does foreign direct investment impede environmental quality in high middle and low income countries abstract under a multivariate framework this paper aims to investigate the nonlinear correlation between foreign direct investment and environmental degradation for high middle and low income countries with economic growth and energy consumption as additional determinants of environmental degradation all variables were found to be nonstationary and cointegrated based on recent panel data unit root tests and cointegration techniques on applying fully modified ordinary least squares fmols the long run results suggest the presence of an environmental kuznets curve in turn foreign direct investment increases environmental degradation thus confirming the pollution haven hypothesis phh moreover the bidirectional causality between co2 emissions and foreign direct investment is observed globally the findings are sensitive to different income groups and regional analyses in particular these empirical findings aid sound economic policymaking for improving environmental quality and sustainable economic development

why do some emerging economies proactively accelerate the adoption of renewable energy abstract this article analyses the determinants of renewable energy consumption in a panel of six major emerging economies namely brazil china india indonesia philippines and turkey that are proactively accelerating the adoption of renewable energy using fully modified ordinary least square fmols dynamic ordinary least square dols and granger causality methods this paper finds that in the long run renewable energy consumption is significantly determined by income and pollutant emission in brazil china india and indonesia while mainly by income in philippines and turkey causal link between renewable energy and income and between renewable energy and pollutant emission are found to be bidirectional in the short run these results suggest that the appropriateness of the efforts undertaken by emerging countries to reduce the carbon intensity by increasing the energy efficiency and substantially increasing the share of renewable in the overall energy mix

local context academic entrepreneurship and open science publication secrecy and commercial activity among japanese and us scientists abstract like the us before it japan has adopted a series of policy initiatives designed to encourage the commercialization of academic science however such initiatives may also adversely affect open science based on matched surveys of almost 1000 researchers in japan and over 800 in the us the paper examines rates of commercial activity reasons to patent and secrecy related to research results in particular it examines the extent to which participation in commercial activity is associated with publication secrecy the results show that patenting rates are higher in japan while industry funding is more common in the us in addition the overall level of publication secrecy is greater in japan and in both countries individuals who are commercially active are less likely to share their research results through publication but patents are less directly linked to commercial activity in japan than in the us and have less impact on academic secrecy the results suggest that academic entrepreneurship is associated with reduced participation in open science but that the extent of adverse effects depends significantly on institutional context

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 impacts of transport energy consumption foreign direct investment and income on co2 emissions in asean 5 economies abstract in this study we incorporate new variables and assess the impact of transportation sector s energy consumption and foreign direct investment on co2 emissions for asean 5 economies using the cointegration and granger causality methods this study also attempts to validate the environmental kuznets curve ekc hypothesis our results reveal that the co2 emissions and their determinants are co integrated only in indonesia malaysia and thailand the long run elasticity estimation suggests that income and transport energy consumption significantly influence co2 emissions whereas fdi is not significant economic growth plays a greater role in contributing to co2 emission in asean 5 nonetheless we find that the inverted u shape ekc hypothesis is not applicable to the asean 5 economies especially in indonesia malaysia and thailand in the long run the bi directional causality between economic growth and co2 emissions is detected in indonesia and thailand while we find unidirectional causality running from gdp to co2 emissions in malaysia we also observe bi directional causality between transport energy consumption fdi and co2 emissions in thailand and malaysia as an immediate policy option controlling energy consumption in transportation sector may result in a significant reduction in co2 emissions however this may slow the process of economic growth in malaysia and indonesia alternatively we suggest policymakers to place more emphasis on energy efficient transportation system and policies to minimise fossil fuel consumption thus the quality of environment can be improved with less deleterious impact on economic growth

open access and academic journal quality ing from complicated signaling behavior by informed authors lerner and tirole show that adding upstream private information does not alter their basic analysis their proposition 4 454 aea papers and proceedings may 2005

a patent system for both diffusion and exclusion public policy analysis of optimal patent regimes is often framed as a tradeoff between static and dynamic efficiency in this analytical framework weak patent protection and strict antitrust policy are taken to be directed toward static concerns while protection of intellectual property through strong patent laws is taken as a reflection of broader social concerns for long run growth and technological progress this characterization has some truth but the magnitude of the conflict between static and dynamic efficiency can easily be exaggerated in this article i want to argue that weak patent protection need not be inimical to economic growth and conversely that strong patent protection need not be an enemy of diffusion appropriately structured patent law and antitrust rules can together ensure incentives for r d and also induce cooperation among firms in diffusing r d results through licensing and other means at the same time cooperation among firms at the r d stage can counterbalance weak patent protection by internalizing spillovers from ongoing r d programs and such cooperation may also produce additional spillovers from the existing knowledge

