a dynamic approach to the environmental kuznets curve hypothesis abstract the environmental kuznets curve ekc hypothesis states that pollution levels increase as a country develops but begin to decrease as rising incomes pass beyond a turning point in ekc analyses the relationship between environmental degradation and income is usually expressed as a quadratic function with the turning point occurring at a maximum pollution level other explanatory variables have been included in these models but income regularly has had the most significant effect on indicators of environmental quality one variable consistently omitted in these relationships is the price of energy this paper analyzes previous models to illustrate the importance of prices in these models and then includes prices in an econometric ekc framework testing energy income and co2 income relationships these long run price income models find that income is no longer the most relevant indicator of environmental quality or energy demand indeed we find no significant evidence for the existence of an ekc within the range of current incomes for energy in the presence of price and trade variables

fund loyalty among socially responsible investors the importance of the economic and ethical domains the corporate social responsibility literature has emphasized the importance of both economic and ethical domains of corporate behavior analyzing unprecedented survey data from investors in a socially responsible sr mutual fund this article considers how economic and ethical concerns shape shareholder investment behavior in particular this article analyzes levels of investor fund loyalty defined as the continued investment in a mutual fund despite the belief that one is earning a lower return on investment building upon existing research that shows sr fund assets are more stable than conventional fund assets this article leverages within respondent comparisons to clarify that dual investors i e those who invest in both sr and conventional funds are more loyal to their sr fund than to their conventional fund this suggests that a corporation s ethical behavior attracts more patient investment capital an important consideration for any corporation that is deciding to what degree it should engage in corporate social responsibility in addition this article empirically demonstrates that economic motivations reduce sr fund loyalty and that ethical motivations induce sr fund loyalty this evidence that ethical motivation is associated with fund loyalty advances research on morality in the market by yielding empirical evidence to a largely theoretical debate

decoupling china s carbon emissions increase from economic growth an economic analysis and policy implications as the world s second largest carbon emitter china has long been criticized as a free rider benefiting from other countries efforts to reduce greenhouse gas emissions but not taking responsibility for its own emissions china has been singled out as one of the major targets at the subsequent negotiations after the kyoto meeting bq analyzing the historical contributions of interfuel switching energy conservation economic growth and population expansion to china s co2 emissions during 1980 97 this article clearly demonstrates that the above criticism is unjustified moreover given the fact that the role of china is an issue of perennial concern at the international climate change negotiations the article envisions some efforts and commitments that could be expected from china until its per capita income catches lip with the level of middle developed countries by emphasizing the it win win strategies these efforts and commitments are unlikely to jeopardize china s economic development and at the same time would give the country more leverage at the international climate change negotiations subsequent to the buenos sires meeting c 2000 elsevier science ltd all rights reserved

the structural changes and determinants of household energy choices and energy consumption in urban china addressing the role of building type abstract understanding the energy use and choice behaviors in urban china is essential to curb its energy consumption and air pollutant emissions current energy consumption estimates for urban households in china rarely account for the effects of building types on energy choice behavior thus may lead to biased policy implications in this paper we estimate the determinants of household energy consumption for different energy choice scenarios through the seemingly unrelated regression sur model using urban household data the empirical results show that household use of various energy carriers is driven by household income fuel price demographics building attributes and lifestyles results show building types have a significant effect on household energy consumption behaviors households living in old houses have less access to clean energy such as piped gas income and price elasticities of energy consumption vary with energy type in each scenario and there exist certain substitution effects among different types of energy carriers in particular inter fuel substitute elasticities between coal and clean energy are asymmetric our study highlights the significance of city planning and infrastructure expansion policies and also offers a better basis for coordinating and designing energy policies in urban china and other developing countries

is trade good or bad for the environment sorting out the causality we seek to contribute to the debate over globalization and the environment by asking what is the effect of trade on a country s environment for a given level of gdp we take specific account of the endogeneity of trade using exogenous geographic determinants of trade as instrumental variables we find that trade tends to reduce three measures of air pollution statistical significance is high for concentrations of so2 moderate for no2 and lacking for particulate matter although results for other environmental measures are not as encouraging there is little evidence that trade has a detrimental effect on the environment

price uncertainty the competitive firm and the dual theory of choice under risk abstract we analyze a competitive firm facing output price uncertainty in yaari s dual theory of choice under risk in yaari s dual theory the preference functional is linear in profit but is compatible with risk aversion or risk inclination we obtain a characterization of output and input decisions of firms which unlike the von neumann morgenstern theory of the firm closely resembles that of the theory of the firm under certainty we find intuitive comparative statics effects of increases in risk and risk aversion we show how hotelling s lemma can be applied to find the firm s output supply and input demand functions

on risk aversion and bargaining outcomes abstract we revisit the well known result that asserts that an increase in the degree of one s risk aversion improves the position of one s opponents to this end we apply yaari s dual theory of choice under risk both to nash s bargaining problem and to rubinstein s game of alternating offers under this theory unlike under expected utility risk aversion influences the bargaining outcome only when this outcome is random namely when the players are risk lovers in this case an increase in one s degree of risk aversion increases one s share of the pie

factorial decomposition of co2 emissions a generalized divisia index approach abstract this paper introduces a novel approach to estimating the impact of the major factors driving co 2 emissions gdp energy consumption population their carbon intensities and other related indicators that may be chosen arbitrarily the suggested approach is based on the generalization of the divisia index to interconnected factors the approach also extends the kaya identity by explicitly including gross domestic product and energy consumption a computer program in r language aimed at automating the calculations is supplied factorial analysis of the united states and china s co 2 emissions is provided as an example of application

the toxic intensity of industrial production global patterns trends and trade policy this paper exploits a newly developed data set to investigate recent changes in the international distribution of industrial pollution in particular the authors examine three issues 1 the relationship between the toxic intensity of industrial production and the level of economic development 2 the impact of oecd environmental regulation on global changes in toxic intensity and 3 the relationship between trade policy and the toxic intensity of industrial production in ldc s 10 refs

