co2 emissions energy consumption and economic growth in china a panel data analysis this paper examines the causal relationships between carbon dioxide emissions energy consumption and real economic output using panel cointegration and panel vector error correction modeling techniques based on the panel data for 28 provinces in china over the period 1995 2007 our empirical results show that co2 emissions energy consumption and economic growth have appeared to be cointegrated moreover there exists bidirectional causality between co2 emissions and energy consumption and also between energy consumption and economic growth it has also been found that energy consumption and economic growth are the long run causes for co2 emissions and co2 emissions and economic growth are the long run causes for energy consumption the results indicate that china s co2 emissions will not decrease in a long period of time and reducing co2 emissions may handicap china s economic growth to some degree some policy implications of the empirical results have finally been proposed

does economic recession reduce material use empirical evidence based on 157 economies worldwide abstract the research on economic recession has been more focused on the interactions between macroeconomic and financial variables however whether material use has been affected during the recession period has remained under explored in order to fill up this gap this study investigates the relationship between material use and economic recession as well as other socio economic drivers by using the material flow analysis and the system generalized method of moments for 157 economies worldwide during 1980 2011 results show that economic recession poses significant and negative impact on domestic material consumption at 1 level illustrating its role as a determinant factor on material mitigation by dividing the research sample into extractive and non extractive economies as well as high mid and low income groups we again confirmed the significant negative correlations as expected no significant sign is found between recession and physical trade balance besides other drivers such as population gross domestic production gdp per capita and technological variables also exert marked effects at different situations this research work provides an empirical study on how recession and other factors affect material use at various scenarios which have essential implications for understanding material flow dynamics in different economic cycles

public capital and long run costs in u k manufacturing a model of u k manufacturing production that incorporates the inputs of public as well as private capital is specified and estimated the model is then used to measure the contribution of public capital to productivity growth over the period 1966 to 1990 it is found that before 1980 the public and private capital contributions were of comparable magnitude after 1980 the contribution of public capital declined significantly copyright 1993 by royal economic society

refining for export and the convergence of petroleum product prices abstract the petroleum refining industry has changed over the past decades from one in which capacity primarily served local and regional markets to one in which trade in refined petroleum products has become more widespread we investigate the hypothesis of increasing globalization by examining the convergence of prices for refined products across different markets using data on refined products from market centers in the us and europe we test for convergence of prices using standard time series techniques the data plainly show that markets for refined petroleum products have become more interrelated as europe exported its gasoline surplus and global demand for petroleum products approached refining capacity econometric evidence supports the hypothesis that the us and european markets for oil and refined products are integrated we find evidence that a structural break during the financial crisis of 2008 changed the long run equilibrium price relationships and the short run price dynamics refined product markets are likely to experience continued globalization given trends in the united states and europe and because of key export oriented refining capacity investments made to take advantage of access to specific crude oil sources

stock dynamics for forecasting material flows case study for housing in the netherlands abstract this article discusses the role of lifestyle in physical material accounting and introduces a new method for simultaneously determining national or regional resource demand and waste generation through estimations of the population and its lifestyle which is manifested in the stocks of service providing goods their composition and lifetimes improving our comprehension of the stocks in use is essential for environmental policy making because 1 they are becoming the most important resource providers 2 they are important drivers for resource and energy consumption as well as waste and emission generation and 3 their magnitudes and dynamics are the parts of the material cycles that is usually least understood a generic dynamic material flow analysis model is presented and applied for the diffusion of concrete in the dutch dwelling stock for the period of 1900 2100 simulation results are illustrated for a standard scenario and a parameter variation the results show that 1 construction and demolition flows follow a cyclical behaviour 2 the cycles of construction and demolition flows are phase displaced in the first half of the 21st century with decreasing construction and increasing demolition and 3 growth of the dwelling stock is becoming increasingly more material intensive as a growing amount of material is used for replacements the presented stock dynamics approach can principally be applied for any anthropogenic material stock however it is most useful for the examination of metabolic consequences of diffusion processes of durable and fixed capital stocks

