analysis sfa to evaluate the industrial total factor energy efficiency tfee of nine cities in prdua during 2004 2016 and then to decompose the growth of tfee into technical change tc technical efficiency change tec and economies of scale sc effects results show that the tfee of industrial sectors of prdua had an overall downward trend during the study period and that technical change was the major driving force behind the growth of tfee the tobit model was then adopted to further investigate the determinants of energy efficiency improvement and test the robustness of empirical results the main contributions of this study to the existing literature lie in showing that 1 the degree of openness local government spending foreign direct investment factor input structure environmental regulation strength and gdp per capita have positive impacts on the industrial tfee 2 enterprise scale and energy consumption structure have a negative impact on industrial energy efficiency finally we address policy implications for energy management regarding their economic and environmental aspects in industrial sectors of the prdua

equilibrium in a production economy with an income tax this paper develops a method to study an infinite horizon production economy distorted by a state dependent income tax this setting permits taxes to depend on the capital stock an endogenous state variable and thus captures situations where the evolution for capital and taxes is jointly determined to solve this model the consumption function is represented as a fixed point of a nonlinear monotone operator that is defined such that its nth iteration computes the consumption function n steps away from the horizon for a corresponding finite horizon economy the oparator s monotonicity is exploited in proving the existence of and constructing an equilibrium copyright 1991 by the econometric society

a theory of commodity price fluctuations this paper studies the price fluctuations of storable commodities that are traded in open markets and are subject to random shocks to demand or more particularly to supply it relaxes the common assumption that the shocks are identically and independently distributed in favor of temporally dependent and periodic disturbances the existence of a unique stationary rational expectations equilibrium is demonstrated for each of the models analyzed and testable implications of the models are derived an illustrative empirical investigation is then undertaken for the model with periodic disturbances using monthly time series observations for seven commodities over the period 1960 93

china s energy consumption change from 1987 to 2007 a multi regional structural decomposition analysis abstract increasing use of energy has helped to stimulate china s economy despite central planning china has great differences in economic development energy endowment and energy consumption across its regions this paper uses the structural decomposition approach to uncover the regional disparities in energy consumption from 1987 to 2007 we also examine six possible key factors for the change in energy consumption by region we find that final demand change outpaced efficiency improvements to drive up energy use in all regions between 1987 and 2007 more surprisingly from 2002 to 2007 it appears that changes in production structure enhanced energy consumption in most regions china produced more energy intensive goods for capital investment and export we contend that improving the energy efficiency of key energy intensive sectors would lead a significant decline in energy intensity energy directly or indirectly is flowing from northwest central and north china to coastal regions regional specific policies should be designed to promote production structure change and curb energy demand

why has trade grown faster than income trade of the oecd countries has grown faster than income during the postwar period this paper tests a number of different hypotheses for the observed growth in the trade income ratio for small open economies increases in real output and international reserves as well as declines in tariff rates are associated with growth in the ratio there are important differences in the behavior of the trade ratio across time and country size

consumption and investment under constraints abstract we study the problem of an investor who is endowed with a deterministic level of initial capital and must use this endowment to consume and invest in a financial market the investor is constrained to consume at a minimum rate throughout the period and has to maintain his wealth over a lower bound at all times both these minimal requirements may be stochastic an example of such an investor would be an investment firm with cash flow commitments and subject to regulatory capital constraints in addition the investor s portfolio choices are limited to a convex constraint set this accounts for prohibitions on short selling and incompleteness of the market using the space of associated risk neutral measures we construct portfolio policies to support target consumption investment plans we also consider a utility maximization problem for the investor and provide a related dual minimization problem over the space of measures the solution of this dual problem provides a price system under which the investor can solve for his optimal consumption investment policy in general however we are not assured of existence due to the fact that the investor s minimal requirements may themselves be beyond the span of the constrained portfolios

the effects of financial development in the short and long run theory and evidence from india abstract although many view financial access as a means of reducing poverty or increasing growth empirical studies have produced contradictory results one problem is that most studies cover only a short time frame and do not consider dynamic effects i show that introducing credit in a general model of intertemporal consumption creates a boom in consumption and reduces poverty initially but eventually reduces mean consumption because credit substitutes for precautionary wealth using new consistent consumption data that cover a much longer time period than most studies my empirical findings show that increased access to bank branches in rural india increased consumption initially and reduced poverty but consumption later fell and poverty rose the long term effect is still positive however suggesting that credit may have a beneficial role beyond consumption smoothing

the wealth distribution in bewley economies with capital income risk abstract we study the wealth distribution in bewley economies with idiosyncratic capital income risk we show analytically that under rather general conditions on the stochastic structure of the economy a unique ergodic distribution of wealth displays a fat tail

duality and liquidity constraints under uncertainty a dual approach to the problem of maximizing lifetime utility subject to liquidity constraints in discrete time leads to a dual dynamic programming formulation which links commodity and asset demand theory under uncertainty with frisch demand theory we establish the existence of a threshold level of wealth that characterizes constrained behavior we explore the power of the dual approach for empirical work

