energy consumption and economic growth nexus in tanzania an ardl bounds testing approach abstract in this paper we examine the intertemporal causal relationship between energy consumption and economic growth in tanzania during the period of 1971 2006 unlike the majority of the previous studies we employ the newly developed autoregressive distributed lag ardl bounds testing approach by pesaran et al 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 to examine this linkage we also use two proxies of energy consumption namely total energy consumption per capita and electricity consumption per capita the results of the bounds test show that there is a stable long run relationship between each of the proxies of energy consumption and economic growth the results of the causality test on the other hand show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima facie causal flow from electricity consumption to economic growth overall the study finds that energy consumption spurs economic growth in tanzania

the impacts of tourism energy consumption and political instability on economic growth in the mena countries using panel data of 24 countries in the middle east and north african mena region from 2001 to 2009 the purpose of this study is to examine the impacts of tourism energy consumption and political instability on economic growth within the neoclassical growth framework to address the objective of this study we utilise both the static panel data approach as well as the dynamic generalised method of moments gmm estimator to examine the impact of candidate variables our results show that energy consumption and tourism significantly contribute to the economic growth of countries in the mena region hence our study lends some support to the existence of the tourism led growth and energy led growth hypotheses in the region in line with our expectation our estimation results also reveal that political instability impedes the process of economic growth and development in the mena region therefore macroeconomic policies to promote expansion in tourism and energy consumption will directly stimulate economic growth additionally efforts to help the region overcome its history of political instability would attract more international tourist arrivals and further invigorate economic growth

electricity outages in ghana are contingent valuation estimates valid african countries experience persistent and serious energy outages but while multiple valuation studies provide estimates of the costs of electricity outages in high income countries evidence is scarce for lower and middle income countries the few studies that assess the value of reliable energy supply rely on the contingent valuation method that is under wide scrutiny this paper aims to provide new estimates of households willingness to pay to reduce electricity outages for ghana and contributes to the debate on the validity of contingent valuation results for energy reliability our results suggest that households are willing to pay ghs 67 17 per month for reliable electricity supply equivalent to 7 of respondents income the results of tests for hypothetical bias wtp wta disparity and income effects suggest that the contingent valuation estimates from this study are robust and can support decision makers in prioritizing energy policies and investments

causal independence between energy consumption and economic growth in liberia evidence from a non parametric bootstrapped causality test abstract this contribution investigates causal interdependence between energy consumption and economic growth in liberia and proposes application of a bootstrap methodology to better reflect causality employment is incorporated as additional variable the study demonstrates evidence of distinct bidirectional granger causality between energy consumption and economic growth additionally the results show that employment in liberia granger causes economic growth and apply irrespective of the short run or long run evidence from a monte carlo experiment reveals that the asymptotic granger causality test suffers size distortion problem for liberian data suggesting that the bootstrap technique employed in this study is more appropriate given the empirical results implications are that energy expansion policies like energy subsidy or low energy tariff for instance would be necessary to cope with demand exerted as a result of economic growth in liberia furthermore liberia might have the performance of its employment generation on the economy partly determined by adequate energy therefore it seems fully justified that a quick shift towards energy production based on clean energy sources may significantly slow down economic growth in liberia hence the government s target to implement a long term strategy to make liberia a carbon neutral country and eventually less carbon dependent by 2050 is understandable

bouncing out of the banking system an empirical analysis of involuntary bank account closures using a new database we document the determinants of involuntary consumer bank account closures during 2001 2005 approximately 30 million debit accounts were involuntarily closed for excessive overdrafting we focus on multiple factors to explain this phenomenon household economics and financial decision making ability social capital bank policies and the alternative financial services sector involuntary closures are more frequent in us counties with a larger fraction of single mothers lower education levels lower wealth and higher unemployment closures are higher in communities with high property crime rates and low electoral participation bank policies have an independent relation to closures with counties having more competitive banking markets and more multi market banks experiencing higher closure rates bank structure also seems to affect the speed at which banks adjust their policies to changes in household income finally using both national data and a state level shift in regulation we find evidence that access to payday lending leads to higher rates of involuntary account closure

