a money demand equation for brazil abstract the estimates for the money demand equation reported below are based on quarterly time series for brazil for the 1966 i 1979 iv period they show that the long run income elasticity of the demand for money is roughly unitary and the rate of interest does affect the demand for money exclusion of the latter variable therefore leads to biased estimates of the coefficients of the money demand equation the empirical evidence also points out that the rate of inflation affects the demand for money only to the extent that it is necessary to change nominal cash balances to adjust cash holdings to their desired level either nominal interest rates capture the expected inflation rates or goods inventories are not an important alternative to holding money in brazil

measuring corporate sustainability management a data envelopment analysis approach despite the increased awareness of the conceptual and practical definition of corporate sustainability questions remain on how to measure performance the objective of this paper is to advance our understanding of the measurement of corporate sustainability management by introducing a data envelopment analysis dea technique and an empirical case of a korean electronics industry in particular we employ cross efficiency in the presence of dual role factors by reflecting some complexity of a real world case donations for tax benefits by employing the combined approach of cross efficiency and dual role factors we offer a new model to measure corporate sustainability management the new model and study findings contribute to the body of knowledge in corporate sustainability management and its performance measurement

a comprehensive eco efficiency model and dynamics of regional eco efficiency in china abstract in order to have a comprehensive eco efficiency measure which can incorporate productivity resource efficiency environmental efficiency and inter temporal comparability and circularity the paper proposes an extended data envelopment analysis model named gb us sbm model which combines global benchmark technology undesirable output super efficiency and slacks based measure using the gb us sbm model this paper investigates the dynamics of regional eco efficiency in china from 2000 to 2010 the empirical results show that the movement of average eco efficiency of china presents a v shape from 2000 to 2010 with the trough occurred in 2005 but there are big differences of eco efficiency among the regions for the growth of eco efficiency technological progress contributes 56 87 58 21 18 27 62 19 scale efficiency contributes 40 01 61 14 167 43 39 12 efficiency change contributes 3 82 19 99 63 40 2 16 to the eastern middle western and northeastern regions of china respectively these imply that there is a big space for western region to enhance its technological progress and huge space for the whole country to promote its management ability

assessing regional eco efficiency from the perspective of resource environmental and economic performance in china a bootstrapping approach in global data envelopment analysis abstract eco efficiency has been receiving increasing attention across the world this paper proposes an extended data envelopment analysis model which combines global benchmark technology directional distance function and a bootstrapping approach to investigate the dynamic trends of regional eco efficiency in china from 2003 to 2014 moreover a developed slacks based measure is utilized to decompose the performance fluctuations into resource environmental and economic efficiency then the key factors responsible for the changes in eco efficiency are explored using the global malmquist luenberger index the empirical results demonstrate an upward trend of eco efficiency in china during the study period this trend was high in eastern and northern areas but low in northwestern areas however it should be noted that some eco efficient regions still consume much land water and energy and emit much environmental pollutants in absolute terms the whole of china performs well on the economic front while resource and environmental performances are not encouraging particularly on environmental efficiency the eastern and northern regions have experienced the greatest advances in both resource and environmental efficiency while the undeveloped areas have not shown much progress which further widens the gaps between developed areas and undeveloped areas the decomposition of productivity growth indicates that technical progress is the decisive factor in promoting china s eco efficiency while decreasing management level is the major obstacle hampering the improvement in eco efficiency

assessing regional environmental efficiency in china with distinguishing weak and strong disposability of undesirable outputs abstract china has developed a remarkable economic growth in the past 30 years by accompanying with undesirable outputs the assumptions of weak and strong of undesirable outputs have become the focus discussion in data envelopment analysis dea models to have a comprehensive environmental efficiency measurement this paper proposes three dea models considering weak disposability strong disposability and distinguishing weak and strong disposability of undesirable outputs respectively we further combine with the malmquist luenberger productivity index to assess the environmental efficiency and the dynamic change trend of 30 provinces in china from 2005 to 2014 the results show that distinguishing technical features of undesirable outputs makes a significant difference to final environmental efficiency score at different regions the environmental efficiency of the whole nation however does not show any increasing trend during the ten years enhancing environmental efficiency of central and west area is an urgent task for chinese government the change trend of malmquist luenberger productivity index and technological change shows a similar shape technical progress is the main driving force to enhance the environmental efficiency relevant suggestions are presented for improving the regional environmental efficiency in china in the future

