financial development and energy consumption evidence from a heterogeneous panel of asian countries abstract this paper examined relationships between financial development and energy consumption in asia for the period of 1980 2012 for the purpose of the empirical analysis it performed the heterogeneous panel causality test suggested by dumitrescu and hurlin 1 the findings of the panel cointegration test indicated that there was a long run equilibrium relationship between finance and energy consumption in the region moreover the heterogeneous panel causality test detected a unidirectional causality from energy consumption to financial development but not vice versa these results indicate that an expansion of energy usage could be a driving force behind financial development in asia

does financial development have a non linear impact on energy consumption evidence from 30 provinces in china abstract this paper uses a sample of 30 provinces in china for the period 1997 2017 to examine the relationship between financial development and energy consumption based on the traditional convergence hypothesis this paper constructs a functional convergence model and explores the dynamic convergence of energy consumption the results show that there is a significant threshold effect between financial development and energy consumption there is an inverse u shaped relationship between foreign investment ratio financial efficiency and energy consumption besides financial interrelations ratio and insurance depth increase energy consumption the trend of china s energy consumption tends to be consistent in the eastern region the growth rate of energy consumption is negatively correlated with the initial level there is only a convergence effect on energy consumption in the central region however the difference in energy consumption in the western region is continually expanding

the effects of stock market growth and renewable energy use on co2 emissions evidence from g20 countries the primary objective of this study is to empirically examine the effect of stock market growth and foreign direct investment fdi inflows on co2 emissions further this study investigates the impact of renewable energy consumption on co2 emissions and economic output in a panel of the g20 countries the empirical analysis was carried out on the full sample as well as on sub samples of developed and developing economies of the g20 member countries the results confirm a significant long run equilibrium relationship among the variables across the panels further the long run elasticities suggest that fdi significantly reduces co2 emissions in the full sample and developing economies while stock market growth reduces in developed economies similarly the renewable energy consumption substantially reduces co2 emissions and increases economic output across the panels our findings have important policy implications for instance the policy makers have to initiate effective policies to promote the renewable energy sources to meet the increasing demand for energy by replacing the use of conventional energy such as coal gas and oil this will therefore help to reduce the co2 emissions and also ensure sustainable economic development in the g20 nations

the nexus between financial development and energy consumption in the eu a dynamic panel data analysis abstract the relationship between financial development and energy consumption has newly started to be discussed in energy economics literature this paper investigates this issue in the eu over the period 1990 2011 by using system gmm model no significant relationship is found in the eu27 the empirical results however provide strong evidence of the impact of the financial development on energy consumption in the old members greater financial development leads to an increase in energy consumption regardless of whether financial development stems from banking sector or stock market by contrast we find for the new members that the impact of financial development on energy consumption depends on how financial development is measured using bankindex the impact of financial development displays an inverted u shaped pattern while no significant relationship is detected once it is measured using stockindex

the experimental economics experiment in the preface to this text the editors john kagel and alvin roth describe how the various chapter authors all well known in their respective fields were set the task of surveying those areas of their specialism where a concentration of experiments had influenced theoretical development their mission was to both provide a review for non specialists of the relevant theory and how it had been influenced by the experiments completed to date while also offering a survey for specialists that could provide a platform and hints for future research they have produced an outstanding book this reviewer has benefited in both of the above ways as well as from the many references one chapter alone lists over 500

geographic diffusion and the transformation of the postcommunist world since the collapse of communism the states of postcommunist europe and asia have defined for themselves and have had defined for them two primary tasks the construction of viable market economies and the establishment of working institutions of representative democracy the variation in political and economic outcomes in the postcommunist space makes it without question the most diverse region in the world what explains the variation all of the big winners of postcommunism share the trait of being geographically close to the former border of the noncommunist world even controlling for cultural differences historical legacies and paths of extrication the spatial effect remains consistent and strong across the universe of postcommunist cases this suggests the spatially dependent nature of the diffusion of norms resources and institutions that are necessary to the construction of political democracies and market economies in the postcommunist era the authors develop and adduce evidence for the spatial dependence hypothesis test it against rival hypotheses and illustrate the relationships at work through three theoretically important case studies

energy savings in nigeria is there a way of escape from energy inefficiency abstract this study estimates the transition probabilities for different energy use states in nigeria using the markov switching regression technique according to the results both energy efficient and energy inefficient states are less persistent but comparatively the energy inefficient state is more persistent thus in nigeria it is much difficult to escape from the energy inefficient state than the energy efficient state several reasons may explain this phenomenon and they include inefficient regulatory system poor institutional structure high corruption proliferation of second hand goods undeveloped markets high incidence of poverty and inefficient pricing in the energy sector pricing policies should be combined with institutional improvement and infrastructural development if nigeria wants to achieve a sustainable energy efficient state in the long term

decoupling between human development and energy consumption within footprint accounts abstract historically the growth of energy consumption has fuelled human development but this approach is no longer socially and environmentally sustainable recent analyses suggest that some individual countries have responded to this issue successfully by decoupling total primary energy supply from human development increase however globalisation and international trade have allowed high income countries to outsource industrial production to lower income countries thereby increasingly relying on foreign energy use to satisfy their own consumption of goods and services accounting for the import of embodied energy in goods and services this study proposes an alternative estimation of the decoupling index based on the total primary energy footprint rather than total primary energy supply an analysis of 126 countries over the years 2000 2014 demonstrates that previous studies based on energy supply highly overestimated decoupling footprint based results on the other hand show an overall decrease of the decoupling index for most countries 93 out of 126 there is a reduction of the number of both absolutely decoupled countries from 40 to 27 and relatively decoupled countries from 29 to 17 and an increase of coupled countries from 55 to 80 furthermore the study shows that decoupling is not a phenomenon characterising only high income countries due to improvements in energy efficiency but is also occurring in countries with low human development index and low energy consumption finally six exemplary countries have been identified which were able to maintain a continuous decoupling trend from these exemplary countries lessons have been identified in order to boost the necessary global decoupling of energy consumption and achieved welfare

investigating the influence of tourism on economic growth and carbon emissions evidence from panel analysis of the european union the study investigates the influence of tourism on economic growth and co2 emissions in the empirical analysis unit root and cointegration tests using panel data of european union countries from 1988 to 2009 are performed to examine the long run equilibrium relationship among tourism co2 emissions economic growth and foreign direct investment fdi results from panel cointegration techniques and fixed effects models indicate that a long run equilibrium relationship exists among these variables furthermore tourism co2 emissions and fdi have high significant positive effect on economic growth economic growth in turn shows a high significant positive impact on co2 emissions while tourism and fdi incur a high significant negative impact on co2 emissions