brokerage pricing under competition abstract this paper reexamines the popular assumption that real estate commissions are fixed over time it shows how the competitively determined commission rate responds to changes in the housing market and broker cost conditions one testable implication is that competition promotes counter cyclical changes in the commission rate the empirical analysis of commission rate determinants using data covering an entire urban housing market through its downturn and expansion phases reveals the counter cyclical movement in commission rates predicted by the competitive model

an econometric study of co2 emissions energy consumption income and foreign trade in turkey abstract this study attempts to empirically examine the dynamic causal relationships between carbon emissions energy consumption income and foreign trade in the case of turkey using the time series data for the period 1960 2005 this research tests the interrelationship between the variables using the bounds testing to cointegration procedure the bounds test results indicate that there exist two forms of long run relationships between the variables in the case of first form of long run relationship carbon emissions are determined by energy consumption income and foreign trade in the case of second long run relationship income is determined by carbon emissions energy consumption and foreign trade an augmented form of granger causality analysis is conducted amongst the variables the long run relationship of co2 emissions energy consumption income and foreign trade equation is also checked for the parameter stability the empirical results suggest that income is the most significant variable in explaining the carbon emissions in turkey which is followed by energy consumption and foreign trade moreover there exists a stable carbon emissions function the results also provide important policy recommendations

energy consumption political regime and economic growth in sub saharan africa abstract in this paper we examine the relationship between energy consumption and economic growth and how democracy moderates this relationship using panel data of 16 sub saharan african ssa countries for the period 1971 2013 employing a panel vector autoregressive model pvar in a generalized method of moments gmm framework the findings support the feedback hypothesis for energy consumption and growth second the interaction variable energy consumption and democracy is positively and significantly related to economic growth supporting the view that democracy moderates the energy consumption and growth nexus further the results provide strong evidence of a uni directional relationship from trade openness to energy consumption additionally impulse responses and variance decompositions also confirm positive feedback relationships between energy consumption and economic growth energy prices and economic growth

growth and renewable energy in europe a random effect model with evidence for neutrality hypothesis this is an empirical study on the causal relationship between economic growth and renewable energy for 27 european countries in a multivariate panel framework over the period 1997 2007 using a random effect model and including final energy consumption greenhouse gas emissions and employment as additional independent variables in the model empirical results do not confirm causality between renewable energy consumption and gdp although panel causality tests unfold short run relationships between renewable energy and greenhouse gas emissions and employment the estimated cointegration factor refrains from unity indicating only a weak if any relationship between economic growth and renewable energy consumption in europe suggesting evidence of the neutrality hypothesis which can partly be explained by the uneven and insufficient exploitation of renewable energy sources across europe

electricity consumption employment and real income in australia evidence from multivariate granger causality tests this paper examines the relationship between electricity consumption employment and real income in australia within a cointegration and causality framework we find that electricity consumption employment and real income are cointegrated and that in the long run employment and real income granger cause electricity consumption while in the short run there is weak unidirectional granger causality running from income to electricity consumption and from income to employment

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

a search model of housing market transactions arrive in a temporal sequence if an offer is received a seller must decide whether to accept the current offer or to reject that offer and continue to search it is this strategic choice and the possibility of not receiving an offer that results in extended selling periods and stocks of unsold houses rejection of offers and extended selling periods are to be expected in an uncertain environment where search may be used productively to obtain a higher selling price this paper considers the implications of a search environment for measurement of hedonic prices because an offer is observed only when it is acceptable to the seller sold houses constitute a self selected subsample in a search environment accurate measurement of hedonic prices in this situation may be obtained with the two stage procedure of heckman 3 and lee 5 or the maximum likelihood procedure summarized in amemiya 1 the empirical model presented in section ii is a generalization of the usual hedonic model in the sense that the pricing equation is supplemented with an exchange equation which determines probability of sale the coefficients in each equation provide useful information regarding housing search the coefficients in the pricing equation are marginal attribute prices while the attribute coefficients in the exchange equation are the standardized differences between the marginal attribute prices of buyers and sellers an interesting implication of this model is that attribute variation will not be systematically related to probability of sale if the marginal attribute prices of buyers and sellers equalize thus this model may be used to address two related questions regarding hedonic analysis in a search environment first does competition among buyers and sellers equalize marginal attribute prices in a search environment and second is accurate measurement of hedonic prices affected by the probabilistic nature of sale

