energy consumption and economic growth nexus in tanzania an ardl bounds testing approach abstract in this paper we examine the intertemporal causal relationship between energy consumption and economic growth in tanzania during the period of 1971 2006 unlike the majority of the previous studies we employ the newly developed autoregressive distributed lag ardl bounds testing approach by pesaran et al 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 to examine this linkage we also use two proxies of energy consumption namely total energy consumption per capita and electricity consumption per capita the results of the bounds test show that there is a stable long run relationship between each of the proxies of energy consumption and economic growth the results of the causality test on the other hand show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima facie causal flow from electricity consumption to economic growth overall the study finds that energy consumption spurs economic growth in tanzania

consumption effects of genetic modification what if consumers are right this paper develops a model of differentiated consumers to examine the consumption effects of genetic modification gm under alternative labelling regimes and segregation enforcement scenarios analytical results show that if consumers perceive gm products as being different than their traditional counterparts gm affects consumer welfare and thus consumption decisions when the existence of market imperfections in one or more stages of the supply chain prevents the transmission of cost savings associated with the new technology to consumers gm results in welfare losses for consumers the analysis shows that the relative welfare ranking of the no labelling and mandatory labelling regimes depends on i the level of consumer aversion to gm products ii the size of marketing and segregation costs under mandatory labelling iii the share of the gm product in total production and iv the extent to which gm products are incorrectly labelled as non gm products

every minute counts in financial markets abstract this paper represents an introductory study of ultra high frequency minuute by minute data for forex spot rates bid ask reuters quotes on three days autumn 1987 the frequency of price revision size of spread and statistical characteristics are measured the series exhibit time varying leptokurtosis unit roots and first order negative correlation the latter especially in disturbed jumpy markets the effect of time aggregation on these characteristics is examined and variance ratios are analyzed multivariate analysis revealed significant relationships between lagged exchange rates both the own rate and the key deutsche mark us dollar rate and the current spot rate

inserting gm products into the food chain the market and welfare effects of different labeling and regulatory regimes the purpose of this article is to examine the system wide effects of the introduction of genetically modified gm products with and without labeling and to compare these two regimes to a third regime where gm products are not present either because they have not yet been developed or because they have been banned for each regime the decisions and welfare of consumers producers and life science companies are examined the article explicitly incorporates the consumer response to the introduction of gm technology and considers different market structures of the life science sector

coal consumption and economic growth evidence from a panel of oecd countries this study examines the relationship between coal consumption and economic growth for 25 oecd countries within a multivariate panel framework over period 1980 2005 the larsson et al 2001 panel cointegration test indicates there is a long run equilibrium relationship between real gdp coal consumption real gross fixed capital formation and the labor force the respective coefficients for real gross fixed capital formation and the labor force are positive and statistically significant whereas the coefficient for coal consumption is negative and statistically significant the results of the panel vector error correction model reveal bidirectional causality between coal consumption and economic growth in both the short and long run however the bidirectional causality in the short run is negative

explaining the choice of organic produce cosmetic defects prices and consumer preferences the choice between organic and conventional produce was estimated empirically using a two equation probit model data were collected in store on cosmetic defects produce prices and consumers demographic and economic traits store choice displayed a significant impact on the probability of purchasing organic produce shoppers at the specialty grocer were sensitive to price differences between organic and conventional items households with children under eighteen were more likely to purchase organic produce while shoppers with graduate or professional degrees were less likely to do so differences in cosmetic defects had statistically significant albeit small effects on the probability of purchasing organics

innovation and trade with endogenous market failure the case of genetically modified products a partial equilibrium two country model is developed to analyze implications from the introduction of genetically modified gm products in the model innovators hold proprietary rights farmers are competitive adopters some consumers deem gm food to be inferior in quality to traditional food and the mere introduction of gm crops affects the costs of non gm food because of costly identity preservation among the results derived it is shown that although gm innovations have the potential to improve efficiency some groups can be made worse off indeed it is even possible that the costs induced by gm innovations outweigh the efficiency gains

