who gives who receives and who wins transforming capital into political change through nongovernmental organizations how does international support for nongovernmental organizations ngos lead to political change in the developing world massive amounts of domestic government spending and international aid are now distributed through ngos instead of state bureaucracies recent scholarship suggests that this decentralization of developmental aid to ngos has unintended political effects on recipient communities but the mechanisms driving political effects are unclear in this article the authors test whether ngo type affects the results of ngo aid comparing the political impact of politicized and nonpoliticized ngos they do not find any difference between politicized and nonpoliticized ngos the results imply that to create political change ideological predispositions held by individual ngos are less important than is their ability to raise the level of social capital and civil society simply providing the infrastructure necessary to develop social capital and civil society can have a measurable political impact

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

futures prices on yields forward prices and implied forward prices from term structure when futures contracts are settled with respect to underlying asset prices received theory suggests that the differences between futures prices and implied forward prices from the term structure are strictly due to marking to market ceteris paribus empirical evidence appears to indicate that such differences are small for contracts with short maturities what happens when the futures contract settles to yields implied by future prices of underlying assets the eurodollar futures contract which is the most actively traded futures contract in the united states settles to yield as opposed to prices this unique settlement feature is shown to imply that the implied forward prices from the libor term structure should differ from the futures prices even in the absence of marking to market differences due to marking to market effect are small they are shown to vary between 2 to 45 basis points less than one half percent of futures prices on the other hand differences between implied forward prices and futures prices are shown to be relatively large

environmental kuznets curve hypothesis in pakistan cointegration and granger causality abstract the paper is an effort to fill the gap in the energy literature with a comprehensive country study of pakistan we investigate the relationship between co2 emissions energy consumption economic growth and trade openness in pakistan over the period of 1971 2009 bounds test for cointegration and granger causality approach are employed for the empirical analysis the result suggests that there exists a long run relationship among the variables and the environmental kuznets curve ekc hypothesis is supported the significant existence of ekc shows the country s effort to condense co2 emissions and indicates certain achievement of controlling environmental degradation in pakistan furthermore we find a one way causal relationship running from economic growth to co2 emissions energy consumption increases co2 emissions both in the short and long runs trade openness reduces co2 emissions in the long run but it is insignificant in the short run in addition the change of co2 emissions from short run to the long span of time is corrected by about 10 yearly

is the long run relationship between economic growth electricity consumption carbon dioxide emissions and financial development in gulf cooperation council countries robust the relationship between carbon dioxide emissions economic growth electricity consumption and financial development in the gulf cooperation council gcc countries is investigated in this study using panel data for the period of 1980 2012 a number of econometric techniques dynamic ordinary least squares dols fully modified ordinary least squares fmols and the dynamic fixed effect model dfe are applied in order to estimate the long run relationship between the variables the long run relationship is found to be robust across these different econometric specifications no significant short run significant relationship was observed electricity consumption and economic growth have a positive long run relationship with carbon dioxide co2 emissions whilst a negative and significant relationship was found between co2 emissions and financial development the findings imply that electricity consumption and economic growth stimulate co2 emissions in gcc countries while financial development reduces it granger causality results reveal that there is a bidirectional causal link between economic growth and co2 emissions and a unidirectional causal link running from electricity consumption to co2 emissions however there is no causal link between financial development and co2 emissions also impulse response and variance decomposition analysis outline forecasted impacts of economic growth and electricity consumption on future co2 emissions

is aggregate domestic consumption spending adcs per capita determining co2 emissions in south africa a new perspective aggregate domestic consumption spending is one of the prime drivers of economic progress that facilitates the process of industrialization international trade and innovation but its effect on the environment remains underresearched this paper proposes a novel framework to explain the impact of aggregate domestic consumption spending per capita adcsp on carbon dioxide emissions co2e in south africa using the autoregressive distributed lag ardl technique the results indicated that the adcsp determines co2e in the short run sr and long run lr from adcsp to carbon intensity adcsp ci estimations it was observed that an increase 1 in adcsp increases co2e in both the lr 0 31 and sr 0 22 furthermore the nardl estimations showed that the lr effects of positive shocks in the adcsp on co2e are comparatively stronger than the sr effects the paper offers important policy implications for academics theorists and policymakers

