operating flexibility global manufacturing and the option value of a multinational network the multinational corporation is a network of activities located in different countries the value of this network derives from the opportunity to benefit from uncertainty through the coordination of subsidiaries which are geographically dispersed we model this coordination as the operating flexibility to shift production between two manufacturing plants located in different countries a stochastic dynamic programming model treats explicitly this flexibility as equivalent to owning an option the value of which is dependent upon the real exchange rate the model is extended to analyze hysteresis effects and within country growth options we show that the management of across border coordination has led to changes in the heuristic rules used for performance evaluation and transfer pricing

environmental degradation and real per capita output new evidence at the global level grouping countries by income levels abstract the objective of this research is to examine the relationship between real per capita output and carbon dioxide emissions both globally and by groups of countries we used panel data from 151 countries for the period 1980 2016 the countries are classified according to income levels using the world bank atlas method the argument behind this classification is that the strength of the relationship between the two variables differs according to the income levels of countries based on the theoretical framework of the kuznets environmental curve we found that there is a strong u shaped relationship between the two variables in middle high and low income countries the hypothesis of the kuznets environmental curve holds true in high income and middle high income countries the inclusion of additional covariants shows that urbanization has a positive and significant relationship with carbon dioxide emissions middle high and middle low income countries energy consumption and manufacturing have a positive and statistically significant relationship with carbon dioxide emissions in all the groups of countries a possible implication of economic policy derived from our research is that incentives to production should focus on activities that use environmentally friendly technologies to limit the irreversible damage caused by contamination

co2 emissions energy consumption and economic growth in bric countries abstract this paper examines dynamic causal relationships between pollutant emissions energy consumption and output for a panel of bric countries over the period 1971 2005 except for russia 1990 2005 in long run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted u shape pattern associated with the environmental kuznets curve ekc hypothesis with the threshold income of 5 393 in logarithms in the short term changes in emissions are driven mostly by the error correction term and short term energy consumption shocks as opposed to short term output shocks for each country short term deviations from the long term equilibrium take from 0 770 years russia to 5 848 years brazil to correct the panel causality results indicate there are energy consumption emissions bidirectional strong causality and energy consumption output bidirectional long run causality along with unidirectional both strong and short run causalities from emissions and energy consumption respectively to output overall in order to reduce emissions and not to adversely affect economic growth increasing both energy supply investment and energy efficiency and stepping up energy conservation policies to reduce unnecessary wastage of energy can be initiated for energy dependent bric countries

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

a model of the bfh payments system the bfh payments system was introduced by robert l greenfield and leland b yeager in a laissez faire approach to monetary stability 6 the key element of their proposal is to dispense with base money and instead tie the means of payment to a nearly comprehensive bundle of goods and services by the institution of indirect convertibility their system promises to be free from inflation and several sources of recession while bfh was named to credit fischer black i eugene fama 3 4 and robert hall 10 11 it must not be confused with their specific institutions or arguments greenfield and yeager modified their ideas and have continued to develop the system 20 5 21 8 9 the purpose of this paper is to present a model of bfh consistent with simple textbook macroeconomics contrary to first impressions bfh is best understood using the concept of money but the absence of base money makes the quantity theory inappropriate for analysis instead a simple keynesian model illustrates the determination of interest rates real income the price level and the quantity of money aggregate supply the is relationship and money demand are conventional only the money supply process is unusual

the failure of woodford s model of the channel system in the cashless economy woodford claims to present a cashless and frictionless model of the channel system of interest rate control this note explains why woodford s frictionless model omits an essential feature of channel systems the need for clearing e cash balances at the central bank without the existence of some form of final settlement on the books of the central bank channel systems collapse woodford makes this conceptual error because he assumes that moneyless accounting systems of exchange can be applied to model e cash economies

what does export diversification do for growth an econometric analysis it is frequently suggested that export diversification contributes to an acceleration of growth in developing countries horizontal export diversification into completely new export sectors may generate positive externalities on the rest of the economy as export oriented sectors gain from dynamic learning activities due to contacts with foreign purchasers and exposure to international competition vertical diversification out of primary into manufactured exports is also associated with growth since primary export sectors generally do not exhibit strong spillovers yet there have been remarkably few empirical investigations into the link between export diversification and growth this paper attempts to examine the hypothesis that export diversification is linked to economic growth via externalities of learning by doing and learning by exporting fostered by competition in world markets the diversification led growth hypothesis is tested by estimating an augmented cobb douglas production function on the bas