energy consumption economic growth nexus for pakistan taming the untamed abstract a recent survey of energy growth literature has highlighted the potential trade off between bivariate models that suffer from omitted variable bias and the danger of over parameterization of multivariate models in the individual country setting narayan and smyth 2 this is a serious limitation when the interest is in drawing policy implications for specific countries with short times series of available data the maximum entropy bootstrap approach was used to re examine the nature of causal relationship between energy consumption and economic growth for pakistan where the available time series data was only from 1971 to 2011 unlike the techniques used in much of the earlier literature this approach does not rely on asymptotic methods and therefore leads to robust inference even in small samples moreover the approach can be applied in the presence of non stationarity of any type and structural breaks without requiring data transformation for to achieving stationarity and is not sensitive to specification errors such as those in lag length selection the empirical findings based on both the bivariate as well as the multivariate frameworks supported the conservation hypothesis implying the existence of a unidirectional causality from economic growth to energy consumption

natural gas consumption and economic growth nexus panel data analysis for gcc countries abstract this study investigates the relationship between natural gas energy consumption and economic growth by including trade openness total labor force and gross fixed capital formation as a major determinants of gdp growth within the multivariate framework model in gulf cooperation council gcc countries a panel gdp model is constructed taking the period of 1980 2012 the result revealed that natural gas energy consumption is cointegrated with gdp growth in the investigated countries in addition based on the panel dynamic ordinary least square dols and the fully modified ordinary least square fmols this study concluded that the natural gas energy consumption affects the gcc s countries gdp growth positively in the long run furthermore the results from the granger causality test revealed bidirectional causality between natural gas energy consumption and gdp growth which confirms the feedback hypothesis from the outcome of this research a number of policy implications were provided for the gcc countries

the asymmetric granger causality analysis between energy consumption and income in the united states abstract we investigated granger causality between variants of the energy consumption sources and gross domestic product gdp for the united state of america usa to accomplish this objective we utilized a recent approach of asymmetric granger causality developed by hatemi j for the period january 1973 october 2011 our results indicated presence of asymmetric granger causality between a few variants of energy consumption sources i e coal consumption cc natural gas consumption ng primary energy consumption pe and total renewable energy consumption tre and gdp all measured in growth rates additionally when positive shocks are analyzed we found the evidence of unidirectional granger causality running from gdp growth rate to growth rate of cc and from growth rate of total electricity end use ec to gdp growth rate additionally we find significant evidence of bidirectional granger causality between ng and gdp pe and gdp and tre and gdp all measured in growth rates however in case of negative shocks we find that the null hypothesis that growth rates in cc and tre do not granger cause gdp growth rate is rejected at 5 level of significance these results have important implications for research analysts as well as policy makers of the usa economy

bounds test approach to cointegration and causality between nuclear energy consumption and economic growth in india abstract this paper attempts to examine the dynamic relationship between economic growth nuclear energy consumption labor and capital for india for the period 1969 2006 applying the bounds test approach to cointegration developed by pesaran et al 2001 we find that there was a short and a long run relationship between nuclear energy consumption and economic growth using four long run estimators we also found that nuclear energy consumption has a positive and a statistically significant impact on india s economic growth further applying the toda and yamamoto 1995 approach to granger causality and the variance decomposition approach developed by pesaran and shin 1998 we found a positive and a significant uni directional causality running from nuclear energy consumption to economic growth without feedback this implies that economic growth in india is dependent on nuclear energy consumption where a decrease in nuclear energy consumption may lead to a decrease in real income for a fast growing energy dependent economy this may have far reaching implications for economic growth india s economic growth can be frustrated if energy conservation measures are undertaken without due regard to the negative impact they have on economic growth

the distribution of foreign exchange price changes trading day effects and risk measurement this study investigates the nature of price changes in a variety of major and minor foreign exchange markets the results suggest that the log of price changes over one trading day intervals seems to follow a non normal stable distribution function different measures of location and to lesser extent scale are present for different days of the week dollar denominated price changes are high on mondays and wednesdays and low on thursdays and fridays for all currencies the wednesday thursday result is consistent with the settlement procedures used in foreign exchange transactions in the dollar the friday monday result is consistent with an increase in demand for the dollar prior to the weekend this study offers some previously unavailable results on the nature of price changes in a certain set of speculative markets in particular this is a study of the distributional characteristics of daily and weekly price changes for a number of major and minor foreign exchange markets the results document the existence of non normal stable distributions for price changes in foreign exchange markets these price change distributions differ by day of the week in ways that are only partly attributable to the institutional structure of the market the results of the study are interpreted within the context of understanding how foreign exchange markets operate and within the context of prior studies of stock market data concerned with summarizing the probability distribution of price changes for different intervals including days of the week since bachelier s 1 original treatise that contained the proposition that speculative market prices follow a process that could be described by a normal distribution there have been numerous alternative attempts to describe the stochastic processes which characterize speculative market prices these studies have not resulted in any generalized description of the probability distribution of price changes in such markets indeed the evidence suggests substantial differences in the process among various types of financial instruments the failure to achieve consensus can be traced to the lack of robustness in the statistical procedures employed to estimate processes and to differences in the underlying institutional or economic arrangements which are unique to that market the possibility of differences in the information set used to assess value or differences in technology for transmitting information makes it important to secure additional