the environmental kuznets curve in the oecd 1870 2014 carbon dioxide co2 emissions play an important role in global warming consequently studying the relationship between co2 emissions and economic development is important especially when viewed from a historical perspective we test the environmental kuznets curve ekc hypothesis for a panel of 20 oecd nations dating back to the first globalization boom in the nineteenth century utilising recently developed panel data estimators that account for cross sectional dependence and parameter heterogeneity for the period 1870 to 2014 we find support for the ekc hypothesis for the panel as a whole with three of our preferred four estimators with turning points in income per capita that lie between 18 955 and 89 540 in 1990 us country specific results however only provide mixed support for the ekc hypothesis specifically we find evidence of an ekc for nine of the 20 countries with five exhibiting a traditional inverted u shaped relationship three exhibiting an n shaped relationship and one an inverted n shaped relationship

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

social capital and household welfare in south africa 1993 98 the aim in this study is to determine the nature of the causal relationship if any between social capital as measured by household membership in formal and informal groups and household welfare in south africa using a recently collected panel data set in south africa s largest province we estimate per capita expenditure functions including measures of social capital after controlling for fixed effects and simultaneity we find social capital has no effect in 1993 but a positive and significant effect in 1998

estimating the environment kuznets curve hypothesis evidence from latin america and the caribbean countries this study explores the effect of economic growth gdp renewable energy consumption re and financial development fd on co2 emission co2 in latin america and caribbean countries to achieve this goal a panel co2 model was built over the period 1980 2010 the kao cointegration test results revealed that the variables are cointegrated the fully modified ols fmols results indicated an inverted u shape relationship between co2 and gdp thus confirming the environmental kuznets curve hypothesis furthermore fmols results also revealed that fd can improve environmental quality by its negative long run effect on co2 however re has no long run effect on co2 indicating that the re does not contribute to co2 reduction the vecm granger causality results revealed feedback causality between gdp re fd and co2 in both short and long run additionally granger causality results also revealed that re gdp and fd can be a good solution to reduce environmental damage since they have a causal effect on co2 this study shows the investigated countries should increase their banking loans on green energy energy efficiency and energy saving projects to reduce environmental damage in addition the above recommendation can increase the contribution of renewable energy in reducing environmental damage

does financial development increase energy consumption the role of industrialization and urbanization in tunisia this paper assesses the relationship among energy consumption financial development economic growth industrialization and urbanization in tunisia from 1971 to 2008 the autoregressive distributed lag bounds testing approach to cointegration and granger causality tests is employed for the analysis the result confirms the existence of long run relationship among energy consumption economic growth financial development industrialization and urbanization in tunisia long run bidirectional causalities are found between financial development and energy consumption financial development and industrialization and industrialization and energy consumption hence sound and developed financial system that can attract investors boost the stock market and improve the efficiency of economic activities should be encouraged in the country nevertheless promoting industrialization and urbanization can never be left out from the process of development we add light to policy makers with the role of financial development industrialization and urbanization in the process of economic development

civil society collaboration with business bringing empowerment back in abstract strategic partnerships between civil society organizations csos and businesses are widely promoted as important new strategies to encourage corporate citizenship in the global south this study tested these claims by examining 10 cases of collaboration between csos and businesses in brazil india and south africa findings suggest a sobering view of the benefits that civil society organizations and their constituencies can expect from collaboration development impacts may be more likely in sectors clearly linked to business interests such as education and employment generation goals of organizational capacity building are more likely to be satisfied than those of citizen empowerment csos and businesses reap mutual benefits from collaboration but csos tend to shoulder more of the costs businesses can dominate collaborative decision making with negative results for sustainability the paper offers a number of propositions to guide further research and inform collaborative practice empowered civil society collaboration with business is suggested as a more appropriate model than strategic partnership for csos pursuing sustainable development