efficiency analysis for exogenously fixed inputs and outputs we evaluate by means of mathematical programming formulations the relative technical and scale efficiencies of decision making units dmus when some of the inputs or outputs are exogenously fixed and beyond the discretionary control of dmu managers this approach further develops the work on efficiency evaluation and on estimation of efficient production frontiers known as data envelopment analysis dea we also employ the model to provide efficient input and output targets for dmu managers in a way that specifically accounts for the fixed nature of some of the inputs or outputs we illustrate the approach using real data for a network of fast food restaurants

why countries are fiscally decentralizing this paper models and empirically investigates underlying forces that promote governmental decentralization or effective federalism in the world over the last 25 years a move to a federal system is based on the demand by hinterland regions for local autonomy which increases with national income growth greater relative hinterland population and increasing national population it is influenced as well by the degree of democratization nationally and locally decentralization is measured by both institutional indices indicating greater devolution of power to local governments and the share of local governments in national government consumption empirically the paper finds that decentralization changes in ways predicted in particular it increases with economic growth country size and population institutional structures based on colonial experience and initial constitutional provisions also matter

measuring ecological efficiency with data envelopment analysis dea abstract the measurement of ecological efficiency provides some important information for the companies environmental management ecological efficiency is usually measured by comparing environmental performance indicators data envelopment analysis dea shows a high potential to support such comparisons as no explicit weights are needed to aggregate the indicators in general dea assumes that inputs and outputs are goods but from an ecological perspective also bads have to be considered in the literature bads are treated in different and sometimes arbitrarily chosen ways this article aims at the systematic derivation of ecologically extended dea models starting from the assumptions of dea in production theory and activity analysis a generalisation of basic dea models is derived by incorporating a multi dimensional value function f extended preference structures can be considered by different specifications of f e g specifications for ecologically motivated applications of dea

the eco efficiency of pulp and paper industry in china an assessment based on slacks based measure and malmquist luenberger index abstract china has become the world largest paper and paperboard producer however pulp and paper industry has involved high resource consumption and severe pollution especially for water this research has assessed the eco efficiency of china s pulp and paper industry at the national level and provincial level an overview regarding the cleaner production of china s pulp and paper industry was presented to reveal the measures for reducing environmental impact in the last two decades slacks based measure was used to analyze the efficiency levels of 16 provinces pulp and paper industries to uncover the underlying causes of eco efficiency performance malmquist luenberger index was calculated to discover the drivers of productivity growth of pulp and paper industries our results showed that the pollution treatment of china s pulp and paper industry has made progress in terms of water consumption and water pollution although the absolute amount of pollution discharge is still large chemical oxygen demand emissions are still the first critical influencing factor of pulp and paper industry s inefficiency furthermore efficiency progress was the dominating contribution of the industry s productivity growth between 2010 and 2013 the policies for adjusting the industrial structure of pulp and paper industry have resulted in the scale effects through eliminating backward production capacity and accelerating merger and acquisitions moreover the productivity of pulp and paper industry was underestimated when the undesirable outputs were ignored it indicates that the stricter environmental regulations have positive effects on paper companies to internalize environmental pressures in the production activities through environmental management in the future pulp and paper companies should further internalize the cost of pollution treatment through scale effects and technology improvement

cointegration and tests of a classical model of inflation in argentina bolivia brazil mexico and peru abstract we develop a classical model of inflation with rational expectations that carries a number of testable implications first money growth and inflation are cointegrated second the changes in real money demand the equilibrium error anticipate future monetary policy third cointegration between money growth and inflation implies as campbell and shiller journal of political economy 1987 95 1062 1088 and journal of economic dynamics and control 1988 12 505 522 show cross equation restrictions readily generated from an error correction representation of the variables our results show that the allegedly different inflationary experiences of argentina bolivia brazil mexico and peru are consistent with this classical model of inflation in all countries the data fail to reject these three conditions in all but one of the periods studied

