land consumption and income in italy a case of inverted ekc abstract the ekc hypothesis postulates that the relationship between economic growth and environmental deterioration is represented by an inverted u shaped function its validity has been questioned from several perspectives and a need for public policies has been expressed this paper uses a heuristic approach to analyze the relationship between per capita income and land consumption as proxied by the number of building permits issued by public authorities using data from the italian regions we run a panel data regression model to test whether the ekc hypothesis holds results confute it evidencing a u shaped relationship in the authors opinion the combined effect of market conditions lifestyle evolution and institutional and political factors have produced an adverse effect on environment on this basis the paper claims that when social and intergenerational aspects are involved a balanced mix of market policies and institutional architecture is needed

is the corn futures market noisier the impact of high frequency quoting the paper pioneers research on high frequency hf quoting noise in electronically traded agricultural futures markets hf quoting quickly cancelling posted limit orders and replacing them with n

limit order book as a market for liquidity we develop a dynamic model of an order driven market populated by discretionary liquidity traders these traders must trade yet can choose the type of order and are fully strategic in their decision traders differ by their impatience less patient traders demand liquidity more patient traders provide it three equilibrium patterns are obtained the pattern is determined by three parameters the degree of impatience of the patient traders which we model as the cost of execution delay in providing liquidity their proportion in the population which determines the degree of competition among the liquidity providers and the tick size which is the cost of the minimal price improvement despite its simplicity the model generates a rich set of empirical predictions on the relation between market parameters time to execution and spreads we argue that the economic intuition of this model is so basic its main results must be robust in much more general models

baumol s disease and dematerialization of the economy this paper argues that there is reason to be skeptical about the idea that the transition to a service economy will bring about dematerialization of production and consequent environmental improvement this is because the shift to a service economy is an illusion in terms of real production but is instead generated by the fall in the price of manufacturing goods relative to services which is in turn caused by more rapid productivity growth in manufacturing than in services this argument relies on the insights baumol provided on the nature of the service economy and uses swedish long term data on relative sectoral development as an empirical illustration on the other hand the paper argues that there is reason to be cautiously optimistic that structural change may bring about a greening of growth namely the changes in growth patterns sometimes labeled the third industrial revolution which is connected to the emergence of microelectronics swedish co2 emissions show a decline after 1970 which is mainly explained by a politically driven change in the mix of energy carriers but is also related to the stabilization of energy consumption this energy stabilization was caused by slow growth of the economy in conjunction with substantial declines in energy intensity within industrial sectors and an absence of relative growth of the heavy sectors a growth that had marked the economy between 1870 and 1970 microelectronics have contributed to permanently transforming the swedish industrial sector in a lighter direction reducing energy losses in heavy industries and stabilizing household energy consumption so it appears as if there may be some environmental gains from this development that was initiated in the 1970s but not from relatively more production in the service sector

energy efficiency and sustainable growth in industrial sectors in european union countries a nonlinear ardl approach abstract it can be said that economic growth providing it ensures a clean and safe environment is one of the main objectives of many countries with this in mind an important question needs to be asked what is the relationship between energy efficiency and economic growth this can only be answered through an empirical analysis by carrying out such an analysis using the energy efficiency of the industrial sector for 11 european union countries for a time span from 1997 to 2015 it should be possible to understand if the energy efficiency measures and investments being made are driving economies towards greater energy efficiency and sustainable growth this paper uses a nonlinear ardl model which allows short and long run relationships to be analysed for the ascending and descending movements of variables the results indicate that investment is increasing energy efficiency while at the same time reducing greenhouse gas emissions economic growth is driving economies to greater energy efficiency the same result is found in the industrial energy price index to verify robustness the environmental kuznets curve was estimated using gross domestic product per capita and as an alternative the industrial production index to ensure increased energy efficiency along with sustainable growth policymakers must adapt their policies and devise new ones to both incentivise investment and control energy pricing alternative ways of electricity generation such as renewable sources could allow the economy to grow in a more sustainable way such mechanisms would let policymakers develop policies for greener and more sustainable growth while at the same time encouraging the efficient use of energy

how reliable are simple single equation specifications of import demand this paper examines nine models of aggregate import demand for each of five countries canada germany japan united kingdom and united states in an attempt to determine which of the frequently used single equation models of import demand are appropriate an appropriate model is defined as one which generates unbiased or at least consistent and efficient elasticity estimates while models without lagged adjustments and almon lag models perform rather poorly according to these criteria models including dynamic behavior through lagged values of the dependent variable are frequently accepted results are reported regarding functional form measures of variables and structural shift economists have devoted considerable attention to the estimation of aggregate import demand elasticities because of their importance in trade theory the simplest procedure for estimating these elasticities which is consistent with economic theory is to assume that the elasticity of supply of imports is infinitely elastic and to estimate

the causality relationship between energy consumption and gdp in g 11 countries revisited abstract this paper explores whether energy conservation policies can be implemented in countries with the same level of development that is is restraining energy consumption without compromising economic growth feasible in all industrialized countries a new granger non causality testing procedure developed by toda and yamamoto 1995 journal of econometrics 66 225 250 is applied to re investigate the relationship if any between energy consumption and income in 11 major industrialized countries the results clearly do not support the view that energy consumption and income are neutral with respect to each other except in the case of the united kingdom germany and sweden where a neutral relationship is found bi directional causality in the united states and uni directional running from energy consumption to gdp in canada belgium the netherlands and switzerland are found this indicates that energy conservation may hinder economic growth in the latter five countries further the causality relationship appears to be uni directional but reversed for france italy and japan which implies that in these three countries energy conservation may be viable without being detrimental to economic growth

environmental kuznets curves new evidence on both panel and country level co2 emissions using data on per capita co2 emissions and per capita real gdp from fifteen countries spanning the period 1960 2013 this paper tests the validity of the environmental kuznets curve ekc using both panel based and time series based methodological approaches of cointegration given that the ekc hypothesis postulates an inverted u shaped relationship between emissions and output the study tests for cointegration between per capita co2 emissions per capita real gdp and the squared values of per capita real gdp the evidence from panel cointegration methodologies is mixed this result might arise due to time dependence of cointegrating coefficients the time varying cointegration approaches provide strong evidence in favor of time varying cointegration parameters furthermore based on the quantile cointegration approach the results indicate that the ekc hypothesis holds in 12 out of the 15 countries however even for these three countries the ekc hypothesis seems to hold at certain quantiles

