household carbon inequality in urban china its sources and determinants designing mitigation policies for households requires knowledge of household carbon distributions this study surveys the household carbon inequality in urban china and analyzes its sources and determinants using weighted household survey data different from existing literatures studying carbon inequality on the international or regional level we focus on the household aspect and first survey its characteristics by some comparisons by ascribing household carbon emissions calculated by the consumer lifestyle approach to several consumption categories with the method of gini coefficient decomposition we find that residential consumption with high carbon intensity is the most important source of household carbon inequality in urban china food consumption and the consumption of educational cultural and recreational services are the next largest sources because of the consumed quantities or carbon intensity the application of shapley decomposition shows the determinants of household carbon inequality in urban china and their contributions which are household demographic characteristics 59 74 household employment and income 24 31 household burdens 8 00 and household assets and financial plans 7 95 the policy implications of these results are also discussed

trading patterns and prices in the interbank foreign exchange market the behavior of quote arrivals and bid ask spreads is examined for continuously recorded deutsche mark dollar exchange rate data over time across locations and by market participants a pattern in the intraday spread and intensity of market activity over time is uncovered and related to theories of trading patterns models for the conditional mean and variance of returns and bid ask spreads indicate volatility clustering at high frequencies the proposition that trading intensity has an independent effect on returns volatility is rejected but holds for spread volatility conditional returns volatility is increasing in the size of the spread there is a growing body of theoretical studies on the pattern of trading activity in financial markets with implications for the time series behavior of transactions prices and intensity of trading the empirical literature addressing similar concerns using intraday market data appropriate for such tasks is sparse particularly in the area of the trading of currencies the purpose of this paper is to examine both international patterns of intraday trading activity and the time series properties of returns and bid ask spreads for the deutsche mark dollar exchange rate in the interbank foreign exchange market the goal is to provide information useful in the further development of market microstructure models of trading and to compare empirical findings against theoretical results already in existence the foreign exchange market is in operation twenty four hours a day seven

answering the skeptics yes standard volatility models do provide accurate forecasts a voluminous literature has emerged for modeling the temporal dependencies in financial market volatility using arch and stochastic volatility models while most of these studies have documented highly significant in sample parameter estimates and pronounced intertemporal volatility persistence traditional ex post forecast evaluation criteria suggest that the models provide seemingly poor volatility forecasts contrary to this contention we show that volatility models produce strikingly accurate interdaily forecasts for the latent volatility factor that would be of interest in most financial applications new methods for improved ex post interdaily volatility measurements based on high frequency intradaily data are also discussed

evaluating interval forecasts a complete theory for evaluating interval forecasts has not been worked out to date most of the literature implicitly assumes homoskedastic errors even when this is clearly violated and proceed by merely testing for correct unconditional coverage consequently i set out to build a consistent framework for conditional interval forecast evaluation which is crucial when higher order moment dynamics are present the new methodology is demonstrated in an application to the exchange rate forecasting procedures advocated in risk management

international inequalities in per capita co2 emissions a decomposition methodology by kaya factors in this paper we provide a methodology for decomposing international inequalities in per capita co2 emissions into kaya multiplicative factors and two interaction terms we use the theil index of inequality and show that this decomposition methodology can be extended for analyzing between and within group inequality components we can thus analyze the factors behind inequalities in per capita co2 emissions across countries between groups of countries and within groups of countries the empirical illustration for international data suggests some points firstly international inequality in per capita co2 emissions is mainly attributable to inequalities in per capita income levels which helps to explain its recent reduction while differences in carbon intensity of energy and energy intensity have made a less significant contribution this result is strongly influenced by the performance of china and india secondly the between group inequality component which is the biggest component is also largely explained by the income factor thirdly the within group inequality component increased slightly during the period something mainly due to the change in the income factor and the interaction terms in a few regions