the dynamics of natural gas consumption and gdp in bangladesh abstract reserves of natural gas in bangladesh are very large and total demand has increased secularly in recent years this paper examines the causal relationship between the consumption of natural gas and gdp in bangladesh over the period 1980 to 2010 we find that there is a positive unidirectional causality running from gdp to natural gas consumption movements in gdp affect the consumption of natural gas but not vice versa while our results rest on several statistical assumptions they support the pursuit of policies that are in line with energy conservation implementing these policies will be of particular significance in light of the fact that bangladesh s current reserves of natural gas will not meet its current level of consumption demand beyond the next two decades

a note on weekday intraday and overnight patterns in the interbank foreign exchange and listed currency options markets abstract transactions data are used to investigate returns patterns for close to close close to open and intraday long positions in spot currency interbank and currency put options listed for the years 1983 through 1988 both trading day and calendar day hypotheses are investigated under the former spot market returns are found to be significantly higher from friday close to monday close and from friday close to monday open under the calendar day hypothesis however no significant close to close pattern emerges and the friday close to monday open effect is reversed finally spot put market returns are found to be significantly lower higher for tuesday and friday afternoons

on the causal dynamics between hydroelectricity consumption and economic growth in latin america countries abstract the aim of this study is to examine the relationship between hydroelectricity consumption and economic growth in seven latin america countries including argentina brazil chile colombia ecuador peru and venezuela the analysis is conducted within a neoclassical model involving capital and labour force for the period of 1970 2012 we utilize a recently developed cointegration test to investigate the long run relationship in the variables having established that the variables are cointegrated the results indicate long run bidirectional causality between hydroelectricity consumption and economic growth in argentina and venezuela there is evidence for long run unidirectional causality from hydroelectricity consumption to economic growth in brazil chile colombia ecuador and peru the long run coefficients from the regression analyses suggest that hydroelectricity consumption positively affect the economies of these latin american countries however limited evidence of causality between the two variables is found in the short run the ensuing policy implications of the findings are discussed

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

consumer perceptions and the effects of country of origin labeling on purchasing decisions and welfare abstract the study develops a general analytical framework of heterogeneous consumer preferences to examine the effects of country of origin labeling cool regulation on consumer purchasing decisions and welfare we show that while differences in consumer perceptions about cool information namely whether it is viewed as an attribute that differentiates products vertically or horizontally do not alter the nature of the market and consumer welfare effects of mandatory cool the relative strength of consumer preferences for cool are shown to be important in determining the magnitude of these effects in addition our results show that the benchmark used a no cool versus a voluntary cool regime is critical in evaluating the effects of the policy we show that under both horizontal and vertical product differentiation a change from a no cool to a mandatory cool regime decreases increases the welfare of consumers with weak strong preference for cool while a change from a voluntary to a mandatory cool regime leads to an unambiguous loss in consumer welfare

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

from t bills to common stocks investigating the generality of intra week return seasonality the authors investigate the extent to which intra week seasonality still exists and whether its pattern is uniform across three stock indices and treasury bonds with seven different maturities they find that intra week seasonality continues to be significant and that its pattern is not uniform either between the stock indices and the treasury bonds or even among the bonds alone a pattern shared by stocks and bonds is that monday returns become increasingly negative with maturity these findings suggest that neither institutional nor general equilibrium explanations by themselves can explain the pattern of intra week seasonality in securities markets

bioenergy and global land use change this is the first article that econometrically estimates the global land use change impact of bioenergy applying time series analytical mechanisms to fuel biofuel and agricultural commodity prices and production we estimate the long run relationship between energy prices bioenergy production and the global land use change our results suggest that rising energy prices and bioenergy production significantly contribute to the global land use change both through the direct and indirect land use change impact globally the total agricultural area yearly increases by 35 578 1 thousand ha due to increasing oil price and by 12 125 1 thousand ha due to increasing biofuel production which corresponds to 0 73 and 0 25 of the total worldwide agricultural area respectively soya land use change and wheat land use change have the highest elasticities with respect to both oil price and biofuel production in contrast nonbiomass crops grassland and rice have negative land use change elasticities region spe