contribution of demand shifts to industrial so 2 emissions in a transition economy evidence from china abstract for the past 20 years sulfur dioxide so2 emissions control has been a goal in china whose economy has been characterized as fast growing and in enormous transition as a prerequisite for effective future so2 emissions control a detailed investigation is needed to uncover and assess the contributions to changes in so2 emissions of key underlying drivers associated with china s evolving demand structure using structural decomposition analysis sda considering industrial characteristics and sector interactions this study identifies the underlying drivers behind china s demand structure shifts as well as their contributions to changes in industrial so2 emissions the results show that the change in total final demand was the largest driver of the increase in so2 emissions resulting in an increase of 36 64 million tons mt so2 emissions during the time period 1997 to 2012 from the final demand perspective the change in capital formation was the largest contributor resulting in an increase of 16 78 mt so2 emissions and accounting for 45 of the increase due to final demand shifts the construction industry was the primary trigger of industrial so2 emissions growth caused by shifts in final demand with an induced amount impact on other industries of so2 emissions of 10 14 mt the key drivers capturing shifts in final demand were mainly capital formation in the construction industry capital formation and exports in technology intensive industries and consumption in the services industries the recommendation is that to control industrial so2 emissions china should depend first on its economic transition that includes technology improvements and industry structure optimization for both final demand and production

changes in energy requirements of the residential sector in india between 1993 94 and 2006 07 abstract a substantial amount of primary and secondary energy is consumed by the residential sector residential energy consumption includes energy required for construction activity and household consumption hence there is a need to quantify energy consumption its significance and causes calculating energy intensity of goods and services is the first step towards quantifying the causes this research is based on the 115 sector classification input output tables for india for 1993 94 1998 99 and 130 sector classification input output tables for 2003 04 and 2006 07 energy intensity of sectors related to household consumption has been calculated to analyze the trend between 1993 94 and 2006 07 indirect energy requirements of indian households have been assessed in this study from calculations of total primary energy intensity along with private final consumption expenditure results indicate that energy consumption has increased for all categories except medical care and hygiene percentage increase in indirect primary energy consumed by households is maximum for house building and recreation categories finally a complete decomposition analysis of indirect primary energy consumed by households has been carried out based on changing structural composition of the private final consumption expenditure energy intensity patterns per capita expenditures on energy and population

so2 emission reduction decomposition of environmental tax based on different consumption tax refunds abstract acid rain in china is mainly caused by man made so2 emission in order to reduce so2 emission environmental protection tax law of people s republic of china has been implemented on january 1 2018 this study based on environmental cge model analyses the impact of different ratio of environmental tax revenue refunded to consumption tax on china s economy and further decomposes sectors so2 emissions reduction into output scale effect process emission effect intermediate input substitution effect energy substitution effect and imported domestic energy substitution effect results show that environmental tax can effectively reduce so2 emission and not always hurt the economy with the tax refund ratio rising gdp appears an upward trend in varying degrees 0 25 0 21 and so2 emission reduction shows a downward trend 3 81 3 28 a critical point of tax refund ratio is found to locate at 59 5 which represents the maximum amount of so2 emission reduction without sacrificing economy for the so2 emission reduction sectors combustion emission reduction of oilgas and coal play a leading role after specific decomposition the energy substitution effect dominates the so2 emission reduction further emission reductions of so2 mainly focus on high pollution sectors such as power building materials manufacturing and paper factors driving emission changes in sectors may differ substantially therefore the environmental tax does not necessarily hurt the economy and can effectively curb high pollution sectors so2 emission stimulating the demand for clean energy like gas and upgrading energy structure

asset diversification in yaari s dual theory abstract this paper presents an application of the dual theory of choice under uncertainty to the problem of asset diversification it is shown that when there are two or more risky assets conditions which are sufficient for expected utility maximizers to diversify among n assets are also sufficient for dual agents to do so this result is in contrast to the case of one risky and one safe asset in which dual agents invest all their funds in only one of the assets while expected utility maximizers usually diversify

decomposition of aggregate carbon intensity for the manufacturing sector comparison of declining trends from 10 oecd countries for the period 1971 1991 abstract as with total energy consumption or aggregate energy intensity changes in aggregate carbon intensity may also be decomposed or attributed to changes in various components including fuel mix for electricity generation final energy mix sub sectoral economic activity and sub sectoral energy intensities the adaptive weighted divisia rolling base year index specification is applied to total carbon emissions from the manufacturing sector of 10 oecd countries for the period 1971 1991 declines in aggregate carbon intensity for these countries range from 70 and may be primarily attributed to decreases in energy intensity i e increases in the average factor productivity of energy however these declines in aggregate carbon intensity appear to have a complex linkage to increases in energy prices as well as changes in other determinants of gross industrial output

supply side structural effect on carbon emissions in china abstract this paper carries out a structural decomposition analysis sda of production related carbon emissions in china from 1992 to 2005 by adopting the ghosh input output model it finds that the supply side structure measured by sectoral shares in value added increased production related carbon emissions in 1992 2002 mainly due to the rapid growth of manufacturing sectors but reduced them in 2002 2005 thanks to the decreased shares of carbon intensive sectors whatever the supply side structure forward carbon multipliers of each sector or changes in supply side sectoral shares and related emissions effects calculated by adopting the ghosh input output model were different from their demand side counterparts estimated by adopting the leontief input output model the results suggest optimizing the supply side structure and lowering the forward carbon multipliers to control carbon emissions in the future

morals markets and sustainable investments a qualitative study of champions sustainable investment si which integrates social environmental and ethical issues has grown from a niche market of individual ethical investors to embrace institutional investors e g pension funds resulting in 764 billion in assets under management in the uk alone eurosif 2008 european sri study 2008 eurosif paris explaining this growth is complex involving shifts in personal and collective values reactions to corporate scandals scientific and media pronouncements about climate change government initiatives responses from financial markets and the influence of si innovators in the city of london the article examines the influence of human agency through interviews with 14 si champions who have variously been responsible for launching si funds and changing investment processes and organisational structures in order to enhance si interviewees were asked about their motivations and persuasive strategies the obstacles they faced and how they overcame them as well as broader implications of si for financial markets the following key categories inform the results and the discussion values conservatism antipathy and incredulity optimism and sympathy from insiders the social and political context the business case organisational constraints inappropriate forms of remuneration short termism the nature of capitalism three discourses were also identified the first is the necessity to make a business case for si the second is the benefits that si can bring to the quest of overcoming short termism the third is a belief that for si to have a significant influence greater government intervention is required