international transmission of information evidence from the euroyen and eurodollar futures markets abstract this paper examines the information transmission between japan and the us by using the tokyo euroyen and chicago eurodollar futures these two interest rate futures markets provide a better understanding of international information transmission than stock markets which have been shown to exhibit nonsynchronous trading and market segmentation the results show that traders in tokyo chicago use information that is revealed overnight in chicago tokyo the bivariate egarch t model provides no evidence of volatility spillovers in either direction suggesting that the opening price rapidly reflects foreign information the overall results support the hypothesis that the domestic market efficiently adjusts to foreign news the results are also broadly consistent with the covered interest arbitrage effects

international inequality in energy intensity levels and the role of production composition and energy efficiency an analysis of oecd countries abstract this paper analyses the inequality of energy intensity levels between oecd countries its causes and evolution the paper develops a methodology which allows the inequality in energy consumption per capita to be decomposed into explanatory factors it also analyses the contribution of different groups of countries to this inequality the results show that although differences in affluence are the most significant factor in explaining inequality in energy consumption per capita the inequality in energy intensity levels plays a prominent role in reducing the inequality in energy consumption per capita over the analysed period the paper also develops a methodology which determines the importance of different production structures and energy efficiency of productive sectors in the differences in energy use per unit of gdp between the countries analysed the results show that sector specialisation becomes increasingly important in explaining the inequality of energy intensity while there is a significant trend towards the convergence of energy efficiency between countries sector by sector this trend would explain the decreasing weight of energy intensity as an explanatory factor of the inequalities in energy consumption per capita

how economic growth affects emissions an investigation of the environmental kuznets curve in portuguese and spanish economic activity sectors abstract it is a disquieting reality that increased economic growth for many years now in the western world is at odds with environmental degradation in this paper the relationship between economic growth and environmental variables is analyzed under two non linear specifications a quadratic and a cubic specification the study is conducted for portugal and spain in the period 1975 2012 using data for 13 sectors gva is used as proxy for income while energy use and carbon dioxide account for environmental degradation there is evidence for an inverted u shaped ekc however there are also other inverted n shaped functions that explain the relationship between economic growth and emissions altogether empirical results do indicate particular differences between portuguese and spanish sectors the results are of interest not only for researchers but also for policy makers political mitigation measures are also analyzed

inequality across countries in energy intensities an analysis of the role of energy transformation and final energy consumption this paper analyzes the role of the energy transformation index and of final energy consumption per gdp unit in the disparities in energy intensity across countries in that vein we use a theil decomposition approach to analyze global primary energy intensity inequality as well as inequality across different regions of the world and inequality within these regions the paper first demonstrates the pre eminence of divergence in final energy consumption per gdp unit in explaining global primary energy intensity inequality and its evolution during the 1971 2006 period secondly it shows the lower albeit non negligible impact of the transformation index in global primary energy inequality thirdly the relevance of regions as unit of analysis in studying cross country energy intensity inequality and their explanatory factors is highlighted and finally how regions around the world differ as to the relevance of the energy transformation index in explaining primary energy intensity inequality

regional low carbon economy efficiency in china analysis based on the super sbm model with co2 emissions abstract as the largest energy consumer and co 2 emitting country the chinese government is committing to a low carbon economy it is meaningful and contributes to evaluate and analyze the low carbon economy efficiency lcee of china a super slack based measure super sbm model with undesirable outputs as combined with the malmquist productivity index is proposed to measure the lcee and the dynamic low carbon economy efficiency dlcee of 30 provinces in mainland china from 2005 to 2012 the theil index is also used to measure the rationalization level of industrial structure rlis for discussing the improvements to the lcee in china the results indicate that the proposed undesirable outputs super sbm model can effectively rank the sbm ef cient provinces china s regional economic development does not follow a low carbon pattern with an average lcee of 0 517 as a whole the china s economic development is gradually following a low carbon development pattern with an annual lcee improvement of 4 5 the rlis of china is also gradually changing better as well through a comparative analysis of the lcee and rlis the 30 provinces are divided into three sub areas and relevant suggestions are presented for improving the lcee of different sub areas in the future