electricity consumption and economic growth in china abstract this paper applies the error correction model to examine the causal relationship between electricity consumption and real gdp for china during 1971 2000 our estimation results indicate that real gdp and electricity consumption for china are cointegrated and there is unidirectional granger causality running from electricity consumption to real gdp but not vice versa in order to overcome the constraints on electricity consumption the chinese government has to speed up the nation wide interconnection of power networks to upgrade urban and rural distribution grids and to accelerate rural electrification

energy consumption and economic growth a causality analysis for greece abstract this paper investigates the causal relationship between aggregated and disaggregated levels of energy consumption and economic growth for greece for the period 1960 2006 through the application of a later development in the methodology of time series proposed by toda and yamamoto 1995 at aggregated levels of energy consumption empirical findings suggest the presence of a uni directional causal relationship running from total energy consumption to real gdp at disaggregated levels empirical evidence suggests that there is a bi directional causal relationship between industrial and residential energy consumption to real gdp but this is not the case for the transport energy consumption with causal relationship being identified in neither direction the importance of these findings lies on their policy implications and their adoption on structural policies affecting energy consumption in greece suggesting that in order to address energy import dependence and environmental concerns without hindering economic growth emphasis should be put on the demand side and energy efficiency improvements

electricity consumption growth nexus evidence from panel data for transition countries abstract this paper investigates the long run relationship and causality issues between electricity consumption and economic growth in 15 transition countries albania belarus bulgaria czech republic estonia latvia lithuania macedonia moldova poland romania russian federation serbia slovak republic and ukraine by using the pedroni panel cointegration method for the 1990 2006 period results suggest that the pedroni panel cointegration tests do not confirm a long term equilibrium relationship between electricity consumption per capita and real gdp per capita moreover since no cointegration was found error correction mechanisms plus causality tests cannot be run for further steps in the long term to investigate the causality between electricity consumption and economic growth overall it can be said that the electricity consumption related policies have no effect or relation on the level of real output in the long run for these countries as a conclusion the literature has conflicting results and there is no consensus either on the existence or the direction of causality between electricity consumption and economic growth thus the findings of this study have important policy implications and it shows that this issue still deserves further attention in future research

statistical study of foreign exchange rates empirical evidence of a price change scaling law and intraday analysis abstract in this paper we present a statistical analysis of four foreign exchange spot rates against the u s dollar with several million intra day prices over 3 years the analysis also includes gold prices and samples of daily foreign exchange prices over 15 years the mean absolute changes of logarithmic prices are found to follow a scaling law against the time interval on which they are measured this empirical law holds although the distributions of the price changes strongly differ for different interval sizes systematic variations of the volatility are found even during business hours by an intra day analysis of price changes seasonal heteroskedasticity is observed with a period of one day as well as one week as the result of an analogous intra week analysis taking this into account is necessary for any future study of intra day price change distributions and their generating process the same type of analysis is also made for the bid ask spreads

the behavior of intra daily exchange rates abstract the behavior of exchange rates is examined as they evolve continuously over time the data consist of swiss franc u s dollar rates for nine days during the years 1978 1980 as quoted by a major swiss dealer operating on the interbank market since this market is highly organized the observations are market prices at the same time the distributions of relative changes in exchange rates measured over one minute are highly leptokurtic the normal distribution is rather rapidly approached when the measurement interval is lengthened from one up to ten minutes time series analysis reveals that the natural logarithms of exchange rates are adequately described by a random walk the same stochastic process as has been found for daily weekly monthly and quarterly observations for short time intervals significant autocorrelations sometimes occur at the first few lags which are however not stable enough over time to form a basis for reliable forecasts

causality between energy consumption and economic growth in india a note on conflicting results abstract this note examines the different direction of causal relation between energy consumption and economic growth in india applying engle granger cointegration approach combined with the standard granger causality test on indian data for the period 1950 1996 we find that bi directional causality exists between energy consumption and economic growth further we apply johansen multivariate cointegration technique on the different set of variables the same direction of causality exists between energy consumption and economic growth this is different from the results obtained in earlier studies