corporate social responsibility theories mapping the territory the corporate social responsibility csr field presents not only a landscape of theories but also a proliferation of approaches which are controversial complex and unclear this article tries to clarify the sit uation mapping the territory by classifying the main csr theories and related approaches in four groups 1 instrumental theories in which the corporation is seen as only an instrument for wealth creation and its social activities are only a means to achieve economic results 2 political theories which concern themselves with the power of corporations in society and a responsible use of this power in the political arena 3 integrative theories in which the corporation is focused on the satisfaction of social demands and 4 ethical theories based on ethical responsibilities of corporations to society in practice each csr theory presents four dimensions related to profits political performance social demands and ethical values the findings suggest the necessity to develop a new theory on the business and society relationship which should integrate these four dimensions

application of the structural decomposition analysis to assess the indirect energy consumption and air emission changes related to italian households consumption abstract the design of sustainable production and consumption strategies and the assessment of implemented actions require to identify the driving forces that influence the trend of energy consumption and environmental impacts for this purpose the structural decomposition analysis sda was developed as a suitable methodology to analyse the driving forces of the changes in economic energy and environmental indicators the paper presents one of the first italian studies that apply an energy and environmental extended input output model opportunely shaped to the examined context combined with sda in detail it aims at 1 investigating the energy use and the air emissions arisen from the productive sectors to meet the household final demand in the period 1999 2006 2 identifying the sources of variations in energy and environmental indicators and 3 identifying which economic sectors are the most relevant sources of variation and must to be taken into account in the definition of sustainable production and consumption strategies as sources of changes the authors investigate energy and emission intensity effects leontief effect and final demand effect outcomes point out that the increase of the final consumptions often nullifies the energy and environmental benefits due to the improvement of the eco efficiency and to the introduction of innovative technologies of production the sector level analysis shows that tertiary and electricity gas and vapour result the highest italian consuming sectors of energy thus they should be focused for energy saving strategies agriculture hunting and sylviculture and road transports that are primarily sectors affecting air emissions should be taken into account for the reduction of environmental impacts results highlight that the current dichotomy of final demand growth and improvement of eco efficiency represents a key problem that needs to be addressed therefore the presented study can aid to define suitable oriented strategies for the energy and environmental impact reduction

determinants of co2 emissions in a small open economy abstract the aim of the paper is to explore the relationship between economic development and carbon dioxide co2 emissions for a small open and industrialized country austria we test whether an environmental kuznets curve relationship also holds for a single country rather than concentrating on panel or cross section data for a set of countries a cubic i e n shaped relationship between gdp and co2 emissions is found to fit the data most appropriately for the period 1960 1999 and a structural break is identified in the mid seventies due to the oil price shock furthermore two variables are additionally significant import shares reflecting the well known pollution haven hypothesis and the share of the tertiary service sector of total production gdp accounting for structural changes in the economy emission projections derived from this single country specification support the widely held opinion that significant policy changes are asked for when implementing the kyoto protocol in order to bring about a downturn in future carbon emissions

contributions of weather and fuel mix to recent declines in us energy and carbon intensity a recent 1996 2000 acceleration of declines in energy andcarbon intensity in the u s remains largely unexplained this study usesdivisia decomposition and regression to test two candidate explanations fuel mix and weather the divisia method demonstrates that fuel mix doesnot explain the declines in carbon intensity the fuel mix both overalland for electricity generation became slightly more carbon intensiveover the study period though the slight trend reversed before the end ofthe period a regression based correction to the divisia indices accounting for variation in heating and cooling degree days indicatesthat warmer weather accounts for about 30 percent ofthe total declines this leaves declines of more than 2 percent per year and an accelerationof more than 1 percent over previous decade remaining to beexplained

comparing structural decomposition analysis and index to analyze and understand historical changes in economic environmental employment or other socio economic indicators it is useful to assess the driving forces or determinants that underlie these changes two techniques for decomposing indicator changes at the sector level are structural decomposition analysis sda and index decomposition analysis ida for example sda and ida have been used to analyze changes in indicators such as energy use co2 emissions labor demand and value added the changes in these variables are decomposed into determinants such as technological demand and structural effects sda uses information from input output tables while ida uses aggregate data at the sector level the two methods have developed quite independently which has resulted in each method being characterized by specific unique techniques and approaches this paper has three aims first the similarities and differences between the two approaches are summarized second the possibility of transferring specific techniques and indices is explored finally a numerical example is used to illustrate differences between the two approaches

environmental policy and competitiveness the porter hypothesis and the composition of capital abstract the porter hypothesis suggests a win win situation in the sense that environmental policy improves both environment and competitiveness the suggestion received strong criticism from economists driven by the idea that if opportunities exist firms do not have to be triggered by an extra cost in this paper a model is developed which confirms this point but which also draws attention to some general mechanisms that relax the trade off considerably downsizing and modernization of firms subject to environmental policy will increase average productivity and will have positive effects on the marginal decrease of profits and environmental damage

environmental poverty a decomposed environmental kuznets curve and alternatives sustainability lessons from china abstract amid increasing recognition of the importance of the environmental factor in understanding poverty and development this article coins the term environmental poverty to refer to the lack of the healthy environment needed for society s survival and development as a direct result of human induced environmental degradation a decomposed environmental kuznets curve ekc demonstrates that places such as countries counties or cities following the grow first clean up later approach or the first half of the ekc may obtain economic gains accompanied by extreme environmental sacrifice excessive social injustice and income and environmental inequalities the same place may include communities whose curves differ in shape some communities may prosper at the expense of other communities which may fall into environmental poverty and eventually irreversible environmental degradation and economic failure places following alternatives or flat ekcs may be slow in getting out of economic poverty but enjoy a healthier environment equality in income and environmental quality and social justice countries especially developing countries should aspire to sustainable alternatives