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

financial development and energy consumption is the mena region different abstract this paper examines the relationship between financial development and energy consumption estimations in the major mena countries algeria bahrain egypt iran iraq israel jordan kuwait lebanon libya morocco oman qatar saudi arabia syria tunisia united arab emirates and yemen over the period 1996 to 2014 we consider the energy use in kg of oil equivalent per capita as a dependent variable that reflects the cross country energy consumption we measure the level of financial development in the mena countries by considering banking indicators extending the model of sadorsky 2011 we estimate both linear and non linear dynamic panel model we use new robust econometrics to take into account heterogeneity and nonlinearity and we control the estimation results for the period of the global financial crisis the results of the study report a positive and statistically significant relationship between the intermediation capacity of the banking system as well as its size and energy consumption the findings also confirm a non linear and inverted u shaped relationship between financial development and energy demand for the mena region this implies that initially energy demand increases with financial development and then at a turning point of financial development it declines the policy implications of these results are discussed

does foreign direct investment lead to lower co2 emissions evidence from a regional analysis in china abstract existing studies have been concerned with the relationship between foreign direct investment and co2 emissions in recent years however little attention has been paid to regional differences in china this paper investigates the impact of fdi on china s co2 emissions at the national and regional levels using provincial panel data from 1995 to 2010 the stochastic impacts by regression on population affluence and technology stirpat model was adopted the results suggest that fdi contributes to co2 emission reductions in china fdi s impact on co2 emissions decreases from the western region to the eastern and central regions our findings support the pollution halo hypothesis which claims that foreign firms can export greener technologies from developed to developing countries and conduct business in an environmentally friendly manner

impact of financial development on trade embodied carbon dioxide emissions evidence from 30 provinces in china abstract the literature on financial development and carbon dioxide co2 emissions is extensive however previous studies have not found the impact of financial development on trade embodied co2 emissions therefore we build a dynamic panel model based on the extension of the stirpat model to verify the overall and indirect impact of financial development we calculate trade embodied co2 emissions of 30 provinces in china in 2000 2014 using the single region input output model srio by eliminating the impact of imported intermediate products on co2 emissions embodied in exports exc in order to measure financial development in china more comprehensively we use financial scale development financial efficiency and financialization to define it results show that the environmental kuznets curve is confirmed at the level of china s provinces in most provinces exc began to increase in 2006 and decline in 2010 but co2 embodied in net exports ec began to decrease in 2005 and increase in 2010 the results of overall impact indicate that different financial development indicators have different effects on ec but they all reduce exc the results of indirect impact through imitation innovation ic and independent research and development rd find that financial scale development increases exc however financial efficiency and financialization decreases exc financial scale development and financial efficiency can decrease ec but financialization increases ec the results of indirect impact through fdi show that financial scale development and financial efficiency can decrease exc and ec financialization decreases exc but the impact of financialization on ec has obvious threshold characteristics when the level of financialization is lower than the threshold value financialization will reduce ec there is regional heterogeneity in the impact of financial development on trade embodied co2 emissions the conclusions of this paper are of great reference value for improving the level of financial development so as to realize the development of china s green trade

underlying causal factors of the european union energy intensity econometric evidence abstract the aim of the research is to determine the main factors that define the level of energy intensity in the countries of the european union the research was conducted by estimation of six baseline and six auxiliary regressions with and without time lags in form of one way fixed and random effects error component models on different unbalanced panel data samples covering the period 1995 2015 the obtained baseline regressions results generate three sets of findings the first set consists of extremely robust findings relating to the positive influence of gross fixed capital formation and industrial gross value added and negative effects of real per capita gross domestic product and oil products retail price these variables are statistically significant in all 36 baseline empirical models the second set of results consists of quite robust findings relating to insignificant influence of foreign direct investment and negative influence of coal price according to the results it cannot be confirm the hypothesis of energy saving technology transfer via foreign direct investments in european union member states the third set of results shows that the research has failed to generate any robust findings for economic openness import ratio urbanization and natural gas price which means that the effect of these determinants on energy intensity in european union member states is unspecified finally auxiliary regressions estimation results show that changes in the sectorial composition within the european union member states economies have not enhanced energy saving technological transfer via foreign direct investments

resistance to reform status quo bias in the presence of individual specific uncertainty comment why do governments so often fail to adopt policies which economists consider to be efficiency enhancing our answer to this question relies on uncertainty regarding the distribution of gains and losses from reform we show that there is a bias towards the status quo and hence against efficiency enhancing reforms whenever some of the individual gainers and losers from reform cannot be identified beforehand there are reforms which once adopted will receive adequate political support but would have failed to carry the day ex ante the argument does not rely on risk aversion irrationality or hysteresis due to sunk costs jel d72 f13 why do governments so often fail to adopt policies that economists consider to be efficiency enhancing this is one of the fundamental questions of political economy the answer usually relies on what may be

an experimental test of trade hysteresis market exit and entry decisions in the presence of sunk costs and exchange rate uncertainty in the 1980s the unresponsiveness of trade flows to exchange rate swings inspired models in which sunk costs in combination with exchange rate instability generate trade hysteresis meaning that temporary exchange rate misalignments have a persistent effect on trade this paper furnishes an empirical complement to the theoretical literature first it describes a computerized experiment in which 100 subjects generated over 1000 decisions on market entry and exit under conditions congruent with a model of trade hysteresis developed by paul krugman secondly these data are used to test the main predictions arising from the model our experiment bears out the main qualitative predictions of krugman s model in particular that firms trading policy is unresponsive to exchange rate movements over a wide range of values moreover in the repeated decision setting of the experiment we find evidence that the stochastic behaviour of subjects entry and exit price decisions tend towards consensus as they gain