impact of factor price distortions on energy efficiency evidence from provincial level panel data in china abstract the marketization of energy price is not only an important part of factor pricing reforms but also decisive for energy efficiency improvement thus this study aims to measure factor price distortions and estimate their impact on energy efficiency based on an empirical analysis of 30 provinces of china during 2004 2013 using the stochastic frontier analysis framework results yielded three important findings 1 technical efficiency was the highest in eastern china which still remains low at around 0 7980 followed by central china and western china and there were growing gaps among the above areas 2 capital price was relatively high while energy price was relatively low compared with labor price and the relative allocative efficiency of energy got worse over time 3 energy efficiency loss among the three regions showed convergence trends policy implications are summarized as follows 1 measures such as adjusting energy consumption structure and improving production technology and management levels can reverse the trend of declining technical efficiency 2 the process of energy price marketization needs to be accelerated 3 it is necessary to expand the depth and breadth of regional technology diffusion and break the barriers of technology transfer among regions in china

the surprisingly low importance of income uncertainty for precaution abstract while it is common to use income uncertainty to explain household saving decisions there is much disagreement about the importance of precautionary saving this paper suggests that income uncertainty is not an important motive for saving although households do have other precautionary reasons to save using a question from the survey of consumer finances that asks how much households want for precautionary purposes this paper shows that expressed household preferences and liquid savings are much lower than predicted by standard modeling assumptions households rarely list unemployment as a reason to save perceived income uncertainty does not affect liquid savings or precautionary preferences neither does being in an occupation with higher income volatility instead households seem very concerned with expenditure shocks

drivers of export demand a focus on the giips countries this study investigates the drivers of export demand in the peripheral economies of the euro area namely greece ireland italy portugal and spain giips for the period between 1980 and 2012 recently several authors have pointed out that changes in trade export shares are not associated with major terms of trade disturbances rather they are the result of other underlying factors commonly defined as non price competitiveness starting from this premise the study extends the traditional imperfect substitute trade model to include a measure of non price competitiveness real capital stock the latter is a measure of a country s total resource base and captures the presence of product differentiation and product innovation the results show a significant link between export demand and cumulative investments in the short term giips exports are dominated by the movements of worldwide real income while changes in price and non competitiveness take longer to affect export performance in the long run all three variables play a significant role in pushing exports

regional energy environmental performance and investment strategy for china s non ferrous metals industry a non radial dea based analysis globally china is the largest producer and consumer of common non ferrous metals china s non ferrous metals industry is energy intensive accounting for 24 of the total industrial energy consumption in 2011 in this study we adopted a non radial dea model to examine the energy environmental performance of the non ferrous metals industry from a regional perspective during the 2006 2011 period the energy environmental performance was evaluated by the eco efficiency under natural disposability en eco efficiency under managerial disposability em eco efficiency under natural and managerial disposability enm and enm with desirable congestion enm dc based on the en both the energy conservation and emission reduction potentials were calculated additionally the investment strategy was confirmed by regional types of damages to return dtr in the second stage study the factors influencing eco efficiency were measured using tobit regression and truncated regression models the results indicated that the efficiency scores of en em enm and enm dc were considerably different investment was effective in improving the energy environmental performance for twenty one regions during the whole study period henan had the highest energy conservation and emission reduction potentials the results obtained from the regression models were similar which displayed that the population density and energy price were responsible for the increase in eco efficiency while economic development level and industrial structure affected eco efficiency negatively based on these results policy recommendations for the non ferrous metals industry to improve their performance in a low carbon economy are suggested

when do borrowing constraints bind some new results on the income fluctuation problem abstract the empirical failure of the permanent income hypothesis has prompted researchers to investigate models in which consumers are liquidity constrained as shown in deaton econometrica 59 5 1991 1221 liquidity constrained consumers might choose to exhaust their borrowing capacity from time to time yet due to technical limitations the conditions under which this behavior arises have not been investigated the present paper extends the class of solvable models in a way that allows this issue to be dealt with it turns out that under the loosest sustainable borrowing constraint the agent might systematically avoid exhausting his borrowing capacity

comparisons of decoupling trends of global economic growth and energy consumption between developed and developing countries abstract the development of economy in developing countries is expected to contribute mostly to the growth of world energy consumption using environment impact gdp technology igt decoupling model we carry out a comparative study on the decoupling trends of economic growth and energy consumption for both developed and developing countries in past five decades 1965 2015 the results indicate that the decoupling indices of developed countries are superior to that of developing countries the specific performances are 1 the decoupling indices of developed countries are shown to be stable and tend to approximate absolute decoupling 2 the decoupling indices of developing countries fluctuate in the relative decoupling interval on this basis this research employs grey relational analysis gra to explore the reasons resulting in the difference of decoupling indices from the perspective of technical progress industrial structure and economic growth pattern the findings show that in developed countries technical progress factor exerts greatest influence on decoupling indices followed by industrial structure and economic growth pattern in developing countries industrial structure and economic growth pattern have greater impact on decoupling indices than technical progress based on research conclusion this research offers developing countries relevant policy suggestions for energy saving and emission reduction in the future