financial development and energy consumption in emerging markets smooth structural shifts and causal linkages abstract this study examines the dynamic interrelationships among financial development energy consumption and economic growth in emerging markets by focusing on accounting for structural changes in causal linkages we first employ the toda yamamoto causality framework and then augment it with a fourier approximation which captures structural shifts as a gradual smooth process the empirical findings show that taking into account gradual structural shifts matters for the causal linkages between financial development and energy consumption while the causality analysis which does not account for structural changes supports a causality between financial development and energy consumption only in 4 out of 21 emerging markets the causality analysis with structural changes provides a causal linkage in half of the sample this finding is consistent with the fact that emerging markets have experienced structural changes in either finance or energy sectors or both we also conduct additional analyses which point out that cross sectional dependency and the quantiles of the distribution matter for the causal linkages our results further shed light on the evidence that the economic activity mainly causes the financial development and energy consumption at the highest quantile of distribution in the fast growing emerging economies

uneasy alliances lessons learned from partnerships between businesses and ngos in the context of csr interest in corporate social responsibility csr has proliferated in academic and business circles alike in the context of csr the spotlight has traditionally focused on the role of the private sector particularly in view of its wealth and global reach other actors have recently begun to assume more visible roles in the context of csr including non governmental organizations ngos which have acquired increasing prominence on the socio economic landscape this article examines five partnerships between businesses and ngos in a developing country context that fall in the realm of csr the article starts with a literature review delineating foundational underpinnings that have to be carefully designed and crafted to promote the success of collaborative ventures an empirical study of five selected partnerships between businesses and ngos in lebanon is then presented allowing to derive interesting insights into types of existing alliances their relational characteristics as well as salient factors considered most determinant of success or failure in this regard

revisiting the concept of environmental kuznets curve in period of energy disaster and deteriorating income empirical evidence from japan this study investigates the position of the japanese environmental kuznets curve in period of natural disaster and deteriorating income following the recent fukushima energy crisis the study aim to establish whether the ekc exist in period of energy disaster and deteriorating income to ensure this data from 1961 to 2012 was used while the zivot andrew structural break test the ardl bounds test were applied and these were validated using the innovation accounting test the finding of the study established the existence of inverted u shape suggesting the presence of ekc despite the deteriorating income of the country with the discovery of the existence of ekc in this study despite the dwindling productivity and revenue in japan this study challenged the ekc hypothesis and all existing studies on ekc by establishing that natural disasters are in themselves strong causative agents for the ekc to unfold and it is immaterial whether the economic fortunes of a country is increasing or decreasing the study further discovered energy consumption to be the major contributor of environmental degradation in japan while exports declines co2 emissions but imports adds to environmental degradation on the growth prospects of the japanese economy after the crisis the study discovered how energy consumption exports and imports contribute 33 55 1 027 and 7 126 to the country s economic growth respectively in return a minimum of 16 24 23 89 and 44 18 of co2 emissions was discovered the study proposed policy instruments that will help in realizing a balanced environment amidst efficient energy consumption and environmental management among others

applied econometrics and implications for energy economics research abstract developments in applied econometrics particularly with regard to unit root tests and cointegration tests have motivated a rich empirical literature on energy economics over the last decade this study reviews recent developments in time series econometrics applications in the energy economics literature we first consider the literature on the integration properties of energy variables we begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed we then proceed to examine recent developments in the literature on cointegration granger causality and long run estimates between disaggregated energy consumption and economic growth we review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade in addition to energy consumption to the augmented production function as well as studies which have extended the literature through examining disaggregated energy consumption by type in each case we highlight best practice in the literature point to limitations in the literature including econometric modeling challenges and suggest recommendations for future research a key message of our survey is that the profession needs to guard against overload of research in these areas as most applied studies are no longer adding anything more to what is already known

linking farmers to markets different approaches to human capital development abstract programs focused on developing community level management skills and human capacity can increase the opportunities for small farmers to benefit from market participation using a framework that links the concepts of collective power and agricultural development and drawing upon evidence from mali mozambique and cameroon the authors differentiate three types of approaches to capacity building contract business programs such as out grower and cash crop schemes facilitate farmer access to goods and services required for production and marketing of a target commodity project technology programs usually mediated by non governmental organizations ngos focus on the promotion of improved technology process human capacity investments also facilitate technology adoption and marketing but focus initially on the development of foundation skills and social capital including assistance for collective self help literacy programs marketing activities and decentralized development planning although the latter programs tend to be slower in producing tangible results the skills emphasized often determine the ability of a community to access inputs and market production beyond the life of a project