exchange rate volatility and aggregate export growth in bangladesh the long and short run determinants of bangladeshi export growth are examined these are modelled as depending on world trade volume bangladeshi and world export prices and exchange rate volatility several techniques are used to estimate and test hypotheses about the cointegration space of these variables we find that there are two plausible restricted cointegrating vectors one appears to be an export demand while the other is suggestive of an export supply these are then imposed on an error correction model estimates suggest that in the long run bangladeshi export growth is driven by the volume of world trade and is negatively and inelastically related to the volatility of bangladeshi exchange rates once these long run effects are accounted for it is found that none of the variables significantly explains any short run changes in export growth

determinants of international trade flows this paper models and estimates import demand and demand for export functions for 19 industrial countries although primary emphasis is placed on the period of generalized floating exchange rates 1972 through 1980 estimates are also provided for the fixed exchange rate years 1957 1970 thus making possible a comparison between the two eras aside from the conventional income and price variables the paper assesses the effect of variations in the exchange rate and in the expected exchange rate on real trade flows additionally it estimates an unrestricted lag structure of the effect of price and exchange rate variations on imports

environmental kuznets curves real progress or passing the buck abstract recent research has examined the hypothesis of an environmental kuznets curve ekc the notion that environmental impact increases in the early stages of development followed by declines in the later stages these studies have focused on the relationship between per capita income and a variety of environmental indicators results imply that ekcs may exist for a number of cases however the measures of environmental impact used generally focus on production processes and reflect environmental impacts that are local in nature and for which abatement is relatively inexpensive in terms of monetary costs and or lifestyle changes significantly more consumption based measures such co2 emissions and municipal waste for which impacts are relatively easy to externalize or costly to control show no tendency to decline with increasing per capita income by considering consumption and trade patterns the author re examines the concept of the ekc and proposes the use of alternative consumption based measures of environmental impact the author speculates that what appear to be improvements in environmental quality may in reality be indicators of increased ability of consumers in wealthy nations to distance themselves from the environmental degradation associated with their consumption

testing the environmental kuznets curve hypothesis across the u s evidence from panel mean group estimators abstract it is widely believed that greenhouse gases contribute to a warmer climate since global warming is a serious threat and greenhouse gas emissions are one of the main causes of it analyzing the effects of economic development on environment have great importance in this study the validity of the environmental kuznets curve ekc hypothesis is tested for the 50 u s states during the 1960 2010 period using recent panel data estimators that take cross sectional dependence and slope heterogeneity into account accordingly the cross sectional dependence and slope heterogeneity robust estimators augmented mean group amg and common correlated effects mean group estimator ccemg provide mixed results the amg estimator strongly validates the ekc hypothesis asserting that the ekc holds in 30 of the 50 states with turning points for income per capita lie between 1292 and 48597 on the contrary the ccemg estimator provides only weak evidence on the ekc hypothesis and the ekc holds only in 10 states with turning points between 2457 and 14603

economic growth and energy consumption the energy environmental kuznets curve for latin america and the caribbean abstract this paper investigates the relationship between economic growth and energy consumption using the hypothesis postulated for the energy environmental kuznets curve which assumes an inverted u shape relationship between income and energy consumption panel data for 22 latin american and caribbean countries for the period 1990 2011 were used absolute energy consumption was chosen as an environmental pressure indicator because energy consumption is the major contributor of emissions pollutants the results obtained in the estimations show that the hypothesis postulated for the energy environmental kuznets curve is not supported for the region on the contrary the results show an exponential growth as gross value added grows also notable differences are shown between the analyzed economies

exchange rate volatility and exports new empirical evidence from the emerging east asian economies this paper examines the impact of bilateral real exchange rate volatility on real exports of five emerging east asian countries among themselves as well as to 13 industrialised countries we recognise the specificity of the exports between the emerging east asian and industrialised countries and employ a generalised gravity model in the empirical analysis we use a panel comprising 25 years of quarterly data and perform unit root and cointegration tests to verify the long run relationship among the variables the results provide strong evidence that exchange rate volatility has a negative impact on the exports of emerging east asian countries in addition the results suggest that the pattern of bilateral exports is influenced by third country variables an increase in the price competitiveness of other emerging east asian countries has a negative impact on a country s exports to a destination market but the magnitude of the impact is relatively small these results are robust across different estimation techniques and do not depend on the variable chosen to proxy exchange rate uncertainty the results of the gmm iv estimation also confirm the negative impact of exchange rate volatility on exports and suggest that this negative relationship is not driven by simultaneous causality bias

the effects of environmental regulation and technical progress on co2 kuznets curve an evidence from china based on environmental kuznets curve theory a panel data model which takes environmental regulation and technical progress as its moderating factors was developed to analyse the institutional and technical factors that affect the path of low carbon economic development the results indicated that there was a co2 emission kuznets curve seen in china environmental regulation had a significant moderating effect on the curve and the inflection of co2 emissions could come substantially earlier under stricter environmental regulation meanwhile the impact of technical progress on the low carbon economic development path had a longer hysteresis effect but restrained co2 emission during its increasing stage and accelerated its downward trend during the decreasing stage which was conducive to emission reduction strict environmental regulation could force the high carbon emitting industries to transfer from the eastern regions to the central or the western regions of china which would make the co2 kuznets curve higher in its increasing stage and lower in its decreasing stage than that under looser regulation furthermore energy efficiency energy structure and industrial structure exerted a significant direct impact on co2 emissions we should consider the above factors as essential in the quest for low carbon economic development

the term structure of implied forward volatility recovery and informational content in the corn options market using a flexible method we develop the term structure of volatility implied by corn futures options with differing maturities and evaluate its ability to predict subsequent realized price volatility the implied forward volatilities anticipate realized volatility well for the nearby interval the implied forward volatilities provide unbiased forecasts and are superior to forecasts based on historical volatilities for more distant intervals early year options predict the direction and magnitude of future volatility changes about as well as a three year moving average and better than a naive forecast however later year options display less forecast power in part due to reduced trading activity

economic growth and emissions reconsidering the empirical basis of environmental kuznets curves abstract recent empirical research indicates that certain types of emissions follow an inverted u or environmental kuznets curve ekc as income grows this regularity has been interpreted as a possible de linking of economic growth and patterns of certain pollutants for developed economies in this paper the empirical basis of this result is investigated by considering some statistical particularities of the various ekc studies performed it is argued that the inverted u relationship between income and emissions estimated from panel data need not hold for specific individual countries over time based on insights from intensity of use analysis in resource economics an alternative growth model is specified and estimated for three types of emissions co2 nox and so2 in four countries netherlands uk usa and western germany it is found that the time patterns of these emissions correlate positively with economic growth and that emission reductions may have been achieved as a result of structural and technological changes in the economy sustainable growth is defined as the rate of economic growth that does not lead to growth in emissions its rate is calculated for each type of emission and country based on estimated parameter values the resulting indicators reflect a balance between the positive influence of growth and negative influence of structural change and technological progress on emission levels