nuclear energy consumption and economic growth in oecd countries cross sectionally dependent heterogeneous panel causality analysis the purpose of this study is to determine the direction causality between nuclear energy consumption and economic growth in oecd countries the empirical model that includes capital and labor force as the control variables is estimated for the panel of fourteen oecd countries during the period 1980 2007 apart from the previous studies in the nuclear energy consumption and economic growth relationship this study utilizes the novel panel causality approach which allows both cross sectional dependency and heterogeneity across countries the findings show that there is no causality between nuclear energy consumption and economic growth in eleven out of fourteen cases supporting the neutrality hypothesis as a sensitivity analysis we also conduct toda yamamoto time series causality method and find out that the results from the panel causality analysis are slightly different than those from the time series causality analysis thereby we can conclude that the choice of statistical tools in analyzing the nature of causality between nuclear energy consumption and economic growth may play a key role for policy implications

the dynamics of oil consumption and economic growth in malaysia abstract this study attemps to investiagte the causal relationship between oil consumption and economic growth in malaysia where oil consumption and real gross domestic product have been rapidly increased in recent years to this end the study employs annual data covering the period 1965 2011 tests for unit roots co integration and granger causality based on the error correction models are presented the overall results support the existence of bi directional causality between oil consumption and economic growth in malaysia this means that an increase in oil consumption directly affect economic growth thus in order not to make an adverse effect on economic growth malaysia should endeavor to overcome the constraints on oil consumption moreover it appears that economic growth induces oil consumption

us biofuels subsidies and co2 emissions an empirical test for a weak and a strong green paradox abstract using energy data over the period 1981 2011 we find that us biofuels subsidies and production have provided a perverse incentive for us fossil fuel producers to increase their rate of extraction that has generated a weak green paradox further in the short run if the reduction in the co 2 emissions from a one to one substitution between biofuels and fossil fuels is less than 26 percent or less than 57 percent if long run effect is taken into account then us biofuels production is likely to have resulted in a strong green paradox these results indicate that subsidies for first generation biofuels which yield a low level of per unit co 2 emission reduction compared to fossil fuels might have contributed to additional net co 2 emissions over the study period

japan s energy security predicament post fukushima if energy security is defined as the availability of energy at all times in various forms in sufficient quantities and at affordable prices without unacceptable or irreversible impact on the economy and the environment japan is facing an energy security predicament for a country that was already uneasy about energy security the march 11 2011 earthquake and tsunami which caused a nuclear catastrophe in tepco s fukushima daiichi nuclear power plant turned this unease into outright anxiety with the temporary and or permanent closure of many nuclear reactors japan has had to replace lost power tokyo has had no choice but to secure additional fossil fuels a strategy that has negatively affected japan s economy due to rising fuel costs the increase in japan s fossil fuel consumption has also caused a significant increase in greenhouse gas emissions and affected tokyo s commitment to kyoto targets this paper analyzes the consequences of the 2011 nuclear disaster for japan s energy security recognizing that japan s future energy policy choices are constrained and path dependent the paper outlines energy policy recommendations for japan s government

managing the energy trilemma the case of indonesia abstract this article argues that a central challenge for energy governance is how to manage a complex energy trilemma involving the sometimes competing demands of energy security climate change mitigation and particularly in developing countries energy poverty it suggests that tensions between the horns of the trilemma in large part explain indonesia s current profoundly suboptimal energy policy while these tensions are not inherently incapable of resolution such resolution would require good governance at both state and global levels the possibilities for and obstacles confronting such governance are explored and provisional solutions canvassed

does the weekday effect of the yen dollar spot rates exist in tokyo london and new york an analysis of panel probability distribution using probability distribution techniques this article explores whether any differences exist between the returns and volatility of yen dollar spot markets in tokyo london and new york after the intraday returns were fit into probability distributions new york is found to have the highest return followed by london and then tokyo in estimating the peaks and widths of the distributions of volatility tokyo is found to have the lowest volatility in the log normal distribution while london and new york show similar volatility distributions implying similar investor risk return preference behaviour in the london and new york markets the findings also imply that arbitrage opportunities between london and new york could be trivial after estimating the panel distribution from monday to friday across the three markets we found that the monday effect disappears instead tuesday shows negative and significantly lower returns the friday weekend effect no longer exists instead thursday shows a positi

renewable energy consumption and economic growth evidence from a panel of oecd countries abstract this study examines the relationship between renewable energy consumption and economic growth for a panel of twenty oecd countries over the period 1985 2005 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship the heterogeneous panel cointegration test reveals a long run equilibrium relationship between real gdp renewable energy consumption real gross fixed capital formation and the labor force with the respective coefficients positive and statistically significant the granger causality results indicate bidirectional causality between renewable energy consumption and economic growth in both the short and long run

