finance inflation and employment a post keynesian kaleckian analysis the purpose of this paper is to contribute to the post keynesian kaleckian macroeconomic literature we develop a macroeconomic model that explicitly integrates the role of borrowing and cash payment commitments on outstanding debt interest plus principal repayment into the consumption and investment expenditures as well as into the inflation generating process we explore the way that finance influences the distribution effects of inflation in the demand side of a money credit using economy we suggest a new phillips curve that encapsulates the impact of financial commitments on wage and profit claims we argue that high debt and cash payment commitments are likely to be associated with a positive demand side effect of inflation on the rate of employment and that they might be conducive to a negative supply side effect of employment on the inflation rate the author 2011 published by oxford university press on behalf of the cambridge political economy society all rights reserved

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

eco labeling in commercial office markets do leed and energy star offices obtain multiple premiums this paper investigates the effect of eco labeling on rental rates sale prices and occupancy rates the consensus emerging from previous studies appears to be that investors in and occupiers of eco labeled buildings obtain a bundle of benefits related to lower operating costs reputation benefits and productivity higher in this study a hedonic model is used to test whether the presence of an eco label has a significantly positive effect on rental rates sale prices and occupancy rates of commercial office buildings in the us the results suggest that office buildings with energy star or leed eco labels obtain rental premia of approximately 3 5 dual certification produces an additive effect with rental premia estimated at 9 respective sale price premia for energy star and leed labeled office buildings are 18 and 25 the sale price premium for dual certification is estimated at 28 29 an occupancy premium could not be confirmed for leed labeled office buildings and only a small positive occupancy premium was found for energy star

theoretical approaches to monetary disinflation abstract during the 1980s many countries adopted tight monetary policies to reduce high inflation rates which were the legacy of the 1970s as inflation threatens to rise at the beginning of this decade this paper provides a survey of the 1980s literature which sought to provide theoretical understandings of how monetary disinflation is achieved four models are presented monetarist neo keynesian new classical and post keynesian each model s explanation of the recession which accompanies the monetary disinflation is outlined as well as possible policy measures to reduce the extent of the recession and to hasten the return to full employment

technological development in a dual economy alternative policy levers for economic development abstract although technological development is widely recognized as a function of human ingenuity and innovation and seen by many development scientists as an important means for achieving economic development its actual use as a policy lever remains largely underutilized since the process of its implementation is unclear this paper attempts to identify operational instruments for supporting technological development so it can be incorporated easily into the development plans a system dynamics model of a dual economic system incorporating both the behavioral responses of the economic actors to competition and their ability to innovate is developed this model is used as an experimental apparatus to search for appropriate technological development policies to support economic growth and change income distribution policies to promote competition among the monopolistic formal firms while simultaneously providing positive assistance to the competitive informal firms appear to offer promising alternatives to the traditional fiscal policy levers mainly affecting prices and factor costs

ricardian debt taxation equivalence in the kaldor theory of profits and income distribution a well known characteristic of nicholas kaldor s theory of income distribution and of the related cambridge theory of the rate of profits is that any tax imposed on profits is shifted on to wages in analogy but with a reversal of the causation chain with david ricardo s theory of income distribution in which any tax imposed on wages is shifted on to profits the present paper explores the conditions under which the same property holds when government expenditure is financed by a budget deficit and the conclusion is reached that such conditions coincide with those that assure ricardian equivalence between public indebtment and taxation copyright 1989 by oxford university press

the relationship between gdp and electricity consumption in 10 asian countries the purpose of this study is to estimate the relationships between gdp and electricity consumption in 10 newly industrializing and developing asian countries using both single data sets and panel data procedures the empirical results from single data set indicate that the causality directions in the 10 asian countries are mixed while there is a uni directional short run causality running from economic growth to electricity consumption and a bi directional long run causality between electricity consumption and economic growth if the panel data procedure is implemented these empirical findings imply that electricity conservation policies through both rationalizing the electricity supply efficiency improvement to avoid the wastage of electricity and managing demand side to reduce the electricity consumption without affecting the end user benefits could be initiated without adverse effect on economic growth the findings on the long run relationship indicate that a sufficiently large supply of electricity can ensure that a higher level of economic growth