tariff liberalisation and the growth of world trade a comparative historical analysis of the multilateral trading system the aim of this study is to assess the relationship between tariff barriers and world trade growth from a comparative and historical perspective and at the same time derive some useful indications for the evaluation of the effectiveness of the current multilateral trading system in promoting world trade the distinguishing feature of this work is the complex reconstruction of the historical series for the period 1870 2000 on the tariffs and trade of 23 countries thus constituting a good proxy of world trade for the period considered accounting for over 60 per cent the study of the relationship between tariff liberalization and trade growth was made through an empirical analysis using panel data and time series the empirical results whilst confirming the existence of a long term relationship at world level between tariff reductions and trade growth demonstrate how this substantial and significant relationship in the period prior to world war ii gradually lost importance and significance from 1950 onwards this result does not controvert the role that the gatt wto system has played in trade liberalization but would confirm the arguments of those sustaining the importance of the presence of a formalized multilateral trading system not so much in tariff liberalization but in building a virtuous process of international coordination of trade policies and to ensure a fairer and fuller participation in world trade

analysis of energy efficiency and energy savings potential in china s provincial industrial sectors abstract because industrial sectors in china are energy intensive improving energy efficiency and promoting energy savings in these sectors are of great importance for the further sustainable development of china s economy using a proposed meta frontier data envelopment analysis dea this paper analyzes the total factor energy efficiency and energy savings potential in china s provincial industrial sectors for the years 2000 2014 from three perspectives namely the technology gap management and scale the results indicate that 1 driven by technological progress energy efficiency during the sample period was greatly improved though the expansion of technology gaps between regions and the decline in scale efficiency represented two significant handicaps 2 the current energy efficiency in china s industrial sectors remains extremely low indicating that there is considerable potential for energy efficiency improvement and energy savings and 3 the sources of energy inefficiency and energy savings potential in china s industrial sectors exhibit spatially distinct characteristics accordingly it is determined that most of china s eastern provinces should focus on improving scale and management efficiency whereas most of its central and western provinces should concentrate on three factors narrowing the regional technology gap improving management efficiency and optimizing the industrial scale

exchange rate pass through and the effects of tariffs on economic performance and welfare abstract we develop a stochastic two country general equilibrium model where prices are determined under conditions of monopolistic competition to examine the macroeconomic and welfare effects of tariffs on the world economy under alternative nominal rigidities producer currency pricing pcp and local currency pricing lcp where the exchange rate pass through is absent we find that the significance of export pricing for the effects of tariffs depends critically upon whether tariffs are anticipated or unanticipated in the former case both pcp and lcp yield the same outcome as do perfectly flexible prices although the mechanism whereby this is achieved is different in the latter case the effects of unanticipated permanent tariffs are highly sensitive to the pricing scheme adopted by exporters leading to a wide range of conflicting outcomes involving tradeoffs among key parameters

recursive equilibria in an aiyagari style economy with permanent income shocks in this paper we prove the existence of a recursive competitive equilibrium rce for an aiyagari style economy with permanent income shocks and perpetual youth structure we show that there exist equilibria where borrowing constraints are never binding this allows us to establish a non trivial lower bound on the equilibrium interest rate to solve the individual s problem we present a new approach that uses lattices of consumption functions to deal with the non compact state space and the unbounded utility function the approach uses only the first order conditions of the problem euler equations the proof is constructive and it serves as a theoretical foundation for the convergence of a policy function iteration procedure

co2 emissions and logistics performance a composite index proposal abstract the importance of good logistics performance for low no fossil carbon economies is widely recognized especially because the transport sector is responsible for a substantial portion of the world s greenhouse gas emissions this research evaluates efficiency in the relationship between transport logistics performance as measured by the logistics performance index lpi and co2 emissions from the transport sector the slacks based measure sbm of the data envelopment analysis dea was used to construct a low carbon logistics performance index lclpi ranking a group of 104 countries that were selected using the available data the empirical model adopted one input co2 emissions for the transport sector and seven outputs gross domestic product gdp and the six components of the lpi gdp has been included as a non discretionary output because co2 emissions are directly dependent on a country s economic production while the lpi is a qualifier to evaluate how the composite index evolved over time we used an approach that combines the techniques of window analysis and the malmquist index considering the dea results the countries that performed best in terms of the lclpi were japan germany togo benin and the united states and the more evolved countries were luxemburg ireland lebanon and honduras for the purposes of lclpi validation and analysis the performances of the brics brazil russia india china and south africa countries were analyzed especially china which is the world s second largest co2 emitter the proposed composite index and the ranking of countries in terms of logistics performance and co2 emissions can help identify the best performing countries in low carbon logistics