is social capital green cultural features and environmental performance in the european union this paper analyses the relationship between social capital and environmental performance in the european union in a first stage environmental performance is measured by an index of eco efficiency at the country level computed using data envelopment analysis techniques and data for the year 2013 in a second stage the influence of social capital and other relevant control variables on eco efficiency is assessed by means of truncated regressions and bootstrapping as proposed by simar and wilson j econom 136 1 31 64 2007 for several model specifications tests fail to reject the hypothesis of no effect of social capital on environmental performance and the main driver of environmental performance is found to be the level of economic development measured by gdp per capita furthermore this result is robust to different definitions of social capital and sample periods

institutions and the environmental kuznets curve for deforestation a crosscountry analysis for latin america africa and asia abstract the relationship between deforestation and income across 66 countries of latin america africa and asia is examined institutional characteristics as well as macroeconomic policies of each country are hypothesized to impact deforestation results show strong evidence of an environmental kuznets curve ekc relationship between income and deforestation for all three continents institutional structure and macroeconomic policy significantly affect the tropical deforestation process improvements in political institutions and governance significantly reduce deforestation the factors leading to deforestation differ across regions however and there is no one size fits all global policy recommendation for restraining the tropical deforestation process

studying the relationship between economic growth co2 emissions and the environmental kuznets curve in venezuela 1980 2025 abstract this work tries to determine whether it is possible to stabilize co2 emissions under a rapid increase of gross domestic product in a medium term the paper is an effort to study in detail how changes in the driving forces of the economy affect co2 emissions we study the case of venezuela for the period 1980 2025 using the methodology proposed by robalino lopez et al 2014 2013 1 2 which is based on an extension of the kaya identity and on a gdp formation approach that includes the effect of renewable energies we test the environmental kuznets curve ekc 3 hypothesis in a coming future under different economic scenarios considering therefore not only past data but also projections for the coming years we use cointegration techniques 4 and the jaunky 2011 5 specification to test the fulfillment of the ekc hypothesis in venezuela our predictions show that venezuela does not fulfill the ekc hypothesis but however the country could be on the way to achieve environmental stabilization in the medium term this stabilization could be accomplished combining economic growth with increasing use of renewable energy appropriated changes in the energy matrix and in the productive sectoral structure

combination monetary policies to stabilize price and output under rational expectations sargent and wallace 1 1 12 conclude that in a model with a lucas type supply curve and the assumption of rational expectations there is no sense in which the monetary authority has the option to conduct countercyclical policy 12 p 177 sargent and wallace confine their analysis to pure money stock or interest rate policies woglom 14 drawing on the earlier work of poole 10 leroy 5 and leroy and waud 6 examines the effectiveness of combination policies within a model where expectations are formed rationally and with a lucas type supply schedule within the poole or woglom models a combination policy amounts to setting a deterministic relationship between the money stock and the interest rate leroy and leroy and waud make clear that the ability to execute such combination policies depends on the current observability to the monetary authority of the interest rate and money stock or level of reserves in the leroywaud framework since the monetary authority s policy setting is conditioned on such current information while in woglom s framework private agents expectations are conditioned only on past information systematic policy actions the parameters of the combination policy will affect the distribution of real output the sargent wallace

effects of public and private expenditures on environmental pollution a dynamic heterogeneous panel data analysis abstract this paper examined the impact of expenditures of household firm and government on aggregate and sectoral carbon emissions in the world economies during 1990 2015 the modified heterogeneous panel data technique was used to estimate both carbon emission and income models from which both the direct and indirect effects of expenditure categories were estimated along with long run and short run analyses empirical results indicate that in the long run the negative direct effect of government expenditure was reduced by the positive indirect effects leading to positive total effect on aggregate carbon emission however in the short run the negative direct effect was enhanced by the negative indirect effect culminating into negative total effect further in the long run the positive direct effect of investment expenditure was reduced by the negative indirect effects resulting into negative total effect on aggregate carbon emissions however the negative short run direct effect was reduced by the positive indirect effect leading to marginal positive total effect the total direct effect of household consumption spending was negative in the long run and could be relatively large in the short run the effect of the household expenditure on sectoral carbon emissions was negative while that of private investment was positive and that of public spending was diverse the policy lessons include the need to conduct value chain environmental pollution implications of any expenditure policy