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

an alternative analysis of apparent ekc type transitions abstract the hypothesis of the environmental kuznets curve ekc depends upon the assumption that countries pass through a similar environmental impact trajectory as they experience income growth implying that income levels determine pollution levels the authors present evidence that this is not representative of the way many individual country s pollution emission trajectories evolve and question the emphasis on income determinism by the ekc the study proposes that nonlinear dynamic systems analysis provides a more complete description of individual country pollution trajectories in the case of co 2 emissions the nonlinear time trajectories show abrupt transitions that occur contemporaneously with historical events and over a broad range of incomes

determinants of international trade flows the case of developing countries abstract the question of magnitude and the time path of the trade flows to changes in the exchange rates and to changes in the price level is of emitent practical importance to assess the above proposition a distributed lag structure is imposed on the relative prices and on the effective exchange rate as the determinants of trade flows then import and export demand functions are estimated for a sample of developing countries using the almon procedure the empirical findings appeared to sustain orcutt s early conjecture that trade flows adjust differently to different price stimuli more precisely it was found that imports and exports reactions were quicker and the total response time was shorter when an exchange rate rather than relative prices caused a change in international prices

environmental policy and macroeconomic dynamics in a new keynesian model this paper studies the dynamic behavior of an economy under different environmental policy regimes in a new keynesian model with nominal and real uncertainty we find the following results i an emissions cap policy is likely to dampen macroeconomic fluctuations ii staggered price adjustment alters significantly the performance of the environmental policy regime put in place iii the optimal environmental policy response to shocks is strongly influenced by the degree to which prices adjust and by the monetary policy reaction

exploring the environmental kuznets hypothesis theoretical and econometric problems focussing on the prime example of co2 emissions we discuss several important theoretical and econometric problems that arise when studying environmental kuznets curves ekcs an ekc refers to an inverse u shaped relationship between a pollutant and economic activity the dominant theoretical approach is given by integrated assessment modelling which consists of economic models that are combined with environmental impact models we critically evaluate the aggregation model dynamics and calibration aspects and their implications for the validity of the results we then turn to a discussion of several important econometric problems that go almost unnoticed in the literature the most fundamental problems relate to nonlinear transformations of nonstationary regressors and in a nonstationary panel context to neglected cross sectional dependence we discuss the implications of these two major and some minor problems that arise in the econometric analysis of kuznets curves our discussion shows that ekc modelling as performed to date is subject to major drawbacks at both the theoretical and the econometric level

the turning points of carbon kuznets curve evidences from panel and time series data of 164 countries with the dramatic economic development global warming caused by carbon emission has become increasingly serious and carbon emission reduction therefore comes to be the principle in most countries turning point tp which represents carbon emission turns from increasing to decreasing tendency with the economic growth has become a major focus of political and academic concern however previous studies on tp were contextualized only in individual countries or regions but barely from a global perspective which are insufficient for solving the carbon emission as a global issue therefore this study aims to provide a global picture of the carbon emissions by identifying the tps of 164 countries and five panel groups i e global high income upper middle income lower middle income and low income levels in the world and the patterns of them the results show that 123 individual countries and all the five panel groups accept the carbon kuznets curve ckc hypothesis then the tps of them are identified in particular three close correlations are identified throughout the study 1 the proportion of the ckc hypothesis and income level i e the higher income level the larger proportion of countries meeting the ckc hypothesis 2 the tps and income level i e the higher income level the higher tp and 3 the turning years and income level i e the higher income level the shorter turning years the identified tps in this study provide valuable references for not only individual countries but also countries at different income levels to tailor their strategies and policies to finally achieve global carbon emission reduction

the environmental kuznets curve ekc theory part a concept causes and the co2 emissions case abstract the main purpose of this study is to capture the main features of the environmental kuznets curve ekc concept according to the ekc theory the process of economic growth is expected eventually to limit the environmental degradation created in the early stages of development the ekc concept leads many researchers from the early 1990s to assume that each economy should focus on its growth and any environmental problems will be eventually eliminated by the process of economic growth several studies attempt to test empirically the ekc hypothesis using data on many countries and examining various types of environmental degradation while other studies examine the underlying factors that may drive such a relationship this article reviews the evolution of the ekc concept and the possible causes of an ekc pattern like the distribution of income the international trade pollution haven hypothesis structural changes technical progress and improvements in energy efficiency institutions and governance and consumer preferences as co2 emissions are a pollutant with global effects several studies deal with the possible ekc pattern for co2 emissions and these studies are discussed separately the various critiques on the ekc concept are reviewed in the second article of this work

economic growth and environmental degradation the environmental kuznets curve and sustainable development abstract in this paper we critically examine the concept of the environmental kuznets curve ekc it proposes that there is an inverted u shape relation between environmental degradation and income per capita so that eventually growth reduces the environmental impact of economic activity the concept is dependent on a model of the economy in which there is no feedback from the quality of the environment to production possibilities and in which trade has a neutral effect on environmental degradation the actual violation of these assumptions gives rise to fundamental problems in estimating the parameters of an ekc the paper identifies other econometric problems with estimates of the ekc and reviews a number of empirical studies the inference from some such ekc estimates that further development will reduce environmental degradation is dependent on the assumption that world per capita income is normally distributed when in fact median income is far below mean income we carry out simulations combining ekc estimates from the literature with world bank forecasts for economic growth for individual countries aggregating over countries to derive the global impact within the horizon of the bank s forecast 2025 global emissions of so 2 continue to increase forest loss stabilizes before the end of the period but tropical deforestation continues at a constant rate throughout the period

intraday market effects in electronic soybean futures market during non trading and trading hour announcements abstractthis article investigates market reactions to major united states department of agriculture announcements during non trading and trading hours in the soybean futures market using microstruc