renewable energy consumption economic growth nexus for china abstract the aim of this paper is to investigate the relationship between renewable energy consumption and economic growth in china for the period 1977 2011 autoregressive distributed lag approach ardl to cointegration and johansen cointegration techniques are employed by including intermittent variables namely carbon dioxide emissions and labor we also employed granger causality test in order to determine the direction of the causality among the variables the results show that there is a bi directional long term causality between renewable energy consumption and economic growth this finding implies that growing economy in china is propitious for the development of renewable energy sector which in turn helps to boost economic growth we also find that labor influences renewable energy consumption in the short term however there is no evidence of long or short run causality between carbon emissions and renewable energy consumption this implies that actual level of renewable energy in china is still insignificant and not considerably exploited in order to contribute to the mitigation of carbon dioxide emissions

an international literature survey on energy economic growth nexus evidence from country specific studies in this paper an extensive review of the rapidly growing in the literature on the nexus between economic growth and four types of energy consumption total energy consumption electricity consumption nuclear consumption and renewable consumption the various hypotheses associated with the causal interaction between these variables along with a survey of the empirical literature are also discussed the survey focuses on country coverage periods modeling techniques and empirical conclusions a general observation from these studies that results are found to be sensitive to methodology and type of energy considered the empirical results for the specific countries surveyed show that i for energy consumption growth nexus 29 supported the growth hypothesis 27 the feedback hypothesis 23 the conservation hypothesis and 21 the neutrality hypothesis ii for the electricity consumption growth nexus 40 supported the growth hypothesis 33 the feedback hypothesis and 27 conservation hypothesis iii for the nuclear consumption growth nexus 60 supported the neutrality hypothesis and 40 the growth hypothesis and iv for the renewable consumption growth nexus 40 supported the neutrality hypothesis 40 the conservation hypothesis and 20 the growth hypothesis these mixed results may be attributed to the different used data selected variables and econometric approaches undertaken

meteor showers or heat waves heteroskedastic intra daily volatility in the foreign exchange market this paper seeks to explain the causes of volatility clustering in exchange rates careful examination of intra daily exchange rates provides a test of two hypotheses heat waves and meteor showers the heat wave hypothesis is that the volatility has only country specific autocorrelation alternatively the meteor shower is a phenomenon of intra daily volatility spillovers from one market to the next using the garch model to specify the heteroskedasticity across intra daily market segments we find that the empirical evidence is generally against the null hypothesis of the heat wave using a volatility type of vector autoregression we examine the impact of news in one market on the time path of per hour volatility in other markets

electricity consumption and economic growth in india abstract this paper tries to examine the granger causality between electricity consumption per capita and gross domestic product gdp per capita for india using annual data covering the period 1950 51 to 1996 97 phillips perron tests reveal that both the series after logarithmic transformation are non stationary and individually integrated of order one this study finds the absence of long run equilibrium relationship among the variables but there exists unidirectional granger causality running from economic growth to electricity consumption without any feedback effect so electricity conservation policies can be initiated without deteriorating economic side effects

a note on economic news and intraday exchange rates abstract measured with intraday data in a 1987 1991 sample period the mark dollar exchange rate was affected by unanticipated information about the trade deficit and the consumer price index the exchange rate showed no significant response to news about money supply industrial production the producer price index or unemployment trade deficit surprises were negatively correlated with the value of the dollar as expected cpi surprises showed a positive correlation as would be predicted by sticky price models of exchange rates the market s reaction to the 8 30am trade deficit announcement was complete by 9am but the market s response to the cpi announcement was not as immediate no significant reaction had occurred by 9am and the spot price did not fully digest the information until 1pm significant responses were present in the 9am 11am and noon hours alternate measures of currency returns failed to explain this delayed response

are seasonal anomalies real a ninety year perspective in recent years there has been a proliferation of empirical studies documenting unexpected or anomalous regularities in security rates of return in addition to the widely studied relation between firm size and rate of return 1 these include seasonal regularities related to the time of the day harris 1986 the day of the week see ball and bowers 1986 cross 1973 french 1980 gibbons and hess 1981 jaffe and westerfield 1985 keim and stambaugh 1984 and lakonishok and levi 1982 the time of the month ariel 1987 and the turn of the year see haugen and lakonishok 1988 jones pearce and wilson 1987 lakonishok