renewable and non renewable energy consumption growth nexus evidence from a panel error correction model abstract unlike previous renewable energy consumption growth studies this study examines the relationship between renewable and non renewable energy consumption and economic growth for 80 countries within a multivariate panel framework over the period 1990 2007 the pedroni 1999 2004 heterogeneous panel cointegration test show a long run equilibrium relationship between real gdp renewable energy consumption non renewable energy consumption real gross fixed capital formation and the labor force with the respective coefficient estimates positive and statistically significant there is little difference in the elasticity estimates with respect to renewable and non renewable energy consumption the results from the panel error correction model reveal bidirectional causality between renewable and non renewable energy consumption and economic growth in both the short and long run also there is bidirectional short run causality between renewable and non renewable energy consumption indicative of substitutability between the two energy sources

terrorism and attitudes towards minorities the effect of the theo van gogh murder on house prices in amsterdam abstract does fundamentalist islamic terrorism have an effect on the general attitudes towards muslim minorities we use the murder of theo van gogh as an event study to address this question specifically we use the hedonic market model and test for an effect on listed house prices in neighborhoods where more than 25 of the people belong to an ethnic minority from a muslim country type i relative to the other neighborhoods house prices in type i neighborhoods decreased in 10 months by about 3 with a widening gap over time our results are robust to several adjustments including using synthetic control groups finally we find evidence that segregation increased people belonging to the muslim minority were more likely to buy and less likely to sell a house in a type i neighborhood after the murder than before

on the choice of functional form for hedonic price functions the empirical results presented in this paper demonstrate the usefulness of quadriatic models in the estimation of hedonic price functions we propose a quadriatic semi log model a restricted case of the quadriatic box cox model whose standardized marginal attribute prices are linear functions of the attribute vector this specification outperforms the linear box cox specification in terms of explanatory power and captures much of the increase in explanatory power provided by the quadriatic box cox model without the corresponding loss in the ability to interpret the coefficient estimates for policy applications the quadriatic semi log model provides a useful alternative to linear specification

a multivariate cointegration analysis of the role of energy in the us macroeconomy abstract this paper extends my previous analysis of the causal relationship of gdp and energy use in the usa in the post war period a majority of the relevant variables are integrated justifying a cointegration analysis the results show that cointegration does occur and that energy input cannot be excluded from the cointegration space the results are plausible in terms of macroeconomic dynamics the results are similar to my previous granger causality results and contradict claims in the literature based on bivariate models that there is no cointegration between energy and output

energy consumption and economic growth the case of oil exporting countries this paper examines the causal relationship between the per capita energy consumption and the per capita gdp in a panel of 11 selected oil exporting countries by using panel unit root tests and panel cointegration analysis the results show a unidirectional strong causality from economic growth to energy consumption for the oil exporting countries the findings have practical policy implications for decision makers in the area of macroeconomic planning in most major oil exporting countries government policies keep domestic prices bellow free market level resulting in high levels of domestic energy consumption the results imply that the energy conservation through reforming energy price policies has no damaging repercussions on economic growth for this group of countries

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

causality between energy consumption and economic growth in india a note on conflicting results abstract this note examines the different direction of causal relation between energy consumption and economic growth in india applying engle granger cointegration approach combined with the standard granger causality test on indian data for the period 1950 1996 we find that bi directional causality exists between energy consumption and economic growth further we apply johansen multivariate cointegration technique on the different set of variables the same direction of causality exists between energy consumption and economic growth this is different from the results obtained in earlier studies

estimating bargaining power in the market for existing homes although bargaining is common in markets for heterogeneous goods it has largely been ignored in the hedonic literature in a break from that tradition we establish sufficient conditions that permit one to identify the effect of buyer and seller bargaining on hedonic models our model is estimated using a previously overlooked feature of the american housing survey that permits us to observe characteristics of both buyers and sellers results suggest that household wealth gender and other demographic traits influence bargaining power in addition variation in bargaining power arising from the presence of school age children accounts for anomalous seasonal patterns reported in various widely cited indices of quality adjusted house prices