a literature study for dea applied to energy and environment abstract this study systematically summarizes previous research efforts on data envelopment analysis dea applied to energy and environment in the past four decades including concepts and methodologies on dea environmental assessment industrial developments are very important for all nations in terms of their economic prosperities a problem is that the development produces various pollutions on air water and other types of contaminations all of which are usually associated with our health problems and climate changes thus it is necessary for us to consider how to make a balance between economic success and pollution mitigation to maintain a high level of social sustainability in the world it is widely considered that dea is one of the methodologies to examine the level of sustainability this study examines a recent research trend on dea applications from 1980s to 2010s nowadays many researchers have paid serious attention on how to combat various difficulties in the areas of energy and environment as a result the number of articles on dea applications on energy and environment has dramatically increased particularly after 2000s however it is true that dea has strengths and drawbacks in the applications therefore it is very important for us to carefully use dea for guiding large policy issues and business strategies such as the global warming and climate change an underlying premise of this study is that technology innovation in engineering and natural science may solve various problems by linking it with political and managerial efforts the use of dea provides a methodological linkage among them so enhancing the practicality in mitigating problems due to climate change and environmental pollutions this literature study along with a summary on conceptual and methodological developments provides us with guidelines for our future research works on dea on energy and environment issues

environmental regulations environmental governance efficiency and the green transformation of china s iron and steel enterprises abstract based on micro level enterprise panel data from 2005 to 2014 a slack based global data envelopment analysis dea model and a global malmquist luenberger index model are used to calculate the environmental governance efficiency ege of china s iron and steel enterprises ises then the different effects of two types of environmental regulation on ege of china s ises are analysed the results show that the overall level of ege for china s ises has remained low over the past 10 years the total factor environmental governance efficiency tfege presents a decreasing trend from 2005 to 2014 and the decline in tfege is mainly attributed to the technical progress change index gtpch moreover the bootstrap dea method is used for bias correction and the correction efficiency values are all within the confidence interval improving the accuracy of ege evaluation the regression analysis results show that different types of environmental regulations exert heterogeneous effects on tfege the relationship between market incentive environmental regulation and tfege has an inverted u shaped implying that although market incentive environmental regulation may improve the tfege in the short term continuously increasing this intensity would inhibit it however command control environmental regulation and tfege have a positive but not significant relationship

eco efficiency guiding micro level actions towards sustainability ten basic steps for analysis abstract this paper looks at the compatibility between technological improvements at the micro level and sustainability at the macro level the two main approaches to prevent environmental degradation are technological improvement and economic degrowth how do we establish the sustainability of technological options lca type analysis of the technology system combined with economic cost analysis offers a first integrated eco efficiency score however such a technology analysis focuses on micro level technology relations only is usually too optimistic and ignores other constraints implied in a choice fitting more comprehensive knowledge into the sustainability evaluation of options requires a unifying systematic framework which is worked out in the present paper as a ten step procedure the integrative framework for empirical analysis is ultimately a comparative static systems analysis at macro level not in a deterministic dynamic mode which is impossible but as a knowledge fed scenario analysis the analysis shows the change in society s overall eco efficiency combining total value creation with total environmental impacts possible domains of application include not only technology choices like those in eco innovation including changed consumption styles and volumes but also changes in policies regarding technologies and markets whether direct policy shifts or indirect changes through institutional adaptations ultimately such a framework also allows culturally framed questions about the type of society we would like to live in to be analysed in terms of their economic and environmental consequences

intertemporal solvency and indexed debt evidence from brazil 1976 1991 abstract this paper examines domestically held government debt financial indexation inflation and intertemporal solvency in brazil an error correction model is used to examine the temporal causality of expenditures taxation and real indexation evidence shows that for the 1986 1991 period reductions in real indexation followed increases in government spending such reductions while generally associated with anti inflation plans served as implicit defaults the policy was largely unrelated to foreign factors of course such a policy cannot be sustained in the long run accordingly brazil recently ended backward looking financial indexation

a kuznets curve in environmental efficiency an application on oecd countries the role of the environment is an important issue in policy making andthe accurate assessment of the environmental conditions is vital inthis paper using nonparametric techniques an environmental efficiencyindex is developed for each of the oecd countries these indexes allowone both to do cross section comparisons on the state of each country sproduction process in its treatment of undesirable outputs and also totrace each country s modification of their production processesovertime furthermore in this study we investigate the factorsunderlying societies environmental concerns that eventually lead tochanges in the environmental efficiency the results provide furtherempirical evidence for the environmental kuznets curve hypothesis