the contribution of foreign direct investment to clean energy use carbon emissions and economic growth the paper investigates the contributions of foreign direct investment fdi net inflows to clean energy use carbon emissions and economic growth the paper employs cointegration tests to examine a long run equilibrium relationship among the variables and fixed effects models to examine the magnitude of fdi contributions to the other variables the paper analyzes panel data of 19 nations of the g20 from 1971 to 2009 the test results indicate that fdi has played an important role in economic growth for the g20 whereas it limits its impact on an increase in co2 emissions in the economies the research finds no compelling evidence of fdi link with clean energy use given the results the paper discusses fdi s potential role in achieving green growth goals

a theory of focal points the paper presents a theoretical framework that distinguishes between the strategic structure of a game the existential game and the way the players describe the game to themselves each player works with a private description of the game in which strategies are identified by labels labels are generated by a stochastic labeling procedure each player chooses a decision rule which for each possible private description picks one of the available strategy labels a criterion of collective rationality is applied to choices among decision rules the implications of collective rationality are explored for a range of games with different labeling procedures copyright 1995 by royal economic society

the vp function a survey of the literature on vote and popularity functions after 25 years vp functions explain the support for the government at votes and polls by economic and political variables most studies analyze macro time series we also cover studies of individual voters socio economic groups and regional cross sections the theory starts from the responsibil ity hypothesis voters hold the government responsible for economic conditions it works in two party block systems but not else voters in most countries are found to be sociotropic egotropic voting also occurs voters myopia is well established voting is retrospective as expectations are static it costs the average government almost 2 of the vote to rule

converging to a common pattern of energy use in developing and industrialized countries abstract the evolution of the energy intensity paths in the period 1971 to 1992 shows developing and industrialized countries converging to a common pattern of energy use this trend becomes evident when using the gross domestic product of each country expressed in purchasing power parity in constant us dollars developing countries have been reluctant to make commitments under the kyoto protocol as they oppose any measure to reduce greenhouse gas emissions that might constrain their economic development however the use of the energy intensity indicator can be an alternative measure preserving the economic development while reducing greenhouse gas emissions for the fulfillment of the kyoto protocol goals

rational citizens against reform poverty and economic reform in transition economies the debate on the political obstacles to economic reform in postcommunist countries has centered around two interrelated theories adam przeworski argues that short term negative distributional consequences can stall economic reform joel hellman contends that industry insiders and political elites have incentives to stall economic reform although both sets of theories contend that the distributional aspects of economic transition affect reform important differences remain in their interpretation of the relationship between the rising levels of poverty and income inequality in transition economies this article empirically examines the relationship between the pretransition levels of poverty and income inequality in 17 postcommunist transition economies using cross sectional regressions the central finding in this article is that countries with large spans of the population hovering above poverty are less likely to achieve high levels of economic reform lending support to theory that adverse socioecon

does fdi influence renewable energy consumption an analysis of sectoral fdi impact on renewable and non renewable industrial energy consumption this study examines the link between foreign direct investment fdi and energy demand fdi is a source of financing that allows businesses to grow at the same time fdi can be a source of innovation that promotes energy efficiency existing evidence on the impact of aggregate fdi inflows on energy consumption is scarce and inconclusive in the current study we disaggregate fdi inflows into mining manufacturing total services and financial services components and examine the impact of these fdi flows on renewable and non renewable industrial energy sources for 74 countries for the period 1985 2012 we employ a blundell bond dynamic panel estimator to control for endogeneity and omitted variable biases in our panels the results point broadly to an energy consumption reducing effect with respect to non renewable sources of energy and an energy consumption augmenting effects with respect to renewable energy we find that these effects vary in magnitude and significance by sectoral fdi

financial development and energy consumption in central and eastern european frontier economies this study examines the impact of financial development on energy consumption in a sample of 9 central and eastern european frontier economies several different measures of financial development are examined including bank related variables and stock market variables the empirical results obtained from dynamic panel demand models show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using banking variables like deposit money bank assets to gdp financial system deposits to gdp or liquid liabilities to gdp of the three stock market variables investigated only one stock market turnover has a positive and statistically significant impact on energy consumption both short run and long run elasticities are presented the implications of these results for energy policy are discussed

how does financial development affect energy consumption evidence from 21 transitional countries abstract financial development significantly impacts energy consumption this paper uses cross country panel data from 21 transitional countries for the period 2006 2015 while considering different financial development indicators and nonlinear relationships between financial development and energy consumption this is done by selecting five financial development indicators to measure financial development and testing linear and nonlinear relationships between financial development and energy consumption it found the following first there are no significant linear relationships between financial development and energy consumption financial development does have significant nonlinear impacts on energy consumption in transitional countries with estimated nonlinear parameters that are significant second financial development affects energy consumption in transitional countries in differing ways financial intermediation development positively affected energy consumption in all the countries studied stock markets development led decreased energy consumption in china and poland financial openness development reduced energy use except in georgia and the kygyz republic

can foreign direct investment harness energy consumption in china a time series investigation abstract this study assesses the long run relationship and short run dynamics between foreign direct investment fdi and energy consumption in china applying the bounds testing approach to annual data from 1982 to 2012 we find that a stable fdi energy nexus exists in the long run and a 1 increase in fdi reduces energy consumption by 0 21 however this study shows a positive association between fdi and energy consumption in the short run attributing to the dominance of the scale effect our results remain robust to different measurements and estimators it is suggested that the chinese government shall support the inward fdi in the tertiary and energy sectors and strengthen local absorptive capacities to fully internalize fdi related knowledge spillovers in energy conservation

co2 emissions and financial development in an emerging economy an augmented var approach abstract this paper explores the influence of economic and financial development on carbon emissions in a small emerging economy the study employs ardl approach to investigate the long run relationship between carbon emissions and a set of economic and financial variables an error correction model ecm to capture the short run dynamics granger causality in an augmented var framework to check the causality direction and variance decomposition based on an estimated vector error correction model vecm to determine the relative contributions of economic and financial variables to the evolution of per capita carbon emissions the periods considered were the full sample 1971 2011 and a reduced sample sub period 1988 2011 that corresponded to greater liberalization and financial sector development the financial variables played a role in emission mitigation only in the latter period where greater degree of liberalization and financial sector development occurred even then the relative magnitude of emissions mitigation attributable to financial variables was much smaller compared to the emissions raising impact of rising per capita incomes this underscores the need for adopting other mitigation policies for reducing carbon footprints in those emerging economies where a sufficient degree of financial deepening and financial sector development has not yet taken place