export product diversification and co2 emissions contextual evidences from developing and developed economies abstract ascertaining cleaner production and sustainability is a major issue in the developed and developing world income and international trade are the predominant factors behind this this article explores the heterogeneous impacts of export product diversification extensive margin and intensive margins on the co2 emissions for developing and developed countries to this end the authors analyze the annual data of variables from 1971 to 2014 and employ unrestricted fixed effects and system gmm to solve the research problem the empirics suggest that all three indicators of export diversification significantly reduce co2 emissions in 63 developed and developing countries as a global sample the fixed effect models reveal that product diversification and intensive margin have a negative and significant impact in developed economies the negative impacts of product diversification show that economic sophistication is an important tool to reduce emissions further the chow test proved the statistical difference between developed and developing economies which contributes to policy recommendations based on the empirical outcomes the study suggests innovative policies for cleaner production and industrial manufacturing purposes making the policies more effective in achieving sustainable development goals sdgs

linking economic complexity institutions and income inequality summary a country s mix of products predicts its subsequent pattern of diversification and economic growth but does this product mix also predict income inequality here we combine methods from econometrics network science and economic complexity to show that countries exporting complex products as measured by the economic complexity index have lower levels of income inequality than countries exporting simpler products using multivariate regression analysis we show that economic complexity is a significant and negative predictor of income inequality and that this relationship is robust to controlling for aggregate measures of income institutions export concentration and human capital moreover we introduce a measure that associates a product to a level of income inequality equal to the average gini of the countries exporting that product weighted by the share the product represents in that country s export basket we use this measure together with the network of related products or product space to illustrate how the development of new products is associated with changes in income inequality these findings show that economic complexity captures information about an economy s level of development that is relevant to the ways an economy generates and distributes its income moreover these findings suggest that a country s productive structure may limit its range of income inequality finally we make our results available through an online resource that allows for its users to visualize the structural transformation of over 150 countries and their associated changes in income inequality during 1963 2008

a model of nominal contracts a model is produced in which labor contracts that prespecify unindexed nominal wage payments arise endogenously these contracts function as a self selection mechanism under appropriately different attitudes toward price level risk which can either arise directly from preferences or be induced by different patterns of asset holdings nominal contracts allow high productivity workers to signal their type by their willingness to accept unindexed contracts this explanation of nominal contracts does not require that money be used in any particular set of transactions and nominal contracts enhance the risk faced by all parties accepting them

the development of the new monetary economics this paper looks into the history of economic thought to examine the forerunners of the new monetary economics this approach emphasizes the role of regulations on private financial intermediation in determining the particular institutional arrangements that contemporary monetary theory treats as data the new view investigates the possibility that under laissez faire the unit of account and means of payment traditionally bundled together in the item called money may become separated the earlier writers who share this perspective have been overlooked by historians of economic thought as well as by recent contributors to the new monetary economics an examination of these theorists is of more than historical interest for many of their insights and analyses are relevant to modern monetary theory

operational flexibility and market valuation of earnings this paper examines the association between the stock returns and accounting earnings of firms that have different levels of operational flexibility operational flexibility is a firm s ability to respond profitably to environmental fluctuations by shifting factors of production within a multinational network of subsidiaries the geographic breadth and depth of a firm s multinational network are used as indicators of operational flexibility we find a significantly greater coefficient relating stock returns and accounting earnings for multinational firms that operate in many countries but limit their concentration in any one foreign country than for other multinational firms or domestic firms this coefficient is significantly smaller for multinational firms whose foreign subsidiaries are highly concentrated in a few countries when all multinational firms are pooled together we find their earnings returns association does not differ from that of domestic firms copyright 1999 john wiley sons ltd

renewable energy policy framework and bioenergy contribution in the european union an overview from national renewable energy action plans and progress reports abstract the use of renewable energy is projected to increase substantially in the european union to reach a share of 20 in final energy consumption and 10 renewable energy in transport by 2020 the renewable energy contribution is further expected to increase to 55 75 of gross final energy consumption in 2050 according to the latest reports the european union has made significant progress since 2005 and is on track to reach its 2020 renewable energy targets this paper provides a review of the policy framework for renewable energy in the european union and an analysis of the progress made by the use of renewable energy as well as the expected developments until 2020 and beyond it focusses on the contribution of bioenergy the major source among renewables in the european union as biomass availability is a critical issue for the bioenergy production this paper provides an analysis of the biomass demand for reaching the 2020 targets in relation with the expected domestic supply and biomass potential