energy consumption real income and temporal causality results from a multi country study based on cointegration and error correction modelling techniques abstract unlike previous studies on the causal relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multivariate cointegration tests preceded by various unit root or non stationarity tests we test for cointegration between total energy consumption and real income of six asian economies india pakistan malaysia singapore indonesia and the philippines non rejection of cointegration between variables rules out granger non causality and imples at least one way of granger causality either unidirectional or bidirectionial secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample granger exogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total impact of an unanticipated shock to each of the variables beyond the sample period into proportions attributable to shocks in the other variables including its own in the bivariate system results based on these tools of methodology indicate that while all pair wise relationships shared common univariate integrational properties only relationships for three countries india pakistan and indonesia were cointegrated for these countries temporal causality results were mixed with unidirectional causality from energy to income for india exactly the reverse for indonesia and mutual causality for pakistan the vdcs were not inconsistent with these results and provided us with an additional insight as to the relatively more dominant direction of causation in pakistan simple bivariate vector autoregressive models for the three non cointegrated systems did not indicate any direction of causality significantly in either direction

economic development and co2 emissions a nonparametric panel approach we examine the empirical relation between co2 emissions per capita and gdp per capita during the period 1960 1996 using a panel of 100 countries relying on the nonparametric poolability test of baltagi et al baltagi b h hidalgo j li q 1996 a nonparametric test for poolability using panel data journal of econometrics 75 345 367 we find evidence of structural stability of the relationship we then specify a nonparametric panel data model with country specific effects estimation results show that this relationship is upward sloping nonparametric specification tests do not reject monotonicity but do reject the polynomial functional form which leads to the environmental kuznets curve in several studies

economic growth and the evolution of material cycles an analytical framework integrating material flow and stock indicators abstract understanding the relationship between material cycles and economic growth is essential for relieving environmental pressures associated with material extraction production and consumption we developed an integrated analytical framework of dematerialization analysis incorporating both material flow and stock indicators a four quadrant diagram is designed to classify different stages of dematerialization based on the elasticity of material flow stock to economic output or well being we then conducted a case study on the long term evolution of aluminum cycle in the u s and found that different material flow and stock indicators decoupled from gross domestic product gdp growth in a clear sequential pattern flows closer to the beginning of the aluminum cycle e g primary aluminum production decoupled from gdp earlier than flows closer to the final consumption stage e g consumption of final products in use stock of aluminum decoupled from gdp much more slowly than any flow indicator and had just reached the status of relative decoupling around 2000 this phenomenon is determined by the fact that different causes of dematerialization such as import substitution and secondary material recycling take effect at different stages of economic development comprehensive understanding of dematerialization depends on in depth analysis on material economy relationships from an integrated stock and flow perspective

implications of consumer heterogeneity in time series estimates of us money demand the money demand function has traditionally been estimated with income and interest rates typically employing quite lengthy time series controversy however surrounds the importance of heterogeneous agents in monetary economics and throughout macroeconomics more generally in particular if proportions of agents with different traits and hence different money demands are changing over time ignoring those changes may bias estimated income and interest elasticities this concern as well as that of appropriate functional form is explored here controlling for consumer heterogeneity has surprising effects on the estimated elasticities of traditional variables

estimating shocks and impulse response functions this paper examines the issue of how to identify the shocks in a cointegrated var when the following assumptions are made the variables can be classified as endogenous or exogenous there are as many cointegrating relations as endogenous variables the cointegrating vectors are identified and they contain at least one exogenous variable it is shown that with these assumptions it is possible to identify the shocks without the use of further restrictions on the covariance matrix of the disturbances or the short run dynamics if the long run parameters are known the whole model can be estimated by ols the analysis is extended to allow the var to have both stationary and non stationary variables an illustration of the method is provided using the traditional benchmark var model involving us data on output prices interest rates and money a liquidity effect is not found using this var methodology

sustainable development in practice abstract the semi annual european environment sustainable conference in aalborg denmark brought together from primarily europe but also other parts of the world the conference focused on sustainability but one panel focused on practical applications for public policy and private industry the papers from this panel are presented in this special issue of the journal they cover topics ranging from corporate sustainable programs to government plans including feed in laws some papers are more academic oriented but clearly derived from practical political experiences such as those of the california energy crisis these theories argue the need for agile energy systems whereby regions cities and communities must have combinations of on site or distributed energy generation like combined heat and power cph along with central grid power generation finally there is a clear message in all the papers that market forces alone do not develop monitor or even provide level playing fields for communities in short there needs to be continuous government or public involvement in the sustainable communities