energy consumption as a condition for per capita carbon dioxide emission growth the results of a qualitative comparative analysis in the european union abstract the problematic of climatic changes and the respective consequences raises the need to discuss the problem and define measures to control and or reverse them because one of the causes of climatic changes is the emission of greenhouse gases the european union defined the reduction of emissions as a main concern as well as increasing efficiency in the energy sector with the objective of analysing the main conditions affecting the growth of per capita emissions this paper uses a fuzzy set qualitative comparative analysis fsqca based on a sample of data from 2010 to 2014 the conditions evaluated were i gdp growth ii change in the share of gdp relating to private consumption iii change in the share of gdp relating to public consumption iv change in the share of gdp on investment v and energy consumption growth the main drivers contributing to reduced emissions were the crisis and energy consumption evaluation of the main factors affecting emissions growth is the main contribution of this study considering that economic growth is an obvious goal the european union must design measures encouraging investment in more efficient and less pollutant technologies which is also in accordance with oecd sustainability goals

the world trade network and the environment this papers analyses the role of the world trade network on the environment we rely on methods developed for social network analysis to identify the most important countries in connecting trade between all the other countries in the world trade network we then estimate how the network or indirect effects from trade affect the environmental quality of a country as the trade networks are endogenously determined by trade and environmental conditions we use as instrumental variables the growth in the population of trade partners and the growth in the population of trade partners partners to exploit exogenous variation in the world trade network once we simultaneously estimate the environmental trade income and network equations using a three stage least square procedure we find that network effects harm the environmental quality of developed countries but improve the environment of developing countries

investigation of the environmental kuznets curve for carbon emissions in malaysia do foreign direct investment and trade matter abstract environmental degradation has become a central issue of discussion among the economists and environmentalists in view of malaysia s position as one of the main contributors to co2 emissions in asia and its status as a fast growing economy it is vital therefore to conduct a study to identify the relationship between economic growth and co2 emissions for malaysia this study attempts to examine empirically the environmental kuznets curve hypothesis for malaysia in the presence of foreign direct investment and trade openness both in the short and long run for the period 1970 to 2008 the bounds testing approach and granger causality methodology are applied to test the interrelationships of the variables the results of our study indicate that the inverted u shaped relationship does exist between economic growth and co2 emission in both the short and long run for malaysia after controlling for two additional explanatory variables namely fdi and trade importantly the results of the study also provide some crucial policy recommendations to the policy makers

the impact of financial development on carbon emissions an empirical analysis in china given the complexity between china s financial development and carbon emissions this paper uses some econometric techniques including cointegration theory granger causality test variance decomposition etc to explore the influence of financial development on carbon emissions results indicate that first china s financial development acts as an important driver for carbon emissions increase which should be taken into account when carbon emissions demand is projected second the influence of financial intermediation scale on carbon emissions outweighs that of other financial development indicators but its efficiency s influence appears by far weaker although it may cause the change of carbon emissions statistically third china s stock market scale has relatively larger influence on carbon emissions but the influence of its efficiency is very limited this to some extent reflects the relatively lower liquidity in china s stock markets finally among financial development indicators china s fdi exerts the least influence on the change of carbon emissions due to its relatively smaller volume compared with gdp but it is mainly utilized in carbon intensive sectors now therefore with the increase of china s fdi in the future many efforts should be made to adapt its utilizing directions and play its positive role in promoting low carbon development

firm ownership china s export related emissions and the responsibility issue abstract china s co 2 emissions and those embodied in its exports have been extensively studied one often neglected aspect is the prevalence of foreign invested enterprises fies in china s exports for which a substantial portion of benefits return to the investing countries in this paper we revisit china s export related co 2 emission responsibilities by viewing them from a new gross national income perspective using a recently developed environmental input output framework one which distinguishes firms by ownership and trade mode we find that china s co 2 emissions responsibility for each yuan of national income from fie exports is actually higher than that attributable to chinese owned enterprise coe exports the result has a somewhat surprising implication it suggests another source of conflict between china s and global interest in reducing co 2 emissions from a purely chinese as opposed to global standpoint a higher share of exports by coes rather than fies is favorable even though coes emit more co 2 when producing each unit of exports this finding should sound an additional warning to those who still think that global climate change mitigation can be effectively pursued by allocating country by country emissions responsibility

foreign direct investment and decoupling between energy and gross domestic product in developing countries on a sample of 20 developing countries we noticed a clear decline in the energy intensity as foreign direct investment increases the reason for that probably is the use of modern technologies that came with foreign direct investment i e a leapfrogging over the old fashioned traditional technologies in use in these countries

the short and long run causality relationship among economic growth energy consumption and financial development evidence from south mediterranean countries smcs abstract this study aims at examining the short run and long run causal link between economic growth energy consumption and financial development by using data set of 6 smcs for the 1995 2015 periods the basic testing procedure requires four steps adf and pp unit root tests bound tests for co integration ardl approach and vecm method the results confirm cointegration between the variables it means that the long run relationship exists the short run causal relationships unidirectional exist at least once for each country except egypt the granger causality results for individual countries give mixed results these results urge for the attention of the policy makers in smcs to design a comprehensive energy conservation policy to minimize the consequences of massive energy consumption on economic growth by adding financial development

the political economy of transition the overriding importance of political constraints in the transition process has led to developments of the theory of the political economy of reform what are the main insights from that theory how does it reflect the transition reality what have we learned and what do we still need to learn the present article will attempt to answer those questions

a comparison between economic systems with an application to transition abstract this paper develops a general equilibrium theory of endogenous firm and class formation under non contractibility with heterogeneous individuals a collectivist economy a private ownership economy and a mixed economy are compared on the basis of identical economic fundamentals methodological symmetry each economic system generates specific inefficiencies so that none dominates the others in general the main trade off is between the welfare loss associated with risk taking in the private ownership economy and the informational problems in the collectivist economy we then use this framework to study the political economy of transition between economic systems and provide detailed welfare results