the impact of polycentric development on regional gap of energy efficiency a chinese provincial perspective abstract a reasonable distribution of urban systems is essential for optimizing spatial energy allocation and the quality of economic growth for china this study discusses the impact of the polycentric development on the regional gap of energy efficiency rgee i e difference in energy efficiency levels among cities in the same region in the chinese provincial context by employing a novel method using nighttime lighting data from defense meteorological satellite program s operational linescan system dmsp ols to measure the spatial structure of provinces and stochastic frontier approach sfa to evaluate the total factor energy efficiency our results firstly show that the polycentric development has a narrowing effect on the rgee second they show that the more government intervention can narrow the rgee of a province but being more open having more foreign direct investment fdi and using more coal can widen the rgee of that province meanwhile the level of regional urbanization is shown to have no influence on rgee third they show that the polycentric development has a negative effect on the energy efficiency of large cities but a positive effect on that of small and medium size cities which accordingly narrows the rgee the conclusions of this study not only reveal insights for policies that aim to reduce the rgee but also provide an empirical basis for future urban development strategies in the chinese provincial context

inequality of renewable energy generation across oecd countries a note abstract this study recommends the use of theil s second measure to investigate international renewable energy generation disparities this index permits disparities to be broken down within and between groups of countries in a reliable style an analysis of oecd countries for 1980 2011 shows some basic points first drop in renewable energy generation disparities is attributable both to within group and between group inequality components second between group inequalities are presently the key contributor to the inequality and further investigation on within group inequalities divulges the significant explanatory role played by north american european and asian and oceanian countries

inequality of energy intensities across oecd countries a note abstract this paper proposes the use of theil s second measure to analyze international energy intensity differences this index allows differences to be broken down within and between groups of countries in a consistent manner an analysis of oecd countries for the period 1971 1999 shows some basic points first the fall in energy intensities differences is attributable both to within group and between group inequality components second between group inequalities are currently the main contributor to the whole inequality value finally a detailed exploration on within group inequalities reveals the significant explanatory role played by eu countries

weighting vectors and international inequality changes in environmental indicators an analysis of co2 per capita emissions and kaya factors abstract analyses of international inequality in environmental factors such as the well known co 2 per capita or the kaya factors that is carbon intensity energy intensity and affluence have overlooked the effect that weighting vectors of distance functions and their time variations can have on the evolution of the inequality observed thus for example increases in the relative weight of countries with low emissions tend ceteris paribus to increase the inequality even when the vector of international per capita emissions remains unchanged this effect strictly associated with share variations is assessed in this paper by means of a simple decomposition methodology this methodology allows us to ascertain what part of the time variation of the inequality is attributable to the variations in the shares and or the variations in the environmental variable analysed and in turn suggests extending the analysis to the group components of inequality shorrocks 1980 this proposition is used empirically to assess international inequalities in co 2 per capita and the kaya factors for a variety of sub periods during the 1971 2007 period and for various satisfactory inequality indices

inequality in co2 emissions across countries and its relationship with income inequality a distributive approach this paper analyses the inequality in co2 emissions across countries and groups of countries and the relationship of this inequality with income inequality across countries for the period 1971 1999 the research employs the tools that are usually applied in income distribution analysis the methodology used here gives qualitative and quantitative information on some of the features of the inequalities across countries that are considered most relevant for the design and discussion of policies aimed at mitigating climate change the paper studies the relationship between co2 emissions and gdp and shows that income inequality across countries has been followed by an important inequality in the distribution of emissions this inequality has diminished mildly although the inequality in emissions across countries ordered in the increasing value of income inequality between rich and poor countries has diminished less than the simple inequality in emissions lastly the paper shows that the inequality in co2 emissions is mostly explained by the inequality between groups with different per capita income level the importance of the inequality within groups of similar per capita income is much lower and has diminished during the period especially in the low middle income group