a test for parameter homogeneity in co2panel ekc estimations this paper casts doubt on empirical results based on panel estimations of an inverted u relationship between per capita gdp and pollution using a new dataset for oecd countries on carbon dioxide emissions for the period 1960 1997 we find that the crucial assumption of homogeneity across countries is problematic decisively rejected are model specifications that feature even weaker homogeneity assumptions than are commonly used furthermore our results challenge the existence of an overall environmental kuznets curve for carbon dioxide emissions

high frequency quoting short term volatility in bids and offers at subsecond horizons bids and offers in u s equity markets are more volatile than what would be implied by long term fundamentals to assess costs and consequences this paper suggests that traders random delays latencies interact with quote volatility to generate execution price risk and relative latency costs analysis of the behavior of quote setters suggests that this volatility is more likely to arise from recurrent cycles of undercutting similar to the edgeworth cycles found in product markets rather than mixed strategies of limit order placement

economy and environment a theoretical essay on the interdependence of economic and environmental systems preface notation guide 1 introduction part i the physical economy environment system 2 closed physical systems a model 3 structure and time in the physical system 4 technological change and the environmental constraints to physical growth part ii the economic system 5 the price system 6 prices property and the environment 7 economic conflict and environmental change part iii environmental strategies in an evolutionary economy environment system 8 time uncertainty and external effects 9 the market solution 10 the stationary state 11 conclusions references index

the effects of real exchange rate risk on international trade abstract by assuming real profit maximization and uncertain prices as well as exchange rates we conclude that it is uncertain percentage changes in the real exchange rate that are risky in international trade empirical estimation of fourteen bilateral trade flows among industrialized countries finds a significant negative effect on trade quantity from such risk in a number of these cases the expectation variable has a positive effect in a larger number of cases significant price effects from the expectation variable are fewer and from risk are negligible

decoupling analysis and environmental kuznets curve modelling of provincial level co2 emissions and economic growth in china a case study abstract guangdong is one of the most representative provinces of china in terms of reflecting how the provincial level co2 emissions dynamically evolve with economic development during the process of industrialisation and urbanisation the present study combines decoupling analysis with environmental kuznets curve ekc modelling to systematically explore the interactions between co2 emissions and economic growth in guangdong from the short to long terms aiming to provide the referential significance of low carbon development to other chinese provinces empirical results indicate that co2 economy interactions in guangdong dynamically changed with time performing an effect of expansive weak decoupling during 1995 2014 and having a potential to achieve a strong decoupling in the long run the decoupling states of various sectors and their contributions to the provincial overall decoupling differed greatly and varied by time and household and service sectors played increasingly important roles overall the decoupling effect of provincial co2 emissions is distinctly affected by the stage of industrialisation and urbanisation renewable energy utilisation as well as low carbon technical progress therefore promoting co2 economy decoupling at the provincial level should be specific to the feature and development reality of various provinces

eighths sixteenths and market depth changes in tick size and liquidity provision on the nyse using limit order data provided by the nyse we investigate the impact of reducing the minimum tick size on the liquidity of the market while both spreads and depths quoted and on the limit order book declined after the nyse s change from eighths to sixteenths depth declined throughout the entire limit order book as well the combined e ect of smaller spreads and reduced cumulative limit order book depth has made liquidity demanders trading small orders better o however traders who submitted

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

carbon intensity and economic development 1962 1991 a brief exploration of the environmental kuznets curve the relationship between national carbon dioxide emissions intensity co2 emitted per unit of gross domestic product and level of economic development has changed from essentially linear in 1962 to strongly curvilinear in 1991 the inverted u curve reached statistical significance briefly in the early 1970s and increasingly since 1982 this is the result not of groups of countries passing through stages of development but of efficiency improvements in a small number of wealthy countries combined with worse performance in poor and middle income countries the curvilinear relation is deepening and is likely to persist due to constraints on poorer countries in the world economy

is there a debt threshold effect on output growth abstract this paper studies the relationship between public debt expansion and economic growth and investigates whether the debt growth relation varies with the level of indebtedness we contribute theoretically by developing tests for threshold effects in the context of dynamic heterogeneous panel data models with cross sectionally dependent errors in the empirical application using data on a sample of forty countries over the 1965 2010 period we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth regardless of the threshold however we find significant negative effects of public debt buildup on output growth

growth inequality and poverty looking beyond averages the evidence is compelling that the poor in developing countries do typically share in the gains from rising aggregate affluence and in the losses from aggregate contraction but how much do poor people share in growth do they gain more in some settings than others do some gain while others lose does pro poor growth mean more or less aggregate growth recent theories and evidence suggest some answers but deeper microeconomic empirical work is needed on growth and distributed change only then will we have a firm basis for identifying the specific policies and programs needed to complement and possibly modify growth oriented policies

causality between income and emission a country group specific econometric analysis abstract empirical studies of the environmental kuznets curve ekc examine the presence or otherwise of an inverted u shaped relationship between the level of pollution and the level of income customarily in the diagram of ekc the level of income is shown on the horizontal axis and that of pollution on the vertical axis thus it is presumed that the relationship between income and pollution is one of unidirectional causality with income causing environmental changes and not vice versa the validity of this presumption is now being questioned it is being asserted that the nature and direction of causality may vary from one country to the other in this paper we present the results of a study of income co 2 emission causality based on a granger causality test to cross country panel data on per capita income and the corresponding per capita co 2 emission data briefly our results indicate three different types of causality relationship holding for different country groups for the developed country groups of north america and western europe and also for eastern europe the causality is found to run from emission to income for the country groups of central and south america oceania and japan causality from income to emission is obtained finally for the country groups of asia and africa the causality is found to be bi directional the regression equations estimated as part of the granger causality test further suggest that for the country groups of north america and western europe the growth rate of emission has become stationary around a zero mean and a shock in the growth rate of emission tends to generate a corresponding shock in the growth rate of income in contrast for the country groups of central and south america oceania and japan a shock in the income growth rate is likely to result in a corresponding shock in the growth rate of emission finally causality being bi directional for the country groups of asia and africa the income and the emission growth rates seemed to reinforce each other

the behavior of bid ask spreads in the electronically traded corn futures market this is the first paper to analyze liquidity costs in agricultural futures markets based on the observed bid ask spread bas faced by market participants the results reveal a highly liquid corn market that mostly offers order execution at minimum cost the bas responds negatively to volume and positively to price volatility but also affects volume traded and price volatility while statistically significant these responses on a cents bushel or a percentage basis are generally small liquidity costs are also virtually impervious to short term changes in demand for spreading and trend following trader activity as well as differences from day of the week changes in market activity much larger cents bushel and percentage changes in bas occur during commodity index trader roll periods and on usda report release days the roll period findings indicate a sunshine trading effect while announcement effects identify the importance of unexpected information and adverse selection on order execution costs overall our research demonstrates that the transition to electronic trading in the corn futures market has led to low and stable liquidity costs despite the market turbulence in 2008 2009

