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

uncertainty in the theory of renewable resource markets the natural growth rate of most renewable resource stocks is in part stochastic this paper examines the implications of such ecological uncertainty for competitive equilibrium in a market with property rights we show that stochastic fluctuations add a risk premium to the rate of return required to keep a unit of stock in situ and we examine the effects of fluctuations on resource rent examples are used to show that extraction can increase decrease or be left unchanged as the variance of the fluctuations increases depending on the extent of market self correction regulatory implications are also discussed renewable resource economics has traditionally been concerned with the study of dynamically optimal harvesting policies given a deterministic function for the natural growth of the resource stock issues have included the existence and characteristics of steady state equilibria for the optimally managed resource the need for and design of regulatory policies to prevent over exploitation and conditions under which as a social optimum or otherwise the resource will be exploited to extinction 1 much of this work has been based on the assumption of a fixed and exogenous price for the harvested resource typically resulting in bang bang solutions for the harvesting policy however some recent papers make price endogenous and thereby describe how the extraction rate and the rate of return and asset value of the resource behave in a competitive market with property rights 2

electricity consumption real gdp causality nexus evidence from a bootstrapped causality test for 30 oecd countries the goal of this paper is to examine any causal effects between electricity consumption and real gdp for 30 oecd countries we use a bootstrapped causality testing approach and unravel evidence in favour of electricity consumption causing real gdp in australia iceland italy the slovak republic the czech republic korea portugal and the uk the implication is that electricity conservation policies will negatively impact real gdp in these countries however for the rest of the 22 countries our findings suggest that electricity conversation policies will not affect real gdp

energy consumption real income and temporal causality results from a multi country study based on cointegration and error correction modelling techniques abstract unlike previous studies on the causal relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multivariate cointegration tests preceded by various unit root or non stationarity tests we test for cointegration between total energy consumption and real income of six asian economies india pakistan malaysia singapore indonesia and the philippines non rejection of cointegration between variables rules out granger non causality and imples at least one way of granger causality either unidirectional or bidirectionial secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample granger exogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total impact of an unanticipated shock to each of the variables beyond the sample period into proportions attributable to shocks in the other variables including its own in the bivariate system results based on these tools of methodology indicate that while all pair wise relationships shared common univariate integrational properties only relationships for three countries india pakistan and indonesia were cointegrated for these countries temporal causality results were mixed with unidirectional causality from energy to income for india exactly the reverse for indonesia and mutual causality for pakistan the vdcs were not inconsistent with these results and provided us with an additional insight as to the relatively more dominant direction of causation in pakistan simple bivariate vector autoregressive models for the three non cointegrated systems did not indicate any direction of causality significantly in either direction

a qualitative dynamical modelling approach to capital accumulation in unregulated fisheries capital accumulation has been a major issue in fisheries economics over the last two decades whereby the interaction of the fish and capital stocks were of particular interest because bio economic systems are intrinsically complex previous efforts in this field have relied on a variety of simplifying assumptions the model presented here relaxes some of these simplifications problems of tractability are surmounted by using the methodology of qualitative differential equations qde the theory of qdes takes into account that scientific knowledge about particular fisheries is usually limited and facilitates an analysis of the global dynamics of systems with more than two ordinary differential equations the model is able to trace the evolution of capital and fish stock in good agreement with observed patterns and shows that over capitalization is unavoidable in unregulated fisheries r 2005 elsevier b v all rights reserved

energy and national income in korea further evidence on the role of omitted variables abstract results of this paper indicate that the real oil price is a major determinant of real national income and energy consumption the combined effects of real money and real government expenditure on real income and energy consumption are also substantial a lack of causality or the causality between energy and real income in prior studies is due to the omitted variables results also confirm that the two oil price shocks combined adversely affected real national income

an investigation of co integration and causality between energy consumption and economic activity in taiwan applying hsiao a version of the granger causality method this paper examines the causality between energy and gnp and energy and employment by applying recently developed techniques of co integration and hsiao s version of the granger causality to taiwanese data for the 1955 1993 period the phillips perron tests reveal that the series with the exception of gnp are not stationary and therefore differencing is performed to secure stationarity the study finds causality running from gdp to energy consumption without feedback in taiwan it is also found that causality runs from gdp to energy but not vice versa

a viability analysis for a bio economic model abstract this paper presents a simple dynamic model dealing with the management of a marine renewable resource but instead of studying the ecological and economic interactions in terms of equilibrium or optimal control we pay much attention to the viability of the system or in a symmetric way to crisis situations these viability crisis situations are defined by a set of economic and biological state constraints the analytical study focuses on the compatibility between the state constraints and the controlled dynamics using the mathematical concept of viability kernel we reveal the situations and if possible management options to guarantee a perennial system going further we define overexploitation indicators by the time of crisis function in particular we point out irreversible overexploitation configurations related to the resource extinction

causality relationship between electricity consumption and gdp in bangladesh in this paper we examine the causal relationship between the per capita electricity consumption and the per capita gdp for bangladesh using cointegration and vector error correction model our results show that there is unidirectional causality from per capita gdp to per capita electricity consumption however the per capita electricity consumption does not cause per capita gdp in case of bangladesh the finding has significant implications from the point of view of energy conservation emission reduction and economic development