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

how does income inequality affect energy efficiency empirical evidence from 33 belt and road initiative countries abstract at present income distribution and environmental pollution are serious issues faced by the belt and road initiative bri countries and exploring the impact of income inequality on energy efficiency is meaningful for the sustainability of bri countries using the panel data of 33 bri countries from 2000 to 2016 we first evaluate the energy efficiency of the countries by dynamic dea model and then adopt the tobit regression model to investigate the nonlinear effect of income inequality on energy efficiency the results suggest that first during 2000 2016 the overall energy efficiency of 33 bri countries is relatively low falling to 0 38 while the overall energy efficiency of high income bri countries is much higher than that of the middle and low income bri countries second the average energy efficiency of the bri countries has declined since year 2013 third there is an inverted u type effect of income inequality on energy efficiency in the whole sample but the impact of income inequality on energy efficiency is heterogeneous for countries at different income levels specifically in high income bri countries income inequality shows a u type effect on energy efficiency while in middle and low income bri countries the relationship between income inequality and energy efficiency is an inverted u type moreover economic growth positively impacts the energy efficiency while industrialization and energy structure negatively influence the energy efficiency

the empirical implications of the cox ingersoll ross theory of the term structure of interest rates the one factor version of the cox ingersoll and ross model of the term structure is estimated using monthly quotes on u s treasury issues trading from 1952 through 1983 using data from a single yield curve it is possible to estimate implied short and long term zero coupon rates and the implied variance of changes in short rates analysis of residuals points to a probable neglected tax effect the term structure of interest rates is important to economists because the relationship among the yields on default free securities that differ in their term to maturity reflects the information available to the market about the future course of events the expectations hypothesis the liquidity preference hypothesis hicks 10 and the market segmentation hypothesis culbertson 6 are theories of the term structure that predict little more than that the implied forward rate is either equal to or not equal to the expectation of future spot rates cox ingersoll and ross 5 cir model the term structure of interest rates in a competitive equilibrium context their model has elements in common with the earlier hypotheses of the term structure however the cir model has a rich class of empirical implications not only for the pricing of default free securities but also for the pricing of bond options callable bonds and other types of financial claims this paper examines the extent to which the model in its simplest one factor form is descriptive of the prices of u s treasury bills bonds and notes traded from 1952 to 1983 section i describes the model and the parsimonious representation of bond prices which it implies section ii describes the data and section iii outlines the preliminary results obtained by fitting the model to observed data the final section outlines directions for future research

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

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

the role of renewable energy to validate dynamic interaction between co2 emissions and gdp toward sustainable development in malaysia abstract closing the gap between economy activity and environmental quality is one of the solutions for reaching sustainable development in malaysia to do so the cubic polynomial functional form of ekc is utilized by accommodating renewable energy into the base of the ekc model and validating its hypothesis between co 2 emissions and gdp growth for the 1971 2015 period the f bounds vecm granger causality cusum and cusumsq tests are utilized the estimated results consistently show that the inverted n shaped ekc hypothesis holds in malaysia ceteris paribus the co 2 emissions will be declined when the gdp reach rm2841 9 billion in 2030 which is beyond the sample period the renewable energy has a negative significant effect on co 2 emissions and the direction of causality is running from co 2 emissions to renewable energy also the gdp growth will be the remedy for environmental pollution problems and that renewable energy is one of important elements to be considered for improving environmental quality a tighter and concentrated environmental policy is needed to direct the environment economic growth nexus toward a downward trend consequently these results may help malaysian policymakers to establish an energy policy that guarantees a balance between economic growth and environmental prosperity