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

sustainable economic production quantity models for inventory systems with shortage abstract recently new economic order production quantity models have shifted away from focusing only on economic issues and towards combined economic environmental concerns because of sustainable development goals despite this shift only a few works have addressed sustainable economic production quantity epq the theoretical sustainable eoq and epq models are basic models that ignore many real life conditions such as the possibility of stock out in inventory systems in this paper we develop four new sustainable economic production quantity models that consider different shortage situations to find optimal values of inventory system variables we solve four independent profit maximization problems for four different situations these proposed models include a basic model in which shortages are not allowed and when shortages are allowed the lost sale full backordering and partial backordering models can be selected by operations managers depending on the manufacturer s motivation to improve service levels we have also proposed an algorithm for determining optimum values of the decision variables for these sustainable economic production quantity models finally the formulated models are explained with some different examples and the obtained results have been analyzed and discussed these results show that the sustainable economic production quantity with partial backordering model is a general and more realistic model that can be used in many real cases with a reasonable profit amount compared with the three other proposed models

the socio economic drivers of material stock accumulation in japan s prefectures physical economy research has thus far focused on the throughput of materials that underpin economic development the role of stocks of buildings and infrastructure has remained underexplored yet it is the physical stock that provides service to society to fill this gap this research investigates stock dynamics in japan in relation to population and economic drivers using panel regression and ipat analyses for the past five decades we recognize characteristic changes in the strength and relative influence of the drivers throughout time in different subnational regions and on the dynamics of buildings compared to transportation infrastructure we find that material stock accumulation mainly occurred due to growth in economic activity specifically by tertiary sector demand apart from a period of government driven stock accumulation in the 1990s to stimulate economic growth as economic and population growth slowed stock accumulation dynamics also changed signaling a new stock saturation trend migration from rural to urban areas has recently become an influential driver leaving behind underused buildings and roads this analysis provides a case study on how socio economic drivers and stock accumulation interacted and changed while the country matured which may have implications for understanding stock dynamics in rapidly industrializing economies

environmental kuznets curve for co2 in canada abstract according to the environmental kuznets curve hypothesis the relationship between per capita gdp and per capita pollutant emissions has an inverted u shape this implies that past a certain point economic growth may actually be profitable for environmental quality most studies on this subject are based on estimating fully parametric quadratic or cubic regression models while this is not technically wrong such an approach somewhat lacks flexibility since it may fail to detect the true shape of the relationship if it happens not to be of the specified form we use semiparametric and flexible nonlinear parametric modeling methods in an attempt to provide more robust inferences we find little evidence in favour of the environmental kuznets curve hypothesis our main results could be interpreted as indicating that the oil shock of the 1970s has had an important impact on progress towards less polluting technology and production

co2 metabolic flow analysis in global trade based on ecological network analysis abstract co2 emission induced by international trade brings a plenty of pressure on global warming hence it is important to understand multi regional co2 flows that result from global trade and flow variation of different paths after transforming capital flows into co2 carbon flows we built an ecological network model of the global trade system s carbon metabolism through ecological network analysis we identified the direct and indirect effects of temporal co2 flows in the network we found that the total integral flow through the network experienced a remarkable increase during the study period in addition total import and export flows of four countries including us china germany and russia turned out to be rather big direct flow share was usually beyond 50 between two geographical adjacent countries while that share was below 50 when two countries are far away this research reveals the importance role of indirect flows and can therefore provide an empirical basis for adjusting and optimizing global trade network

life cycle effects structural change and long run movements in the velocity of money secular movements in the velocity of money in the united states have been puzzling after declining since the civil war velocity defined as the ratio of gross national product to currency plus demand deposits at commercial banks has steadily increased since world war ii by the late 1970s it had increased threefold over its 1946 value largely negating the decline of the previous seventy five years other definitions have also reversed their long run patterns the substantial decline in the ratio of gross national product to money holdings inclusive of time deposits at commercial banks ended in the postwar period as this ratio first rose and then held relatively steady through the 1970s since these trends hold for virtually all sectors of the economy selden 1961 research has sought aggregate explanations commonly the behavior of velocity is inferred from time series studies postulating a stable relationship between the demand for money and aggregate income and interest rates boorrnan and havrilesky 1972 goldfeld 1973 laidler 1969 these studies generally place responsibility for the rise in velocity on some combination of a relatively low income elasticity of the demand for money and a relatively large interest rate elasticity despite its acceptance such an approach is unsatisfying since it neglects the role of long run structural changes in explaining velocity movements thus the literature