culture income and co2 emission given the devastating effects of global warming the problem of human induced climate change and in particular carbon dioxide emissions has been high on the global policy agenda in this study we examine the relationship between national culture carbon dioxide emissions and economic growth in the framework of the environmental kuznets curve ekc applying system gmm panel estimator across 69 developed and developing countries we confirm the existence of ekc and show that culture significantly affects the income emission relationship moreover the effects of the six cultural dimensions on ekc can be collapsed into two i masculinity power distance and indulgence move the ekc upward and shift the income turning point to the left and ii individualism uncertainty and long term orientation move the ekc downward while shifting the income turning point to the right the impact of culture on ekc remains also robust for alternative specifications future policy and global initiatives in sustainable development should incorporate the multidimensional impact of culture on national behavior towards environment and economic growth a relationship that has been largely ignored in economic decision making models

co2 emissions renewable energy and the environmental kuznets curve a panel cointegration approach abstract this study combines a panel cointegration analysis with a set of robustness tests to assess the short and long run impacts of renewable energy on co2 emissions as well as the kuznets environmental curve hypothesis for 25 selected african countries over the period 1980 2012 the results provide no evidence of a total validation of ekc predictions however co2 emissions are found to increase with income per capita the overall estimations strongly reveal that renewable energy with a negative effect on co2 emissions coupled with an increasing long run effect remains an efficient substitute for the conventional fossil fuelled energy nonetheless the impact of renewable energy is outweighed by primary energy consumption in both the short and long run entailing more global synergy for outpacing the environmental challenges

energy consumption carbon dioxide emissions and economic development evaluating alternative and plausible environmental hypothesis for sustainable growth abstract pursuit of excellence in economic development in the midst of damaging the natural environment is a shameless growth the economic impacts on environmental degradation are quite visible in industrialized economies where human health is compromised by rapid economic growth and energy induced emissions this study examines the interrelationship between energy consumption economic growth and carbon dioxide co2 emissions under the six alternative and plausible hypothesis including environmental kuznets curve ekc pollution haven hypothesis phh population based emissions ipat energy led emissions sectoral growth emissions and emissions emancipated human development index ehdi in the context of low and middle income countries high income countries and in aggregated panel over the period of 1975 2015 the results supported the ekc hypothesis ipat hypothesis energy induced emissions and sectoral growth emissions in different regions of the world while phh and ehdi hypothesis does not confirm across regions this study exclusively determines the key socio economic and environmental problems in a large pool of the world economies to understand the need of development policy agenda for sustainable growth

a balanced budget constraint in modern stochastic macromodels currently september 1985 a constitutional balanced budget amendment is pending in the u s senate thirty two states have passed resolutions calling for a constitutional convention to enact such an amendment in 1963 senator harry byrd sr asked budget director kermit gordon what balancing the budget would do for the country gordon replied that it probably would add about 2 5 million people to the rolls of the unemployed delay the recovery about four years and knock 10 percent off u s output 16 284 the keynesian conventional wisdom of the 1960s was that fiscal and monetary policy should focus on the benefit cost tradeoffs between inflation and unemployment stabilization along with tradeoffs implicit in resource allocation and the distribution of income given these objectives there should be no independent consideration of the budget deficit of the federal government 24 as abba lerner argued in his early statement of keynesian principles of functional finance the instruments to prevent unemployment and inflation are not available until it is recognized that the size of the national debt is relatively unimportant 17 302 as outlined by walter heller 15 and others the stabilization role of fiscal policy together with monetary policy in the 1960s was to provide the appropriate degree of stimulus or restraint to achieve a target level of real output since the mid 1960s such a role for fiscal policy has been challenged first by the friedman phelps 14 27 accelerationist hypothesis and then by the lucas sargent 19 29 policy ineffectiveness proposition the accelerationist or natural rate theory especially as advanced by milton friedman argues that stabilization policy should be geared toward rules and control of nominal variables such as the inflation rate friedman s analysis also implies the futility of using aggregate demand policy to achieve fixed output targets friedman s analysis suggests the possibility that with monetary policy geared to price stabilization and with sustainable real output gains not attainable via aggregate demand policy fiscal policy instruments may be adjusted to achieve a balanced budget without cost buchanan and wagner 7 rely on friedman s analysis to support their call for a constitutional balanced budget amendment