econometrics and presidential elections this paper discusses an econometric equation that explains votes for president as a function of economic events and incumbency information the history of the equation is reviewed the update after the 1992 election is discussed and a prediction for the 1996 election is made conditional on an economic forecast

asymmetric impacts of the determinants of energy intensity in nigeria abstract this study analysed the problem of energy intensity determinants in nigeria based on the fully modified ols and canonical cointegration regressions these methods were preferred since they are able to deal effectively with the second order bias problems an often characteristics of time series data the impacts of price of crude oil fdi trade openness and industry structure are asymmetric which suggests the presence of structural effects in parameters the impact of crude oil price is negative but becomes stronger post 1989 saving 126 more in energy consumption relative to pre 1989 also the impacts of fdi and trade openness are negative and significant but become stronger post 1989 saving 11 2 and 0 8 more in energy consumption relative to the baseline respectively for every one percentage point increase in fdi and trade openness the impact of industry value added is positive and significant but weakens after 1989 consuming 1 8 less in energy for every one percentage point increase in industry value added relative to the baseline the energy reducing effect of industry value added post 1989 reflects improvements in the technical characteristics of industrial sector in nigeria last the result showed that the absorptive capability and industry characteristics of nigeria are important determinants of how fdi affects energy intensity this implies that a more integrated fdi programme considering the country characteristics rather than a one fit all programme is preferable

comparison of energy transitions in the united states and developing and industrializing economies summary we compare the energy transitions of the united states with several developing and industrializing economies the analysis reveals three important differences between trends first the developing world experiences energy related transitions at lower levels of income with faster rates of change in conditions over time and in a more simultaneous fashion than that of the united states second over similar income ranges i e segments of economic growth current developing economies are using less energy per capita than the united states did historically finally this more efficient economic growth translates into lower systemic environmental impact per capita than that of the united states

impacts of economic indicators on environmental degradation evidence from mena countries abstract during the last two decades the relationship between macroeconomic variables and environmental pollution has been studied extensively moreover the environmental kuznets curve ekc hypothesis and the pollution haven hypothesis phh have been tested in numerous countries however the number of empirical studies focusing on testing these two hypotheses for mena middle east and north africa countries is limited and cross sectional and or time series methods were mainly utilized while the number of studies using panel econometric methodology is quite scant by using balanced panel data methodology this study aims to investigate the links and direction of causality between per capita income foreign direct investment energy use and carbon dioxide emission for mena countries for the period of 1980 2013 this study finds partial support for both the ekc and the phh for mena countries furthermore the empirical results show that foreign direct investment inflows and energy use have exacerbated pollution in the majority of mena countries

the impact of international trade on china s industrial carbon emissions since its entry into wto this paper employs the input output io approach to analyze the scale and structure of embodied carbon emissions of china s 19 industry sectors during 2001 2011 and constructs a regression model to establish the relationship between energy intensity per capita output trade openness foreign direct investment fdi trade comparative advantage environmental regulation technology and co2 emission intensity our results suggest that china s international embodied carbon emission balance has been in a state of continuous growth for the period 2001 2011 and china has become a pollution haven the relationship between per capita output and co2 emission is inverse n typed and china s industries are in the rising stage of the curve fdi and trade comparative advantage are two main elements boosting china s carbon emissions trade openness environmental regulation and technology will lower the growth rate of china s industrial carbon emissions ices consequently china s policies should center on adjusting the industry structure and scale of fdi inflows transforming industries with trade comparative advantages into a clean type facilitating environmental regulation level and bringing in and developing low carbon technology to avert china from being a pollution haven

energy demand fdi nexus in africa do fdis induce dichotomous paths abstract this study investigates the nexus between energy demand and foreign direct investment fdi in africa using the simultaneous system generalized method of moments estimator and panel data that consists of 27 african countries over the period 2000 2014 specifically the study hypothesizes a non linear relationship between energy demand and fdi which imposes the assumption that conditions such as the level of technology absorptive capacity the level and stage of development and adjustment cost are likely to be heterogeneous across cross section and over time several empirical strategies such as changing the structure of the model set up using different sample groupings and applying different estimators with different assumptions were employed to substantiate the robustness nature of the hypothesized relationship the findings revealed a robust concave effect of fdi on energy consumption this suggests that there are learning and imitation experiences associated with fdi and these experiences produce dichotomous paths in terms of realizing the energy saving benefits of fdi

the optimal speed of transition a general equilibrium analysis we present a benchmark model for the optimal speed of transition from a state owned to a private market economy based on the consumption savings decision in a closed economy we abstract from frictions to focus on the macroeconomic conditions for accumulation of private capital and closure or restructuring of state owned enterprises it is shown that hard budget constraints compensate for too slow speed of enterprise closure but that an excess speed of closure may slow down transition because of output contraction effects this will especially be the case if such a deviation occurs at early stages of transition

environmental degradation in france the effects of fdi financial development and energy innovations abstract this paper explores the determinants of carbon emissions in france by accounting for the significant role played by foreign direct investment fdi financial development economic growth energy consumption and energy research innovations in influencing co 2 emissions function in this endeavour we employ the novel sor shahbaz et al 2017 unit root test on french time series data over the period 1955 2016 to examine the order of integration in the presence of sharp and smooth structural breaks in the variables we also apply the bootstrapping bounds testing approach recently developed by mcnown et al 2018 to investigate the presence of cointegration and the empirical findings underscore the presence of cointegration among the time series moreover we find that fdi has a positive impact while energy research innovations have a negative impact on french carbon emissions financial development lowers carbon emissions thereby improving the french environmental quality fdi degrades the environment and thus supports the pollution haven hypothesis in france similarly financial development suggests that financial stability is a required condition for improving environmental quality so are energy research innovations contrarily energy consumption is positively linked with carbon emissions however the relationship between economic growth and co 2 emissions is an inverted u which is a validation of the environmental kuznets curve ekc

political support for reforms economics of voting in transition countries i analyze the relationship between economics and politics across eight parliamentary elections in four transition countries the czech republic hungary poland and slovakia i argue that support for reform reflects the balance between positive and negative effects of the reform accordingly i identify economic groups that support or oppose the reform the former are private entrepreneurs white collar workers and university educated voters the latter are the unemployed retirees and blue collar and agricultural workers this general pattern holds both within countries and across countries and across tenures of different governments in contrast with the responsibility hypothesis voters in the transition countries are found to be forward looking not retrospective