natural gas trade and sustainable growth empirical evidence from the top gas consumers of the developing world abstractnatural gas is the key non renewable source of energy for a low carbon economy the research applies heterogeneous panel techniques to investigate the impact of natural gas consumption on economic growth across a panel of top 15 natural gas consumers of the developing world we establish long run dynamics with cross sectional dependence and heterogeneity across the sample countries the long run output elasticities suggest that the natural gas consumption and trade variables have significant positive effect on the output in a panel of developing economies further we establish feedback relationship among gas consumption output and trade in the short run given the significance of natural gas as the low emission source of energy we suggest governments and policy advisers of these major natural gas consumers to focus on developing pipeline infrastructure for adequate supply reforming natural gas sector with a competitive price structure to combat excess demand in individual natural gas market w

opening a stock exchange abstract a large body of theoretical and empirical literature has established a positive relationship between levels of stock market development and economic growth however previous empirical work has been based on samples of approximately 40 countries with the most highly developed financial systems since 1950 over 70 countries have opened their first national stock exchanges can such exchanges increase economic growth i present a data set of my construction that describes the exchange openings that occurred between 1960 and 1998 and find that these exchanges have generated increases in growth during their first 5 years of existence although the longer term results are ambiguous

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

factors influencing renewable energy consumption in china an empirical analysis based on provincial panel data abstract the development of renewable energy is the key to deal with climate change and low carbon economy development in china here based on a balanced panel dataset of 30 provinces in china cover the period of 1996 2013 this paper explores the effect of economic growth co 2 emissions foreign trade exports or imports and urbanization on renewable energy consumption at the national and regional levels by using a dynamic system gmm panel model the empirical results show that the influence of economic growth co 2 emissions foreign trade and urbanization on the renewable energy consumption is heterogeneous across regions first economic development has an important positive impact on renewable energy consumption in the four panels we consider and the impact is the greatest in the eastern region follows by the national central and western regions second co 2 emissions have a significant positive impact on renewable energy consumption in the central and national regions however co 2 emissions have a weak negative impact on the consumption of renewable energy in the eastern region and have no impact in the western region third per capita exports are found to have a positive effect on the renewable energy consumption with the greatest impact in the central region followed by the eastern and national regions and have a weak negative impact in the western regions fourth per capita imports have a negative effect on renewable energy consumption in the eastern western and national regions and have a weak positive effect in the central region finally the changes in the urbanization level significantly affect the renewable energy consumption in the four panels we consider and the impact is the greatest in the eastern region with high level of urbanization follow by the central and western regions on the basis of this study we put forward the corresponding countermeasures and suggestions to achieving sustainable development in china

the review process in economics is it too fast rewards for publications in good economics journals are very high and submission fees and other monetary costs associated with submitting an existing manuscript are low consequently the editorial delay especially the first response time the time until the first editorial decision by postponing monetary rewards to publication constitutes the major submission cost from the author s perspective reducing the delay will induce many additional submissions of low quality papers to good journals increasing significantly the workload of editors and referees moreover the rejection rate will increase and cause papers to be rejected more times before publication offsetting at least some of the shorter first response times as a result the efforts of many editors to reduce the editorial delay although attracting more submissions to their journals may have adverse effects from a social perspective and the optimal delay might be longer than the current average of four months

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

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

estimating market power in a two sided market the case of newspapers the newspaper industry is a two sided market the readers market and the advertising market are closely linked by inter market network externalities we estimate market power in the italian newspaper industry by building a structural model which encompasses a demand estimation

the impact of growth energy and financial development on the environment in china a cointegration analysis this article aims to investigate the impact of financial development economic growth and energy consumption on environmental pollution in china from 1953 to 2006 using the autoregressive distributed lag ardl bounds testing procedure the main objective is to examine the long run equilibrium relationship between financial development and environmental pollution the results of the analysis reveal a negative sign for the coefficient of financial development suggesting that financial development in china has not taken place at the expense of environmental pollution on the contrary it is found that financial development has led to a decrease in environmental pollution it is concluded that carbon emissions are mainly determined by income energy consumption and trade openness in the long run moreover the findings confirm the existence of an environmental kuznets curve in the case of china