economic growth and energy consumption the energy environmental kuznets curve for latin america and the caribbean abstract this paper investigates the relationship between economic growth and energy consumption using the hypothesis postulated for the energy environmental kuznets curve which assumes an inverted u shape relationship between income and energy consumption panel data for 22 latin american and caribbean countries for the period 1990 2011 were used absolute energy consumption was chosen as an environmental pressure indicator because energy consumption is the major contributor of emissions pollutants the results obtained in the estimations show that the hypothesis postulated for the energy environmental kuznets curve is not supported for the region on the contrary the results show an exponential growth as gross value added grows also notable differences are shown between the analyzed economies

on the dynamics of profit led and wage led growth this paper examines how variable output and profit share jointly determine investment and saving while the difference between investment and saving drives the changes in output and profit share analysis of the resulting pair of differential equations yields novel implications for the multiplier process in this more general framework a number of separate strands of the keynesian inspired literature can be understood in particular the model incorporates both forced saving and profit squeeze to analyse the stability of the dynamical system and brings out the complex relation between in and out of equilibrium profit led and wage led regimes

the impact of energy consumption and economic development on ecological footprint and co2 emissions evidence from a markov switching equilibrium correction model abstract reducing the impact of air pollution and global environmental degradation on human health and quality of life for qatari citizens represents the most important objective of the qatar national vision 2030 with respect to this vision this study investigates the effects of economic growth energy consumption trade openness urbanization and financial development on environmental degradation by using the markov switching equilibrium correction model with shifts in both the intercept and income per capita slope for the period 1970 2015 unlike existing studies and in addition to the co 2 emissions pollutant this paper uses the total ecological footprint and ecological carbon footprint as new proxies of environmental degradation empirical results show strong evidence for cointegration with markov shifts in particular our results show that the non control for breaks can hide the true relationship among variables the results show also that when controlling for breaks the environment kuznets curve ekc hypothesis holds for the co 2 emissions and ecological carbon footprint pollutants and the u shaped behavior holds for the total ecological footprint moreover the results show that these two behaviors ekc and u shaped are regime dependent regarding the other explanatory variables the results show that trade openness and urbanization worsen ecological footprint however the electricity consumption and financial development are positively related to the ecological footprint and negatively related to ecological carbon footprint and co 2 emissions finally we found evidence for the growth hypothesis for both pollutants based on these results a detailed economic energy and environmental policy is proposed and discussed for the case of qatar

an ecological macroeconomics model the energy transition in the eu abstract the energy roadmap 2050 er2050 is committed to achieve the european union s emissions mitigation goals by reducing energy use and a transition to renewables the macroeconomic impacts of the ref16 and euco scenarios of this strategy have been reported to entail an absolute decoupling between gdp growth and energy use the aim of this paper is assessing the er2050 targets with a novel modelling methodology based on post keynesian economics i e demand led economic growth and ecological economics i e taking into account absolute biophysical energy availability constrains to economic growth thus this article presents the economy module of the integrated assessment model medeas europe combining system dynamics and input output analysis and evaluates the er2050 targets under different scenarios regarding primary income distribution foreign trade labour productivity industrial policy and working time reduction our results show that gdp growth and employment creation may be halted due to energy scarcity if the er2050 targets are met even considering great energy efficiency gains in addition the renewables share would increase enough to reduce the energy imports dependency but not sufficiently to meet the emissions targets only a post growth scenario would be able to meet the climate goals and maintain the level of employment

confidence intervals for evaluating benefits estimates from dichotomous choice contingent valuation studies i evaluate the potential usefulness of nonmarket valuation concepts and techniques from environmental economics for improving wildlife conservation the concepts include distinguishing between on site recreation use value and off site passive use or

the consequences of fiscal stimulus on public debt a historical perspective the current policy agenda of neoclassical macroeconomics as expressed within conservative political circles in the uk and european union is that fiscal contraction is the lever that can bring about recovery from the current economic downturn allegedly the reason is that when business sees that the government balance sheet is improving and public debt declining there will be greater confidence in the country s economic prospects and this increased confidence will lead to higher investment this in turn will lead to growth and the road to economic recovery this study examines the impact of government stance on public debt for 11 oecd countries for which data on the relevant factors are available from 1881 to 2011 contrary to traditional predictions it turns out that over this long historical span fiscal contractions deteriorated rather than improved public debt as a percentage of gdp this implies that fiscal austerity exacerbates the lack of demand and deteriorates rather than enhances the prospects of economic recovery