measuring market power for some industrial sectors in austria this paper applies an oligopoly model which parameterizes the degree of market power for two industrial sectors glass industry non electrical machinery in austria in contrast all other paper in the new empirical indsutrial organization literature we account for the non stationarity characteristics of the data series a dynamic specification procedure which assumes structural long run equilibrium relationships is therefore applied since a simultaneous system with non linear cross equation restrictions is implied by the economic model a full information maximum likelihood method is used the data reveal a higher degree of market power for the glass industry than for non electrical machinery this hierarchy is in line with the position of these industries for concentration rates and herfindahl indices

decomposing the decoupling of co2 emissions and economic growth in brazil abstract this paper examines the occurrence of a decoupling between the growth rates in economic activity and co 2 emissions from energy consumption in brazil from 2004 to 2009 this decoupling was highlighted when economic activity and co 2 emissions moved in opposite directions in 2009 more generally we observe several periods of relative decoupling in brazil but not to the extent witnessed in 2009 to identify the determinants of emissions change we develop a decomposition model based on a log mean divisia index lmdi framework the results indicate that the carbon intensity and energy mix are the main determinant of emissions reduction in brazil between 2004 and 2009 modifications in the economy structure are also associated to emission mitigation in the period such evidence demonstrates similarities with events of decoupling registered for the interval 1980 1994 in brazil finds from brazil differ from observations in other countries in which improvement in energy intensity has been the most common determinant of emissions reduction

the value of time and the transactions demand for money this paper reexamines the hypothesis of dean s dutton and william p gramm and edi karni that the wage rate influences the demand for money as a proxy for the value of transactions time it develops value of time transactions models which yield demand for money equations that have a real wage rate argument and compares it to a non value of time alternative that does not the author finds that the value of time models perform well and that the value of time effect is empirically significant copyright 1990 by ohio state university press

declining discount rates and the fisher effect inflated past discounted future uncertain and persistent real interest rates underpin one argument for using a declining term structure of social discount rates in the expected net present value enpv framework despite being controversial this approach has influenced both the inter agency working group on cost benefit analysis and the uk government s guidelines on discounting we first clarify the theoretical basis of the enpv approach then rather than following previous work which used a single series of u s treasury bond returns we treat nominal interest rates and inflation as co integrated series and estimate the empirical term structure of discount rates via the fisher effect this nests previous empirical models and is more flexible it also addresses an irregularity in previous work which used data on nominal interest rates until 1950 and real interest rates thereafter as we show the real and nominal data have very different time series properties this paper therefore provides a robustness check on previous discounting advice and updated methodological guidance at a time when governments around the world are reviewing their guidelines on social discounting the policy implications are discussed in the context of the social cost of carbon nuclear decommissioning and public health

panel estimation for co2 emissions energy consumption economic growth trade openness and urbanization of newly industrialized countries abstract this paper empirically examines the dynamic causal relationships between carbon dioxide emissions energy consumption economic growth trade openness and urbanization for the panel of newly industrialized countries nic using the time series data for the period 1971 2007 using four different panel unit root tests it is found that all panel variables are integrated of order 1 from the johansen fisher panel cointegration test it is found that there is a cointegration vector among the variables the granger causality test results support that there is no evidence of long run causal relationship but there is unidirectional short run causal relationship from economic growth and trade openness to carbon dioxide emissions from economic growth to energy consumption from trade openness to economic growth from urbanization to economic growth and from trade openness to urbanization it is found that the long run elasticity of carbon dioxide emissions with respect to energy consumption 1 2189 is higher than short run elasticity of 0 5984 this indicates that over time higher energy consumption in the newly industrialized countries gives rise to more carbon dioxide emissions as a result our environment will be polluted more but in respect of economic growth trade openness and urbanization the environmental quality is found to be normal good in the long run