ecological total factor energy efficiency of regions in china most existing energy efficiency indices are computed without taking into account undesirable outputs such as co2 and so2 emissions this paper computes the ecological total factor energy efficiency etfee of 30 regions in china for the period 2005 2009 through the slack based model sbm with undesirable outputs we calculate the etfee index by comparing the target energy input obtained from sbm with undesirable outputs to the actual energy input findings show that china s regional etfee still remains a low level of around 0 600 and regional energy efficiency is overestimated by more than 0 100 when not looking at environmental impacts china s regional energy efficiency is extremely unbalanced the east area ranks first with the highest etfee of above 0 700 the northeast and central areas follow and the west area has the lowest etfee of less than 0 500 a monotone increasing relation exists between the area s etfee and china s per capita gdp the truncated regression model shows that the ratio of r d expenditure to gdp and the degree of foreign dependence have positive impacts whereas the ratio of the secondary industry to gdp and the ratio of government subsidies for industrial pollution treatment to gdp have negative effects on the etfee

an investment analysis for china s sustainable development based on inverse data envelopment analysis abstract in the face of environmental degradation sustainable development has become a common goal across the globe making a scientifically based investment scheme is of great significance to promote the sustainable development of china s economy however there is scarce research related to such an investment scheme of sustainable development this paper proposes a new inverse data envelopment analysis method with undesirable outputs to make several scientifically based investment schemes from different perspectives namely the natural regulation and optimal perspectives by this method decision makers can scientifically forecast the specific amount of investment based on their actual sustainable development objectives which is conducive for reducing the blindness of investment in the future in addition a new ideal perspective is defined to guide a definite direction for improving the level of sustainable development combined with the gray forecasting model gm 1 1 the methods proposed by this paper were then applied to analyze the investment problem for china s sustainable development during the 2015 2024 period the results show that the unbalanced distribution of labor investment and the excessive investment in capital and energy are serious barriers to china s sustainable development in the short term and in the long term the demand for investment in labor and capital will continue to increase along with a lower demand for energy investment and that appropriately strengthening environmental regulations will not affect the overall demand for investment meanwhile improvement directions for improving china s sustainable development are discussed and the results show that most of developing and undeveloped regions in china have great potential for improvement finally some suggestions are proposed in order to create better conditions for china s sustainable development

multilateral productivity comparisons when some outputs are undesirable a nonparametric approach multilateral productivity comparisons of firms producing multiple outputs some of which are undesirable are obtained by making two modifications to the standard farrell approach to efficiency measurement the restriction that production technology satisfy strong disposability of outputs is relaxed to allow for the fact that undesirable outputs may be freely disposable and the efficiency measures are modified to allow for an asymmetric treatment of desirable and undesirable outputs performance measures that satisfy these requirements are calculated as solutions to programming problems the methodology is applied to a sample of mills producing paper and pollutants

eco efficiency of the western taiwan straits economic zone an evaluation based on a novel eco efficiency model and empirical analysis of influencing factors abstract obtaining the most economic benefits while using the least resources and causing the least environmental damage is an urgent and key problem in achieving sustainable development the concept of eco efficiency provides a comprehensive perspective for observing and solving this problem this paper proposes an extended data envelopment analysis model named the win us sbm as a comprehensive eco efficiency evaluation method that can accommodate undesirable outputs all the identification problems of decision making units dmus possible slacks of variables and the problems of an insufficient number of available dmus and intertemporal comparability china s western taiwan straits economic zone wts economic zone is an important regional economic growth center by applying win us sbm and arcgis software we investigated data on the temporal and spatial evolution characteristics of eco efficiency in the wts economic zone for the years 2009 2016 later the global malmquist luenberger index was used to decompose the sources of growth in eco efficiency finally the main driving factors of eco efficiency were explored through a tobit regression analysis the empirical results show that 1 the overall eco efficiency of the wts economic zone had greatly improved increasing by 11 46 annually and the cumulative growth rate of eco efficiency was 110 84 from 2009 to 2016 2 the eastern area had the highest average eco efficiency followed by the western area and the middle area in that order also the growth rate of the middle area ranked first 16 68 whereas the eastern area had the slowest growth in eco efficiency 7 22 3 on the whole the growth of eco efficiency was driven mainly by technological progress and was restricted by the decrease in management level which implies that policy makers should focus on improving management and technical levels 4 high levels of economic development population density market openness and industrial structure had positive effects on the eco efficiency of the wts economic zone whereas energy intensity and expenditure on science and technology had negative impacts