toward a new conception of the environment competitiveness relationship accepting a fixed trade off between environmental regulation and competitiveness unnecessarily raises costs and slows down environmental progress studies finding high environmental compliance costs have traditionally focused on static cost impacts ignoring any offsetting productivity benefits from innovation they typically overestimated compliance costs neglected innovation offsets and disregarded the affected industry s initial competitiveness rather than simply adding to cost properly crafted environmental standards can trigger innovation offsets allowing companies to improve their resource productivity shifting the debate from pollution control to pollution prevention was a step forward it is now necessary to make the next step and focus on resource productivity

identifying critical supply chain paths that drive changes in co2 emissions abstract to address the problem of global warming it is important to identify the supply chain paths that drive changes in life cycle co2 emissions and provide both policy makers and decision makers with the information on the critical paths in order to efficiently reduce the co2 emissions in this article i extract and analyze the factors and key supply chains involved in changes in co2 emissions associated with japan s overall demand from 1990 to 2000 using the structural path decomposition spd method applied to the 1990 1995 2000 linked japanese environmental input output tables at the four digit commodity classification level the results reveal that the volume of co2 emissions increased as a result of changes in the input structure of the electricity of the services sector such as electricity amusement and recreation facilities household demand electricity retail trade household demand and electricity public administration local local government demand indicating increasing dependence of services on energy input i also find that the final demand shift changed co2 emissions for example the rise in demand for integrated circuits in exports has contributed to increasing co2 emissions generated from electricity the fall in demand for frozen fish and shellfish in household demand has contributed to decreasing co2 emissions from marine fisheries

the determinants of atmospheric so2 concentrations reconsidering the environmental kuznets curve this analysis explores the effects of income and the spatial intensity of economic activity on the atmospheric concentration of sulfur dioxide the results indicate that there is a u shaped relation between income and atmospheric concentration of so2 and an inverted u shaped relation between the spatial intensity of economic activity and so2 concentrations these results suggest that the spatial intensity of economic activity rather than income provides the impetus for policies and technologies that reduce so2 emissions based on this result the atmospheric concentration of so2 in developing nations may decline faster than indicated by previous analyses the potential for this decline depends on the rate at which income grows relative to population the trade off between the effects of income gains and the spatial intensity of economic activity on the atmospheric concentration of so2 is consistent with the notion that some environmental problems can be ameliorated by slowing population growth and increasing income levels

information asymmetry and socially responsible investment selecting applying and reporting on investment screens for socially responsible investing sri presents challenges for companies investors and fund managers this article seeks to clarify the nature of these challenges in developing an understanding of the foundations of ethical investment screens at a conceptual level this work argues that there is a common element to the ethical foundations of sri even with very different apparent motivations and investment restrictions establishing this commonality assists in explaining the information asymmetry problem inherent in sri a market facilitated solution illustrates how these insights might foster the development of socially responsible investment

why did china s energy intensity increase during 1998 2006 decomposition and policy analysis abstract despite the fact that china s energy intensity has continuously decreased during the 1980s and mostly 1990s the decreasing trend has reversed since 1998 and the past few years have witnessed rapid increase in china s energy intensity we firstly conduct an index decomposition analysis to identify the key forces behind the increase it is found that 1 the high energy demand in industrial sectors is mainly attributed to expansion of production scale especially in energy intensive industries 2 energy saving mainly comes from efficiency improvement with energy intensive sectors making the largest contribution and 3 a heavier industrial structure also contributes to the increase this study also makes the first attempt to bridge the quantitative decomposition analysis with qualitative policy analyses and fill the gap between decomposition results and policy relevance in previous work we argue that 1 energy efficiency improvement in energy intensive sectors is mainly due to the industrial policies that have been implemented in the past few years 2 low energy prices have directly contributed to high industrial energy consumption and indirectly to the heavy industrial structure we provide policy suggestions in the end

what is the role of openness for china s aggregate industrial so2 emission a structural analysis based on the divisia decomposition method abstract having observed the weaknesses in previous structural analyses on the role of environmental kuznets curve ekc the author proposes a detailed analysis using a rich data set of provincial level production and so2 emission intensity of 13 industrial sectors the latter represent more than 98 of the total industrial production in each chinese province for the period 1991 2001 through the use of the log mean divisia index decomposition method the variations in province level industrial so2 emissions with regard to the 1990 baseline level are decomposed into the contribution from three components scale composition and technical effects the following analysis seeks to explain how trade openness affects aggregate industrial so2 emission through its impact on the structural determinants for these three components of region specific environmental variations

economic gains and environmental losses from international trade a decomposition of pollution intensity in china s value added trade abstract based on a multi regional input output model this study explores the temporal changes and driving forces of china s environmental losses relative to its economic gains from international trade with each of its 45 trading partners from 1995 to 2015 we find that china suffered larger environment losses per us value added through exports than almost all of its trading partners over time the environmental losses paid by china declined quicker than that of its bilateral trading partners the decomposition results of our research further show that the technology effect played a dominant role in this decline moreover the phenomenon that developed economies have outsourced dirty intermediate production stages to emerging economies via trade in intermediate goods has led to the emerging economies suffering greater environmental losses over time for certain economic gains from international trade

determinants of net carbon emissions embodied in sino german trade abstract the existing research on carbon emissions embodied in trade has been concentrated between net importing countries and net exporting countries few study has been conducted to analyze carbon emissions embodied in trade between net exporting countries to fill the research gap this work systematically investigated the net carbon emissions embodied in trade between the largest net exporter of developing countries china and the largest net exporter of developed countries german based on the non competitive input output analysis and the structural decomposition analysis was used to study the driving factors effecting the change of net embodied carbon emissions in sino german trade the results show the net carbon emissions embodied in sino german trade increased significantly with the sharp increase of net trade volume after china s accession to the world trade organization carbon transfer through trade was mainly concentrated in the carbon intensive industrial sectors in sino german trade this phenomenon was attributed to the differences in the trade structure and the production efficiency between china and germany the decomposition analysis shows china s intermediate input structure effect and the country structure effect of germany s final demand were the leading contributors to growth in net carbon emission in sino german trade which mainly was offset by china s carbon intensity effect finally some policy implications are offered