analysis of south korea s economic growth carbon dioxide emission and energy consumption using the markov switching model abstract recently many countries have been making an effort to reduce their carbon dioxide co2 emission and as part of such effort the united nations framework convention on climate change unfccc adopted the kyoto protocol in 1997 south korea is very likely to be included in the second batch of countries that must reduce their greenhouse gas emission after the end of the implementation of the kyoto protocol in 2012 reducing the country s co2 emission however can have an impact on the economy therefore in this study the correlations between south korea s economic growth co2 emission and energy consumption were analyzed the analysis period was from q1 1991 to q4 2011 and the analysis methods that were used were regression analysis for the relational analysis among the various overall indices and the markov switching model for a more detailed analysis the results of the analyses showed that south korea s economic growth and co2 emission were coincidental the correlation analysis of the country s economic growth and energy consumption showed a significant correlation between economic growth and fossil fuels which emit co2 such as coal in the industrial sector petroleum products in the industrial and transportation sectors and liquefied natural gas lng in the residential commercial and industrial sectors it is expected that the results of this study will pave the way for the conduct of various researches on controlling the country s co2 emission management and for suggestions for such to be given such as policies for reducing the energy consumption in each sector using the methodology proposed in this study

an alternative explanation of india s growth transition a demand side hypothesis this paper formalises the balance of payments constrained bpc growth model in a two regime framework to re examine india s growth transition in 1980 from a demand side perspective as an alternative to the supply oriented approaches of previous studies the results provide strong evidence of a demand led growth transition although the government led expenditure strategy of the 1980s fulfilled the role of moving the indian economy out of its slow growing demand regime 1952 79 into a faster growing one it could not sustain demand growth at the natural rate due to a balance of payments constraint consistent with the prediction of the bpc growth model faster export growth in the post 1990 liberalisation period sustained demand growth at its maximum rate by allowing expenditure including government spending to grow at a fast rate the analysis further suggests that india s export surge in the post 1990 liberalisation period has a significant demand side explanation rather than an exclusively supply side interpretation

growth and income distribution with the dynamics of power in labour and goods markets the interaction between economic growth and income distribution is examined using kaleckian post keynesian models in which there are lags in investment and in which the dynamics of income distribution between wages and profits depends on changes in power relations in both the labour market and goods market by examining these two influences on distributional dynamics simultaneously the relative strength of which can change over the growth process it is shown that the growth distributional dynamics can involve non linearities multiple equilibria and instability the implications of policy induced changes including those in macroeconomic policy and labour market and antitrust policies on aggregate demand and distribution are examined for both wage led and profit led growth regimes copyright oxford university press

economic growth energy conservation and emissions reduction a comparative analysis based on panel data for 8 asian pacific countries this study was conducted to evaluate the causality between energy consumption gdp growth and carbon emissions for eight asia pacific countries from 1971 to 2005 using the panel data the results indicate that there are long run equilibrium relationships between these variables additionally causality from energy consumption to co2 emissions was observed generally but there were some opposite relationships also parameter estimations of the panel data model indicate that there are great differences in the carbon emissions the efficiencies of energy use carbon emissions of unit gdp and unit energy consumption between developed and developing countries the base carbon emissions per capita energy consumption and efficiency of energy use in developing countries are far lower than in developed countries however the co2 emissions per unit of energy use is higher although developing countries may reduce their co2 emission per unit energy use total energy consumption will rise rapidly with economic development thus developing countries must determine how to undergo economic growth while conserving energy and reducing emissions to respond to global climate change it is necessary to develop innovative technology for energy use transform the energy structure and conduct the clean development mechanism

causal relationship between energy consumption and gdp revisited the case of korea 1970 1999 abstract causal relationship between energy consumption and economic growth is investigated applying a multivariate model of capital labor energy and gdp usual btu energy aggregate is substituted with a divisia aggregate in an attempt to mitigate aggregation bias to test for granger causality in the presence of cointegration among the variables we employ a vector error correction model rather than a vector autoregressive model empirical results for korea over the period 1970 1999 suggest a long run bidirectional causal relationship between energy and gdp and short run unidirectional causality running from energy to gdp the source of causation in the long run is found to be the error correction terms in both directions