valuation of the operating flexibility of multinational corporations the returns to multinationality are estimated as the value of operating flexibility empirical measures of the return of multinationality require a precise specification of the extensiveness of the mnc s transnational network to measure the degree of multinationality this precise empirically grounded definition of multinationality has been absent from the academic literature to date we address this omission and we find that two characteristics of the transnational network its breadth number of foreign countries in which the mnc has operations and depth the concentration of foreign subsidiaries in a few countries are significant in explaining the value of operating flexibility in particular we find that the returns to multinationality are maximized for firms with networks that have breadth but not depth the role of market intangibles such as r d and advertising on mnc market valuation is shown to depend on the flexibility regime

configurations of strategy and structure in subsidiaries of multinational corporations a three fold typology of subsidiary roles world mandate specialized contributor local implementer was induced from the literature and its empirical validity was confirmed adopting a configurational approach we then explored the ways in which subsidiary structural context varies across subsidiary role types structural context characteristics were determined through a discussion of the underlying principles of the hierarchy and heterarchy models of multinational organization the key findings were a higher strategic autonomy in world mandates than in local implementers b a more internationally configured value chain in world mandates and specialized contributors than local implementers c lower levels of internal product flows in world mandates than the other two types and d a significantly lower performance in specialized contributors implications for a configurational model of subsidiary management and for heterarchy as a higher level conceptualization are discussed

a theory of monetary exchange the transactions cost for alternative exchange mechanisms for the household exchange problem can be characterized by the computational complexity of the exchange process the computational complexity for any exchange mechanism is at least nh where n is the number of goods and h is the number of households imposing the conditions of conservation nonnegativity and quid pro quo results in a command exchange mechanism whose computational complexity is nh multiparty barter exchange formalized using graph theory has computational complexity

toward to economic growth without emission growth the role of urbanization and industrialization in china and india abstract the contradiction between economic growth and carbon emissions in china and india is the most prominent in the world both countries have faced tremendous pressures to curb carbon emissions because they are major source of new added emission sources meanwhile both countries have faced greater pressures to achieve industrialization and urbanization in order to eradicate poverty better understanding the decoupling status and its drivers can serve to develop effective policy to achieve economic growth without an increase in emission this paper comparatively analyses the decoupling effect of the economic growth from the carbon emissions as well as its drivers during the period 1980 2014 in china and india the tapio decoupling model was used to analyze the decoupling status and the co integration theory and the impulse response functions were applied to investigate the effects of urbanization industrialization per capita gdp and carbon emission intensity to decoupling the results show that china mainly performed a weak decoupling of economic growth from carbon emissions in 1980 2014 while the decoupling status of india was no regular in china carbon emission intensity is the biggest contributor of decoupling followed by urbanization per capita gdp and industrialization in india the biggest driver of decoupling is also the carbon emission intensity followed by urbanization industrialization and per capita gdp therefore improving energy efficiency is the best policy to toward economic growth without emission growth in china and india

age size growth and survival uk companies in the 1980s this paper examines growth and survival amongst quoted and unquoted u k companies in the period 1975 85 and compares the results with earlier u k and u s studies an examination of death rates shows that smaller companies had higher death rates but the largest and smallest companies were least vulnerable to takeover careful attention is therefore paid to problems of sample selection bias it is shown that smaller companies grew faster than larger companies that gibrat s law does not hold amongst smaller firms that age is negatively related to growth and that these results are not an artifact of sample selection bias copyright 1994 by blackwell publishing ltd

separation of unit of account from medium of exchange the separation of a unit of account uoa from a medium of exchange moe in the commodity money system is investigated by considering explicitly a seller s choice of uoa in terms of either an moe or a unit of metal weight if the likelihood of debasement of an moe and its rate are high enough the price is posted in terms of a unit of metal weight rather than an moe interestingly this moe uoa separated equilibrium yields the flexible nominal price whereas an moe uoa integrated equilibrium yields the sticky one this implies the nominal price rigidity in the fiat money system where moe and uoa are integrated