greenhouse gas emissions energy consumption and economic growth a panel cointegration analysis from canadian industrial sector perspective abstract this paper investigates the long run and the causal relationship between greenhouse gas emissions energy consumption and economic growth for canadian industrial sectors over the period 1990 2007 the empirical findings suggest that in the long run equilibrium energy consumption has a positive and statistically significant impact on greenhouse gas emissions whereas a non linear relationship is found between greenhouse gas emissions and economic growth consistent with the environmental kuznets curve the short run dynamics conveys that there is a unidirectional granger causality running from energy consumption to greenhouse gas emissions from economic growth to greenhouse gas emissions and a weak unidirectional causality running from greenhouse gas emissions to energy consumption from economic growth to energy consumption in the long run however there seems to be a weak one way causality flowing from energy consumption and economic growth to greenhouse gas emissions

dynamic modeling of causal relationship between energy consumption co2 emissions and economic growth in india abstract the paper investigates the causality relationships among energy consumption carbon dioxide co2 emissions and income in india using a dynamic modeling approach the paper also utilises an innovation accounting method to investigate profiles of the macroeconomic variables persisting from an unanticipated shock in innovation our results provide evidence of the existence of bi directional granger causality between energy consumption and co2 emissions in the long run but neither co2 emissions nor energy consumption causes movements in real income there is no causality relationship between energy consumption and income in any direction in the long run implying that india could follow energy conservation and efficiency improvement policies without impeding economic growth this will allow india to reduce co2 emissions without affecting its economic growth and contribute significantly towards combating global warming as well

environment kuznets curve for co2 emissions a cointegration analysis for china abstract this study examines the long run relationship between carbon emissions and energy consumption income and foreign trade in the case of china by employing time series data of 1975 2005 in particular the study aims at testing whether environmental kuznets curve ekc relationship between co 2 emissions and per capita real gdp holds in the long run or not auto regressive distributed lag ardl methodology is employed for empirical analysis a quadratic relationship between income and co 2 emission has been found for the sample period supporting ekc relationship the results of granger causality tests indicate one way causality runs through economic growth to co 2 emissions the results of this study also indicate that the carbon emissions are mainly determined by income and energy consumption in the long run trade has a positive but statistically insignificant impact on co 2 emissions

a heterogeneous model of disposition effect a portfolio choice model is provided to illustrate the disposition effect under irrational belief in mean reversion assumption higher cognitive reference stronger irrational belief in mean reversion magnitude and less risk aversion all strengthen the disposition effect in the model the equilibrium market interest rate is priced after the market clearing condition is employed the grater disposition effect reduces the capital mobility from the stock market to the bond market and thus mitigates the dropping of the market interest rate

income velocity and institutional change some new time series evidence 1870 1986 this paper applies tests of cointegration to assess whether institutional factors in addition to income and an interest rate explain the long run behavior of velocity over a century of annual data from five industrialized countries are used institutional characteristics make a significant contribution to the determination of velocity in all the countries considered one generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity copyright 1993 by ohio state university press

decoupling strategies co2 emissions energy resources and economic growth in the group of twenty abstract this study uses the group of twenty g20 as a representative sample of global economic development within a panel emissions energy output eeo framework over the period 1991 2016 to estimate the carbon kuznets curve ckc the clean fossil fuels energy consumption ce ff elasticity of demand for carbon emissions the causalities between emissions energy and economy and thus to propose strategy for decoupling environmental pressure from economic growth eg the results of the descriptive statistical analysis suggest an absolute decoupling effect seems to have occurred with the drop in related environmental pressure and the continuation of economic growth the panel cointegration test results show that there is a long run equilibrium relationship between carbon emissions ff real gdp and different types of ce i e new renewable ren hydropower hydro nuclear nuc the estimation results show that the ckc exists and emissions are positively elastic to ff and negatively inelastic to ren hydro nuc although ren s average per capita compound annual growth rate reached 14 the results of panel vector error correction models reveal that 1 the use of nuclear energy is a key means for dealing with carbon emissions 2 the substitutability symbiosis exists between ren hydro and ff 3 the feedback hypothesis between eg and ff ren and the hydro nuc led growth hypothesis are confirmed therefore energy saving policies may hurt eg a broad strategy for emissions energy consumption and economy decoupling are to support diversified sustainable energy consumption mix including shp ren and nuc and maintain stable economic growth thereby improving energy efficiency and safety reducing carbon dioxide intensity and thus leading the world to absolute decoupling absolute decoupling is the only way to achieve a truly sustainable future