trade the pollution haven hypothesis and the environmental kuznets curve examining the linkages abstract this paper examines the extent to which the ekc inverted u relationship can be explained by trade and specifically the migration or displacement of dirty industries from the developed regions to the developing regions the pollution haven hypothesis phh using detailed data on north south trade flows for pollution intensive products the evidence for the phh is assessed emissions of 10 air and water pollutants are then estimated controlling for trade openness structural change and dirty north south trade flows evidence of pollution haven effects is found although such effects do not appear to be widespread and appear to be relatively small compared to the roles played other explanatory variables

impacts of growth and structural change on co2 emissions of developing countries abstract carbon dioxide emissions the most significant greenhouse gas are growing at more rapid rates in developing economies relative to advanced economies this paper estimates the effects of the growth of gdp changes in industrial structure fuel mixes and energy efficiency on the carbon dioxide emissions of nine developing countries using a decomposition model policy implications for reducing emissions in the light of the findings are discussed

economic growth trade and energy implications for the environmental kuznets curve abstract the environmental kuznets curve ekc hypothesis asserts that pollution follows an inverted u path with respect to economic growth the ekc has been explained in terms of structural changes in the composition of economic output and increased environmental regulation at higher income levels while some authors have incorporated the impact of trade policy orientation on the ekc the impact of the actual movement between countries of goods that embody pollution has not been considered this paper attempts to econometrically quantify the effect using pooled cross country and time series data the ekc hypothesis is examined with respect to commercial energy consumption the source of many serious environmental problems it was found that while both industrializing and industrialized countries have added to their energy requirements by exporting manufactured goods the growth has been substantially higher in the former at the same time industrialized countries have been able to reduce their energy requirements by importing manufactured goods exports of manufactured goods by industrialized countries has thus been an important factor in generating the upward sloping portion of the ekc and imports by industrialized countries have contributed to the downward slope

factors shaping aggregate energy intensity trend for industry energy intensity versus product mix understanding the mechanisms of change of energy consumption in industry has attracted much attention since the 1973 world oil crisis a popular line of research has been to decompose changes in the aggregate energy intensity of industry to give the relative impacts arising from energy intensity change and product mix change using a decomposition technique many empirical studies covering a large number of countries have been reported the main objective of this paper is to put together the empirical results reported in these studies in a coherent framework and identify possible systematic features of particular interest are the basic trends in this line of research the relative importance of energy intensity change and product mix change possible variations over time and between country groups in the energy impacts of these changes and inconsistencies in findings among studies an overview of the decomposition technique including its strengths weaknesses and role in industrial energy consumption studies is also presented

risk aversion in quiggin and yaari s rank order model of choice under uncertainty this paper studies the rank dependent model of choice under uncertainty proposed by j quiggin in 1982 and elaborated by m e yaari in 1984 first a rigorous axiomatic foundation for the model is provided a very close analogy with expected utility theory is drawn permitting a considerably simplified treatment risk aversion and its measurement are then studied two characterizations one weaker and one stronger are presented in addition to the one considered by yaari lastly risk aversion and other properties of th model are related to empirically observed departures from expected utility maximizing behavior copyright 1987 by royal economic society

does urbanization drive economic growth decoupled from energy consumption in china s logistics abstract logistics has gradually become a major energy consumer in china along with urbanization and e commerce a better understanding of economic growth decoupled from energy consumption in logistics could relieve the pressure of energy supply and environmental pollution a combined model based on the tapio decoupling model kaya identity and log mean divisia index was proposed to decompose the impact of urbanization into 4 related factors comparative analysis was applied to investigate the similarities of and differences in the urbanization related factors affecting the decoupling state of provinces the main results were as follows 1 weak decoupling was the dominant state of logistics in china during 2007 2016 there were weak decoupling and strong decoupling in most of the observation period in the eastern region while there was no strong decoupling in the central and western regions 2 from the national perspective urbanization related factors had very significant but different impacts population quantity spatial structure and spatial expansion were the key inhibitors while population density was the main contributor 3 from the regional perspective the patterns of urbanization related factors in the three regions were similar population density had a positive but decreasing effect on decoupling in the three regions especially the western region population quantity had an increasing negative effect on decoupling in the three regions especially the central and western regions spatial expansion had an increasing negative effect on decoupling in the eastern and western regions but a decreasing negative effect in the central region and spatial structure had a stable negative effect on the three regions finally some policy implications were proposed

dirty industries patterns of change in industrial countries this article concerns itself with the environmental role of heavily polluting industries since 1970 analysing its development in 11 basic industries as well as electricity production and road transport in 32 industrial countries it argues for a green industrial policy demonstrating that other mitigations of environmental pressure in industrial countries end of pipe treatment relocation to the third world structural change in the industrial sector and even environmentally oriented modernization have so far been unable to solve the problems of dirty industries although some approaches have shown some promise

calculation and decomposition of indirect carbon emissions from residential consumption in china based on the input output model abstract based on the input output model and the comparable price input output tables the current paper investigates the indirect carbon emissions from residential consumption in china in 1992 2005 and examines the impacts on the emissions using the structural decomposition method the results demonstrate that the rise of the residential consumption level played a dominant role in the growth of residential indirect emissions the persistent decline of the carbon emission intensity of industrial sectors presented a significant negative effect on the emissions the change in the intermediate demand of industrial sectors resulted in an overall positive effect except in the initial years the increase in population prompted the indirect emissions to a certain extent however population size is no longer the main reason for the growth of the emissions the change in the consumption structure showed a weak positive effect demonstrating the importance for china to control and slow down the increase in the emissions while in the process of optimizing the residential consumption structure the results imply that the means for restructuring the economy and improving efficiency rather than for lowering the consumption scale should be adopted by china to achieve the targets of energy conservation and emission reduction