the transition between energy efficient and energy inefficient states in cameroon i use a two state energy efficient inefficient markov switching dynamic model to study energy efficiency in cameroon in a novel manner employing yearly data covering 1971 to 2012 i find that th

the effect of increasing exports on industrial energy intensity in china abstract given china s heavy reliance on fuel energy and the dominance of its industrial sector in the economy improving energy efficiency remains one of the practical means for the country to decrease energy intensity and to fulfill its commitment made at the copenhagen climate change conference to achieve a 40 45 percent reduction in co 2 emission intensity by 2020 this study investigates the impact of exports on industrial energy intensity to explore the possibility of reducing energy intensity through greater exports a panel varying coefficient regression model with a dataset of china s 20 industrial sub sectors over 1999 2007 suggests that in general greater exports aggravate energy intensity of the industrial sector and that great divergences exist in the impact of exports on energy intensity across sub sectors a panel threshold model further estimates the thresholds for the major determinants of energy intensity exports input in technological innovations and foreign direct investment fdi intensity given the great differences in specific sub sector characteristics and the changing roles played by different factors across sub sectors there is no general export policy that would work for all sub sectors in reducing sub sector energy intensity instead policies and measures aiming to encourage more efficient use of energy should take into full consideration the characteristics and situations of individual sub sectors

the effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies this study investigates the impact of both fdi inflows and stock market developments on clean energy use across 20 emerging market economies spanning the period 1991 2012 it accounts for cross sectional dependence and heterogeneity in the analysis and employs robust panel econometric techniques the empirical results on long run elasticities display that economic output fdi inflows and stock market developments have all a significant positive impact on clean energy consumption finally the results on heterogeneous panel non causality tests indicate the presence of unidirectional causality running from fdi to clean energy consumption in the short run for robustness purposes the paper also estimates long run elasticities for individual countries with the findings documenting that both fdi inflows and stock market developments have a considerable positive impact on clean energy uses the findings urge that both policy makers and governments in these emerging market economies should initiate effective public private partnership investments in clean energy projects by providing lucrative incentives which in turn will encourage both domestic and foreign investors to invest more in clean energy projects and eventually moving these economies towards sustainable economic growth

the impact of financial development on energy consumption in emerging economies abstract financial development is often cited as a very important driver of economic growth in emerging economies and it is thus likely that financial development affects energy demand this study uses generalized method of moments estimation techniques to examine the impact of financial development on energy consumption in a sample of emerging countries several different measures of financial development are examined using a panel data set on 22 emerging countries covering the period 1990 2006 the empirical results show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using stock market variables like stock market capitalization to gdp stock market value traded to gdp and stock market turnover the implications of these results for energy policy are discussed

is energy consumption sensitive to foreign capital inflows and currency devaluation in pakistan this study investigates the relationship between foreign capital inflows and energy consumption by incorporating economic growth exports and currency devaluation in energy demand function for the

energy intensity and investment ownership across chinese provinces abstract the main objective of this paper is to investigate whether openness and investment ownership are key factors in explaining the diffusion of energy saving technologies in china compared with previous studies the novel aspect of this work is the use of a rich dataset at provincial level which allows the high level of regional heterogeneity to be taken into consideration the unbalanced regional growth has been translated into differences in the need for energy resources across the vast territory of china a detailed analysis of these issues may provide new insights into the energy situation in this country the analysis is also disaggregated by type of energy coal electricity and petroleum we estimate the models by panel corrected standard errors developed by beck and katz 1995 over the period 1985 2008 results obtained confirm the hypothesis that both foreign and non state investments play a leading role in the decline of energy intensity across chinese regions whereas there is no evidence of a positive contribution of state investment the findings also reveal differences in energy intensity across regions thus confirming the importance of accounting for the regional dimension when analyzing energy consumption in china

highlighting the connection between financial development and consumption of energy in countries with the highest economic freedom abstract this study explores the association that financial development economic freedom and the price of gasoline had with gasoline consumption in 28 countries with the highest economic freedom for the period 1996 2017 the ardl analysis methodology was used to construct a heterogeneous dynamic panel to test the panel data the westerlund panel cointegration test was then performed to determine if the factors were cointegrated finally we used the dumitrescu hurlin panel causality test in order to develop effective policies the results state that both financial development and the price of gasoline play an essential role in reducing the consumption of gasoline additionally economic freedom is closely related to an increase in gasoline consumption by employing the variable of the global financial crisis gfc the robustness test shows the negative and statistically significant effect of the latter on gasoline consumption and confirms the main findings therefore the gfc played a crucial role in changing the economic plans of the countries with high levels of economic freedom this suggests that these countries should reinforce financial development to generate green innovations further important policy implications for the 28 countries with the highest economic freedom are provided at the end of the paper

socio economic determinants of energy consumption an empirical survey for greece abstract the present study identifies and evaluates the macroeconomic factors that determine energy consumption in greece this study is based on annual time series data covering the period ranging from 1975 2013 the augmented dickey fuller adf test and kpss test are employed in order to test stationarity of the data confirming that all the variables are i 1 within the next step of the methodology we employed a vecm model in order to detect causality among the variables through the granger causality test similarly the impulse response analysis provides that urbanization infrastructure trade income population growth and foreign direct investment are the main determinants of energy consumption in greece during the period surveyed the findings suggest that in order to fulfill the energy demand in the country the decision makers need to formulate energy policy in favor of enlarging the supply of energy and especially renewable energy to foster the process of economic growth and development especially in the times of crisis the particular determinants are a necessity to initiate economic growth

the relationship amongst energy consumption foreign direct investment and output in developed and developing countries abstract the current study inspects the nexus amongst energy consumption fdi inflows and output in 75 countries meantime the period 1990 2010 we further examine this relationship with regard to developed as well as developing countries assembled from diverse geographic regions from the world the present results display that there is proof of bidirectional linkage concerning fdi and output per capita concerning renewable energy consumption and gross domestic product per capita and concerning non renewable energy and gross domestic product per capita in the three groups of countries developed all and developing in addition the judgments detect a bidirectional linkage concerning renewable energy consumption and fdi in developed countries an increase of 1 rate in renewable energy participates to improving fdi by 0 185 and at the same time an increase of fdi contributes to enhancing renewable energy by 0 292 nevertheless in the case of all and developing countries the results discover unidirectional link moving from foreign inflows to both sorts of energy in conclusion the policy recommendations of our empirical results are taken into consideration