energy innovations ghg emissions nexus fresh empirical evidence from oecd countries abstract this study explores the impact of improvements in energy research development erd on greenhouse gas ghg emissions using environmental kuznets curve hypothesis for 28 oecd countries over the period of 1990 2014 in doing so we have employed a panel data where public budget in energy research development and demonstration erd d has transformed into a finite inverted v lag distribution model developed by de leeuw 1962 this model considers that energy innovation accumulates in time and presents empirical evidence how energy innovation contributes in reducing energy intensity and environmental pollution as well our results indicate that energy innovation measures require lapses of time to reach their full effect i e innovation applied to measures for environmental correction does not reach its whole effect immediately requiring instead a certain amount of time to pass innovation policies have recommended for improving environmental quality

asymmetric volatility transmission in international stock markets abstract the transmission mechanism of price and volatility spillovers across the new york tokyo and london stock markets is investigated the asymmetric impact of good news market advances and bad news market declines on volatility transmission is described by an extended multivariate exponential generalized autoregressive conditionally heteroskedastic egarch model using daily open to close returns we find strong evidence that volatility spillovers in a given market are much more pronounced when the news arriving from the last market to trade is bad a before and after october 1987 crash analysis reveals that the linkages and interactions among the three markets have increased substantially in the post crash era suggesting that national markets have grown more interdependent

international ecological footprint inequality a methodological review and some results scarcities of environmental services are no longer merely a remote hypothesis consequently analysis of their inequalities between nations becomes of paramount importance for the achievement of sustainability this paper aims on the one hand at revising methodological aspects of the inequality measurement of certain environmental data and on the other at extending the scarce empirical evidence relating to the international distribution of ecological footprint ef most of the techniques currently important in the literature are revised and then tested on ef data with interesting results we consider the underlying properties of different inequality indices those indices which fit best with environmental inequality measurements are cv 2 and ge 2 because of their neutrality property subgroup and source decompositions are also discussed from a methodological perspective empirically this paper contributes to the environmental inequality measurement of ef this inequality has been quite stable subgroup decomposition by using exogenous country groups world bank classification conclude that between group inequality explains almost the totality of international ef inequality source decomposition warns of the dangers of confining co 2 emissions reduction to crop based energies because of the implications for basic needs satisfaction

the building blocks of international ecological footprint inequality a regression based decomposition this paper carries out an empirical decomposition of international inequality in the ecological footprint with a view to quantifying the extent of the contribution of explanatory variables such as countries affluence economic structure demographic characteristics climate and technology using data for the period 1993 2007 the regression based inequality decomposition methodology we use allows us to extend the results obtained in standard environmental impact regressions stirpat models and to deal with an often neglected aspect of such models that of equity within generations the results obtained point towards the prioritization of policies which take into account both future and present generations in this regard economic redistribution should be considered as a primary environmental policy

explanatory factors of co2 per capita emission inequality in the european union the design of european mitigation policies requires a detailed examination of the factors explaining the unequal emissions in the different countries this research analyzes the evolution of inequality in co2 emissions per capita in the european union eu 27 in the period 1990 2009 and its explanatory factors for this purpose we decompose the theil index of inequality into the contributions of the different kaya factors the decomposition is also applied to the inequality between and within groups of countries north europe south europe and east europe the analysis shows an important reduction in inequality to a large extent due to the smaller differences between groups and because of the lower contribution of the energy intensity factor the importance of the gdp per capita factor increases and becomes the main explanatory factor however within the different groups of countries the carbonization index appears to be the most relevant factor in explaining inequalities the policy implications of the results are discussed