decomposition of co2 emissions over 1980 2003 in turkey abstract there is a multi dimensional need for studying the energy situation in turkey and to obtain insight into the development of co2 emissions on the one hand recent projections of the oecd show that turkey has a yearly gdp growth potential of over 7 on the other hand recent projections of undp and world bank indicate that the level of co2 emission is going to rise six fold by 2025 with respect to the level of emissions in 1990 it is a great challenge to both meet the growth target and keep the co2 under control thereupon this paper tries to unfold factors that explain co2 emissions by undertaking a complete decomposition analysis for turkey over the period 1980 2003 the analysis shows as is common to relatively fast growing economies that the biggest contributor to the rise in co2 emissions is the expansion of the economy scale effect the carbon intensity and the change in composition of the economy which nearly move in tandem also contribute to the rise in co2 emissions albeit at a slower rate the energy intensity of the economy which is decreasing is responsible for a modest reduction in co2 emissions hence in congruence with the scale effect a decoupling of carbon emissions and economic growth is not found in turkey over the period 1980 2003

multiplicative structural decomposition analysis of aggregate embodied energy and emission intensities abstract aggregate intensity indicators such as the ratio of a country s energy and emissions to its gdp are often used by researchers and policymakers to study energy and environmental performance this paper analyzes the relationship between energy or emissions and value added or gdp from a different viewpoint namely from the demand rather than the production perspective using the input output i o framework the aggregate embodied intensity aei defined as the ratio of embodied energy or emissions to embodied value added can be defined at the aggregate final demand category and sectoral levels the total aggregate intensity can be presented as a weighted sum of the aeis at the final demand category or sectoral level changes of the aei at different levels can be decomposed to identify the driving forces using multiplicative sda a study using the latest 2007 and 2012 datasets of china indicates that a its aggregate intensity of co 2 emissions was mainly determined by the aei in investment and b the emission intensity effect generally contributed the most to the aei ratio changes at different levels the proposed framework can be applied to other aggregate intensity indicators and extended to multi country region analysis

how does foreign direct investment affect pollution toward a better understanding of the direct and conditional effects this paper seeks to investigate the impact of foreign direct investments fdis on industrial pollution hbox co 2 hbox so 2 hbox no mathrm x and bod emissions on a large sample of highly heterogeneous countries by using panel data on manufacturing fdis from france germany sweden and the united kingdom between 1995 and 2008 and by developing an empirical model with first and second order interaction terms we investigate the existence and the conditionality of the most controversial fdi induced effects on industrial emissions i e pollution haven factor endowments and pollution halo hypotheses the paper has three main findings 1 the central hypotheses linking pollution to fdi are found to act simultaneously with opposing effects 2 fdis are associated with pollution reduction i e predominating pollution halo induced effect in countries with low to average capital to labour ratio but not too lax environmental regulation 3 fdis are found to increase pollution i e prevailing pollution haven and or factor endowments induced effects in countries with average capital endowments and lax environmental regulations as well as in all the capital abundant countries though with a smaller magnitude in countries having strict environmental regulations and or a high skilled labour force some specific and interesting findings are discussed regarding different fdi origin countries and fdi host country groups

air quality and economic growth an empirical study abstract in the present empirical study we have observed an inverse and sometimes u shaped relationship between environmental degradation and per capita real income as opposed to the inverted u shaped environmental kuznets curve ekc found in many earlier studies it was felt that a possible explanation of the observed pattern of relationship might be sought in the dynamics of the process of economic growth experienced by the countries concerned thus e g economic development may strengthen the market mechanism as a result of which the economy may gradually shift from non market to marketed energy resources that are less polluting this phenomenon may show up in the form of an inverse relationship as mentioned above also due to the global technical progress the production techniques available to the countries all over the world are becoming more and more capital intensive and at the same time less polluting this may mean that given the income level the pollution level decreases as the capital intensity of an economy rises in the present study it is indeed observed that as capital intensity increases the level of suspended particulate matter spm in the atmosphere decreases per capita real income is also found to be inversely related to spm partially but the interaction effect of per capita income and capital intensity on spm is observed to be positive this suggests that given the level of per capita income capital intensity a more capital intensive production technique a higher per capita income level would cause less pollution for spm a surprising result is also obtained i e a u turn is observed at a very high level of per capita real income i e us 12 500 at 1985 us prices this is possibly indicative of the fact that there are technological limits to industrial pollution control such that beyond a threshold level of income further rise in income cannot be achieved without environmental degradation

sources of growth a reconsideration and general equilibrium application to indonesia abstract a computable general equilibrium cge model of indonesia is developed in which total factor productivity growth in manufacturing is endogenously determined productivity growth is conceptualized as human and social capital accumulation mediated by learning and institutional development stimulated by the trade regime these factors are modeled as externalities determined by export growth and capital equipment imports the model is used to analyze the gains deriving from the externalities and subsidies that amplify their effects leading indonesia to acquire korea like institutions sooner the growth and fiscal implications of such counterfactual simulations are analyzed in a realistic general equilibrium framework with a fully articulated public sector

changes in carbon intensity in china empirical findings from 1980 2003 china experienced sustainable rapid economic growth over the period 1980 2003 but at the same time energy related carbon intensity showed a downward trend it begs the question therefore what factors were driving this decline in carbon intensity and will this decline be maintained in future moreover what measures can be adopted to ensure a continual decline in carbon intensity these questions led to increased research in the factors governing co2 emission in china this paper quantifies the driving force behind china s primary energy related carbon intensity and measures the material production sectors final energy related carbon intensity our results show that the overwhelming contributor to the decline of energy related carbon intensity was the reduction in real energy intensity however policies that focus only on the decline in energy intensity are insufficient to further decrease carbon intensity the change of primary energy mix can improve the decline of carbon intensity this should focus on the material production sectors development strategies and final energy use greater emphasis should be given to secondary industry which needs national and regional governments policy support

philanthropy integration or innovation exploring the financial and societal outcomes of different types of corporate responsibility this article argues that previous research on the outcomes of corporate responsibility should be refined in two ways first although there is abundant research that addresses the link between corporate responsibility cr and financial performance hardly any studies scrutinize whether the type of corporate responsibility makes a difference to this link second while the majority of cr research conducted within business studies concentrates on the financial outcomes for the firm the societal outcomes of cr are left largely unexplored to tackle these two deficiencies this article extends the different conceptualizations of corporate responsibility and elaborates both the financial and the societal outcomes of different types of cr