financial development environmental quality trade and economic growth what causes what in mena countries this paper examines the relationship between financial development co2 emissions trade and economic growth using simultaneous equation panel data models for a panel of 12 mena countries over the period 1990 2011 our results indicate that there is evidence of bidirectional causality between co2 emissions and economic growth economic growth and trade openness are interrelated i e bidirectional causality feedback hypothesis is validated between trade openness and financial development neutrality hypothesis is identified between co2 emissions and financial development unidirectional causality running from financial development to economic growth and from trade openness to co2 emissions is identified our empirical results also verified the existence of environmental kuznets curve these empirical insights are of particular interest to policymakers as they help build sound economic policies to sustain economic development and to improve the environmental quality

competition between networks a study of the market for yellow pages this paper estimates the importance of network effects in the market for yellow pages i estimate three simultaneous equations consumer demand for usage of a directory advertiser demand for advertising and a publisher s first order condition derived from profit maximizing behaviour estimation shows that advertisers value consumer usage and that consumers value advertising implying a network effect i find that internalizing network effects would significantly increase surplus as an application i consider whether the market benefits from monopoly which takes advantage of network effects or oligopoly which reduces market power i find that a more competitive market is preferable copyright 2004 wiley blackwell

are delays in academic publishing necessary researchers perpetually complain about long decision lags glenn ellison 2002a b confirms that delays are being longer he suggests an evolving social norm as a possible explanation with more demands made on authors for their work to be published time delays have the additional effect however of limiting the flow of submissions in the absence of time delays and other significant submission costs the best strategy is to start at the most prestigious journal and work down until the article is accepted better journals are unlikely to welcome this the major submission cost is the long and unpredictable length of time spent waiting for a decision ellison notes that time lags are longer for the top five economics journals at around six to eleven months longer than the rest despite the increasing prestige of top journals the number of submissions remains fairly static

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

submission fees and response times in academic publishing both submission fees and response times enable editors to maintain an acceptable refereeing burden by discouraging the submission of articles with low probability of acceptance when authors differ in their ability or willingness to pay submission fees and deal with delays journal quality is maximized under a combination of moderate fees and moderate delays

energy intensity and foreign direct investment a chinese city level study article i nfo in this paper we investigate the relationship between the energy intensity of chinese cities and the location of foreign firms employing a unique dataset of 206 of the largest prefecture level cities between 2005 and 2008 our results reveal a non linearinverted u shaped relationship between energy intensity and city level per capita income with the majority of cities on the downward slope of the curve we also find evidence of a significant and negative relationship between the foreign direct investment fdi flows into a city and energy intensity however this effect varies by geographic location reflecting differences in the ability of regions to absorb and benefit from environmental spillovers the relatively small economic effect of fdi can in part explained by the propensity for foreign firms to invest in energy intensive sectors coupled with the trend for china to invest heavily in capital intensive industries

the impact of economic globalization on renewable energy in the oecd countries abstract this paper analyzes the determinants of renewable energy consumption in the panel data of 30 oecd countries for the period from 1970 to 2015 the unique role is given to the effect of economic globalization on renewable energy we consider several measures of economic globalization and apply different econometric techniques we find the positive impact of the per capita income the per capita carbon dioxide emissions and the real price of oil on renewable energy also a higher level of economic globalization promotes renewable energy and the evidence is robust to the different measures of economic globalization in line with our findings promoting the economic aspects of globalization will enhance renewable energy thus it can suppress the adverse effect of climate change and global warming on living human beings and natural habitats in the long run therefore we need to enhance our knowledge of how globalization promotes renewable energy not only for the oecd countries but also for other developing and developed economies from a policy perspective we suggest that policymakers and governments in oced countries should consider economic globalization as a renewable energy promoting mechanism while designing their energy demand policy for the protection of natural environmental health

free labor for costly journals there is a remarkable difference between the prices that commercial publishers charge to libraries for economics journals and the prices charged by professional societies and university presses this price difference does not reflect a difference in quality the six most cited economics journals listed in the social science citation index are all nonprofit journals and their library subscription prices average about 180 per year only five of the 20 most cited journals are owned by commercial publishers and the average price of these five journals is about 1660 per year tables 1 and 2 compare library costs and measures of cost effectiveness for the ten most cited nonprofit journals and the ten most cited journals owned by commercial presses the average price per page of the commercial journals is about six times as high and the average price per citation is about 16 times as high as for the nonprofit journals in tables 1 and 2 the first column shows the year 2001 library subscription price and the second column shows the price per page calculated by dividing year 2001 price by the number of pages published in the year 2000 the third column reports the price per citation this is the library subscription price divided by the number of times that articles in this journal were cited in 1998 as recorded by the social science citation index the fourth column price per recent citation is the library subscription price divided by the number of times that the 1996 and 1997 volumes of the journal were cited in 1998 the citation rank is found by ranking journals according to the number of times that this journal was cited in 1998 the differences in prices and cost effectiveness between nonprofit and commercial journals are similar for less prestigious journals i have assembled a data