existence and stability of conventions and institutions in a monetary economy the example of money illustrates that the role of history is crucial in explaining the emergence and persistence of conventions and institutions this implies that in analyzing money and monetary institutions the usefulness of the general equilibrium analysis and game theory which both draw upon an instrumental concept of rationality is limited in our view a fruitful analysis of conventions and institutions has to take account of the importance of historical contingencies and the fundamental incompleteness of individual knowledge

money a market microstructure approach the current discussion about the future of the financial system draws heavily on a set of theories known as the new monetary economics the new monetary economics predicts that deregulation and financial innovation will lead to a moneyless world this paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs this finding is supported by empirical evidence from foreign exchange markets

global strategy and multinationals entry mode choice this paper makes a case directed towards establishing the importance of global strategic considerations in choosing multinationals entry mode specifically it is our contention that beyond the environmental and transaction specific factors well established in the literature to affect the entry mode decision we should also consider the strategic relationship a multinational envisages between its operations across borders in reaching this decision after incorporating various global strategic variables into an eclectic framework of the factors influencing the entry mode choice this paper tests both the validity of the overall framework and the importance of each entry mode determinant in differ entiating among entry modes this is done based on ninety six multinational managers responses to a survey questionnaire concerning their entry mode decision experiences the results suggest that an express incorporation of global strategic variables into an analysis of the entry mode decision is warranted

the franchise life cycle and the penrose effect abstract the paper suggests that the received economic analyses of franchising give insufficient consideration to its apparent role in facilitating the rapid development of networks of outlets a characteristic which receives much attention in the industry s own periodicals the paper argues that franchising based upon standardization and replication with contractual policing rather than the direct monitoring of branches assists a rapidly growing chain to circumvent the penrose constraint on organizational development this gives rise to a life cycle effect evidence from a large sample of us franchises appears to confirm our growth facilitation hypothesis

can we improve the structure of financial systems 1993 the main theme of this paper is that several of the characteristics of our present western monetary and banking systems have been crucially dependent on the particular temporal process of historical development and are not an essential feature of more fundamental preferences or technological conditions they exist in part because we take them for granted it is the purpose of this paper to examine what might change in both theory and practice if some of these inessential characteristics were to be changed

on the growth of foreign affiliates multinational plant networks joint ventures and flexibility we take a flexibility perspective to analyse employment growth in a large sample of japanese manufacturing affiliates in nine asian countries during the years leading up to and into the asian financial crisis 1995 1999 we find that joint ventures are less flexible than wholly owned affiliates in responding to changing environmental conditions in the focal country and underperform in high growth environments multinational enterprises mnes use the flexibility created by their multinational plant network to adjust affiliate employment in response to labour cost changes in other countries in which they operate plants however no evidence was found that the presence of joint ventures in multinational plant networks reduces this network flexibility our findings suggest that more research is needed on the heterogeneous responses of mnes and their affiliates to changing economic environments

the econometric consequences of an energy consumption variable in a model of co2 emissions abstract many studies that model the determinants of co 2 emissions treat energy consumption as one of its determinants itkonen 2012 argues that this causes underestimation of both the responsiveness of co 2 emissions to income growth and the turning point of the carbon kuznets curve we first demonstrate that itkonen s 2012 conclusions are sensitive to the assumed form of the relationship between energy consumption and income we then argue that the presence of an energy consumption variable in a model of co 2 emissions can lead to systematic volatility in its coefficients which has the potential to change their magnitude and sign we also argue that misleading cointegration test results can be generated by such a model the potential nature and severity of these effects are illustrated with data for seven countries

the mechanics of indirect convertibility this paper sets out the mechanics and equilibrating processes of indirectly convertible monetary systems in which currency issuing banks redeem their currency with redemption media of the same value as the commodity or commodity basket that defines the dollar it goes on to investigate the paradox of indirect convertibility and suggests that indirect convertibility is feasible despite the paradox finally it assesses the systems of fisher hall and others that have been suggested as alternatives to indirect convertibility but concludes that these alternative systems are open to serious objections copyright 1995 by ohio state university press