on the causal dynamics between economic growth renewable energy consumption co2 emissions and trade openness fresh evidence from brics countries abstract the current study investigates the causal relationship between economic growth and renewable energy consumption in the brics countries over the period 1971 2010 within a multivariate framework the ardl bounds testing approach to cointegration and vector error correction model vecm are used to examine the long run and causal relationships between economic growth renewable energy consumption trade openness and carbon dioxide emissions empirical evidence shows that based on the ardl estimates there exist long run equilibrium relationships among the competing variables regarding the vecm results bi directional granger causality exists between economic growth and renewable energy consumption suggesting the feedback hypothesis which can explain the role of renewable energy in stimulating economic growth in brics countries

economic growth energy consumption financial development international trade and co2 emissions in indonesia this study examines the linkages among economic growth energy consumption financial development trade openness and co2 emissions over the period of 1975q1 2011q4 in the case of indonesia the stationary analysis is performed by using zivot andrews structural break unit root test and the ardl bounds testing approach for a long run relationship between the series in the presence of structural breaks the causal relation between the concerned variable is examined by the vecm granger causality technique and robustness of causal analysis is tested by innovative accounting approach iaa our results confirm that the variables are cointegrated it means that the long run relationship exists in the presence of structural break stemming in the series the empirical findings indicate that economic growth and energy consumption increases co2 emissions while financial development and trade openness compact it the vecm causality analysis has shown the feedback hypothesis between energy consumption and co2 emissions economic growth and co2 emissions are also interrelated i e bidirectional causality financial development granger causes co2 emissions the study opens up a new policy insights to control the environment from degradation by using energy efficient technologies financial development and trade openness can also play their role in improving the environmental quality

the difficult transition from clientelism to citizenship lessons from mexico author s fox jonathan a abstract electoral competition is necessary but not sufficient for the consolidation of democratic regimes not all elections are free and fair nor do they necessarily lead to actual civilian rule or respect for human rights if there is more to democracy than elections then there is more to democratization than the transition to elections but in spite of the rich literature on the emergence of electoral competition the dynamics of political transitions toward respect for other fundamental democratic rights is still not well understood political democracy is defined here in classic procedural terms free and fair electoral contestation for governing offices based on universal suffrage guaranteed freedoms of association and expression accountability through the rule of law and civilian control of the military although analyses of democratization typically acknowledge that these are all necessary criteria most examine only electoral competition this study however develops a framework for explaining progress toward another necessary condition for democratization respect for associational autonomy which allows citizens to organize in defense of their own interests and identities without fear of external intervention or punishment

trust in a rent seeking world health and government transformed in northeast brazil abstract this article draws lessons from a set of innovative programs carried out by a state government in brazil now widely acclaimed for excellence in public management key to the high performance was strong worker commitment to the job and what the state did to elicit a topic of little note in the development literature but of central importance in the literature of industrial performance and workplace transformation in the industrialized countries the state created an unusual sense of calling among the program s workers new prestige in the communities where they worked and an informed citizenry that both monitored the workers and trusted them

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

assessment of financial development on environmental effect implications for sustainable development abstract this study observes the causal relationships between globalization urbanization financial development consumption of renewable energy and emissions of co2 in order to asses the implications for sustainable development it employs panel data of the top ten co2 emitter countries japan usa south korea germany iran canada saudi arabia china india and russia from 1990 to 2016 panel co integration panel fully modified least squares pfmols and panel vector error correction model vecm tests are used to analyse the data of the study an empirical result of the panel vecm test reveals unidirectional long term causality from co2 to financial development fd and globalization glob to urban population up the results of the pfmols test show that there are significantly long term positive relationships of fd and up with co2 emissions renewable energy consumption has a significantly negative relationship with emissions of co2 furthermore it is recommended to enhance renewable energy consumption in order to lower carbon emissions for sustainable development in the top ten emitter countries

linking financial development economic growth and energy consumption in pakistan abstract this paper aims at exploring the finance growth energy nexus for pakistan over the 1972 2012 period by employing the system gmm estimation technique the study tries to capture the impact of financial development over energy consumption through economic growth channel and includes energy prices and urbanization in the structural model the study finds positive and significant impact of economic growth and urbanization on energy consumption while the effect of energy prices over energy consumption is significant but negative financial development positively and significantly affects energy consumption through the economic growth channel our analysis is important for policy makers for effective energy demand planning and conservation policies that would ensure sustainable economic development as well as serve as motivation to search alternative energy sources to meet the bourgeoning energy demand in pakistan