emissions intensity targeting from china s 12th five year plan to its copenhagen commitment china is currently the world s largest single source of fossil fuel related co2 emissions in response to pressure from the international community and in recognition of its role in global climate change mitigation the chinese government has announced a series of climate policy commitments in both the copenhagen accord and its domestic 12th 5 year plan to gradually reduce emissions intensity by 2020 emissions intensity reduction commitments differ significantly from emission level reduction commitments that are commonly adopted by developed economies in this paper we investigate the economic implications of china s recent commitments to reduce emissions intensity and highlight the complexities involved in modelling intensity targets under uncertainty using g cubed an intertemporal computable general equilibrium model of the world economy we show that china s emissions intensity targets could be achieved with a range of low and high growth emissions level trajectories corresponding to low and high growth gdp scenarios which lead to different welfare consequences

quantifying u s aluminum in use stocks and their relationship with economic output abstract a dynamic material flow analysis model is developed to quantify aluminum in use stocks and old scrap recycling and recovery in the united states for the period of 1900 to 2007 the total in use aluminum stock in 2007 is estimated as 93 million metric tons which represents approximately 34 of the cumulative apparent consumption since 1900 alternately since 1900 nearly 40 of the cumulative discarded aluminum has not been recycled for domestic use in the u s or for export to foreign consumers statistical time series analysis is used to explore the relationship between model results of in use stocks and gross domestic product gdp unlike most previous studies of material consumption and economic activity which ignore the statistical properties of time series data to the detriment of model estimation and inference data stationarity is explicitly evaluated through unit root testing and model specification is adjusted accordingly the annual percentage change in gdp is found to have a large and significant association with the annual percentage change in net additions to in use stocks model sensitivity and uncertainty are quantified through the application of the fourier amplitude sensitivity test and alternate specifications of product lifetime probability density functions

the long run and causal analysis of energy growth openness and financial development on carbon emissions in turkey abstract the aim of this paper is to examine the causal relationship between financial development trade economic growth energy consumption and carbon emissions in turkey for the 1960 2007 period the bounds f test for cointegration test yields evidence of a long run relationship between per capita carbon emissions per capita energy consumption per capita real income the square of per capita real income openness and financial development the results show that an increase in foreign trade to gdp ratio results an increase in per capita carbon emissions and financial development variable has no significant effect on per capita carbon emissions in the long run these results also support the validity of ekc hypothesis in the turkish economy it means that the level of co 2 emissions initially increases with income until it reaches its stabilization point then it declines in turkey in addition the paper explores causal relationship between the variables by using error correction based granger causality models

the value of time and recent u s money demand instability much controversy has surrounded the u s money demand relationship or more precisely its stability this is rather disappointing in light of the central importance of money demand estimates for the formulation and implementation of effective monetary policy and for almost all theories of aggregate economic activity to date the vast majority of alternative money demand specifications have generally failed to produce a stable money demand function throughout the 1970s and 1980s

the sustainability of anaerobic digestion plants a win win strategy for public and private bodies abstract energy production from the anaerobic digestion of organic waste is widely recognized as a social and environmental opportunity since it allows reducing waste disposal and making waste management economically profitable however profitability of these plants is strongly affected by the quantity and the quality of wastes as well as by the availability of local subsidies the key role of incentive policies in the economic success of investments in biomass to energy plants is highly recognised and has led european union eu governments to promote the deployment of these plants incentive policies adopted in eu countries differ significantly in this paper an evaluation model based on cost benefit analysis is developed in order to identify the production based incentive rates making investments in anaerobic digestion plant economically feasible without reducing social and environmental positive impacts the model has been applied to the case of energy production plants from anaerobic digestion of cattle manure in order to investigate the influence of the plant size on the investment profitability different waste collection areas have been considered environmental performances of the plants have been evaluated by adopting a life cycle assessment approach results obtained confirm the environmental benefits achievable through the energy production from the anaerobic digestion of cattle manure however the current production based incentive rates provided in most eu countries revealed an inadequate balance between private and public interest since they make profitable the investments only in case of small plants

services sector and economic growth in india this study examines the long run equilibrium and short run dynamic relationship between services sector and gross domestic product gdp and between services and nonservices sectors in india the model is estimated using the optimal single equation and the maximum likelihood system estimators all the estimators consistently suggest the cointegrating relationship between services sector and gdp as well as between services and nonservices sectors the estimates of long run elasticity parameters are statistically significant and dimensionally consistent across the estimators the conventional cumulative sum cusum and the new cusum and moving sum mosum tests suggest the stability of the equilibrium residuals and reinforce the cointegrating relationship between the model series the error correction model provides some support for unidirectional granger causality from services sector to gdp the impulse response and variance decomposition analyses instead suggest the bidirectional causality between servic