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

development of a new energy efficiency rating system for existing residential buildings building energy efficiency rating systems have been established worldwide to systematically manage the energy consumption of existing buildings this study aimed to develop a new energy efficiency rating system for existing residential buildings from two perspectives i establishment of reasonable and fair criteria for the building energy efficiency rating system and ii establishment of comparative incentive and penalty programs to encourage the voluntary participation of all residents in the energy saving campaign based on the analysis of the conventional energy efficiency rating system for existing residential buildings this study was conducted in five steps i data collection and analysis ii correlation analysis between the household size and the co2 emission density i e co2 emission per unit area iii cluster formation based on results of the correlation analysis using a decision tree iv establishment of a new energy efficiency rating system for existing buildings and v establishment of incentive and penalty programs using advanced case based reasoning the proposed system can allow a policymaker to establish a reasonable and fair energy efficiency rating system for existing residential buildings and can encourage the voluntary participation of all residents in the energy saving campaign

language related differences in a contingent valuation study english versus spanish to test the similarity of english and spanish speaking households responses to a contingent valuation survey phone interviews were conducted in both languages regarding two forest fire prevention programs while there were similar response rates there were significant differences in the most frequent reasons given for refusing to pay in the pooled logit model the language intercept and bid interaction variables were insignificant in both programs the likelihood ratio test of separate logit equations showed no statistical difference between english and spanish speaking households responses to either program mean benefits reported by spanish speaking households were about one third lower than english speaking households although the difference is not statistically significant according to the 1990 census more than 32 million adults in the united states speak a language other than english in their home and these multiracial populations are growing faster than the english speaking population in many states according the bureau of census from 1990 to 1999 the hispanic population grew by 39 in the united states in states such as arizona california florida and texas hispanics are a large and rapidly growing segment of the population many in the hispanic population either do not speak english or are more fluent in spanish than in english executive order 12898 by president clinton requires federal agencies to evaluate environmental justice of federal actions on minority populations under this executive order policy makers are charged with the daunting

electricity consumption and economic growth evidence from korea abstract this paper investigates the short and long run causality issues between electricity consumption and economic growth in korea by using the co integration and error correction models it employs annual data covering the period 1970 2002 the overall results show that there exists bi directional causality between electricity consumption and economic growth this means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption

profit sharing and its effect on income distribution and output a kaleckian approach this study investigates how profit sharing influences the economy by using a kaleckian model unlike existing research i endogenise the profit share the analysis shows that profit sharing decreases or increases the equilibrium capacity utilisation rate depending on whether the productivity enhancing effect of profit sharing is weak or strong moreover the presented numerical simulations show that the profit sharing effects on income distributions differ according to the relative strength of the productivity enhancing effect of profit sharing

a model for determining the optimal lease payment in the solar lease business for residences and third party companies with focus on the region and on multi family housing complexes abstract the solar lease business is a recent market trend that has been introduced in many countries an example is the u s solar lease payment lp business which is a payment facility for leasing the solar pv system where the customers pay a certain amount to a third party company in the solar lease business the profit obtained by residences and third party companies depends on the solar lp several impact factors should be simultaneously considered when estimating the solar lp that guarantees the profitability of the business for both sides this study aimed to develop a model for determining the optimal solar lp in the solar lease business for residences and third party companies a genetic algorithm was utilized to solve the trade off problem among the many factors involved the optimal solar lp was provided according to two categories i the electricity generation rate by region and ii the electricity consumption rates of multi family housing complexes in terms of the region the optimal solar lp depended on the electricity generation rate and the difference between the highest and lowest monthly solar lps per unit was us 0 30 in terms of the electricity consumption rate the optimal solar lp depended on the electricity consumption rate and the number of units and the difference between the highest and lowest monthly solar lps per unit was us 3 14 the developed model makes it possible for the government to suggest the optimal solar lp for promoting the solar lease business and to develop a solar pv system