the impact of energy consumption and co2 emission on the economic and financial development in 19 selected countries abstract this study investigated the impact of energy consumption on the economic and financial development in 19 countries these countries were selected due to the fact that the financial development indicators contribute an important share to their total gdp the panel model was employed taking the period of 1980 to 2008 the results show that energy consumption enables these countries to achieve high economic and financial development however the high development that these countries have achieved in the late three decades increased the co 2 emission it is important that these countries should reduce the level of pollution through utilizing energy protection policies such as rationing energy consumption and controlling carbon dioxide emissions or increasing the share of clean energy of their total energy consumption

shadow prices of social capital in rural india a nonparametric approach this article studies the role of social capital on cotton production efficiency and productivity for a sample of small farms in maharashtra india using data envelopment analysis input shadow prices are computed as an indicator of the importance of social capital relative to other inputs results suggest social capital to be the input with the highest contribution to production efficiency after land the luenberger indicator is used to assess the productivity improvement associated to an investment in social capital which is found to be on the order of 12 undertaking collective production activities is found to play an important role in improving productivity this is especially relevant to agricultural households facing important economic and institutional restrictions that make it difficult to increase conventional expensive inputs

a conceptual framework for community based health insurance in low income countries social capital and economic development summary the international policy model linking community based health insurance cbhi and universal coverage for health care in low income countries is implicitly determined by the development of mutual health insurance in 19th century europe and japan the economic and health system frameworks employed in cbhi policy have not sufficiently taken into account contextual considerations social capital theories could contribute to understanding why generally cbhi does not achieve significant and sustainable levels of population coverage a framework of social capital and economic development is used to organize and interpret existing evidence on cbhi this suggests that solidarity trust extra community networks vertical civil society links and state society relations affect the success of cbhi aligning schemes to social determinants of cbhi could result in structures that differ from those proposed by current analytic frameworks

participation social capital and intersectoral problem solving african and asian cases abstract cooperation in policy program implementation between state and nongovernmental actors can sometimes solve intractable development problems but such cooperation must span gaps in culture power resources and perspective this article provides a comparative analysis of 13 cases of intersectoral cooperation among public agencies nongovernmental organizations grassroots groups and international donors the analysis reveals two successful implementation patterns nongovernment organization ngo mediated cooperation and grassroots centered cooperation different forms of social capital are central to the two patterns indigenous ngos with credibility across sectors are critical to the former while grassroots organizations are vital to the latter participatory decision making and mutual influence are essential to grassroots centered cooperation but less so for ngo mediated collaboration

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

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

a multifactor spot rate model for the pricing of interest rate derivatives we propose a multifactor model in which the spot rate libor follows a lognormal process with a stochastic conditional mean under the risk neutral measure in addition to the spot rate factor the second factor is related to the premium of the first futures rate over the spot libor similarly the third factor is related to the premium of the second futures rate over the first futures rate we calibrate the model to the initial term structure of futures rates and to the implied volatilities of interest rate caplets we then apply the model to price interest rate derivatives such as european and bermudan style swaptions and yieldspread options the model can be employed to price more complex interest rate derivatives such as path dependent derivatives or multi currency dependent derivatives because of its markovian property

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 role of education in the environmental kuznets curve evidence from australian data abstract this paper is based on the underlying idea that the use of energy resources in a society significantly depends on their level of education then it is hypothesized that education might directly affect environmental quality by worsening it at early stages and improving it once education expands from its certain level thus we pursue an extension of the standard environmental kuznets curve by including an indicator of the evolution of citizens education this empirical strategy might avoid bias on income coefficients and in turn assess the value of education as environmental policy an application for australia is given to illustrate this possibility by using higher education data for a large time span 1950 2014 empirical results suggest that in most of the studied period expansion in education rate has increasingly compensated the rise of per capita co 2 emissions stemming from the economic growth moreover only in recent years both per capita income and education expansion have been proved to reduce emissions however provided that income growth is difficult to manage it would be worth considering the possibility of promoting education in order to achieve environmental objectives