revisiting the role of tourism and globalization in environmental degradation in china fresh insights from the quantile ardl approach abstract ascertaining sustainable development is a major issue across the globe and the economic growth pattern achieved is a predominant reason behind this the globalization led economic growth achieved by the emerging economies might not be ecologically sustainable as globalization might not have been utilized as a policy tool moreover a sound policy calls for considering the entire data spectrum for the analysis which is largely ignored in the literature this research contributes to the literature by proffering a policy framework for the emerging economies by analyzing the impact of globalization and tourism on environmental degradation by considering the chinese context as a sample following the quantile autoregressive distributed lag model the impact of economic growth globalization and tourism on greenhouse gas emissions carbon dioxide emissions and the ecological footprint in china over 1978q1 2017q4 are analyzed the results demonstrate that economic growth stimulates environmental degradation while the presence of environmental kuznets curve is also validated moreover tourism has been found to exert positive environmental externalities while globalization exerts negative environmental externalities based on the outcomes of the research a comprehensive policy framework has been suggested following which the chinese economy might be able to attain the objectives of sustainable development goals 7 8 and 13

how many times again will we examine the energy income nexus using a limited range of traditional econometric tools during the last three decades following closely the developments in econometric theory energy and environmental economists have empirically examined the energy income nexus for different countries and time periods however today in spite of the growing interest in this area the state of knowledge is still controversial and unsettled this viewpoint paper attempts to highlight some of the issues related to the existing literature on the long run relationship and causality between energy consumption and economic growth in particular it discusses how it is difficult to make policy recommendations on the basis of inconsistent and conflicting results in the published literature on the subject in order to do so the paper first illustrates the increasing trend in the number of studies published in this area providing also a brief comparison of the conventional methods used to estimate the energy income nexus it then deals with new directions and different viewpoints on the same issue

housing price bubbles new supply and within city dynamics abstract although there is broad recognition that cities differ in their tendency to experience house price bubbles most studies assume away any possibility of within city heterogeneity in response to a bubble we develop a model that suggests that this assumption may be appropriate when markets are rising but can be far from reality on the bust side of a bubble during a housing boom new construction and related supply adjustments by developers ensure stable relative prices between low and high quality segments of the housing market on the bust side of a bubble however reduced housing starts allow demand side forces and mortgage default to create pressure for relative prices to diverge across market segments absent a change in technology as markets recover and new construction rebounds relative prices should revert back to pre crash levels evidence based on 2000 2013 single family home sales in phoenix arizona supports this modeling framework additional evidence also suggests that high rates of mortgage default contributed to divergence in relative prices when markets crashed

energy consumption employment output and temporal causality evidence from taiwan based on cointegration and error correction modelling techniques in this study a cointegration analysis and a vector autoregressive model var are used to examine the causal relationships among energy consumption employment and output for taiwan over the period january 1982 to november 1997 johansen 1988 and johansen and juselius 1990 cointegration test result indicates these three variables are cointegrated with one cointegrating vector the results from granger causality tests based on vector error correction models vecm suggest bidirectional grange causality for employment output and employment energy consumption but only unidirectional causality running from energy consumption to output furthermore the impulse responses and variance decompositions are also incorporated into the analysis the results from impulsive response and variance decomposition analysis tell similar stories energy consumption appears to have led to output growth in taiwan over this period the policy implication of this finding is that energy conservation will restrain the outpu

electricity consumption growth nexus the case of malaysia abstract the goal of this paper is to model the relationship between electricity consumption and real gross domestic product gdp for malaysia in a bivariate and multivariate framework we use time series data for the period 1971 2003 and apply the bounds testing approach to search for a long run relationship our results reveal that electricity consumption real gdp and price share a long run relationship the results of the autoregressive distributed lag ardl estimates of long run elasticity of electricity consumption on gdp are found to be around 0 7 and statistically significant finally in the short run the results of the causality test show that there is a unidirectional causal flow from electricity consumption to economic growth in malaysia from these findings we conclude that malaysia is an energy dependent country leading us to draw some policy implications this paper adds support and validity thus reducing the policy makers concern on the ambiguity of the electricity and growth nexus in malaysia