slow money in an age of fiduciary capitalism abstract in the era of fiduciary capitalism investors have begun fulfilling non financial goals in order to address the concerns of a broader range of stakeholders socially responsible investors who were part of fringe movements headed by non profit organizations have emerged as powerful fiduciaries with a strong focus on triple bottom line based outcomes the slow money movement which has been spear headed by non profits in the developed world places a strong emphasis on making capital circulate locally especially within agricultural communities slow money investors across the us some of whom are private investment funds and community development financial institutions are striving to generate triple bottom line based outcomes in our study we have discussed how the slow money movement mirrors fiduciary capitalism we have analyzed how slow money investors have expanded the scope of traditional fiduciary obligations five organizations in the us have participated in our research and we developed a seven point taxonomy of slow money to analyze our findings our findings revealed how slow money investors as fiduciary capitalists generate financial social and environmental returns by investing patient capital in agriculture and local enterprises

choice under uncertainty problems solved and unsolved ffifteen years ago the theory of choice under uncertainty could be considered one of the success stories of economic analysis it rested on solid axiomatic foundations it had seen important breakthroughs in the analytics of risk risk aversion and their applications to economic issues and it stood ready to provide the theoretical underpinnings for the newly emerging information revolution in economics 1 today choice under uncertainty is a field in flux the standard theory is being challenged on several grounds from both within and outside economics the nature of these challenges and of our profession s responses to them is the topic of this paper

kaya identity for analysis of the main drivers of ghg emissions and feasibility to implement eu 20 20 20 targets in the baltic states abstract the kaya identity relates the greenhouse gas ghg emissions to energy use economic growth and population growth therefore it can be applied to decompose ghg emissions with respect to the latter terms european union eu has established the main targets of sustainable energy development in energy and climate package 20 20 20 eu member states conformed to achieve in 2020 ghg emission reduction by 20 comparing with year 1990 level to achieve 20 of renewable energy sources res in final energy consumption and to reduce energy intensity by 20 compared to year 2005 level as all of these targets are interrelated and have to be achieved together it is very important to track the changes of ghg emissions in eu member states alongside the changes in energy intensity and increase in the share of renewables in final energy consumption the kaya identity and decomposition analysis allow the linking of changes in ghg emissions to changes in energy intensity and carbon intensity of energy which directly reflects the increase of the share of renewables in final energy consumption the impact of gdp growth on ghg emissions is also assessed by kaya identity the paper applies a novel approach in tracking progress achieved in implementing 20 20 20 targets by employing kaya identity and shapley value for decomposition analysis the conducted analysis showed that policies to increase energy efficiency are the most important drivers of ghg emission reduction and achieving eu 20 20 20 targets in baltic states though the share of res has increased significantly in baltic states its impact on ghg emissions reduction per capita in baltic states was insignificant therefore more emphasis on energy efficiency policies is necessary as they are the most effective measures for achieving ghg emission reduction targets

carbon dioxide emissions in the u s economy a structural decomposition analysis this paper provides an empirical analysis of the impact of various influences on carbon dioxide emissions it incorporates methodological refinements of input output structural decomposition analysis which is the examination of economic change by means of a set of comparative static variations in key parameters of i o tables the analysis is performed using a two tiered klem model which allows for estimation of substitution and technological change effects within and between input aggregates the model is used to decompose the sources of change in co2 emissions in the u s over the 1972 82 timeframe using hybrid energy value tables for the initial and terminal years results show the significant effect of substitution within the energy sector and between energy and other inputs as the leading causes of the decline in carbon dioxide emissions

socially responsible investing in the united states socially responsible investing sri has emerged in recent years as a dynamic and quickly growing segment of the u s financial services industry involving over 2 trillion in professionally managed assets its conceptual origins can be found in the early history of civilization with it s modern roots in the 1960s this paper provides an overview of the breadth and depth of the concept and practice of socially and environmentally responsible investing describes the investment strategies that together define sri as currently practiced in the u s offers several observations about some of the factors fueling its dramatic growth and presents data showing that investors who choose to invest in a socially and environmentally responsible manner can do so without giving up investment returns sri has matured to a point where virtually any investment need can be met through portfolio design that integrates an investor s personal values institutional mission and or social priorities the socially responsible investment industry in the unitedstates is a young phenomenon even referring to it as an industry ten years ago may have been a bit of a stretch while it has grown dramatically in recent years it is an area of work of study and of practical application that continues to evolve in many significant ways one intriguing example of the ongoing development of the field can be found in the analysis of the language used to describe it the terms social investing socially responsible investing ethical investing socially aware investing socially conscious investing green investing values based investing and mission based or mission related investing all refer to the same general process and are often used interchangeably

sulfur dioxide control in china policy evolution during the 10th and 11th five year plans and lessons for the future china s central government established national goals to reduce sulfur dioxide so2 emissions by 10 in both the 10th and 11th five year plan periods 2001 2005 and 2006 2010 respectively but the early policies were unsuccessful at reducing emissions emissions increased 28 during the 10th five year plan after adapting a number of policies and introducing new instruments during the 11th five year plan so2 emissions declined by 14 we examine the evolution of these policies their interplay with technical and institutional factors and capture lessons from the 11th five year plan to guide future pollution control programs we find that several factors contributed to achievement of the 11th five year plan so2 reduction goal 1 instrument choice 2 political accountability 3 emission verification 4 political support 5 streamlined targets and 6 political and financial incentives the approach integrated multiple policy instruments market based command and control and administrative instruments specific to the chinese context the evolution of so2 reduction policies and programs has implications for further so2 reductions from power plants and other sources as well as control of other atmospheric pollutants such as nitrogen oxides nox and carbon dioxide co2 in china