choosing a monetary instrument the case of supply side shocks abstract this paper examines the monetary instrument choice problem in models with an explicit supply sector and endogenous prices and price expectations we use the popular linear quadratic certainty equivalence framework to obtain analytic solutions the results indicate that interest rate policies generally are better able to insulate the real sector from unanticipated supply shocks we also show that at this level of abstraction the optimal choice of an instrument is independent of the specification of expectations e g rational vs adaptive price expectations the paper then reports empirical evidence from two experiments on the large nonlinear mit penn ssrc econometric model the evidence is consistent with the hypothesis that interest rate policies are preferable if the supply sector is the major source of uncertainty

co2 emissions energy consumption trade and income a comparative analysis of china and india in order to prevent the destabilisation of the earth s biosphere co2 emissions must be reduced quickly and significantly the causes of co2 emissions by individual countries need to be apprehended in order to understand the processes required for reducing emissions around the globe china and india are the two largest transitional countries and growing economies but are in two entirely different categories in terms of structural changes in growth trade and energy use co2 emissions from the burning of fossil fuels have significantly increased in the recent past this paper compares china and india using the bounds testing approach to cointegration and the ardl methodology to test the long and short run relationships between growth trade energy use and endogenously determined structural breaks the co2 emissions in china were influenced by per capita income structural changes and energy consumption a similar causal connection cannot be established for india with regard to structural changes and co2 emissions because india s informal economy is much larger than china s india possesses an extraordinarily large number of micro enterprises that are low energy consumers and not competitive enough to reach international markets understanding these contrasting scenarios is prerequisite to reaching an international agreement on climate change affecting these two countries

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

time varying analysis of co2 emissions energy consumption and economic growth nexus statistical experience in next 11 countries this paper detects the direction of causality among carbon dioxide co2 emissions energy consumption and economic growth in next 11 countries for the period 1972 2013 changes in economic energy and environmental policies as well as regulatory and technological advancement over time cause changes in the relationship among the variables we use a novel approach i e time varying granger causality and find that economic growth is the cause of co2 emissions in bangladesh and egypt economic growth causes energy consumption in the philippines turkey and vietnam but the feedback effect exists between energy consumption and economic growth in south korea in the cases of indonesia and turkey we find the unidirectional time varying granger causality running from economic growth to co2 emissions thus validates the existence of the environmental kuznets curve hypothesis which indicates that economic growth is achievable at the minimal cost of environment the paper gives new insights for policy makers to attain sustainable economic growth while maintaining long run environmental quality

a test for parameter homogeneity in co2panel ekc estimations this paper casts doubt on empirical results based on panel estimations of an inverted u relationship between per capita gdp and pollution using a new dataset for oecd countries on carbon dioxide emissions for the period 1960 1997 we find that the crucial assumption of homogeneity across countries is problematic decisively rejected are model specifications that feature even weaker homogeneity assumptions than are commonly used furthermore our results challenge the existence of an overall environmental kuznets curve for carbon dioxide emissions

the impact of economic development and social political factors on ecological footprint a panel data analysis for 15 mena countries abstract this paper extends the work of al mulali and ozturk 2015 1 by re investigating the environment kuznets curve ekc hypothesis for 15 mena middle east and north african countries using the ecological footprint ef as a proxy of environmental degradation over the period 1975 2007 unlike the existing studies we augment the basic ekc relationship by considering life expectancy at birth fertility rate and political institutional index variables as new possible determinants of environmental degradation the estimation of this relationship has been conducted for all mena 15 countries for oil exporting and non oil exporting countries sub samples the results show that energy use worsens ecological footprint whereas real gdp per capita exhibits an inverted u shaped relationship with ef in oil exporting countries and in the sample as a whole i e the ekc hypothesis is validated for the non oil exporting countries the relationship between ef and economic growth is u shaped moreover our findings show that socio demographic variables such as urbanization life expectancy at birth and fertility rate improve the environment in the long term we also found that the improvement of political institutions in those countries has not been accompanied by a reduction of environmental stress the granger causality results support evidence of the existence of an error correction mechanism between the ef real gdp energy use and the fertility rate specifically in the short term we found strong evidence for bidirectional causality among the ecological real gdp and energy use variables