the dynamics of the liability of foreignness a global study of survival in financial services we study the impact of foreignness on survival in interbank currency trading worldwide over the period 1974 93 in particular we develop hypotheses on the behavior of the liability of foreignness over time and on the consequences of evolving sources of firm level competitive advantage on this liability we test these hypotheses on the population of 2667 market making trading rooms located in 47 countries worldwide that either existed in 1974 or entered the industry between 1974 and 1993 the results show that there is a liability of foreignness and that it changes over time further strategic and organizational factors such as the adoption of technology by these firms and their mode of internal control significantly influenced survival as did location related factors such as the intensity of local and foreign competition 1997 by john wiley sons ltd

has government any role in money abstract recent interest in monetary reform has been sparked by the emergence of a world irredeemable paper money system in light of this interest we review the current validity of four good reasons friedman advanced in 1960 to rationalize government intervention we conclude that the forces that produced government involvement in the past will persist deregulation of financial intermediaries is desirable on grounds of market efficiency though it is an open question whether government should continue as lender of last resort we expect that the present world fiat money standard will neither degenerate into hyperinflation nor revert to a commodity standard

stages of diversification this paper studies the evolution of sectoral concentration in relation to the level of per capita income we show that various measures of sectoral concentration follow a u shaped pattern across a wide variety of data sources countries first diversify in the sense that economic activity is spread more equally across sectors but there exists relatively late in the development process a point at which they start specializing again we discuss this finding in light of existing theories of trade and growth which generally predict a monotonic relationship between income and diversification

growth acquisition activity and firm size evidence from the united kingdom this paper provides new empirical evidence on the relationship between size growth and acquisition activity of quoted companies in the united kingdom the evidence is based on some two thousand companies and covers the period i960 76 there has been no detailed systematic study for this period the results suggest some revisions to generally accepted views in the area and they have certain implications for industrial and competition policy pursued in the u k and the factors affecting aggregate concentration the paper is arranged as follows section i considers the broader economic context for the study whilst section ii notes some a priori expectations regarding the relationship between size and growth and size and acquisition activity sections iii v present empirical evidence and the last section provides a summary and policy implications of the results

a laissez faire approach to monetary stability this paper develops some diverse hints for a new monetary system offered separately by fischer black eugene fama and robert e hall for reasons that will become evident though we should perhaps say payments system instead of monetary system none of the economists mentioned has actually proposed the particular system set forth here nor examined all its properties and we call it the bfh system not to implicate them but only to give credit for some component ideas and to have a convenient label l regardless of who if anyone may actually advocate the system contemplating it is instructive it illuminates by contrast some characteristics of our existing and recent systems

firm strategy and economic exposure to foreign exchange rate movements this study examines the implications of differences in strategy and industry structure for firms economic exposures to foreign exchange rate movements in contrast with previous research using a single currency proxy this study estimates firms exposures using a multiple currency model the empirical evidence from u s manufacturing firms indicates that 13 to 17 percent of firms are exposed to foreign exchange rate movements results from cross sectional analyses reveal that foreign direct investment reduces economic exposure to foreign exchange rate movements

renewable energy policies in europe converging or diverging abstract nations today are urgently challenged with achieving a significant increase in the deployment of renewable energies in europe that need has given rise to a debate about the most effective and efficient support strategy whilst the different interests debate whether full european harmonisation or strengthening of national support policies for electricity from renewable energy sources res e is the best way forward individual national support schemes are rapidly evolving this study investigates how the eu member states have applied support policy types over the last decade by identifying predominant developments in the application of feed in tariffs premiums tradeable green certificates tax incentives investment grants and financing support for specific technologies wind biomass pv this study shows that europe is currently experiencing certain tendencies towards a bottom up convergence of how national policy makers design res e policy supports while some outliers remain the policy supports of most countries become more similar in the policy types applied dominance of feed in tariffs and in their scope of implementation differentiation for installation sizes and stacking of multiple instruments these trends in national decision making which show tendencies of convergence could make an eu driven top down harmonisation of support either dispensable or at least depending on the agreement less controversial

legal restrictions and monetary evolution abstract the legal restrictions school of monetary theory hypothesizes that the use of ordinary currency would die out if legal tender laws were abolished instead interest bearing instruments would be used in transactions this paper refutes the claim as far as it applies to money as a medium of exchange the network externality or coordination convention properties of a medium of exchange imply that the strategy of holding interest bearing instruments is not necessarily individually dominant there is a critical mass of users that has to be assembled before a switch can occur