democratic governance and sectoral policy reform tracing linkages and exploring synergies abstract effective democratic governance influences how societies and economies progress and prosper for many people in developing and post socialist countries the action and impact of democratic governance happens through sectoral reforms efforts to improve democratic governance can have strong impacts on sectoral reforms how these are implemented who participates in them at various stages and what outcomes are achieved conversely sectoral policy reforms and program interventions can serve to promote and enhance democratic governance this article discusses these linkages and provides selected examples of the synergies among them it raises the political dimension of democratic governance and offers several suggestions regarding where when and how donor agencies can intervene both to promote democratic governance and to advance sectoral policy reforms

unspanned stochastic volatility in affine models evidence from eurodollar futures and options unspanned stochastic volatility usv refers to the inability of bonds to replicate volatility sensitive derivative securities affine term structure models require special restrictions on the parameters to exhibit usv we use a joint eurodollar futures and options data set to estimate affine three factor models with and without usv restrictions the unrestricted model captures prices of futures and options well option pricing errors are much larger in the usv model the usv model is rejected in favor of the unrestricted model based on the likelihood ratio and wald tests we use the implications of the unrestricted model as a benchmark for understanding the extant evidence that favors usv specifically we replicate extant tests in samples simulated from the unrestricted model we show that none of the existing findings contradict the model without usv restrictions

fair trade in italy too much movement in the shop we analyse the development of fair trade in italy by examining its principles structure performance dilemmas and potential solutions and identifying its main distinctive features these lead us to develop a specifically italian model fair trade in italy is younger than its more established north european counterparts and more focussed on broad social justice issues in addition to its concern to include marginalized producers this normative difference has given rise to a social economy dominated value chain with a partial corporate involvement uniquely in the retail sphere although it has generated much lower per capita consumption of fair trade products at the same time we also observe a relatively higher specialization in handicraft products and educational activities as well as a strong capacity to attract voluntary labour and create social capital we identify clear trade offs between social goals and the economic performance of the italian model reduced economies of scale a closer focus on non economic value creating social activities and greater consideration of values such as consumption sobriety and environmental concerns which may conflict with economic performance we propose solutions which may resolve these dilemmas without abandoning the initial ambition not only to achieve the promotion of market access for marginalized producers in the south but also to pursue a broader concept of well being in the north and the south

the effects of financial development economic growth coal consumption and trade openness on co2 emissions in south africa abstract this paper explores the effects of financial development economic growth coal consumption and trade openness on environmental performance using time series data over the period 1965 2008 in case of south africa the ardl bounds testing approach to cointegration has been used to test the long run relationship among the variables while short run dynamics have been investigated by applying error correction method ecm the unit root properties of the variables are examined by applying saikkonen and lutkepohl 2002 econometric theory 18 313 348 structural break unit root test our findings confirmed long run relationship among the variables results showed that a rise in economic growth increases energy emissions while financial development reduces it coal consumption has significant contribution to deteriorate environment in south african economy trade openness improves environmental quality by reducing the growth of energy pollutants our empirical results also verified the existence of environmental kuznets curve this paper opens up new insights for south african economy to sustain economic growth by controlling environment from degrdation through efficient use of energy

co2 emissions energy consumption income and foreign trade a south african perspective abstract the effect of trade liberalisation on environmental conditions has yielded significant debate in the energy economics literature although research on the relationship between energy consumption emissions and economic growth is not new in south africa no study specifically addresses the role that south africa s foreign trade plays in this context a surprising fact given trade is one of the most important factors that can explain the environmental kuznets curve this study employs recent south african trade and energy data and modern econometric techniques to investigate this the main finding of interest in this paper is the existence of a long run relationship between environmental quality levels of per capita energy use and foreign trade in south africa as anticipated per capita energy use has a significant long run effect in raising the country s co 2 emission levels yet surprisingly higher levels of trade for the country act to reduce these emissions granger causality tests confirm the existence of a positive bidirectional relationship between per capita energy use and co 2 emissions whilst the study also finds positive bidirectional causality between trade and income per capita and between trade and per capita energy use it appears however that trade liberalisation in south africa has not contributed to a long run growth in pollution intensive activities nor higher emission levels