reconsidering the bayh dole act and the current university invention ownership model abstract the bayh dole act of 1980 provided u s universities with the right to commercialize employees inventions made while engaged in government funded research this paper argues that the current university invention ownership model in which universities maintain de jure ownership of inventions is not optimal either in terms of economic efficiency or for advancing the social interest of rapidly commercializing technology and encouraging entrepreneurship we argue that this model is plagued by ineffective incentives information asymmetries and contradictory motivations for the university the inventors potential licensees and university technology licensing offices tlos these structural uncertainties can lead to delays in licensing misaligned incentives among parties and obstacles to the flow of scientific information and the materials necessary for scientific progress the institutional arrangements within which tlos are embedded have encouraged some of them to become revenue maximizers rather than facilitators of technology dissemination for the good of the entire society we suggest two alternative invention commercialization models as superior alternatives the first alternative is to vest ownership with the inventor who could choose the commercialization path for the invention for this privilege the inventor would provide the university an ownership stake in any returns to the invention the inventor would be free to contract with the university tlo or any other entity that might assist in commercialization the second alternative is to make all inventions immediately publicly available through a public domain strategy or through a requirement that all inventions be licensed non exclusively both alternatives would address the current dysfunctional arrangements in university technology commercialization

the asymmetric effects of foreign direct investment on clean energy consumption in brics countries a recently introduced hidden cointegration test abstract this study investigates the effects of foreign direct investment and the trade openness on clean energy consumption for brics countries brazil russia india china and south africa during the period 1985 2017 for that purpose the study employs fourier adl autoregressive distributed lag and hidden fourier adl cointegration tests and fourier toda yamamoto approach to granger causality considering both raw data and the asymmetric components of the series empirical results reveal that these variables are cointegrated in russia china and south africa regarding hidden fourier adl cointegration test while they are cointegrated only in south africa considering the fourier adl test it is found that trade positively affects clean energy use in south africa in the context of negative components foreign direct investment has a positive impact on clean energy use in russia while its effect is insignificant in china and south africa moreover trade openness influences clean energy consumption negatively in russia china and south africa according to the fourier toda yamamoto and asymmetric fourier toda yamamoto causality tests results regarding negative components there is unidirectional causality from foreign direct investment inflows to clean energy consumption in china findings of this study may provide beneficial information to the policymakers to design proper environmental policies such as the imposition of the carbon tax and subsidy on cleaner energy consumption

correlations and volatility spillovers between oil prices and the stock prices of clean energy and technology companies abstract in this paper multivariate garch models are used to model conditional correlations and to analyze the volatility spillovers between oil prices and the stock prices of clean energy companies and technology companies four different multivariate garch models bekk diagonal constant conditional correlation and dynamic conditional correlation are compared and contrasted the dynamic conditional correlation model is found to fit the data the best and generates results showing that the stock prices of clean energy companies correlate more highly with technology stock prices than with oil prices on average a 1 long position in clean energy companies can be hedged for 20 cents with a short position in the crude oil futures market