economic growth and greenhouse gas emissions abstract recent empirical research has examined the relationship between certain indicators of environmental degradation and income concluding that in some cases an inverted u shaped relationship which has been called an environmental kuznets curve ekc exists between these variables unfortunately this inverted u shaped relationship does not hold for greenhouse gas emissions one explanation of the absence of ekc like behavior in greenhouse gas emissions is that greenhouse gases are special pollutants that create global not local disutility but the international nature of global warming is not the only reason that prevents de linking greenhouse gas emissions from economic growth the intergenerational nature of the negative impact of greenhouse gas emissions may have also been an important factor preventing the implementation of greenhouse gas abatement measures in the past in this paper we explore the effect that the presence of intergenerational spillovers has on the emissions income relationship we use a numerically calibrated overlapping generations model of climate economy interactions we conclude that 1 the intertemporal responsibility of the regulatory agency 2 the institutional capacity to make intergenerational transfers and 3 the presence of intergenerationally lagged impact of emissions constitute important determinants of the relationship between economic growth and greenhouse gas emissions

true world income distribution 1988 and 1993 first calculation based on household surveys alone the paper derives world income or expenditure distribution of individuals for two years 1988 and 1993 it is the first paper to calculate world distribution for individuals based entirely on household survey data from 91 countries and adjusted for differences in purchasing power parity between the countries measured by the gini index inequality increased from an already very high 63 in 1988 to 66 in 1993 the increase was driven more by rising differences in mean incomes between the countries than by rising inequalities within countries the most important contributors were rising urban rural differences in china and slow growth of rural incomes in south asia compared to several large developed market economies

the world distribution of income falling poverty and convergence period we estimate the world distribution of income by integrating individual income distributions for 138 countries between 1970 and 2000 country distributions are constructed by combining national accounts gdp per capita to anchor the mean with survey data to pin down the dispersion poverty rates and head counts are reported for four specific poverty lines rates in 2000 were between one third and one half of what they were in 1970 for all four lines there were between 250 and 500 million fewer poor in 2000 than in 1970 we estimate eight indexes of income inequality implied by our world distribution of income all of them show reductions in global inequality during the 1980s and 1990s

the path of technological progress for china s low carbon development evidence from three urban agglomerations abstract it is widely believed that technological progress is the key driving force for low carbon development based on a panel data of 50 cities during the period 2005 2014 in china s three urban agglomerations beijing tianjin hebei yangtze river delta and pearl river delta this paper presents a comprehensive analysis on the path of technological progress for the low carbon development specifically it firstly estimates the factor biased technological progress by using a translog production function model and then dynamic panel data models are used to investigate the impacts of three sources of technological progress including rd finally we introduce an index to measure the appropriate technical structure and analyze the technological improvement strategy to the low carbon development the main results indicate that technological progress of the three urban agglomerations is biased toward electricity thereby shows a electricity saving effect fdi shows electricity saving and carbon reduction effects but rd the impacts of import and export on the factor biased technological progress are weak furthermore the path of technological progress is highly related to the level of economy when gdp per capita is higher than 37 000 yuan indigenous innovation is the main driver for low carbon development

measuring and analysing the effects of short term volatility in real exchange rates this paper examines short term volatility in the real effective exchange rates of industrial countries and its impact on their imports it yields three conclusions first volatility has not diminished as markets have gained experience with floating exchange rates the trend appears to be in the opposite direction for some countries second exposure to short term volatility has differed among countries japan and sweden have experienced much more than most other industrial countries third volatility appears to depress the volume of international trade this third finding is consistent with results reported by cushman and by akhtar and hilton and challenges earlier findings by hooper and kohlhagen

the environmental kuznets curve ekc theory part b critical issues according to the environmental kuznets curve ekc theory the process of economic growth is expected to limit the environmental degradation created in the early stages of development the first article of this study reviews the empirical studies examining various factors other than income that may lead to an ekc pattern the current article reviews in the first part the major critiques on the ekc speculation which relate to the following issues the normal distribution of world income the feedback from environmental degradation to economic growth the characteristics of the pollutant in question various econometric issues the evolution of consumption when income rises and the assumption about a common developmental pattern in all countries the second part discusses additional matters reported indirectly in the literature and or must be further examined there are doubts whether the gdp series captures the transition of production to the three productive sectors in empirical estimations and whether services are less polluting compared to industry activities finally the original kuznets theory which laid the groundwork for the ekc concept does not seem to solve income inequality problems

the role of economic theory in modelling the long run this argues for a closer link between the modelling of the long run relations in applied economics and the intertemporal equilibrium notion from economic theory this abstract was borrowed from another version of this item

level shifts and the illusion of long memory in economic time series when applied to time series processes containing occasional level shifts the log periodogram gph estimator often erroneously finds long memory for a stationary short memory process with a slowly varying level i show that the gph estimator is substantially biased and derive an approximation to this bias the asymptotic bias lies on the 0 1 interval and its exact value depends on the ratio of the expected number of level shifts to a user defined bandwidth parameter using this result i formulate the modified gph estimator which has a markedly lower bias i illustrate this new estimator via applications to soybean prices and stock market volatility

the heterogeneous effect of democracy political globalization and urbanization on pm2 5 concentrations in g20 countries evidence from panel quantile regression abstract pm2 5 emissions have serious adverse impacts on health and impede transport activities especially air and highway consequently policymakers and economists have focused on this issue the primary objective of this study is to investigate the effect of democracy political globalization and urbanization on pm2 5 concentrations within g20 countries ecological modernization theory is used to gain the best understanding of the impact of these driving forces on pm2 5 concentrations and obtains an analytical framework the method utilized is the panel quantile regression which takes into account the unobserved individual and distributional heterogeneity the results demonstrate that first the direct effect of democracy on pm2 5 concentrations is significantly positive in countries with higher emissions and has no impact on lower emission countries second the direct effect of political globalization on pm2 5 concentrations is significantly positive and especially greater in extremely low and high emission countries third persuasive evidence proves the existence of an environmental kuznets curve between urbanization and pm2 5 concentrations additionally this paper further assesses the direct and indirect influence mechanisms of democracy and political globalization on pm2 5 concentrations across pollution levels both have a positive negative indirect effect on pm2 5 concentrations in countries with higher lower emissions through its effect on gdp per capita the total effect appears positive suggesting that the increase in democracy and political globalization degrade environmental quality these results provide policymakers with critical policy recommendations that contribute to the reduction of pm2 5 concentrations and ensure sustainable economic development in the g20 countries