environmental kuznets curve for carbon emissions in pakistan an empirical investigation this study investigates the relationship between carbon emissions income energy consumption and foreign trade in pakistan for the period 1972 2008 by employing the johansen method of cointegration the study finds that there is a quadratic long run relationship between carbon emissions and income confirming the existence of environmental kuznets curve for pakistan moreover both energy consumption and foreign trade are found to have positive effects on emissions the short run results have however denied the existence of the environmental kuznets curve the short run results are unique to the existing literature in the sense that none of the long run determinants of emissions is significant the contradictory results of short and long run give policy makers the opportunity to formulate different types of growth policies for the two terms taking environmental issues into consideration in addition the uni directional causality from growth to energy consumption suggests that the policy makers should not only focus on forecasting future demand for energy with different growth scenarios but also on obtaining the least cost energy furthermore the absence of causality from emissions to growth suggests that pakistan can curb its carbon emissions without disturbing its economic growth

the role of social capital in financial development to identify the effect of social capital on financial development we exploit social capital differences within italy in high social capital areas households are more likely to use checks invest less in cash and more in stock have higher access to institutional credit and make less use of informal credit the effect of social capital is stronger where legal enforcement is weaker and among less educated people these results are not driven by omitted environmental variables since we show that the behavior of movers is still affected by the level of social capital of the province where they were born

examining carbon emissions economic growth nexus for india a multivariate cointegration approach abstract the study probes cointegration and causality between carbon emissions and economic growth for india using ardl bounds testing approach complemented by johansen juselius maximum likelihood procedure in a multivariate framework by incorporating energy supply investment and employment for time span 1971 2006 the study fails to establish long run equilibrium relationship and long term causality between carbon emissions and economic growth however there exists a bi directional short run causality between the two hence in the short run any effort to reduce carbon emissions could lead to a fall in the national income this study also establishes unidirectional short run causality running from economic growth to energy supply and energy supply to carbon emissions the absence of causality running from energy supply to economic growth implies that in india energy conservation and energy efficiency measures can be implemented to minimize the wastage of energy across value chain such measures would narrow energy demand supply gap absence of long run causality between carbon emissions and economic growth implies that in the long run focus should be given on harnessing energy from clean sources to curb carbon emissions which would not affect the country s economic growth

social capital and co2 emission output relations a panel analysis the present paper examines the mitigating effect of social capital on the environmental kuznets curve ekc for co2 emissions using a panel data of 69 developed and developing countries adopting generalised method of moments gmm estimators the paper finds evidence substantiating the presence of ekc moreover the evidence suggests that the pollution costs of economic development tend to be lower in countries with higher social capital reservoir surprisingly there is also evidence to indicate that the income threshold point beyond which co2 emissions decline is higher in countries with higher social capital these results are robust to addition of alternative controlled variables in the ekc specification thus in addition to policy focus on investments in environmentally friendly technology and on the use of renewable energy investments in social capital can also mitigate the pollution effects of economic progress

does urbanization lead to less energy use and lower co2 emissions a cross country analysis despite the relationship between urbanization energy use and co2 emissions has been extensively studied in recent years little attention has been paid to differences in development stages or income levels most previous studies have implicitly assumed that the impact of urbanization is homogenous for all countries this assumption can be questionable as there are many characteristic differences among countries of different levels of affluence this paper investigates empirically the effects of urbanization on energy use and co2 emissions with consideration of the different development stages using the stochastic impacts by regression on population affluence and technology stirpat model and a balanced panel dataset of 99 countries over the period 1975 2005 the findings suggest that the impact of urbanization on energy use and emissions varies across the stages of development surprisingly urbanization decreases energy use in the low income group while it increases energy use in the middle and high income groups the impact of urbanization on emissions is positive for all the income groups but it is more pronounced in the middle income group than in the other income groups these novel findings not only help advance the existing literature but also can be of special interest to policy makers and urban planners