electricity consumption and economic growth in india abstract this paper tries to examine the granger causality between electricity consumption per capita and gross domestic product gdp per capita for india using annual data covering the period 1950 51 to 1996 97 phillips perron tests reveal that both the series after logarithmic transformation are non stationary and individually integrated of order one this study finds the absence of long run equilibrium relationship among the variables but there exists unidirectional granger causality running from economic growth to electricity consumption without any feedback effect so electricity conservation policies can be initiated without deteriorating economic side effects

energy consumption pollutant emissions and economic growth in south africa article i nfo article history this paper examines the long run and the causal relationship between economic growth pollutant emissions and energy consumption for south africa for the period 1965 2006 in a multivariate framework which includes labour and capital as additional variables using the bound test approach to cointegration we found a short run as well as a long run relationship among the variables with a positive and a statistically significant relationship between pollutant emissions and economic growth further applying a modified version of the granger causality test we also found a unidirectional causality running from pollutant emissions to economic growth from energy consumption to economic growth and from energy consumption to co2 emissions all without a feedback the econometric evidence suggests that south africa has to sacrifice economic growth or reduce its energy consumption per unit of output or both in order to reduce pollutant emissions in the long run however it is possible to meet the energy needs of the country and at the same time reduce co2 emissions by developing energy alternatives to coal the main source of co2 emissions however the econometric results upon which the policy suggestions are made should be interpreted with care as they may not be sufficiently robust enough to categorically warrant the choice of an unpalatable policy option by south africa

sectoral energy consumption by source and economic growth in turkey this paper provides a detailed analysis of the energy consumption in turkey during the last 40 years it investigates the causal relationships between income and energy consumption in two ways first the relationship is studied at the aggregate level then we focus on the industrial sector previous findings suggest that in the case of turkey there is a unidirectional causality running from energy consumption to growth however our findings suggest that in the long run income and energy consumption appear to be neutral with respect to each other both at the aggregate and at the industrial level we also find a strong evidence of instantaneous causality which means that contemporaneous values of energy consumption and income are correlated furthermore a descriptive analysis is conducted in order to reveal the differences in the use of energy resources we conclude that energy conservation policies are necessary for environmental concerns and our empirical results imply that such policies would not impede economic growth in the long term

oil price fluctuation volatility spillover and the ghanaian equity market implication for portfolio management and hedging effectiveness abstract this study attempts to contribute to the literature on stock markets and energy prices by examining the dynamic volatility and volatility transmission between oil and ghanaian stock market returns in a multivariate setting using the recently developed var garch var agarch and dcc garch frameworks in turn the models results are used to compute and analyze the optimal weights and hedge ratios for oil stock portfolio holdings for comparison purposes and to put the paper more in the perspective of west africa the nigerian stock market is also included in the analysis our findings point to the existence of significant volatility spillover and interdependence between oil and the two stock market returns while spillover effects are stronger for nigeria the transmission of volatility is much more apparent from oil to stock than from stock to oil in the case of ghana also the study demonstrates evidence of short term predictability in oil and stock price changes through time and reveals that conditional volatility changes more rapidly as result of substantial effects of past volatility rather than past news shocks for all market returns moreover we show that there is a slightly more effective hedge in the two stock markets under the dcc garch framework our preferred model compared to the other two models although hedging effectiveness is much greater for ghana on the whole our findings for optimal hedge ratios are consistent with other studies and particularly the view that oil assets should be an integral part of a diversified portfolio of stocks and suggest that a better understanding of volatility links is crucial for portfolio management in the presence of oil price risk finally the existence of multivariate asymmetric effects and dynamic conditional correlations as revealed by the var agarch and dcc garch models make it clear that the assumptions of symmetric effects and constant conditional correlations are not supported empirically