submission demand in core economics journals a panel study i introduction academic economics journals have proliferated to around 1 500 providing economists a large number of outlets for publishing manuscripts econlit n d ideas n d although researchers have examined how the demand for submission for academic economics journals responded to nonprice variables such as an editorial policy change on page limit card and dellavigna 2012 surprisingly the price elasticity of demand for submission remains unknown and becomes the focus of this study the objective of this study was to examine empirically what factors influence authors decisions on which economics journal to submit to focusing on three sets of demand factors manuscript submission fee observed journal quality such as impact factor and ranking and journal usage such as abstract views and library subscriptions similar to most of the literature on economics journals we focused on the economics journals indexed in journal citation reports jcr compiled by the institute for scientific information because jcr journals tend to be viewed as the core or leading academic journals two challenges arose in estimating the demand for journal submission first submission fee may be endogenous if supply and demand are simultaneously determined or if economics journals set the fee based on demand variations that the econometrician does not observe and hence cannot explicitly specify in the demand model to reduce the potential endogeneity bias we surveyed journal editors to obtain and use as an instrument the fee paid to a journal referee for reviewing the reviewer fee might serve as a good instrument in this case because the reviewer fee which is a supply side variable generally is paid by the submission fee there is little evidence to support that paying referees is correlated with unobserved journal quality such as journal reputation indeed a recent study by chetty saez and sandor 2014 found that reviewer fees have little or no effects on quality of the reviewer reports based on an experiment with referees at the journal of public economics casting doubt on the relationship between reviewer fee and referee report the second challenge is that journal quality such as journal reputation or editor reputation is not observed by the econometrician our strategy to address this issue was to use panel data to control for unobserved individual journal effect by supplementing the jcr citation data with other publicly available data and our two rounds of surveys of journal editors we constructed a unique panel dataset that contains various journal characteristics such as submission fee fee paid to a journal referee for reviewing and the number of new submissions for the years of 2008 and 2013 thompson scientific institute for scientific information 2008 and 2013 many researchers have analyzed theoretically the role of submission fee and or response times in academic publishing e g azar 2006 cotton 2013 heintzelman and nocetti 2009 leslie 2005 for a recent example cotton 2013 showed that journal quality could be maximized through a combination of both moderate fees and moderate delays when authors have heterogeneous preferences such a result is obviously based on the assumption that authors respond negatively to a submission fee from an empirical perspective submission fees raise the cost of submitting an article and therefore discourage the submission of papers especially those of marginal quality i e a self selection process regarding the quality of authors own manuscripts however several factors can alleviate the negative impact of submission fees on submissions first azar 2005 pointed out that the rewards for publications in good economics journals are very high compared with the relatively low submission fees second submission fees are sometimes paid by department funds and faculty s grants research contracts

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

selling university technology patterns from mit many research universities engage in efforts to license inventions developed by university affiliated inventors however no systematic explanation of the conditions under which university inventions will be licensed or commercialized has been provided drawing on transaction cost economics i provide a conceptual framework to explain which university inventions are most likely to be licensed commercialized and generate royalties and who will undertake that commercialization i test this framework on data on the 1 397 patents assigned to the massachusetts institute of technology during the 1980 1996 period the results showthat 1 university inventions are more likely to be licensed when patents are effective 2 when patents are effective university technology is generally licensed to noninventors 3 when patents are effective licensing back to inventors increases the likelihood of license termination and reduces the likelihood of invention commercialization and 4 the effectiveness of patents increases royalties earned for inventions licensed to noninventors the implications of these findings for innovation management and strategy entrepreneurship and university technology commercialization are discussed

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

r d spillovers patents and the incentives to innovate in japan and the united states national surveys of r d labs across the manufacturing sectors in the us and japan show that intraindustry r d knowledge flows and spillovers are greater in japan than in the us and the appropriability of rents due to innovation less patents in particular are observed to play a more central role in diffusing information across rivals in japan and appear to be a key reason for greater intraindustry r d spillovers there suggesting that patent policy can importantly affect information flows uses of patents differ between the two nations with strategic uses of patents particularly for negotiations being more common in japan

does higher economic and financial development lead to environmental degradation evidence from bric countries abstract a vast number of studies addressed the environmental degradation and economic development but not financial development moreover as argued by stern 2004 the rise and fall of the environmental kuznets curve world development 32 1419 1439 they present important econometric weaknesses using standard reduced form modeling approach and controlling for country specific unobserved heterogeneity we investigate the linkage between not only economic development and environmental quality but also the financial development panel data over period 1992 2004 is used we find that both economic and financial development are determinants of the environmental quality in bric economies we show that higher degree of economic and financial development decreases the environmental degradation our analysis suggests that financial liberalization and openness are essential factors for the co 2 reduction the adoption of policies directed to financial openness and liberalization to attract higher levels of r d related foreign direct investment might reduce the environmental degradation in countries under consideration in addition the robustness check trough the inclusion of us and japan does not alter our main findings

which journal rankings best explain academic salaries evidence from the university of california the ranking of an academic journal is important to authors universities journal publishers and research funders rankings are gaining prominence as countries adopt regular research assessment exercises that especially reward publication in high impact journals yet even within a rankings oriented discipline like economics there is no agreement on how aggressively lower ranked journals are down weighted and in how wide is the universe of journals considered moreover since it is typically less costly for authors to cite superfluous references whether of their own volition or prompted by editors than it is to ignore relevant ones rankings based on citations may be easily manipulated in contrast when the merits of publication in one journal or another are debated during hiring promotion and salary decisions the evaluators are choosing over actions with costly consequences we therefore look to the academic labor market using data on economists in the university of california system to relate their lifetime publications in 700 different academic journals to salary we test amongst various sets of journal rankings and publication discount rates to see which are most congruent with the returns implied by the academic labor market jel a14 i23 j44