measuring eco efficiency based on green indicators and potentials in energy saving and undesirable output abatement abstract nowadays majority of organizations are seeking to achieve sustainable development with respect to green concept one of the main criteria for assessing green performance is eco efficiency to identify all aspects of the eco efficiency inputs should be divided into energy and non energy and outputs should be divided into good and bad outputs to deal with this issue a data envelopment analysis dea model is developed to divide inputs into both energy and non energy and outputs into both desirable good and undesirable bad outputs likewise variables are separated into both discretionary and non discretionary factors accordingly a bounded adjusted measure bam based on green indicators is developed to calculate the eco efficiency of decision making units dmus besides energy saving potentials and undesirable output abatement potentials are calculated to show correlation coefficient between energy consumption and undesirable output finally proposed model is validated by assessing the eco efficiency of some selected members of organization for economic cooperation and development oecd australia finland ireland new zealand and switzerland are recognized as eco efficient countries and the rest of countries are inefficient in terms of the eco efficiency high and positive spearman correlation coefficient between energy consumption and undesirable outputs addresses that the more use of energy inputs the more undesirable outputs

using data envelopment analysis for estimating energy saving and undesirable output abatement a case study in the organization for economic co operation and development oecd countries abstract environmental protection is one of the main concerns of the international community countries show meticulous attention to environmental issues by considering eco efficiency the eco efficiency evaluation of countries is a complex and multidisciplinary topic data envelopment analysis has widely been applied to measure the eco efficiency of organization for economic co operation and development countries in previous studies energy inputs have not been contemplated the subject becomes more important when there are non discretionary factors in this paper the eco efficiency of countries in the organization for economic co operation and development is assessed given energy inputs undesirable outputs and non discretionary factors to this end slack based and range adjusted measures are extended also new environmental indices are introduced the relationship between consumption of energy inputs and production of undesirable outputs can be addressed by two new environmental indices spearman correlation test indicates a direct and positive relationship between potential of energy saving and potential of undesirable output abatement france germany luxemburg norway sweden and the united kingdom are recognized as eco efficient countries south korea and italy have the highest and lowest potential for energy saving respectively poland and iceland are countries with the highest and lowest potential for undesirable output abatement respectively it can be concluded that countries producing high undesirable outputs may not operate eco efficiently and thus have an extreme potential to save the optimum energy moreover countries consuming low energy may operate eco efficiently and have a low potential to reduce undesirable outputs

evaluating environmental performance using data envelopment analysis the case of european countries abstract environmental efficiency is considered to be a critical pillar of sustainable development consequently improving environmental performance has aroused attention at both the local and global level this study evaluated the environmental performance of european union eu countries using the data envelopment analysis dea approach and the global malmquist luenberger index although literature using the dea approach to measure environmental performance exists this study s main contribution was considering different types of undesirable outputs and using long term panel data on eu countries in particular the dea window analysis technique was applied to evaluate the environmental performance of 27 eu countries in cross sectional and time varying data during the period 2000 2017 three dea models were examined labor capital and energy were used as common inputs with a combination of different outputs including gross domestic product carbon dioxide and particulate matter emissions and waste the empirical results revealed that the trends in the environmental performance of the entire eu and its individual countries were similar under all examined models environmental performance was indeed negatively affected by the financial crisis of 2007 2008 this impact was mainly observed in eastern eu countries furthermore both economic and environmental variables significantly influenced countries overall efficiency the analysis using the global malmquist luenberger index elucidated that overall eu countries experienced the efficiency improvement during the study period although fluctuations were observed these results enable countries and policymakers to understand their environmental performance identify strengths and weaknesses and set targets for further improvement based on the current best practices of comparable peers

total factor energy efficiency of regions in china abstract this paper analyzes energy efficiencies of 29 administrative regions in china for the period 1995 2002 with a newly introduced index most existing studies of regional productivity and efficiency neglect energy inputs we use the data envelopment analysis dea to find the target energy input of each region in china at each particular year the index of total factor energy efficiency tfee then divides the target energy input by the actual energy input in our dea model labor capital stock energy consumption and total sown area of farm crops used as a proxy of biomass energy are the four inputs and real gdp is the single output the conventional energy productivity ratio regarded as a partial factor energy efficiency index is computed for comparison in contrast to tfee our index is found fitting better to the real case according to the tfee index rankings the central area of china has the worst energy efficiency and its total adjustmentof energy consumption amount is over half of china s total regional tfee in china generally improved during the research period except for the western area a u shape relation between the area s tfee and per capita income in the areas of china is found confirming the scenario that energy efficiency eventually improves with economic growth