rational expectations econometric analysis of changes in regime an investigation of the term structure of interest rates abstract this paper is of interest both for its methodological contribution of new tools for analyzing rational expectations models and for its substantive conclusions concerning the term structure of interest rates during the monetary experiment of october 1979 the paper studies systems subject to changes in regime interpreted here as occasional discrete shifts in the parameters governing the time series behavior of exogenous economic variables the specification is shown to be quite tractable both theoretically and empirically the technique is used to analyze yields on three month treasury bills and ten year treasury bonds during 1962 to 1987 a constant parameter linear model for short term rates is shown to be inconsistent both with the univariate time series properties of short rates and with the observed bivariate relation between long and short rates under the expectations hypothesis of the term structure an alternative nonlinear model that admits the possibility of changes in regime affords a much better description of the univariate process for short rates moreover the cross equation restrictions implied by the expectations hypothesis of the term structure are consistent with the nonlinear specification indeed the residuals of the restricted relation have a standard error of only 0 8 basis points this is a third less than that of a completely unrestricted linear regression of long rates on short rates and compares with an unconditional standard deviation of long rates of 142 basis points i conclude that once the recognition by bond traders of changes in regime is taken into account the expectations hypothesis of the term structure of interest rates holds up fairly well for these data

the relationship between co2 emissions and economic growth the case of korea with nonlinear evidence abstract using star models we investigate the nonlinear dynamic properties and the interdependence of co2 emissions and economic growth for korea the estimation results indicate that the growth rate of both co2 emissions and industrial production exhibit a significant nonlinear asymmetric dynamics while the linear granger causality test finds no causality in any direction the results of the nonlinear granger causality tests show a two way causality between co2 emissions and economic growth the strong mutual causation between co2 emissions and economic activities indicates that the economic impact from co2 mitigation is expected to be higher in korea this suggests that the appropriate energy and environmental policy be to mitigate co2 emissions while having less impact on the economy

growth distribution and sectoral heterogeneity reading the kaleckians in latin america abstract the aim of this paper is to explore a parallelism between two episodes in the history of economic thought in order to suggest that the interaction between them can contribute to the research on kaleckian growth and distribution models first a brief summary of the theoretical development from steindl s stagnationist claims to the debate about demand regimes is offered then a more detailed account is provided of the latin american debate that began with furtado s stagnationist claims and resulted in the formulation of models of social articulation and disarticulation finally an analytical classification of kaleckian and latin american growth and distribution models is provided indicating the way in which sectoral heterogeneity and demand composition can act as a plausible link between growth and distribution

growth distribution stability and government budget surplus the extended cambridge equation revisited in the late 80 s pasinetti showed that the essential feature of the cambridge equation is preserved in his model of growth and income distribution with balanced or unbalanced budget he did not work out both the share of incomes and the conditions of stability and was not formally concerned with a permanent budget surplus the present paper deals with the case of a closed economy in which besides direct taxation indirect taxation on government s own expenditures is explicitly considered and the government saves permanently at a given rate the extended cambridge equation and the share of profits are obtained it is also shown that the stability result requires additional assumptions boundary conditions are introduced and the long run local stability result is attained thus corroborating the generality and robustness of pasinetti s original insight

carbon dioxide co2 emissions during urbanization a comparative study between china and japan as the world s largest emitter of co2 china is facing increasing domestic and international pressures on emissions mitigation considering japan s leading position in energy conservation this paper conducts a comparative study between china and japan at the urbanization stages to analyze the similarities as well as differences of influencing factors of co2 emissions results indicate that although co2 emissions in japan and china showed the similar characteristics of rigid growth during the urbanization processes significant differences exist in factors such as co2 emissions per capita energy structure and energy intensity between the two countries which are the determinants for co2 emissions growth a cointegration model is constructed to examine the long run equilibrium relationship between co2 emissions and factors including gdp urbanization level energy intensity and cement manufacture empirical results show that there is a quadratic relationship between income growth and co2 emissions granger causality test is then adopted to explore the causal relationships among the variables the future co2 emissions and emission reduction potentials in china are estimated based on scenario analysis finally japan s valuable experience of reducing energy intensity and optimizing energy structure is concluded to provide important policy implications for china s strategic low carbon planning and low carbon transition