support for foreign ownership and integration in eastern europe economic interests ideological commitments and democratic context western models of popular support for economic integration usually stress costs and benefits this article suggests that one cannot ignore the predominance of socialist economic values in east central europe consequently it is argued and supported that a individual level support for foreign ownership is best explained by ideological commitments to market ideals b publics in more economically liberal countries more strongly support the idea of foreign ownership and c citizens who reside in democratic countries which experience greater controversy over foreign ownership are less likely to accept the idea of foreign ownership just as they have a more negative image of the european union theoretically the study documents the limited applicability to eastern europe of western based models practically it helps explain opposition to foreign ownership and more generally increasing controversy over the eu in first wave accession states

effects of changing trade structure and technical characteristics of the manufacturing sector on energy intensity in ghana abstract this study examined the effects of changing trade structure and changing technical characteristics of the manufacturing sector alongside the effects of foreign direct investment and urbanization on energy intensity in ghana in order to produce a result that is not biased towards non rejection the zivot andrews unit root test with structural break was used the study applied the phillip hansen park and stock watson cointegration models which are more robust to serial correlation and exogeneity problems preliminary findings showed evidence of cointegration the study concludes that the changing technical characteristics of the manufacturing sector after the reform and changing production mix in favor of less energy intensive improved energy efficiency however energy consumption via exports which outweighed the energy saving via imports of capital goods after the reform in 1983 worsened energy efficiency growing urbanization significantly increases energy intensity in all technological diffusion via trade exerts significant influence on energy intensity than technological diffusion via foreign direct investment these results are robust to the cholesky variance decomposition analysis

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

the spillovers of foreign direct investment and the convergence of energy intensity abstract the imbalance and insufficiency of china s regional economic development has led to huge differences in regional energy efficiency reducing the differences in regional energy efficiency has become an urgent energy issue in china the constant absorption of foreign direct investment fdi has brought advanced technologies to china which has an important impact on china s energy efficiency to explore whether fdi can reduce regional energy efficiency differences this paper investigates the existence of energy intensity convergence while incorporating foreign direct investment fdi since existing research on regional energy intensity convergence lacks of consideration of the data spatial dependence we focus on spatial econometric model to test energy intensity convergence we use panel data of 30 provinces in china over the period of 2005 2014 to test energy intensity convergence by convergence model the empirical results show that considering the spatial dependence of the data fdi can promote the formation of conditional energy intensity convergence further analysis found that the spillover effect of fdi plays an important role in this formation in addition the convergence speed accelerates after considering the spatial dependence finally the spillover effect of fdi which is global inhibits the declining speed of energy intensity during the research period the scale effect of fdi and energy rebound effect plays an important role in the effect of fdi on energy intensity these results show that guiding foreign investment more reasonably in each province in china can make contributions to the reduction of energy efficiency differences

decoupling analysis of world economic growth and co2 emissions a study comparing developed and developing countries abstract this study discusses decoupling trends in world economic growth and co2 emissions based on decoupling theories the decoupling trends of economic growth and co2 emissions in typical developed and developing countries in 1965 2015 are compared by using an oecd decoupling factor model and tapio elastic analysis tea method and the igtx decoupling model on this basis this study evaluates correlations of these three decoupling models by employing the spearman s rank correlation coefficient the research indicates that owing to the igtx decoupling model being easily affected by other non environmental factors the shorter the research period of interest the more easily the decoupling indices distort while the accuracy of the tea method is not limited by the length of the research period of interest with respect to the overall decoupling trend the research shows that 1 strong decoupling is found in developed countries and slightly increases in the stabilisation thereof the decoupling state in the united kingdom and germany is more stable than that of the united states and france 2 developing countries demonstrate weak decoupling that fluctuates significantly and lacks regularity the stabilisation and optimisation of china in decoupling process are better than those of brazil and india finally according to research conclusions relevant policies and suggestions are proposed in view of energy savings and emissions reduction in developing countries

factors determining energy consumption evidence from indonesia malaysia and thailand abstract the aim of this study is to verify empirically the impact of various factors on energy consumption in three asean countries namely indonesia malaysia and thailand over the period 1980 to 2012 after using sundry appropriate diagnostic tests for checking time series data the method of least square as an analytical technique is used for parameters estimation the findings validate that fdi inflows economic growth trade openness and human development index have positive and statistically significant impacts on energy consumption the other variable urbanization has positive and statistically significant impacts on energy consumption for thailand and indonesia only while the empirical results reveals that population growth rate has a positive and statistically significant relationship with energy consumption only in the case of malaysia so in the light of determinations of the study the policy implication is that energy policy needs to be orientated in favor of expanding the supply of energy to reach an enhanced degree of sustainable economic growth and development