greenhouse gas emissions energy consumption and economic growth a panel cointegration analysis from canadian industrial sector perspective abstract this paper investigates the long run and the causal relationship between greenhouse gas emissions energy consumption and economic growth for canadian industrial sectors over the period 1990 2007 the empirical findings suggest that in the long run equilibrium energy consumption has a positive and statistically significant impact on greenhouse gas emissions whereas a non linear relationship is found between greenhouse gas emissions and economic growth consistent with the environmental kuznets curve the short run dynamics conveys that there is a unidirectional granger causality running from energy consumption to greenhouse gas emissions from economic growth to greenhouse gas emissions and a weak unidirectional causality running from greenhouse gas emissions to energy consumption from economic growth to energy consumption in the long run however there seems to be a weak one way causality flowing from energy consumption and economic growth to greenhouse gas emissions

bounds testing approach to analysis of the environment kuznets curve hypothesis abstract this paper examines the long run and the dynamic temporal relationships between economic growth energy consumption population density trade openness and carbon dioxide co 2 emissions in brazil china egypt japan mexico nigeria south korea and south africa based on the environment kuznets curve ekc hypothesis we employ the ardl bounds test to cointegration and cusum and cusumsq tests to ensure cointegration and parameter stability the estimated results show that the inverted u shaped ekc hypothesis holds in japan and south korea in the other six countries the long run relationship between economic growth and co 2 emissions follows an n shaped trajectory and the estimated turning points are much higher than the sample mean in addition the results indicate that energy consumption granger causes both co 2 emissions and economic growth in all the countries our results are consistent with previous studies that show that there is no unique relationship between energy consumption population density economic growth trade openness and the environment across countries

international joint venture instability a critique of previous research a reconceptualization and directions for future research this paper conducts an in depth critique of previous research on international joint venture instability by pointing out its major limitations lack of clear conceptualizations and consistent operationalizations lack of clarity in the relationship with performance static focus on the eventual destination rather than developmental processes and lack of managerial relevance to overcome these deficiencies we propose a significant reconceptualization in which instability is defined as a neutral dynamic process based and multifaceted phenomenon directions for future research are provided

co2 emissions energy consumption economic and population growth in malaysia abstract this study investigates the dynamic impacts of gdp growth energy consumption and population growth on co2 emissions using econometric approaches for malaysia empirical results from ardl bounds testing approach show that over the period of 1970 1980 per capita co2 emissions decreased with increasing per capita gdp economic growth however from 1980 to 2009 per capita co2 emissions increased sharply with a further increase of per capita gdp this is also supported by the dynamic ordinary least squared dols and the sasabuchi lind mehlum u slm u test tests consequently the hypothesis of the ekc is not valid in malaysia during the study period the results also demonstrate that both per capita energy consumption and per capita gdp has a long term positive impacts with per capita carbon emissions but population growth rate has no significant impacts on per capita co2 emission however the study suggests that in the long run economic growth may have an adverse effect on the co2 emissions in malaysia thus significant transformation of low carbon technologies such as renewable energy and energy efficiency could contribute to reduce the emissions and sustain the long run economic growth

exploring the relationship between energy usage segregation and environmental degradation in n 11 countries numerous studies regarding the economic growth environmental pollution link have struggled to determine the effects of various forms of energy consumption on environmental degradation particularly in the context of emerging economies this study examines the environmental kuznets curve ekc for co2 emissions in n 11 countries during 1990 2014 by segregating three forms of energy consumption renewable biomass and non renewable urbanization and trade openness are additional explanatory variables that are used in the empirical framework using the generalized moments method gmm the empirical evidence confirms the presence of an n shaped relationship between economic growth and environmental degradation for n 11 countries this study analyzed the interaction effects among trade openness biomass consumption and economic growth these interactions had a negative impact on co2 emissions levels of n 11 countries suitable policy recommendations have been provided based on the detailed results

models of the multinational enterprise flexibility is identified as the hallmark of recent modelling of the multinational enterprise the focus on flexibility is a response to the rationalization and restructuring of international business which has occurred since the end of the golden age of western economic growth flexibility has been south in factor markets intermediate product markets and markets for final products it has been sought by both governments and firms flexible firms are attracted to locations with flexible host governments this article contrasts the modern research agenda based on flexibility with the more traditional research agenda which predominates in the literature reviewed by caves 1996