comparative economic analysis of supporting policies for residential solar pv in the united states solar renewable energy credit srec potential numerous studies and market reports suggest that the solar photovoltaic markets rely heavily if not entirely upon governmental support policies at present unlike in other countries where these policies are enacted at a national level the 50 states in the us pursue different policies in an attempt to foster the growth of renewable energy and specifically solar photovoltaics this paper provides an economic and financial analysis of the us federal and state level policies in states with solar targeted policies that have solar renewable energy credits srec markets after putting a value on srecs this study further compares solar carve outs with other incentives including the federal tax credit net metering and state personal tax credits our findings show that srec markets can certainly be strong with new jersey delaware and massachusetts having the most potential despite their strong potential as effective renewable policies the lack of a guaranteed minimum and the uncertainty attached are major drawbacks of srec markets however the leveraging of this high value offers hope that the policies will indeed stimulate residential solar photovoltaic markets

theoretical incentive properties of contingent valuation questions do they matter in the field abstract green et al 1998 green d jacowitz k e kahneman d mcfadden d 1998 referendum contigent valuation anchoring and willingness to pay for public goods resource and energy economics 20 2 85 116 show theoretically that stated preference questions about public services can be framed in such ways that if the subjects accept the frame the payoff maximizing behavior will be to answer truthfully one key element of such a theoretically incentive compatible framing is that the hypothetical decision rule specified in the survey instrument is understood to be a majority rule rather than the efficiency rule typically used in cost benefit analysis we conducted field experiments in germany and switzerland to test if a referendum framing as suggested by green et al is effective in reducing strategic misrepresentation in a contingent valuation setting we did not find the expected effects of the framing treatments on stated willingness to pay or on individuals stated beliefs about the social choice context the results do not support hopes that a theoretically incentive compatible framing could be purposefully used to invoke the specific beliefs about the linkage between responses and policy implementation that would make stated preference questions incentive compatible

unemployment and the real wage the economic basis for contesting political ideologies using the keynesian theory of effective demand this paper demonstrates how particular models such as that of cooperative capitalism enunciated by the left keynesian social democrats the marxian model of profit squeeze emphasizing distributive conflict and even the conservative model relying on supply side stimulus fit in as particular variants of a more general theoretical scheme through a reconstruction of the familiar is schedule the argument is weaved around the theme of the relations between unemployment and real wage in the context of both a closed and an open economy to explain the common macroeconomic basis of contesting ideologies copyright 1990 by oxford university press

goodwin cycles and the bopc growth paradigm a macrodynamic model of growth and fluctuations abstract the paper builds a non linear macrodynamic model to study the relation between the functional distribution of income technological progress and economic growth in the short term the interaction between the productivity regime the demand regime and the distributive conflict generates cyclical paths a la goodwin in the long term output growth rate is constrained by the balance of payments a la thirlwall in which the elasticities of foreign trade are modeled as a function of the complex relation between the wage share and the innovation capabilities of theeconomy

econometric analysis of trade exports imports energy consumption and co2 emission in six regions abstract the aim of this study is to explore the bi directional long run relationship between trade energy consumption trade co 2 emission exports energy consumption exports co 2 emission imports energy consumption and imports co 2 emission 189 countries from six different regions namely asia pacific eastern europe the americas middle east and north africa mena sub saharan africa ssa and western europe were selected the panel fully modified ols fmols was utilized taking the period of 1990 2011 the panel results show that all the regions excluding eastern europe show a long run positive relationship between the trade variables energy consumption and between the trade variable co 2 emission however at the country level the results reveal that the feedback long run positive relationship between the trade variables energy consumption and co 2 emission takes place in most cases when the share of trade of goods and services to gdp is significant and the level of the countries development is high however the negative or the non significant long run relationship between the variables takes place generally in countries when the trade variables do not play a large share in their gdp and when these countries are in early development stages

some instability puzzles in kaleckian models of growth and distribution a critical survey we tackle the issue of the possible instability of the kaleckian distribution and growth model distinguishing between keynesian and harrodian instability we review various mechanisms that have been proposed by critics of the kaleckian model to tame harrodian instability while bringing back the rate of utilisation to its normal rate we find that the mechanisms that have been suggested are far from convincing therefore we conclude that it may be premature for the critics of the kaleckian model to dismiss the endogeneity of the rate of capacity utilisation in long run growth equilibrium copyright the author 2010 published by oxford university press on behalf of the cambridge political economy society all rights reserved oxford university press

public debt and the pasinetti paradox the main purpose of this paper is to show that the cambridge theorem holds independently of ricardian equivalence if the net rate of profits is properly defined