corruption and the environmental kuznets curve empirical evidence for sulfur abstract we investigate how corruption influences the income level at the turning point of the relationship between sulfur emissions and income using a wide cross national panel of countries at different levels of development and with different degrees of corruption our results support the environmental kuznets curve hypothesis for sulfur we find evidence that the higher the country s degree of corruption the higher the per capita income at the turning point suggesting different income pollution paths across countries due to corruption we build upon a new specification for the ekc developed by bradford et al 2005 that avoids using nonlinear transformations of potentially nonstationary regressors in panel estimation also we account for the indirect impact of corruption on emissions through its impact on per capita income our main findings remain unchanged when we investigate additional heterogeneity allowing for different income slopes across richer and poorer countries

china s foreign trade and climate change a case study of co2 emissions abstract the globalization of trade has numerous environmental implications trade creates a mechanism for consumers to shift environmental pollution associated with their consumption to other countries carbon leakage exerts great influences on international trade and economy applying an input output approach the paper estimates the amount of carbon dioxide co2 embodied in china s foreign trade during 1997 2007 it is found that 10 03 26 54 of china s annual co2 emissions are produced during the manufacture of export goods destined for foreign consumers while the co2 emissions embodied in china s imports accounted for only 4 40 1997 and 9 05 2007 of that we also estimate that the rest of world avoided emitting 150 18 mt co2 in 1997 increasing to 593 mt in 2007 as a result of importing goods from china rather than manufacturing the same type and quantity of goods domestically during 1997 2007 the net additional global co2 emissions resulting from china s exports were 4894 mt then the paper divides the trade embodied emissions into scale composition and technical effect it was found that scale and composition effect increased the co2 emissions embodied in trade while the technical effect offset a small part of them finally its mechanism and policy implications are presented

the role of ethnic diversity in sustainable environmental growth new evidence across different income regions we examine the relationship between ethnic diversity and environmental quality proxied by carbon dioxide formula presented emissions ethnic diversity is captured using indices of ethnic fractionalization adopting a supply demand framework which introduces a model for economic growth we find that ethnic fractionalization reduces formula presented emissions the negative effect of ethnic diversity on formula presented emissions is also consistent across middle and low income countries as well as high income countries however results suggest that ethnic diversity has a negative effect on growth in middle and low income countries but a positive effect on growth in high income countries our findings prove robust to alternative estimation methods

the impact of urbanization on co2 emissions evidence from developing countries abstract this paper analyzes the impact of urbanization on co2 emissions in developing countries from 1975 to 2003 it contributes to the existing literature by examining the effect of urbanization taking into account dynamics and the presence of heterogeneity in the sample of countries the results show an inverted u shaped relationship between urbanization and co2 emissions indeed the elasticity emission urbanization is positive for low urbanization levels which is in accordance with the higher environmental impact observed in less developed regions among our contributions is the estimation of a semi parametric mixture model that allows for unknown distributional shapes and endogenously classifies countries into homogeneous groups three groups of countries are identified for which urbanization s impact differs considerably for two of the groups a threshold level is identified beyond which the emission urbanization elasticity is negative and further increases in the urbanization rate do not contribute to higher emissions however for the third group only population and affluence but not urbanization contribute to explain emissions the differential impact of urbanization on co2 emissions should therefore be taken into account in future discussions of climate change policies

deforestation and the environmental kuznets curve an institutional perspective institutions for secure property rights and better environmental policies for moving the system towards a sustainable growth path can reduce the height of an environmental kuznets curve ekc relationship between income and deforestation this study examines the impact of these specific institutional factors on the ekc relationship for deforestation across latin american african and asian countries the factors related to agricultural production population economy and governmental policies of each country are hypothesised to affect deforestation results of the latin american countries show significant evidence of an ekc relationship for deforestation and also relevance of the institutional factors to reduce the rate of deforestation improvements in institutions for secure property rights and better environmental policies can thus significantly reduce the rate of deforestation without hindering the level of economic growth evidence also suggests that the effect of agricultural production on deforestation could be halted by strengthening institutional factors there was found to be complementarity between the institutional factors and forest sector polices and an additive effect between the institutional factors and forest products export promotion policies which could also eventually reduce the rate of deforestation