carbon emission energy consumption trade openness and financial development in pakistan a revisit the paper empirically examines the cointegrating relationship between carbon emissions energy consumption trade openness and financial development in pakistan using ardl bounds test for cointegration procedure annual time series data is used for the period 1971 2011 the results reveal an inverted u shaped relationship between carbon emission and energy consumption with a maximum threshold value of energy consumption per capita 640 kg of oil equivalent currently the economy is operating below this level and therefore it is expected that carbon emission will continue to rise gradually over some time until the threshold level is reached the lower than threshold level of energy consumption implies that scale and composition effects dominate the technology effect in terms of energy use further the long run results indicate that one percent increase in trade openness and financial development will increase carbon emission by 0 247 and 0 165 respectively the short run elasticities are 0 122 and 0 087 for trade openness and financial development respectively the granger causality results indicate a unidirectional causality from energy consumption trade openness and financial development to carbon emission and a bi directional causality between energy consumption and financial development in line with the results and given the growing focus on climate change effects in pakistan the paper discusses some policy issues for consideration and highlights the need to interpret elasticities with caution

energy consumption carbon dioxide emissions and economic growth the case of saudi arabia abstract this paper investigates the dynamic causal relationships between energy consumption energy price and economic activity in saudi arabia based on a demand side approach we use a johansen multivariate cointegration approach and incorporate co 2 emissions as a control variable the results indicate that there exists at least a long run relationship between energy consumption energy price carbon dioxide emissions and economic growth furthermore a long run unidirectional causality stands from energy consumption to economic growth and co 2 emissions bidirectional causality between carbon dioxide emissions and economic growth and a long run unidirectional causality runs from energy price to economic growth and co 2 emissions in the short run there is unidirectional causality running from co 2 emissions to energy consumption and economic output and from energy price to co 2 emissions even though the energy led growth hypothesis is valid the share of energy consumption in explaining economic growth is minimal energy price is the most important factor in explaining economic growth hence policies aimed at reducing energy consumption and controlling for co 2 emissions may not reduce significantly saudi s economic growth investing in the use of renewable energy sources like solar and wind power is an urgent necessity to control for fossil fuel consumption and co 2 emissions

the relation between forward prices and futures prices abstract this paper consolidates the results of some recent work on the relation between forward prices and futures prices it develops a number of propositions characterizing the two prices these propositions contain several testable implications about the difference between forward and futures prices many of the propositions show that equilibrium forward and futures prices are equal to the values of particular assets even though they are not in themselves asset prices the paper then illustrates these results in the context of two valuation models and discusses the effects of taxes and other institutional factors

what ever happened to poverty alleviation abstract the failure of many programs directed toward alleviating poverty is better understood than the successes this paper identifies the traits that characterize several better performing programs funded by the ford foundation traits that are not commonly found in such programs all focused narrowly on a particular trade or activity in the beginning used credit as an entry point started by brokering loans rather than lending directly and had leadership linked to powerful institutions participants were already engaged in the economic activities supported by the programs marketing channels existed and powerful consumer groups were often in favor of production by beneficiary groups though these findings seem obvious few programs funded by donors display these characteristics suggesting that donors choose programs and organizations more carefully and not limit their funding to the nongovernmental sector

women s participation in local organizations conditions and constraints abstract civic organizations have a capacity to contribute to economic growth and an equitable distribution of welfare by reducing information asymmetries and transaction costs while donors increasingly recognize that group based projects are a means to advocate organizational capacities of target groups it is not clear whether group based organizations always increase efficiency and equity this article analyses the determinants of participation in local development groups ldgs using data from two projects funded by undp in kashmir and gtz in chad a major result of the empirical analysis is the identification of a middle class effect of participation the exclusion of the majority of the poor can be explained by high opportunity costs to join the group especially for income earning women in addition it can be shown that an existing social network is a pre condition for participation finally the assumption has been confirmed that bargaining power of the members is important for their decision to participate in groups

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

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