market and welfare effects of second generation consumer oriented gm products we examine the economic effects of the introduction of consumer oriented genetically modified gm products into the food system by developing a model of heterogeneous consumers and producers that allows for vertical and horizontal differentiation between the products available to consumers the model facilitates the estimation of consumer and producer surpluses in the product utility and product net returns spaces results show that the introduction of consumer oriented gm products can change the relationship between gm and conventional and organic products from one of vertical to one of horizontal product differentiation and can enhance both economic welfare and the market acceptance and growth of agricultural biotechnology

ethics welfare and markets an economic analysis the present article examines society s welfare when goods with identical physical attributes can be produced using two alternative technologies one of them less ethically desirable but less expensive for at least some producers for the scenario where identification costs must be borne by producers and consumers of the high quality good the outcome under unregulated markets is identical to the optimal solution of a central planner constrained to neither ban the undesirable technology nor segregate the low quality good however under certain circumstances the unregulated market equilibrium may be improved upon by government intervention that shifts the burden of identification costs to the producers of the low quality good or which bans the production of the low quality good the optimal intervention needs to be determined case by case and depends on consumer preferences relative production costs and relative costs of identification and fraud prevention

energy consumption carbon emissions and economic growth in china abstract this paper investigates the existence and direction of granger causality between economic growth energy consumption and carbon emissions in china applying a multivariate model of economic growth energy use carbon emissions capital and urban population empirical results for china over the period 1960 2007 suggest a unidirectional granger causality running from gdp to energy consumption and a unidirectional granger causality running from energy consumption to carbon emissions in the long run evidence shows that neither carbon emissions nor energy consumption leads economic growth therefore the government of china can purse conservative energy policy and carbon emissions reduction policy in the long run without impeding economic growth

former soviet union oil production and gdp decline granger causality and the multi cycle hubbert curve abstract this paper discusses the transition of the former soviet union fsu within the context of a 1987 1996 soviet and fsu oil production decline the conventional explanation of the break up is that economic inefficiencies and the cold war defense build up caused it another possible explanation one that is examined at length here is that declining oil production was a contributing factor the econometric analysis suggests that the fall in soviet and former soviet gdp in the 1980s and 1990s did not granger cause the decline in oil production but the decline in oil production did granger cause the fall in gdp coal and natural gas to gdp relationships show alternative granger causalities that we would expect to see with oil but do not a multi cycle hubbert trend that may be used to forecast future fsu oil production is also shown

horizontal and vertical differentiation the launhardt model we show how the spatial duopoly proposed by launhardt in 1885 where firms have access to different transportation technologies allows one to model in a simple and elegant way the two major types of product differentiation i e horizontal and vertical we consider the cases where firms are located near the market end points or near the market center launhardt s analysis of price determination is then extended by allowing firms to choose strategically their transportation rates subgame perfect nash equilibria involve minimum maximum vertical product differentiation when horizontal product differentiation is large small enough

an examination of stock market return volatility during overnight and intraday periods 1964 1989 this paper examines the variance of hourly market returns during 1964 89 results indicate that return volatility falls from the opening hour until early afternoon and rises thereafter and is significantly greater for intraday versus overnight periods market variance is also shown to change significantly over time rising after nasdaq began in 1971 rising after trading in stock options began in 1973 falling after fixed commissions were eliminated in 1975 rising after trading in stock index futures was introduced in 1982 and falling after margin requirements for stock index futures became larger in 1988 copyright 1990 by american finance association

genetically modified crops their market and welfare impacts a framework is developed for examining price and welfare effects of the introduction of genetically modified gm products in the short run non gm grain generally becomes another identity preserved product however more profound market effects are observed under some reasonable parameterizations when calibrated to reflect the u s corn market introducing gm technology increases aggregate welfare over a wide range of scenarios unless the corresponding production cost savings are small and consumers are seriously concerned about gm products the possibility that gm technology may reduce aggregate welfare is interesting because the model assumes rational agents and does not include regulatory constraints

a transaction data study of weekly and intradaily patterns in stock returns abstract weekly and intradaily patterns in common stock prices are examined using transaction data for large firms negative monday close to close returns accrue between the friday close and the monday open for smaller firms they accrue primarily during the monday trading day for all firms significant weekday differences in intraday returns accrue during the first 45 minutes after the market opens on monday mornings prices drop while on the other weekday mornings they rise otherwise the pattern of intraday returns is similar on all weekdays most notable is an increase in prices on the last trade of the day

price changes of related securities the case of call options and stocks this paper tests the hypothesis that option prices contain information not reflected in con temporaneous stock prices an options transactions data base is used for the purpose the evidence suggests that the magnitude of anticipation of stock prices by option prices is insufficient to overcome the bid ask spread for intra day holding periods implications of the profits in the overnight holding periods are discussed