energy consumption carbon emissions and economic growth in china abstract this paper investigates the existence and direction of granger causality between economic growth energy consumption and carbon emissions in china applying a multivariate model of economic growth energy use carbon emissions capital and urban population empirical results for china over the period 1960 2007 suggest a unidirectional granger causality running from gdp to energy consumption and a unidirectional granger causality running from energy consumption to carbon emissions in the long run evidence shows that neither carbon emissions nor energy consumption leads economic growth therefore the government of china can purse conservative energy policy and carbon emissions reduction policy in the long run without impeding economic growth

information institutions and banking sector development in west africa i introduction banks and other financial intermediaries can perform an important developmental function especially in africa where alternative sources of finance are limited or nonexistent by providing firms with essential finance they help them to take advantage of productive investment opportunities which may not otherwise materialize by screening loan applicants they can help to address adverse selection in the credit market and channel funds toward productive uses by monitoring borrowers they can contain moral hazard behavior for example excessively risky investment activity that could undermine a borrower s ability to repay a loan through long term bank borrower relationships well established banks can address both adverse selection and moral hazard this not only helps banks to remain solvent but also ensures that bank finance is channeled toward productive and sound investments there is a large body of empirical evidence which suggests that the development of banking systems goes hand in hand with economic development see e g levine 2004 although the evidence on causality is mixed see e g demetriades and hussein 1996 there is broad consensus that well functioning banking systems promote economic growth demetriades and andrianova 2005 it is therefore a puzzle that so many countries remain financially underdeveloped this is particularly true of sub saharan africa which remains one of the most financially under developed regions in the world a recent study by the world bank has shown that african banking systems lack depth compared to other regions in the world but are also excessively liquid honohan and beck 2007 according to the world bank banks themselves complain that there is a lack of creditworthy borrowers while at the same time households and firms find finance to be a major constraint the evidence presented by the world bank also suggests that the least developed banking systems are also the most liquid suggesting that excess liquidity is a common feature of financial under development this article aims to shed light on these features of financial under development in africa utilizing a panel data set comprising the banks operating in the west african economic and monetary union uemoa during 2000 2005 the uemoa provides a uniform financial system across eight countries the structure of this system has changed little in the last 15 years therefore we can be sure that the variations in bank behavior we observe within the uemoa are not because of variations in the nature of public financial institutions which the banks face this makes feasible the identification of the institutional sources of the variations in bank behavior which are not correlated with variations in the quality of public financial institutions our data set includes balance sheet information on each bank in the uemoa including bank characteristics such as age and ownership type profitability and the number of urban and rural branches we also utilize country level data on loan defaults which provides information on the average quality of borrowers we use this as a proxy for the severity of information problems faced by banks in the credit market we combine this information with macroeconomic data including institutional quality indices constructed by the world bank our data set enables us to examine the extent to which informational and institutional factors and interactions between different factors can explain a bank s loans to assets ratio which is an inverse measure of bank liquidity our data set is also used to examine the microeconomic and macroeconomic determinants of the total volume of assets of an individual bank which is a good micro level indicator of overall banking sector development our results suggest that to a large extent financial under development including excess liquidity and low banking sector development can be attributed to severe informational problems

another day another dollar enterprise resilience under terrorism in developing countries this study extends the literature on entrepreneurship in developing countries by offering a two stage explanation for the paradoxical observation that enterprise activities often flourish under extreme adversity our findings complement the base of pyramid and peace through commerce attention to the growing role of business in international development by fleshing out the functions of enterprise resilience under terrorism we first explain how terrorism conditions outbreak escalation and reduction may create psychological incentives for enterprise resilience then we show that controlling for ex ante terrorism conditions enterprise resilience yields more favorable economic payoffs at higher levels of terrorism especially for informal entrepreneurs