do increases in energy efficiency improve environmental quality and sustainability governments world wide increasingly see energy efficiency as an important aspect of sustainability however there is a debate in the literature as to whether the impact of improved energy efficiency on reducing energy use might be partially or more than wholly offset through rebound and backfire effects this paper clarifies the theoretical conditions under which such effects would occur and explores their likely significance using a computable general equilibrium cge model of the scottish economy we find that for scotland a general improvement in energy efficiency in the production sectors of the economy initially produces rebound effects that eventually grow into backfire energy use ultimately increases in response to an efficiency gain and the ratio of gdp to co2 emissions falls the economic factors underpinning rebound effects are straightforward energy efficiency improvements result in an effective cut in energy prices which produces output substitution competitiveness and income effects that stimulate energy demands however the presence of strong rebound or even backfire does not mean that efficiency enhancing policies are irrelevant rather it suggests that such policies operating alone are insufficient to generate environmental improvements the implication is that a co ordinated portfolio of energy policies is required

environment kuznets curve for co2 emissions a cointegration analysis for china abstract this study examines the long run relationship between carbon emissions and energy consumption income and foreign trade in the case of china by employing time series data of 1975 2005 in particular the study aims at testing whether environmental kuznets curve ekc relationship between co 2 emissions and per capita real gdp holds in the long run or not auto regressive distributed lag ardl methodology is employed for empirical analysis a quadratic relationship between income and co 2 emission has been found for the sample period supporting ekc relationship the results of granger causality tests indicate one way causality runs through economic growth to co 2 emissions the results of this study also indicate that the carbon emissions are mainly determined by income and energy consumption in the long run trade has a positive but statistically insignificant impact on co 2 emissions

a comparative study on decoupling relationship and influence factors between china s regional economic development and industrial energy related carbon emissions abstract to study the relationship between china s regional economic development and industrial carbon emission reveal the major influencing factors and mechanism of carbon emission change in all regions and provide theoretical evidence for governments to formulate emission reduction strategies and policies big data analysis and the tapio extended model were adopted to quantitatively analyse the decoupling relationship between carbon emission and economic growth in eight major regions of china between 1996 and 2012 logarithmic mean divisia index lmdi was also applied to decompose the main factors affecting carbon emission change in all regions the results show that 1 the proportions of industrial energy related to carbon emissions in central china and the beijing tianjin region decreased year by year while the opposite was the case in coastal areas of northern china furthermore the proportions in other regions basically remained unchanged 2 a weak decoupling relation between industry energy carbon emission and economic growth was found in most regions except in northwest china during the period 1996 2000 southwest china south and north coastal regions during the period 2001 2005 beijing and tianjin during the period 2010 2012 energy consumption decoupling factors exerted a consistent positive effect on industry energy carbon emission decoupling with decoupling impact greater than emission factors 3 the overall level of carbon emission reduction technology in china was low and backwards and limited contributions have been made to economic growth and industry energy carbon emission decoupling development emphases of decoupling should be put on energy saving technology promotion industry structure upgrading and energy structure improvement in the future 4 economic intensity effect has exerted the most powerful positive influence on carbon emissions except in developed areas and the positive effect was weaker than that in other regions

is china at the tipping point reconsidering environment economy nexus abstract environmental kuznets curve ekc has become the predominant approach between environmentalists and sociologists to modeling environment economy nexus during the past quarter century also with regard to china the largest industrial pollutant emitter in the world where unprecedented change offers a unique approach to the aggregate emissions in the case of china the question is whether a tipping point can be reached without de industrialization and at a lower income phase than in developed economies it is also the worldwide intrinsic concern of environment economy nexus in the prospective industrialization process of developing countries however china relative researches involve some existing challenges such as cross regional time series various socioeconomic drivers and turning thresholds taking the new normal china economy formulation into consideration a rethink and reexamination of the environment economy relationship was performed using the longest possible environmental and economic data from 30 provincial economies for the period of 1985 2017 different from the existing mostly time series based china ekc literature not only the llc ips fisher unit root tests pedroni and kao panel cointegration tests and the panel ols are used but the problem of cross sectional dependence is handled in panel unit root tests across various cross economies and the error correction based cointegration test is employed allowing for various forms of heterogeneity robust against the cross sectional dependence and the dols estimators are applied to resolve the standard ols for serial correlation and for endogeneity of regressors especially in only small possible china samples in particular the finding contrasts with the overly optimistic research of certain scholars who state that china could be on a clearly different path from the routes of some developed economies in the world realizing the environmental turnaround at low levels of economy and industrialization china economy is not just having a certain environmental dividend effect but mainly faces a more significant environmental pressure effect environmental input and its efficiency is still insufficient to perform the intended pollution reduction effects fundamentally the environmental investment as a proportion of gdp should reach the past levels of some developed economies in the similar pollution economy phase

the income inequality and carbon emissions trade off revisited abstract this paper investigates the marginal effect of income inequality on carbon emissions per capita we use a panel consisting of 68 countries over a 50 year period from 1961 to 2010 we report estimates that support the hypothesis that there is a trade off between carbon emissions per capita and income inequality this trade off is not homogeneous across countries and depends upon the level of development measured by income per capita using panel smooth transition regression we find that this relationship is negative for countries with low to moderate income per capita but becomes slightly positive after passing a threshold located around fifteen thousand 2011 us dollars moreover the inequality elasticity of emissions per capita is comparable in magnitude to its income elasticity therefore both inequality and income levels are crucial to define policies to reduce carbon emissions this implies a challenge to policymakers who pursue to reduce both income inequality and carbon emissions

income and price elasticities for exports of developing countries income and price elasticities for non oil exports of non opec developing countries play an imp ortant role in the development of policy responses to the debt crisis these elasticities are estimated for the major standard internation al trade classification commodity groups based on two stage least sq uares and quarterly data for 1973 to 1984 the income elasticity for non oil exports ranges between 1 4 and 1 9 the analysis also tests t he properties of the error term the dynamic specification and para metric stability the sensitivity of the results is assessed using sh iller s lags and band spectrum estimation copyright 1988 by mit press