carbon dioxide emission drivers for a typical metropolis using input output structural decomposition analysis as the capital of china beijing is regarded as a major metropolis in the world study of the variation in temporal co2 emissions generated by the driving forces in beijing can provide guidance for policy decisions on co2 emissions mitigation in global metropolises based on input output structural decomposition analysis io sda we analysed the driving forces for the increment in co2 emissions in beijing from both production and final demand perspectives during 1997 2010 according to our results the co2 emission growth in beijing is driven mainly by production structure change and population growth partly offset by co2 emission intensity reduction as well as the decline in per capita final demand volume during the study period final demand structure change has a limited effect on the change in the co2 emissions in beijing from the final demand perspective urban trades urban residential consumption government consumption and fixed capital formation are mainly responsible for the booming emissions this study showed how the top down io sda methodology was implemented on a city scale policy implications from this study would be helpful for addressing co2 emissions mitigation in global capital cities and metropolises

factors behind the environmental kuznets curve a decomposition of the changes in air pollution the environmental kuznets curve theory suggeststhat economic growth in the long run may reduceenvironmental problems in this article we usea decomposition analysis to isolate eightdifferent factors in order to investigate theorigins of changes in emissions to air over theperiod from 1980 to 1996 among these factorsare economic growth changes in the relativesize of production sectors and changes in theuse of energy given constant emissions perproduced unit economic growth alone would havecontributed to a significant increase in theemissions this potential degradation of theenvironment has been counteracted by first ofall more efficient use of energy and abatementtechnologies in addition the substitution ofcleaner for polluting energy types and othertechnological progressions and politicalactions have reduced the growth in emissions consequently the growth in all emissions hasbeen significantly lower than economic growth and negative for some pollutants the results indicate that policymakers mayreduce emissions considerably through creatingincentives for lower energy use andsubstitutions of environmental friendly forenvironmental damaging energy types inaddition to support environmental friendlyresearch or to conduct direct emission reducingactions such as abatement requirements orbanning of environmental damaging products this is particularly relevant to countries andsectors with relatively high energy intensitiesand low pollution abatement

international investment location decisions abstract in international location tournaments governments compete for foreign investment with tax and other short run incentives such tournaments can be won if agglomeration economies are sufficiently powerful to overcome investors desire to spread investments as a hedge against risk we focus on manufacturing investments by u s multinationals in the 1980s our econometric results suggest that agglomeration economies are indeed the dominant influence on investor calculations paradoxically short run incentives have limited apparent impact on location choice we conclude that high cost tournament play is unnecessary for countries with good infrastructure development specialized input suppliers and an expanding domestic market

gospel or disaster an empirical study on the environmental influences of domestic investment in china abstract since the beginning of china s reform and opening up in late 1970s the contradiction between environmental quality and economic development has become increasingly acute as the main driving force of development china s fixed asset investment fai has grown rapidly in the meanwhile china s energy consumption surged and the environmental pressures mounted the surge in fai may have great influences on the environmental quality on the one hand the rapid increase in fai facilitated the development of the secondary industry especially energy and pollution intensive industries which brought about significant amount of energy related pollution on the other hand growing investment on environmental investment is expected to slow environmental deterioration moreover the environmental quality and domestic investment may have potential spatial correlations in this paper after fully accounting for the spatial dependence the relationship between domestic investment and environmental quality in china is quantitatively investigated using co2 and so2 as two representative pollutants the estimation results indicate that the spatial dependence indeed exists and total effects of fai on pollutant emissions are positive however there is no evidence that environmental protection investment had expected effects to effectively curb pollutant emissions in china

us environmental load displacement examining consumption regulations and the role of nafta abstract in light of concerns that structural changes to us production may not be accompanied by similar changes to us consumption this paper provides a detailed examination of us environmental load displacement over the period 1974 2001 the forces that drive such displacement are also examined with particular attention paid to the scale and composition of us consumption the share of imports in consumption the role of environmental regulations and the potential impact of nafta it is found that the usa as a whole has experienced environmental load displacement over the period under consideration with the extent of this displacement seeming to increase over the last decade it would appear to be the increasing scale of us trade that is increasing environmental load displacement indeed the composition of us imports and exports have become significantly cleaner over the period considered however although imports from mexico have grown more rapidly than exports to mexico no evidence is found to suggest that nafta is increasing displacement to mexico with regard to us domestic consumption patterns although they have become cleaner a greater share than ever is now met via imports sectoral pollution abatement costs are found to be a determinant of this increasing share of imports in domestic consumption

structural decomposition analysis of physical flows in the economy many environmental problems can be attributedto the extraction and emissions of physicalsubstances increasing our understanding of theeconomic and technological driving forcesbehind these physical flows can contribute tosolving the environmental problems related tothem the input output framework is a usefulsetting in which to integrate detailedinformation about economic structure andphysical flows in this article a specificmethod in input output analysis is reviewed namely structural decomposition analysis sda it is based on comparative static analysis which decomposes historical changes of a policyvariable into determinant effects sda has beenapplied for example to analyze the demand andtechnological driving forces of energy use co2 emissions and various other pollutantsand resources this article examines thetheoretical aspects of structuraldecomposition in particular those concerningphysical flows and environmental issues furthermore the article includes an extensivesurvey of empirical studies

reexamine so2 emissions embodied in china s exports using multiregional input output analysis previous studies on embodied emission in china s exports focus on the national aggregate analysis while pay little attention to the interregional emission transfer driven by exports we used multiregional input output model of 30 provinces to reexamine the embodied emissions and to capture the interregional linkage in it results in 2002 2007 show that so2 embodied in exports contributes 15 17 22 08 of the total domestic so2 emissions and 74 40 78 14 of the embodiment is in exports from the eastern provinces where over 90 of china s exports occur however only about 70 of the embodied emission in eastern china s exports is discharged in the east an increasing portion 24 to 34 is released in the central and western provinces as a result of interregional production linkage moreover the interregional connection becomes closer during the 2002 2007 period which increases the scale and intensity of embodied emission in china s export given large gaps in emission intensity among regions further analysis on guangdong china s largest export province shows that the so2 emissions per unit of output induced by guangdong s exports are larger than that induced by the province s own exports for most provinces especially the central and western provinces which are restricted in exports and indirectly export by supporting guangdong s exports via interregional economic linkage the results yield important implications for china s export and pollution emission control policy