methodological proposal for territorial distribution of the percentage reduction in gross inland energy consumption according to the eu energy policy strategic goal abstract a 20 reduction in the consumption of energy is one of the main goals of the european union s eu 20 20 20 energy strategy but the uniform application of this overall goal to all of the countries is neither fair nor equitable as it does not take into consideration the characteristics of the energy system in each member state this article therefore proposes a nonlinear distribution methodology with objective dynamic goals for reducing gross inland energy consumption according to the context and characteristics of each member state we hope it will open discussion on how these overall goals can be weighted then we analyse the situation of the energy indicators related to energy efficiency in the reference year 2005 used by the eu for reaching its goal of reducing the gross inland consumption by 20 by 2020 and its progress from 1996 to 2007 finally the methodology proposed is applied to the year 2020 on the nuts0 territorial level that is to members of the eu according to the eurostat nomenclature of territorial units for statistics nuts weighting is done based on energy intensity per capita gross inland consumption and per capita energy intensity in two scenarios the eu 15 and eu 27

analysis of the international distribution of per capita co2 emissions using the polarization concept abstract the concept of polarization is linked to the extent that a given distribution leads to the formation of homogeneous groups with opposing interests this concept which is basically different from the traditional one of inequality is related to the level of inherent potential conflict in a distribution the polarization approach has been widely applied in the analysis of income distribution the extension of this approach to the analysis of international distribution of co 2 emissions is quite useful as it gives a potent informative instrument for characterizing the state and evolution of the international distribution of emissions and its possible political consequences in terms of tensions and the probability of achieving agreements in this paper we analyze the international distribution of per capita co 2 emissions between 1971 and 2001 through the adaptation of the polarization concept and measures we find that the most interesting grouped description deriving from the analysis is a two groups one which broadly coincide with annex b and non annex b countries of the kyoto protocol which shows the power of polarization analysis for explaining the generation of groups in the real world the analysis also shows a significant reduction in international polarization in per capita co 2 emissions between 1971 and 1995 but not much change since 1995 which might indicate that polarized distribution of emission is still one of the important factors leading to difficulties in achieving agreements for reducing global emissions

the causal factors of international inequality in hbox co _ 2 emissions per capita a regression based inequality decomposition analysis this paper uses the possibilities provided by the regression based inequality decomposition fields in res labor econ 22 1 38 2003 to explore the contribution of different explanatory factors to international inequality in hbox co 2 emissions per capita in contrast to previous emissions inequality decompositions which were based on identity relationships this methodology does not impose any a priori specific relationship thus it allows an assessment of the contribution to inequality of different relevant variables in short the paper appraises the relative contributions of affluence sectoral composition demographic factors and climate the analysis is applied to selected years of the period 1993 2007 the results show the important though decreasing share of the contribution of demographic factors as well as a significant contribution of affluence and sectoral composition

applied general equilibrium models for energy studies a survey the importance of energy in any economy developed or underdeveloped became clear after the first oil shock in 1973 since then different studies were carried out to formulate energy policies and to study their impact on the economies since energy policy issues are related to various aspects of the economy such as price formation output determination income generation and distribution consumption behaviour government operation etc a coherent and systematic mechanism is required for such analysis by offering such a framework of analysis age models gained popularity among energy modellers in the 1980s the environmental issues have gained importance and the focus shifted towards curbing and containing emissions of environmentally unfriendly gases resulting from the use of energy age models because of their capability to capture the complexities of the economy have found relevance in analysing the economic impacts of controlling pollution and greenhouse gases this paper surveys the literature on such general equilibrium models as applied to energy studies and reports their special features evolution through time as well as their limitations

intraday volatility in international stock index futures markets meteor showers or heat waves the international transmission of intraday price volatility among the united states united kingdom and japanese stock index futures markets in the period 1988 1994 is investigated in this paper the empirical results based on extreme value estimators and vector autoregression indicate the rapid transmission of information between markets the volatilities of the u s and u k futures markets appear to follow a meteor shower rather than a heat wave type of process this means that these volatilities react to shocks from other markets i e they cannot be described only by their past values however the heat wave hypothesis is not rejected for the japanese market meaning that the shocks to japanese volatility are mostly country specific a multivariate garch model supports the u k and japanese but not the u s results