monetary policy in a model with a federal funds market fixed versus flexible deposit rates this paper examines the comparative static effects of various monetary policy instruments under the assumption of a market determined interest rate on demand deposits and alternatively for the case of an exogenously fixed demand deposit rate in both cases monetary policy effects are analyzed where the monetary policy operating target is either the federal funds rate or a reserve aggregate the aim of the paper is to assess the differences in monetary policy effects for each operating procedure between the flexible and fixed deposit rate cases we extend previous analyses of this subject by incorporating an explicit federal funds market in our model and providing a detailed analysis of monetary policy with a federal funds rate operating target with both a flexible and a fixed deposit rate additionally we consider the differences in the role of secondary monetary policy instruments such as the discount rate and the required reserve ratio in the different regimes finally the paper considers the implications of flexibility of the deposit rate for the feasibility of the current monetary policy strategy of using a short run operating target either the federal funds rate or a reserve aggregate to attain target

the environmental kuznets curve does one size fit all abstract this paper uses a new panel data set on state level sulfur dioxide and nitrogen oxide emissions from 1929 1994 to test the appropriateness of the one size fits all reduced form regression approach commonly used in the environmental kuznets curve literature empirical results provide initial evidence that an inverted u shape characterizes the relationship between per capita emissions and per capita incomes at the state level parameter estimates suggest however that previous studies which restrict cross sections to undergo identical experiences over time may be presenting statistically biased results

regional differences in the dynamic linkage between co2 emissions sectoral output and economic growth environmental degradation measured by co2 emissions is a significant challenge to sustainable economic development owing to significant differences in the empirical relationship between the economic growth and co2 emissions and policies adopted by different countries to overcome the challenge are not decisive this study aims to generalize our knowledge about the relationship between co2 emissions per capita and economic growth across the world for 1980 2009 periods besides it explores whether the transformation of different economies e g agrarian to industrial and industrial to sophisticated service economy over the past few decades yielded any significant positive impact towards sustainable economic development by reducing the level of co2 emission empirical results suggest that i except for high income countries environmental kuznets curve ekc is a general phenomenon across the world and ii the transformation of different economies towards a service economy has produced more pollution in high income countries and less pollution in low and middle income countries

co2 emissions energy consumption and output in france abstract this paper examines the dynamic causal relationships between pollutant emissions energy consumption and output for france using cointegration and vector error correction modelling techniques we argue that these variables are strongly inter related and therefore their relationship must be examined using an integrated framework the results provide evidence for the existence of a fairly robust long run relationship between these variables for the period 1960 2000 the causality results support the argument that economic growth exerts a causal influence on growth of energy use and growth of pollution in the long run the results also point to a uni directional causality running from growth of energy use to output growth in the short run

energy consumption economic growth and carbon emissions challenges faced by an eu candidate member abstract this paper investigates the long run granger causality relationship between economic growth carbon dioxide emissions and energy consumption in turkey controlling for gross fixed capital formation and labor the most interesting result is that carbon emissions seem to granger cause energy consumption but the reverse is not true the lack of a long run causal link between income and emissions may be implying that to reduce carbon emissions turkey does not have to forgo economic growth

urbanization economic growth energy consumption and co2 emissions empirical evidence from countries with different income levels abstract the growth of anthropogenic co2 emissions has been widely attributed to the combustion of energy in support of human activities associated with economic development while the link between urbanization economic growth energy consumption and co2 emissions has as a result received considerable multidisciplinary scholarly attention little work has been undertaken with respect to the how differences in the development stages or income levels of the countries studied may affect these relations here we empirically explore the link between urbanization economic development energy consumption and co2 emissions specifically taking into account the different income levels of the countries studied a series of panel data models and a balanced dataset for a panel of 170 countries were utilized in the study which took the period of 1980 2011 into consideration the result of panel cointegration tests suggested that a cointegration relationship existed between variables in all the countries studied and that a statistically significant positive relationship existed between the variables employed in the long run the results of a granger causality test based on the vector error correction model vecm provided evidence of varied granger causality relationships between the variables across the income based subpanels moreover we also undertook an impulse response and variance decomposition analysis that allowed us to forecast the impacts of economic growth urbanization and energy consumption on future co2 emissions during the period surveyed our results cast a new light on the importance of a country s development stage and income level for government policy decisions relating to the reduction of co2 emissions