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

the effects of discretionary federal spending on parliamentary election results i introduction three compelling reasons to expect that discretionary federal spending will have a different impact on incumbent majority and opposition candidates in the canadian parliamentary system of government are only the prime minister and his appointed cabinet may propose spending or taxing initiatives the electorate only votes directly for their local member of parliament mp and if the prime minister declares a vote of confidence all majority party mps must vote with the prime minister or leave the party these three characteristics combined with the fact that the opposition does not have enough votes to successfully prevent passage of legislation make it very difficult for opposition mps to influence discretionary spending if the electorate is aware of this situation majority party candidates regardless of incumbency stand to reap the electoral benefits of additional federal discretionary spending furthermore opposition incumbents will lose votes as a consequence if majority candidates receive additional votes to some extent this must be at the expense of votes for opposition incumbents the purpose of this paper is to empirically test these two hypothesis the idea that discretionary spending can be used to influence election outcomes verges on the trite mass media discussions are rife with accusations of pork barrel politics this idea is implicitly contained the entire interest group theory of political decision making and it is formally modeled in papers such as weingast shepsle and johnsen 1981 despite the general agreement on the electoral motivations of discretionary spending empirical findings have been relatively unsuccessful in documenting either important or significant effects of discretionary spending or various other district level explanatory variables typical of this literature jacobson 1978 finds a negative and small effect of incumbent campaign spending and johannes and mcadams 1981 find no effect of case work on election outcomes as explained by fiorina 1981 rivers and fiorina 1989 and stein and bickers 1994 the presence of a simultaneous equation system has biased the empirical estimates since politicians are apt to shift resources towards those electoral districts where the election is expected to be closest ordinary least squares will underestimate the true effect stein and bickers demonstrate a negative correlation between the closeness of elections and the amount of pork barrel spending in congressional races in a more recent article case 2001 finds that federal block grants are negatively influenced by the expected closeness of the election in albania despite the recognition of a simultaneity bias attempts to overcome the problem have generally been unsuccessful a notable exception is that of levitt and snyder 1997 who uses spending outside of a district but inside a state as an instrument for spending in the district levitt and snyder find a positive and significant impact of discretionary spending on the share of the vote for incumbents in u s house elections this paper contributes to the discretionary spending and election literature in two ways using a newly created data set of canadian federal spending at the electoral district level the analysis of discretionary spending can be extended beyond the u s border and presidential system of government to a parliamentary system additionally the results contained herein provide a robustness check of levitt and snyder s methodology using instruments similar to those proposed by nagler and leighley 1992 and levitt and snyder 1997 consistent estimates indicate that increases in federal government spending and national gross domestic product gdp per capita have positive and significant effects on the share of the vote received by majority incumbents yet insignificant effects on opposition incumbents the sign of the point estimates are negative

the ideological determinants of liberal economic reform the case of privatization ollowing the collapse of the communist regimes in eastern europe one of the first priorities of the reform governments was to transform the system of ownership the new governments overwhelm ingly chose to pursue a broad program of sweeping privatization trans ferring the bulk of state property to the private sector given that most property was controlled and owned by the state and that there was no historical precedent for privatization on an economy wide scale policy makers had to design from scratch a program to transfer the wealth of the state to private hands with few exceptions east european priva tization officials appointed to this task concluded that it would be too slow and unwieldy to rely on the piecemeal sale of enterprises to pri vate investors as was typical in west european privatization more commonly they developed programs to transfer the ownership of state enterprises to private individuals and groups through mass distribution programs to be followed by or supplemented with piecemeal sales as one can imagine these policymakers and technocrats could de sign the mass privatization program in ways that held different distri butional consequences for society such that some groups would benefit more than others for example citizens over foreigners one former elite group over another managers over labor and so on in the czech re public the government designed a mass privatization program in which there were no special privileges for any particular groups in society the author wishes to express her gratitude for the helpful comments and suggestions on earlier drafts from andrew barnes thomas callaghy margaret hanson meredith el nems steven fish denise powers and peter rutland in addition the author wishes to acknowledge the woodrow wil son center and the kennan institute for advanced russian studies for their generous support the opinions expressed are those of the author and do not necessarily reflect the institutions or individuals acknowledged above responsibility for any errors is assumed entirely by the author

foreign direct investment and the nature of r d the authors find that the role foreign direct investment fdi plays in international technology transfer itt hinges on whether substitute channels of itt such as imitation exist for the host country if fdi is the sole channel of itt a faster flow of fdi to the south increases the rates of innovation imitation and itt so fdi generates dynamic benefits if fdi and imitation coexist as channels of itt however then fdi merely substitutes for imitation targeting northern firms a faster flow of fdi to the south then leaves the rates of innovation imitation and itt essentially unaffected so fdi generates mostly static benefits

the dynamic links between energy consumption economic growth financial development and trade in china fresh evidence from multivariate framework analysis abstract this study investigates the relationship between energy use and economic growth by incorporating financial development international trade and capital as important factors of production function in case of china over the period of 1971 2011 the ardl bounds testing approach to cointegration was applied to examine long run relationship among the series while stationarity properties of the variables was tested by applying structural break test our empirical evidence confirmed long run relationship among the variables the results showed that energy use financial development capital exports imports and international trade have positive impact on economic growth the granger causality analysis revealed that unidirectional causal relationship running from energy use to economic growth financial development and energy use granger cause each other there is bidirectional causality between international trade and energy use the feedback relation exists between financial development and international trade there is also bidirectional causality exists between capital and energy demand financial development and economic growth and international trade and economic growth this paper makes significant contribution in energy economics and opens up new direction for policy makers to explore new and alternative sources of energy which would be helpful in meeting the rising demand of energy due to sustained rate of economic growth

what drives the energy saving role of fdi and industrialization in east africa abstract analysis of the unconditional impacts of foreign direct inflows fdis and industrialization on energy intensity does not show the hidden roles of some economic conditions such as income and trade openness in this study we focused on the conditional impacts of fdis and industrialization on energy productivity using a panel data consisting of thirteen 13 east african countries covering 1980 2011 the baseline result shows that higher income and a well integrated economy are pro energy productive but fdis and intense industrialization are anti energy productive in the sub region this result remains robust even when we exclude the high income group and control for income group effects income significantly promotes energy productivity more in low income group than middle income group intense industrialization and fdis significantly decreases energy productivity only in low income countries trade openness significantly promotes energy productivity only in middle income group we have shown that fdis and income intense industrialization and fdis and intense industrialization and globalization are complementary forces that promote energy productivity in east africa but this is more evident for the middle income group than the low income group in the sub region based on the result we recommend a quadruplet programme called the growth industrial foreign investment and trade programme giftp last our result suggests that unconditional analysis of energy productivity should not be seen as an end in itself but a basis for further analysis

what drives energy efficiency new evidence from financial crises abstract using a sample of 100 countries from 1980 to 2015 this paper investigates the impact of foreign direct investment fdi imports gross capital formation and industry value added on energy efficiency before and after the 2008 global financial crisis our findings reveal that failing to control for economic downturns may lead to misleading results moreover we find that the effects of these channels are different between low middle and high income countries our study also shows that the effect of fdi on energy savings is inverted u shaped whereas the effect of imports on energy savings is u shaped when we control for the income level of the countries