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

the long run behavior of the income velocity of money in five advanced countries 1870 1975 an institutional approach the income velocity of money in canada the united states great britain norway and sweden displays a u shaped pattern over the last one hundred years this paper presents and tests empirically an explanation for this secular pattern emphasizing the influence on velocity of institutional changes the inclusion into a simple velocity function of institutional developments such as the process of monetization the spread of commercial banking financial development and the growth of economic stability improves the explanation of long run movements in velocity provided by a regression of velocity on real permanent income per head and the interest rate

some qualms about the test of the institutionalist hypothesis of the long run behavior of velocity this paper expresses econometric qualms about bordo and jonung s 1981 analysis of long run velocity they did not recognize that for u s and canadian data the log of velocity has a unit root hence estimation of a log level regression may produce spurious regressions when bordo and jonung s velocity equation is reestimated in rate of change form permanent income is significant contrary to their earlier conclusion moreover using this approach gives a stronger result for one of the institutional variables in the velocity function in the sense that the remaining variables become more significant

correlation analysis of co 2 emissions material stocks and economic growth nexus evidence from chinese provinces abstract a better understanding of the economy material emissions nexus is fundamental in order to reveal the interactions between human development and the natural environment and more importantly to design integrated de carbonization and de materialization policies in this paper we conducted a decoupling analysis of fossil fuel induced co2 emissions and in use material stocks in infrastructure to economic growth at the provincial level in china and investigated the trilateral causal relationships among the three indicators the results show that the average elasticity of co2 emissions and material stocks to economic growth was smaller than 1 representing a status of relative decoupling however in many less developed provinces in central and western china we observed increasing trends of elasticity in the past three decades which suggest their economic growth became more tightly linked to co2 emissions and the accumulation of material stocks granger tests suggest that in the long run there existed a unidirectional causality running from co2 emissions economic growth and urbanization to material stocks in the short run a bi directional causality between co2 emissions and economic growth and a unidirectional causality from material stocks to co2 emissions were detected policy implications for the de carbonization and de materialization transition include enhancing renewable energy utilization upgrading industries to less carbon intensive ones developing compact cities prolonging the lifespan of infrastructure and strengthening the life cycle carbon management of infrastructure

estimating long run economic equilibria with stochastic trends an asymptotic theory is provided to analyze a menu of currently existing estimators of cointegrated systems we study in detail the single equation ecm seecm approach of hendry our theoretical results lead to prescriptions for empirical work such as specifying seecm s nonlinearly and including lagged equilibrium relationships rather than lagged differences of the dependent variable as covariates simulations support these prescriptions and point to problems of overfitting not encountered in the semiparametric approach of phillips and hansen 1990

is china s development conforms to the environmental kuznets curve hypothesis and the pollution haven hypothesis abstract the environmental kuznets curve and pollution haven hypotheses have been verified by many studies however there is still no consensus on whether china s situation is consistent with the abovementioned hypotheses therefore to investigate whether china s development aligns with the environmental kuznets curve and pollution haven hypotheses this study considered provincial panel data from 1996 to 2015 and used the fixed effects panel data partially linear additive model which integrates economic growth and foreign direct investment into the same framework to investigate their impact on carbon emissions the results revealed that there exists a reverse u shape relationship between economic growth and carbon dioxide emissions and an inverted n shaped relationship between foreign direct investment and carbon dioxide emissions moreover the results revealed that energy consumption has an accelerating effect on the production pace of carbon dioxide emissions the upgrading of industrial infrastructure technology diffusion and trade liberalization can contribute to the reduction of carbon dioxide emissions additionally this study proposes the following future research directions first considering the regional differences in china the conclusions of this study should be re examined by grouping different regions secondly the formation mechanism of the inverted n type relationship between foreign direct investment and carbon emissions is also an issue that requires further discussion finally a comparative study between developed and developing countries is needed to test and verify the universality and adaptability of the conclusions drawn from this study