energy content of world trade this paper constructs a comprehensive dataset of oil and total energy embedded in world trade of manufacturing goods for 73 countries from 1978 to 2000 applying the data to debates on the dependency on foreign energy sources makes clear that achieving complete energy independence in the foreseeable future is unlikely to be feasible and may not be desirable applying it to the discussion of environmental kuznets curves ekcs highlights an important distinction between production and consumption of energy richer countries use relatively less energy in their industrial production yet still consume relatively large amounts of energy indirectly a further investigation largely excludes structural shifts of production in and out of the manufacturing sector as an explanation for the downward sloping portion of the ekc country level analyses add caveats but show tentative support for the cross country conclusions

revisiting environmental kuznets curves through the energy price lens abstract the goal of this paper is to provide new insights to elucidate the inconclusive results from the environmental kuznets curve ekc empirical literature for the first time in empirical literature an econometric analysis includes the relative prices for several energy sources the paper provides strong evidence on the relevance of energy prices to co 2 emissions accordingly one reason for the lack of agreement in the ekc literature may be the absence of energy prices in empirical exercises the presence of relative energy price changes in the econometric specification confirms a monotonic and positive relationship between co 2 and gross domestic product gdp therefore we may conclude that there is a decoupling process but without reaching any turning point on that relationship the policy implications are straightforward direct climate action by policy makers is required to break the positive relationship between co 2 and gdp that conclusion has been reinforced by the reduction of energy prices since the middle of 2014 otherwise the trend in energy prices may reverse the relative decarbonisation processes accounted for in recent years in major developed countries

the environmental kuznets curve and the structural change hypothesis we provide a very simple macroeconomic investigation of the role that structural changes might play in generating inverted u shaped income pollution relationships differently from previous research which mainly focuses on empirical static or general equilibrium models we develop a standard balanced growth path bgp analysis we show that along the bgp equilibrium an inverted u shaped income pollution relationship may occur as a response to structural changes but whether this is the case or not it will crucially depend upon the magnitude of a production externality parameter moreover we show that the negative relationship between income and pollution can only be a transitory phenomenon and in the long run pollution will increase as income rises generating overall an n shaped pattern

exchange rate volatility and exports a firm level analysis the relationship between real exports and exchange rate volatility is investigated using panel data analysis at the firm level results indicate that there is no negative or positive relationship between volatility and real exports in addition firm size and level of international activity do not influence the size and significance of the volatility effect on exports however there is some evidence that firms use import revenue to lower their exchange rate exposure

exchange rate volatility and pakistan s exports to the developed world 1974 85 abstract the paper attempts to estimate the impact of exchange rate uncertainty on pakistan s exports to the developed world for 1974 85 discovering strong evidence to suggest that exports were adversely affected by the increased variability of its bilateral exchange rates unlike much of the recent evidence on developed countries however it is the variability in nominal rather than real exchange rates that is significant the computations also suggest the presence of strong third country effects

reassessing the environmental kuznets curve for co2 emissions a robustness exercise the number of studies seeking to empirically characterize the reduced form relationship between a country economic growth and the quantity of pollutants produced in the process has recently increased significantly in several cases researchers have found evidence pointing to an inverted u benvironmental kuznetsq curve in the case of co2 however the evidence is at best mixed in this paper we reconsider that evidence by assessing how robust it is when the analysis is conducted in a different parametric setup and when using alternative emissions data from the international energy agency relative to the literature our contribution can be viewed as a robustness exercise in these two respects the econometric results lead to two conclusions firstly published evidence on the ekc does not appear to depend upon the source of the data at least as far as carbon dioxide is concerned secondly when an alternative functional form is employed there is evidence of an inverted u pattern for the group of oecd countries with reasonable turning point regardless of the data set employed not so for non oecd countries as the ekc is basically increasing slowly concave according to the iea data and more bellshaped in the case of cdiac data d 2005 elsevier b v all rights reserved

income and co2 emissions evidence from panel unit root and cointegration tests abstract this paper re investigates the stationarity properties of per capita carbon dioxide co 2 emissions and real gross domestic product gdp per capita for 109 countries within seven regional panel sets covering 1971 2003 we apply the recent unit root test of the panel seemingly unrelated regressions augmented dickey fuller suradf test developed by breuer et al 2001 misleading inferences from panel unit root tests with an illustration from purchasing power parity review of international economics 9 482 493 2002 series specific unit root tests with panel data oxford bulletin of economics and statistics 64 527 546 the panel suradf test accounts for the presence of cross country correlations in the data and the parameters in the panel specification vary across countries more importantly this test allows us to identify how many and which members of the panel contain a unit root overall our empirical results illustrate that real gdp and co 2 emissions in these countries are a mixture of i 0 and i 1 processes and that the traditional panel unit root tests could lead to misleading inferences as well as the conduct of cointegration analysis being perhaps inappropriate the results of our analysis carry critical implications for the modeling of co 2 emissions and gdp because of the different orders of integration for the two variables

do countries influence neighbouring pollution a spatial analysis of the ekc for co2 emissions abstract by considering spatial relationships this study aims to analyse to what extent per capita co2 emissions are determined by renewable energy consumption the share of the services sector in gdp energy intensity and real per capita income a panel data set composed of 173 countries over the 1990 2014 period is used to estimate an environmental kuznets curve ekc augmented by neighbouring per capita income and energy intensity both standard and spatial forms are estimated for seven different sets of countries to assess the robustness of the results finally several forecasts are performed to verify global sustainability and to provide some policy suggestions for the period 2015 2100 the empirical results indicate that i most areas support the standard ekc ii there seems to be an inverted u shaped relationship between neighbouring per capita income and national per capita emissions in europe asia and the world as a whole iii neighbouring energy intensity increases national per capita emissions and iv forecasts show that economic growth will accelerate climate change however a steady annual growth in renewable energy consumption and a steady decrease in energy intensity both close to 2 5 may guarantee environmental sustainability prior to 2100

corruption pollution and the kuznets environment curve abstract this paper examines the implications of corruption and rent seeking behavior by the government for the relationship between pollution and growth cases of both cooperative and non cooperative interaction between the government and the private firm are studied it is shown that corruption is not likely to preclude the existence of an inverted u shaped kuznets environmental curve under both these cases however for any level of per capita income the pollution levels corresponding to corrupt behavior are always above the socially optimal level further the turning point of the kuznets curve takes place at income and pollution levels above those corresponding to the social optimum