nominal exchange rate regimes and the stochastic behavior of real variables abstract this paper examines the behavior of some key macroeconomic variables under alternative exchange rate regimes by looking at persistence volatility and the relative importance of symmetric worldwide versus asymmetric nation specific shocks as a driving force of business cycles the empirical evidence is not supportive of the nominal exchange rate neutrality hypothesis unemployment and real interest rates are more persistent under floating whereas industrial production and real exchange rates are less persistent also the conditional variance of the two latter variables and of the unemployment rate exhibits higher variability in the post bretton woods era furthermore principal components analysis shows that the flexible rate regime is characterized by increased international correlation of business cycles and that cyclic movements have become less country specific

the relationship between energy consumption energy prices and economic growth time series evidence from asian developing countries this paper estimates the causal relationships between energy consumption and income for india indonesia the philippines and thailand using cointegration and error correction modelling techniques the results indicate that in the short run unidirectional granger causality runs from energy to income for india and indonesia while bidirectional granger causality runs from energy to income for thailand and the philippines in the case of thailand and the philippines energy income and prices are mutually causal the study results do not support the view that energy and income are neutral with respect to each other with the exception of indonesia and india where neutrality is observed in the short run c 2000 elsevier science b v all rights reserved jel classifications c22 q43 q48

investigating the multivariate granger causality between energy consumption economic growth and co2 emissions in ghana abstract the economy of ghana continues to witness a rising demand for energy coupled with growth in gross domestic product that follows a wavy trajectory in the midst of this economic phenomenon there is a trend of increasing greenhouse gas emissions with attendant economic health and environmental consequences this paper examines the causal interdependence between energy consumption economic growth and co 2 emissions in ghana from 1960 to 2015 by using the toda yamamoto and granger causality tests the johansen and johansen juselius cointegration approach and the autoregressive distributed lag bounds test approach are employed to test for cointegration relationship the results show that the variables are cointegrated the causality tests reveal that there is feedback granger causality between energy consumption and co 2 emissions since there is a causal link between energy consumption and economic growth with its concomitant effect on co 2 emissions any energy conservation oriented policy not derived from energy efficiency and technological progress may hurt the ghanaian economy in effect more effort should be aimed at improving energy efficiency through technological progress and investment should be made in renewable energy to reduce over reliance on fossil fuels

testing for granger causality between energy use and foreign direct investment inflows in developing countries abstract foreign direct investment inflows fdi and emissions exhibit a two way relationship in particular this research studies the relationship between fdi inflows and emissions from energy use in developing countries this is done through conducting a granger causality test on the direction of the relationship between fdi inflows and energy use for that a fixed effect panel data model with heterogeneous slopes is used heterogeneous slopes specification is selected to account for individual differences within countries error correction model is the chosen estimation approach the empirical results highlight the presence of a two way relationship between fdi inflows and emissions from energy use when testing for short and long run effects jointly however this result varies when testing for no long run effect within individual countries policy implications for developing countries are also given

the residential demand for electricity in australia an application of the bounds testing approach to cointegration this paper reports estimates of the long and short run elasticities of residential demand for electricity in australia using the bounds testing procedure to cointegration within an autoregressive distributive lag framework in the long run we find that income and own price are the most important determinants of residential electricity demand while temperature is significant some of the time and gas prices are insignificant our estimates of long run income elasticity and price elasticity of demand are consistent with previous studies although they are towards the lower end of existing estimates as expected the short run elasticities are much smaller than the long run elasticities and the coefficients on the error correction coefficients are small consistent with the fact that in the short run energy appliances are fixed

the saving and investment nexus for china evidence from cointegration tests the saving and investment nexus as postulated by feldstein and horioka fh 1980 is revisited the saving investment correlation for china is estimated over the periods 1952 1998 and 1952 1994 the latter culminating in a period of fixed exchange rate regime amongst the key results it is found that saving and investment are correlated for china for both the period of the fixed exchange rate and the entire sample period with high saving investment correlation the results suggest that the chinese economy is in conformity with the fh hypothesis this is a valid outcome for in china capital mobility was fairly restricted over the 1952 1994 period as indicated by the relatively low foreign direct investment