economic integration and political disintegration in a world of trade restrictions large countries enjoy economic benefits because political boundaries determine the size of the market under free trade and global markets even relatively small cultural linguistic or ethnic groups can benefit from forming small homogeneous political jurisdictions this paper provides a formal model of the relationship between openness and the equilibrium number and size of countries and successfully tests two implications of the model firstly the economic benefits of country size are mediated by the degree of openness to trade secondly the history of nation state creations and secessions is influenced by the trade regime

methodological comparison among radial non radial and intermediate approaches for dea environmental assessment abstract this study compares three dea approaches for environmental assessment all of which are designed to examine the level of simultaneous achievement on economic prosperity and environmental protection so measuring the degree of sustainability development dea standing for data envelopment analysis has been widely applied for performance assessment in the past five decades a new type of applications is referred to as dea environmental assessment and it measures the performance of many organizations that utilize inputs to produce not only desirable outputs e g electricity but also undesirable outputs e g co 2 in the previous studies dea based performance evaluation for environment assessment is methodologically classified into radial or non radial category recently a new intermediate approach analytically locating between the radial and non radial measures has been proposed as the third alternative a use of the intermediate approach has several unique features all of which cannot be found in the radial and non radial ones the new approach measures the degree of unified inefficiency on each production factor and determines the level of total unified inefficiency from the average of the sum of these inefficiency scores this study discusses the analytical features by comparing the intermediate approach with the radial and non radial ones the methodological comparison attempts to convey a message that dea is indeed an important methodology but not perfect rather it is an approximation approach to examine the performance of various organizations many dea applications on energy and environment often suffer from a methodological bias implying that different approaches produce different empirical results thus in guiding a large policy issue such as the global warming and climate change it is necessary for us to compare several different approaches e g models and concepts to derive a reliable empirical suggestion the importance of such a message is applicable to not only dea but also the other types of empirical research in natural and social sciences therefore this study discusses the methodological bias issue from the practicality of the three dea approaches in assessing various concerns on energy and environment

dynamic environmental performance analysis a malmquist index approach abstract this article presents a general framework for dynamic environmental performance analysis by generalizing the approach proposed by kuosmanen and kortelainen kuosmanen t kortelainen m 2005 measuring eco efficiency of production with data envelopment analysis journal of industrial ecology 9 4 59 72 from a static to a dynamic setting for this purpose we construct an environmental performance index epi by applying frontier efficiency techniques and a malmquist index approach compared to other dynamic environmental productivity and efficiency analysis approaches based on these methods our approach builds on the standard definition of eco efficiency as it is presented in the ecological economics literature recognizing the importance to analyze the sources of environmental performance changes we show how changes in overall environmental performance can be decomposed into changes in relative eco efficiency and shifts in environmental technology respectively we apply the presented technique at the macro level to dynamic environmental performance analysis of 20 member states of the european union in 1990 2003 according to the results environmental technical change mostly explains the improvement in overall environmental performance while relative eco efficiency change has been minor for most countries during the sample period

the material basis of the global economy worldwide patterns of natural resource extraction and their implications for sustainable resource use policies abstract material flow accounting and analysis mfa has been established as an influential framework for quantifying the use of natural resources by modern societies so far however no reference data for overall scale and trends of global extraction of natural resources and their distribution between different world regions has been available this paper presents the first comprehensive quantification of the material basis of the global economy i e used domestic extraction in a time series from 1980 to 2002 we analyse time trends for major material groups fossil fuels metals industrial and construction minerals and biomass disaggregated into seven world regions this allows for a an illustration of the global economy s physical growth driven by worldwide processes of economic integration over the past decades and b an indication of the worldwide distribution of environmental pressures associated with material extraction the results show that annual resource consumption of the world economy increased by about one third between 1980 and 2002 this indicates that scale effects due to economic growth more than compensated for other effects such as the relative increase of the service sectors contribution to gdp structural effect and the use of new production technologies with higher material and energy efficiency technology effect the observed growth of natural resource extraction is unevenly distributed over the main material categories with metals showing the highest growth rate the regional analysis shows the increasing importance of asia and latin america in global resource extraction on the global level material intensity i e resource extraction per unit of gdp decreased by about 25 indicating relative decoupling of resource extraction from economic growth the paper concludes with policy recommendations for a more sustainable use of natural resources