drivers of industrial and non industrial greenhouse gas emissions abstract though there has been extensive analysis of the drivers of aggregate carbon dioxide emissions from fossil fuel combustion and cement production there has been much less analysis of the drivers of greenhouse gases in general and especially of aggregate emissions of greenhouse gases from agriculture forestry and other land uses which we call non industrial emissions in this paper we statistically analyze the relationship between both industrial and non industrial greenhouse gas emissions and economic growth and other potential drivers for 129 countries over the period from 1971 to 2010 our analysis combines the three main approaches in the literature into a single framework for investigating the evolution of emissions and income we find that economic growth is a driver of both industrial and non industrial emissions though economic growth has twice the effect on industrial emissions the time effect is negative for both sources of emissions though this effect is larger for non industrial emissions there is also convergence in emissions intensity for both types of emissions but given these other effects there is no evidence for an environmental kuznets curve

the environmental kuznets curve does one size fit all abstract this paper uses a new panel data set on state level sulfur dioxide and nitrogen oxide emissions from 1929 1994 to test the appropriateness of the one size fits all reduced form regression approach commonly used in the environmental kuznets curve literature empirical results provide initial evidence that an inverted u shape characterizes the relationship between per capita emissions and per capita incomes at the state level parameter estimates suggest however that previous studies which restrict cross sections to undergo identical experiences over time may be presenting statistically biased results

has exchange risk depressed international trade the impact of third country exchange risk abstract this paper argues that the effect of exchange risk on bilateral and aggregate trade flows should be analyzed by including the impact of third country exchange risk factors in addition to direct bilateral or multilateral risk after a theoretical examination of these effects us bilateral export flow to its six largest trading partners are analyzed empirically i find individuality and jointly significant third country risk effects in most cases in contrast to some recent bilateral efforts i find a steadily growing negative impact on trade flows from exchange risk during floating and in contrast to recent aggregate trade flow studies i conclude that there was no temporary decline in exchange risk during the late 1970s

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

what causes pm2 5 pollution cross economy empirical analysis from socioeconomic perspective abstract is it true that as the mainstream intuition asserts urbanization and industrialization are the two main socioeconomic drivers of pm2 5 how do the two trends affect pm2 5 emission this paper quantitatively analyzes the socioeconomic drivers of pm2 5 through assessment on stochastic impacts by regression on population affluence and technology stripat based on the panel data of 79 developing countries over 2001 2010 the average levels of pm2 5 pollution are calculated using remote sensing data overcoming the difficulties that developing countries are in lack of pm2 5 monitors and that point data cannot reflect the overall level of pm2 5 pollution on a large scale squared terms of income and urbanization and their cross term are included in the regression models respectively to analyze the possible heterogeneous impacts on pm2 5 emissions in different development stages the results show that income urbanization and service sector have significant impact on pm2 5 pollution income has a positive effect on pm2 5 all the time but the effect decreases as the level of urbanization or income goes up an inverted u relationship exists between urbanization and pm2 5 in which pm2 5 pollution positively correlates with a low level of income or urbanization but negatively at a high level policy recommendations from the perspective of macro level social and economic regulation are provided for developing economies to reduce pm2 5 pollution

energy consumption income and carbon emissions in the united states abstract this paper investigates the effect of energy consumption and output on carbon emissions in the united states earlier research focused on testing the existence and or shape of an environmental kuznets curve without taking energy consumption into account we investigate the granger causality relationship between income energy consumption and carbon emissions including labor and gross fixed capital formation in the model we find that income does not granger cause carbon emissions in the us in the long run but energy use does hence income growth by itself may not become a solution to environmental problems

assessing the role of institutions in limiting the environmental externalities of economic growth emissions of pollutants tend to be procyclical as they generally increase with economic growth however as government policy has a role to play in the mitigation of the environmental consequences of economic activity the quality of institutions may influence the procyclicality of pollution and reduce the environmental cost of economic growth based on the assumption that changes in emissions are stronger at earlier stages of development we develop a non linear framework and confirm first the presence of income related threshold effects in the relationship between pollution co 2 and greenhouse gas emissions and growth for a panel of 142 countries over a period spanning from 1960 to 2017 we also find that institutional quality influences this relationship as the quality of institutions lowers the value of the threshold and the degree of procyclicality of emissions these results bring therefore evidence that higher institutional quality can attenuate the environmental externalities of economic growth

crises and emissions new empirical evidence from a large sample abstract in this paper we empirically assess by means of the local projection method the impact of different types of financial crises on a variety of pollutant emissions categories for a sample of 86 countries between 1980 and 2012 we find that financial crises in general lead to a fall in co2 and methane emissions when hit by a debt crisis a country experiences a rise in emissions stemming from either energy related activities or industrial processes during periods of slack financial crises in general had a positive impact on both methane and nitrous oxide emissions if a financial crisis hit an economy when it was engaging in contractionary fiscal policies this led to a negative response of co2 and production based emissions

the effects of exchange rate variability on international trade a meta regression analysis the trade effects of exchange rate variability have been an issue in international economics for the past 30 years the contribution of this article is to apply meta regression analysis mra to the empirical literature on average exchange rate variability exerts a negative effect on international trade yet mra confirms the view that this result is highly conditional by identifying factors that help to explain why estimated trade effects vary from significantly negative to significantly positive mra evidence on the pronounced heterogeneity of the empirical findings may be instructive for policy first by establishing that average trade effects are not sufficiently robust to generalize across countries and second by suggesting the importance of hedging opportunities hence of financial development for trade promotion for the practice of mra we make a case for checking the robustness of results with respect to estimation technique model specification and sample

what do we know about global income inequality in this paper we review the recent literature on global interpersonal income inequality while all estimates agree that the level is very high with a gini of between 0 630 and 0 686 in the 1990s there is no consensus regarding the direction of change we discuss methodological issues including the use of national accounts versus survey based estimates of mean income or consumption and the choice of purchasing power parity exchange rates findings of a rise or fall in global income inequality are not robust across different estimation methods and datasets given the diversity of estimates and various sources of uncertainty including gaps and errors in the underlying data we conclude there is insufficient evidence to determine the direction of change in global interpersonal inequality in recent decades

exchange rate variability and the flow of international trade abstract this study uses a garch generalized autoregressive conditional heteroskedasticity model to test if real exchange rate volatility has an adverse effect on the value of u s imports from canada we find that exchange rate uncertainty has a negative and statistically significant affect on trade flows