development of biofuels in south africa challenges and opportunities abstract biofuels have a potential to extend and diversify south africa s energy supply thus reducing dependence on imported fuels and pollution levels despite several biofuel policies and mandates biofuel development in south africa has stalled in the legislative process and no large scale commercial biofuel project has materialized yet developing biofuels especially using food grains is a big challenge to the government of south africa due to issues related to food security commodity prices economic and social concerns and impacts of land use changes on the environment the production cost of feedstock and employment creation opportunities from agricultural production play a vital role in selecting suitable feedstock for the region since considerable investment and infrastructure will be required for continued supply of feedstock and efficient biomass conversion technologies rigorous research and comprehensive studies are required to identify feedstock and technologies best suited for the successful establishment of biofuel industry in south africa

renewable energy and growth evidence from heterogeneous panel of g7 countries using granger causality abstract in this paper we examine the causal relationship between renewable energy consumption and economic growth across the g7 countries using annual data for the period of 1990 2011 by employing the causality methodology proposed by emirmahmutoglu and kose 2011 8 we investigate if there is a causal relationship between the variables the advantage of this methodology is that it takes into account possible slope heterogeneity and cross sectional dependency in a multivariate panel the empirical results support the existence of a bi directional causal relationship between economic growth and renewable energy for the overall panel however looking at the individual results for each country the neutrality hypothesis is confirmed for canada italy and the us while for france and uk there is a unidirectional causality from gdp to renewable energy and the opposite for germany and japan

the end of peak oil why this topic is still relevant despite recent denials up until recently peak oil was a major discussion point crossing from academic research into mainstream journalism yet it now attracts far less interest this paper evaluates the reasons for this and on going relevance of peak oil considering variations in predictive dates for the phenomenon supported by technological economic and political issues using data from agencies the validity of each position is assessed looking at reserves industrial developments and alternative fuels the complicating issue of demand is also considered the conclusions are that supported by commercial interests an unsubstantiated belief in market and technical solutions and a narrow paradigmatic focus critics of peak oil theory have used unreliable reserve data optimistic assumptions about utilisation of unconventional supplies and unrealistic predictions for alternative energy production to discredit the evidence that the resource limited peak in the world s production of conventional oil has arrived diverting discussion from what should be a serious topic for energy policy how we respond to decreasing supplies of one of our most important energy sources

weekend effects on stock returns a note some researchers have apparently been surprised to discover that the distribution of stock returns depends on the day of the week kenneth french 3 for example in testing whether daily stock returns are generated by a trading time or calendar time hypothesis provided convincing evidence of a negative market return on mondays as french carefully notes this finding runs counter to both hypotheses since a trading time view would have expected stock returns equal on different days and a calendar time view would have higher expected returns on monday to compensate for the longer holding period in this paper we offer a partial explanation for the apparently puzzling discovery of different daily returns we argue that the expected stock returns as measured for example from closing to closing prices should depend on the day of the week in general we argue that the expected returns on mondays should be lower than would be implied simply by a trading time or calendar time model and the returns on fridays should be higher in addition we anticipate that holidays will have complex effects on stock returns on other days of the week our argument is based on the delay between trading and settlements in stocks and in clearing checks the explanation that we offer for different measured daily returns does not contradict the efficient market hypothesis as correctly adjusted expected returns should not differ according to the day of the week

can biomass energy be an efficient policy tool for sustainable development abstract this paper first reviews the potential causality from biomass energy to co2 emissions and economic development within relevant literature later the paper examines statistically the impacts of biomass energy consumption on co2 emissions and gdp in the us to this end paper observes environmental and economic implications of biomass fuel usage throughout energy literature and launches asymmetric causality test to confirm disconfirm the literature output the findings of the tests indicate that biomass energy consumption per capita mitigates co2 emissions per capita and increases gdp per capita eventually upon its output this research asserts that biomass energy consumption can be an efficient policy tool for environmentally sustainable development in the us and that hence biomass production technologies and biomass consumption need to be promoted in other countries as well as in the us on the other hand analyses underline the fact that policy makers should consider as well some potential constraints of biomass energy usage such as land use constraints and carbon leakage from biomass production therefore although this paper explores the remedial impact of biomass on environment and growth one may suggest also that further possible works consider the effects of biomass sources in detail to minimize the some worsening influence of biomass usage on climate change