an error correction approach to money demand the case of sudan abstract an empirical analysis of money demand behavior in sudan is presented based on the dynamic error correction model a theoretical basis for the model is offered which allows an explicit parameterized division of effects into long run influences short term adjustments and proportional equilibrium conditions we refute previous claims that income and price effects may be abnormally high in sudan in part by accounting for both foreign exchange and inflationary influences

non parametric efficiency progress and regress measures for panel data methodological aspects this purely methodological paper deals with the role of time in non parametric efficiency analysis using both fdh and dea technologies it first shows how each observation in a panel can be characterized in efficiency terms vis a vis three different kinds of frontiers i contemporaneous ii sequential and iii intertemporal these are then compared with window analysis next frontier shifts outward and inward interpreted as progress or regress are considered for the two kinds of technologies and computational methods are described in detail for evaluating such shifts in either case these are also contrasted with what is measured by the malmquist productivity index finally an alternative way of identifying progress and regress independent of the frontier notion and referring instead to some benchmark notion is extended here to panel data

a dynamic multi stage data envelopment analysis model with application to energy consumption in the cotton industry abstract data envelopment analysis dea is a non parametric method for evaluating the relative efficiency of homogenous decision making units dmus with multiple inputs and outputs in this paper we present a dynamic multi stage dea dms dea approach to evaluate the efficiency of cotton production energy consumption in the proposed model the farms which consume resources i e fertilizers seeds and pesticides to produce cotton are assumed to be the dmus inputs not consumed during a planning period are carried over to the next period in the planning horizon initially a dms dea model is used to determine the overall efficiency of the dmus with dynamic inputs next the efficiency score of each dmu is calculated for each time period in the planning horizon we demonstrate the applicability of the proposed method and exhibit the efficacy of the procedures and algorithms with a real life case study of energy consumption in the cotton industry

a new frontier approach to model the eco efficiency in european countries abstract this study aims to evaluate the resource and environment efficiency problem of european countries we specify a new stochastic frontier model where gross domestic product gdp is considered as the desirable output and greenhouse gases ghg emissions as the undesirable output capital labor fossil fuels and renewable energy consumption are regarded as inputs gdp ghg ratio is maximized given the values of the other four variables the study is divided into two distinct periods 2000 2004 and 2005 2011 this division is related to the implementation of the kyoto protocol in 2005 and will allow us to evaluate the difference between the levels of efficiency before and after the establishment of environmental targets since stochastic frontier models are typically ill posed a new maximum entropy approach to assess technical efficiency which combines information from the data envelopment analysis and the structure of composed error from the stochastic frontier approach without requiring distributional assumptions is presented in this work

asset substitution money demand and the inflation process in brazil various domestic financial assets in brazil have provided relatively liquid nonmonetary alternatives monthly money demand estimates which include domestic asset opportunity costs and take account of t bill repurchase agreements in a dynamic error correction model demonstrate the importance of domestic substitutes in explaining money holdings money demand appears responsive and stable moreover t bills and indexed bonds have acted as an alternative to central bank liabilities as a source of finance for government deficits evidence indicates that the initial financing of government deficits through bonds bills and other nonmonetary liabilities may explain why money lags price shocks rather than vice versa copyright 1989 by ohio state university press

disinflation and interest bearing money in high inflation countries policymakers often end up paying interest on part of the money supply higher interest rates on money have been used as a disinflationary policy this paper analyzes the effectiveness of such a policy in the context of a closed economy staggered prices model both a permanent and a temporary rise in the interest rate on money provoke an inflation at the expense of a recession when the rise is temporary however the initial inflation slowdown is eventually followed by an upsurge of inflation over the level prevailing before the policy was implemented copyright 1996 by royal economic society

hyperinflations their origins development and termination abstract this paper summarizes and critically surveys research on hyperinflation appraisal and review of the literature considers the origins development termination and the lessons to be learned from hyperinflations the historical evidence as well as the econometric evidence is analyzed it is concluded that while the lessons to be learned from such episodes perhaps have been overstated a number of useful implications may be derived from studying hyperinflations such as an understanding of the forces which link monetary and fiscal policies to inflation and policy makers role in influencing individuals expectations