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

china s carbon dioxide emissions an interprovincial comparative analysis of foreign capital and domestic capital abstract against the background of china s further relaxation of foreign investment control and implementation of energy conservation and emissions reduction the data of 30 provinces in china from 2001 to 2015 were used to measure the carbon dioxide emissions levels foreign direct investment stock and domestic capital stock in various regions the impulse response function variance decomposition and panel causality test in the panel vector autoregressive model evaluated in detail the impact of foreign capital inflows domestic capital inputs and economic growth on co2 emissions in regions of different energy intensity the study found that on the whole foreign direct investment has no significant impact on china s carbon dioxide emissions china s carbon dioxide emissions are mainly driven by domestic investment and economic growth the sub regional analysis based on different energy intensities shows that in areas of low energy intensity and medium energy intensity foreign direct investment has a significant impact on co2 emissions and the contribution of foreign investment to co2 emissions is between 12 2 and 14 1 the panel causality test found that in the short term foreign direct investment and domestic capital have significant predictive effects on carbon dioxide in various regions

quantifying equilibrium network externalities in the ach banking industry we seek to estimate the causes and magnitudes of network externalities for the automated clearinghouse ach electronic payments system using a panel data set on individual bank usage of ach we construct an equilibrium model of consumer and bank adoption of ach in the presence of a network the model identifies network externalities from correlations of changes in usage levels for banks within a network from changes in usage following changes in market concentration or sizes of competitors and from adoption decisions of banks outside the network with small branches in the network and can separately identify consumer and bank network effects we structurally estimate the parameters of the model by matching equilibrium behavior to the data using simulated maximum likelihood and a data set of localized networks and use a bootstrap to recover confidence intervals the parameters are estimated with high precision and fit various moments of the data reasonably well we find that most of the impediment to ach adoption is due to large consumer fixed costs of adoption the deadweight loss from the network externality is moderate the optimal number of ach transactions is about 16 higher than the equilibrium level

pricing of scientific journals and market power we analyze the empirical relationship between journal prices their quality measured by their citation counts their age as well as conduct of publishers the database covers 22 scientific fields and over 2600 among the most highly reputed and cited journals in 2003 we show that a for profit journals charge roughly 3 times more than journals run by scientific societies b the number of citations has a positive impact on prices c there are large differences in prices across fields that vary from 1 and 6 these are highly and positively correlated with the degree of concentration in the industry

the impact of foreign direct investment on environmental quality a bounds testing and causality analysis for turkey abstract this study aims to investigate the impact of foreign direct investment fdi together with gross domestic product gdp the square of gdp and energy consumption on carbon dioxide co2 emissions in turkey over the period 1974 2010 we employ both the bounds test approach which has superior properties especially in small samples and the hatemi j test which takes structural breaks into consideration in the co integration analysis due to the co integration relationship between co2 emissions and other variables the autoregressive distributed lag ardl model is used in order to investigate short and long run elasticity between the variables the long run coefficients of the ardl model indicate that the effect of fdi on co2 emissions is positive but relatively small while the effects of the gdp and energy consumption on co2 emissions are quite considerable moreover the short run coefficients obtained by the error correction model ecm are found to be similar to those of the long run model the findings support the validity of the environmental kuznets curve ekc hypothesis in both time horizons the vector ecm based granger causality test is also applied to investigate the causal link the causality test results indicate the existence of a causality running from all explanatory variables to co2 emissions in the long run overall the findings suggest that turkey should promote energy efficiency with sustainable growth and encourage more fdi inflows particularly in technology intensive and environment friendly industries to improve environmental quality

price structure in two sided markets evidence from the magazine industry we present and estimate a model of competition in a two sided market the market for magazine readership and advertising using data on magazines in germany we find evidence that magazines have properties of two sided markets the results are consistent with the perception that prices for readers are subsidized and that magazines make all their money from advertisers consistent with advertisers valuing readers more than readers value advertisements our results imply that higher demand on the reader side increases ad rates but that higher demand on the advertising side decreases cover prices

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