competitive payments systems comment view lawrence h white criticizes several recent proposals for monetary reform including what we 1983 call the bfh system under this system the government precluded from issuing money would merely define a new unit of account and encourage the unit s general adoption by using it in all its own pricing contracting and accounting the definition would run in terms of so comprehensive a bundle of precisely gradable items with continuously quoted prices that the new unit would have a stable general purchasing power

asymmetric information and optimal bank reserves one traditional argument in favor of bank reserve requirements holds that since a b ank and its depositors are asymmetrically informed as to the bank s reserve position and its portfolio the bank will hold too few reserves and too risky a port folio this being the case presumably a central banking authority is equipped t o impose and to monitor a minimal reserve requirement yielding a pareto superior outcome this paper analyzes this position in the context of a formalmodel and shows that at least for some parameters of the model there is such a case for a minimal reserve requirement copyright 1987 by ohio state university press

exploring the relationship between urbanization energy consumption and co2 emission in mena countries abstract this study explored the relationship between urbanization energy consumption and co2 emission in the mena countries the panel model was utilized taking the period 1980 2009 into consideration pedroni cointegration test results showed that urbanization energy consumption and co2 emission were cointegrated the dynamic ols results also showed that there was a long run bi directional positive relationship between urbanization energy consumption and co2 emission however the significance of the long run relationship between urbanization energy consumption and co2 emission varied across the countries based on their level of income and development moreover long and short run bi directional causal relationships were found between the variables based on the granger causality test results from the results of this study it is important for the urban planners and policy makers in the mena countries to slow the rapid increase in urbanization the level of energy consumption and co2 emission in the mena countries increased more than double thus slowing down the urbanization level can help reduce the level of pollution and energy consumption in addition the increased energy efficiency implementation of energy savings projects energy conservation and energy infrastructure outsourcing reduce the level of pollution produced by urban areas

export diversification what s behind the hump hy should export diversification be taken as a policy objective per se there are two reasons that it should not first according to ricardo countries should specialize not diversify second the heckscher ohlin model implies that export patterns are largely determined by endowments so if anything we should worry about factor accumulation not diversification yet export diversification is a constant preoccupation of policymakers in developing countries as de ferranti et al 2002 note a recurrent preoccupation of latin american policymakers is that their natural riches produce a highly concentrated structure of export revenues which then leads to economic volatility and lower growth p 38 the notion that export patterns are fully determined by endowments is of course naive the relationship of endowments trade and growth is a complex and imperfectly understood one intra industry trade models showed long ago that many factors other than endowments including market failures and policies can affect trade patterns more recently hausmann hwang and rodrik 2007 argued that export patterns can display path dependence in the presence of externalities

renewable non renewable energy consumption economic growth trade openness and ecological footprint evidence from organisation for economic co operation and development countries the purpose of this study is to examine the validity of environmental kuznets curve hypothesis for ecological footprint with the role of renewable energy use non renewable energy use and trade openness in 24 organisation for economic co operation and development countries for this purpose we investigate the period from 1980 to 2014 using with second generation panel data methodologies which allow to cross sectional dependence among countries the group mean results show that the inverted u shaped environmental kuznets curve hypothesis does not hold in organisation for economic co operation and development countries because we found the u shaped relationship between economic growth and ecological footprint in addition it is concluded that increasing renewable energy consumption reduces ecological footprint and increasing non renewable energy consumption increases environmental degradation

co2 emissions energy consumption and output in france abstract this paper examines the dynamic causal relationships between pollutant emissions energy consumption and output for france using cointegration and vector error correction modelling techniques we argue that these variables are strongly inter related and therefore their relationship must be examined using an integrated framework the results provide evidence for the existence of a fairly robust long run relationship between these variables for the period 1960 2000 the causality results support the argument that economic growth exerts a causal influence on growth of energy use and growth of pollution in the long run the results also point to a uni directional causality running from growth of energy use to output growth in the short run

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

scottish banking before 1845 a model for laissez faire during the free banking era in eighteenth and early nineteenth century scotland there were a number of legal restrictions affecting the evolution of the system scottish banking was characterized by restrictions on small denomination and interest bearing notes there were also restrictions inhibiting the development of capital markets and entry into banking furthermore the bank of england operated as a shadow central bank for the scottish system these considerations call into question the use of the scottish banking experience as the appropriate model for laissez faire and as evidence against the legal restrictions theory of money and the new monetary economics copyright 1989 by ohio state university press