the black market for dollars in brazil the model of the black market for dollars focuses on the interaction of portfolio decisions relevant to the holding of asset stocks and the determinants of net flows of dollars associated with tourism and smuggling a partial equilibrium model of the black market shows that the level of the premium is determined by the official real exchange rate and the official depreciation adjusted interest differential as well as seasonal factors associated with tourism expectations of future exchange rate changes under rational expectations are shown to affect the current level of the black market premium the empirical evidence provides ample support for the role of the key determinants of the premium as well as for an important seasonal pattern the magnitude of the seasonal variation is evidence of the imperfect substitutability between black dollars and cruzeiro assets in portfolios

dynamic structural models and the high ination period in brazil modelling the monetary system in this paper we develop a linear structural dynamic econometric model for the high ination period in brazil the main goal is to obtain a parsimonious model that accounts for a complex dynamic present in the monetary system during the period describing therelationships among output ination rate interest rates and real money we start the analysis after the cruzado plan cast in 1986 following a progressive strategy in deriving the econometric model the results show that we can identify a long run money demand equation and the model describes parsimoniously and in detail the relationship among the variables despite all the instability present in the second half of the 1980 s in brazil with special attention to the role played by nominal wage ination in determining the dynamics observed in price ination

productivity growth technical progress and efficiency change in industrialized countries this paper analyzes productivity growth in 17 oecd countries over the period 1979 1988 a nonparametric programming method activity analysis is used to compute malmquist productivity indexes these are decomposed into two component measures namely technical change and efficiency change we find that u s productivity growth is slightly higher than average all of which is due to technical change japan s productivity growth is the highest in the sample with almost half due to efficiency change jel c43 d24 in this paper we apply recently developed

slacks based efficiency measures for modeling environmental performance we develop two slacks based efficiency measures for modeling environmental performance on the basis of environmental dea technology of the two measures one is a composite index with a higher discriminating power for modeling economic environmental performance and the other can be used to estimate the impacts of environmental regulations we apply the proposed measures to model the co2 emissions of 30 oecd countries from 1998 to 2002 and present the results obtained

eco efficiency analysis of power plants an extension of data envelopment analysis abstract in public discussion on environmental policy the notion of eco efficiency is often used the joint production of goods and undesirable outputs such as pollutants which may not be freely disposable without costs causes difficulties to measure the overall performance of the firm because of the absence of market prices for the undesirable outputs we are not able to estimate the environmental costs some of the measurement and evaluation difficulties can be overcome by employing data envelopment analysis dea as the efficiency measurement vehicle we propose the use of two different approaches in the first approach we start by decomposing the problem into two parts 1 the problem of measuring technical efficiency as the relation of the desirable outputs to the inputs and 2 the problem of measuring so called ecological efficiency as the relation of the desirable outputs to the undesirable outputs separately those two efficiency indicators are then combined in the second approach we treat pollutants as the inputs in the sense that we wish to increase desirable outputs and decrease pollutants and inputs the approaches are applied to the problem of measuring the efficiency of 24 power plants in a european country

towards indicators of sustainable development for firms a productive efficiency perspective sustainable development can be reflected by various economic social and environmental factors that are closely interconnected with each other and with the additional dimension of time which stresses the long term perspective of several factors due to their central role in human activities and development firms should play an important part in the attainment of sustainability goals the purpose of this paper is to contribute to the methodology of indicators that allow for the assessment of business participation into sustainable development a fundamental standpoint adopted is to view economic social and environmental efficiency as a necessary but not sufficient step towards sustainability to work out indicators we build on both the concepts of cost benefit analysis and the principles of productive efficiency we assume that we have observations on economic social and environmental factors for a set of decision making units dmus e g firms in an industrial sub sector the efficiency of each dmu is computed from a set of observed data using mathematical programming techniques resulting in dmus that are efficient and define the efficiency frontier among the set of dmus and dmus that are inefficient to cope with the multidimensionality of sustainable development it is important not to base decisions on one unique aggregate sustainability indicator instead it is suggested to develop two or three partial indicators that stress different aspects of the problem the proposed indicators could be used as an aid to detect so called factors of unsustainability and hence to provide for recommendations as to the regulations and incentives or managerial practices that will contribute to overall sustainability c 1999 elsevier science b v all rights reserved