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

a note on the causal relationship between energy and gdp in taiwan abstract this paper re examines the causality between energy consumption and gdp by using updated taiwan data for the period 1954 1997 as a secondary contribution we investigate the causal relationship between gdp and the aggregate as well as several disaggregate categories of energy consumption including coal oil natural gas and electricity applying granger s technique we find bidirectional causality between total energy consumption and gdp we find further that different directions of cause exist between gdp and various kinds of energy consumption

the relationship between energy and gnp further results this paper reexamines the casuality between gnp and energy consumption by using updated us data for the period 1947 1979 as a secondary contribution we investigate the causal relationship between energy consumption and employment applying sims technique we find no causal relationship between gnp and energy consumption we find further that there is a slight unidirectional flow running from employment to energy consumption economic interpretations of the empirical results are also presented

an open access fishery with rational expectations explain the evolution of the fish stock and the boat fleet as well as determine their equilibrium levels 2 while the changes in the fish stock are described by a biological rule entry and exit from the fishing industry are determined by how expectations are formed we examine a general model in which entry and exit are proportional to the present value of expected profits and compare two special cases of adaptive myopic expectations and rational expectations although both expectations mechanisms lead to the same equilibrium values they lead to different adjustment paths where expectations solely depend on current values myopic expectations it is well known that boats enter the fishery only when the fish stock is greater than its steady state stock 3 with rational expectations however boats may enter when the fish stock is much lower than its steady state value provided the boat fleet is sufficiently small this difference in adjustment is observable and in principle leads to an obvious test on how agents form expectations section 2 develops a general dynamic model for studying fisheries in section 3 we show that the model standardly used in the literature is equivalent to a myopic adaptive expectations model a rational expectations model is analyzed in section 4 the standard and rational expectations models are compared in section 5 section 6 illustrates this comparison using a simulation based on a schaefer model of the pacific halibut fishery section 7 presents the conclusions

optimal investment and finance in renewable resource harvesting abstract the paper studies a dynamic optimization problem in renewable resource harvesting capital investment and financing it combines two different approaches viz renewable resource harvesting with capital investments and investment policy under a borrowing lending constraint according to which the interest rate on outstanding debt lending increases with cumulative debt lending the problem is set up as an optimal control model having two state variables resource stock and stock of equity and two controls effort rate and dividend payout rate the solution is identified by the maximum principle and a synthesizing procedure

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

institutional adaptation to cooling water scarcity for thermoelectric power generation under global warming this article studies adaptation of institutional arrangements for water regulation to climate change power plants occasionally need to curtail production during heat waves causing economic losses and putting power quality at risk to avoid exacerbation of this problem due to climate change the regulation of heat emissions from power plants may require adaptation the analysis abstracts a mathematical model from a case study of the german rhine catchment the model compares three options for regulation with an analysis of transaction costs and balances them with costs from environmental externalities first long term and site specific temperature caps lead to the comparatively lowest sum of social transaction and production costs if heat waves only increase in intensity second a dynamic heat load plan performs better if heat waves only increase in frequency third if both intensity and frequency of heat waves increase substantially a specific contract between the environmental regulator and electricity producers the minimum power plant concept performs comparatively best the article highlights economies of scale in transaction costs and shows how institutional adaptation can depend on the speed of climate change

energy consumption employment output and temporal causality evidence from taiwan based on cointegration and error correction modelling techniques in this study a cointegration analysis and a vector autoregressive model var are used to examine the causal relationships among energy consumption employment and output for taiwan over the period january 1982 to november 1997 johansen 1988 and johansen and juselius 1990 cointegration test result indicates these three variables are cointegrated with one cointegrating vector the results from granger causality tests based on vector error correction models vecm suggest bidirectional grange causality for employment output and employment energy consumption but only unidirectional causality running from energy consumption to output furthermore the impulse responses and variance decompositions are also incorporated into the analysis the results from impulsive response and variance decomposition analysis tell similar stories energy consumption appears to have led to output growth in taiwan over this period the policy implication of this finding is that energy conservation will restrain the outpu

optimal capital accumulation in a fishery a nonlinear irreversible investment model abstract a nonlinear two state variable two control variable model of a fishery with irreversible investment and harvest capacity constraints is examined the model relaxes assumptions of linearity in investment costs and variable harvest profits in an earlier model by c w clark f h clarke and g r munro econometrica 47 25 47 1979 in both the linear and nonlinear models the optimal capital accumulation paths in new fisheries is characterized by a period in which the physical capital stock level exceeds its long run sustainable equilibrium however unlike the linear model periods of positive net but declining gross investment are optimal in the nonlinear model this accords with observed capital accumulation paths from a number of fisheries the paper also finds different effects in optimal harvest policy depending upon whether the linearity appears in the variable profits function or the investment cost function

do crises induce reform a critical review of conception methodology and empirical evidence of the crisis hypothesis the notion that economic crises induce the adoption of reform ranks among the most widely accepted concepts in the political economics literature however the underlying mechanism of the so called crisis hypothesis has yet to be fully understood this paper provides a comprehensive survey of the relevant empirical evidence to date and scrutinizes the operationalization of the hypothesis key concepts crisis reform and the political mediation of reform during crises we argue that the social perception of both crises and the subsequent cost of reform requires consideration of how these concepts are operationalized as a product of the broader economic and institutional environment social perceptions largely determine the manner in which the political mediation of reform during crises works present day methodological approaches fail to adequately reflect social perceptions and consequently compromise the determination of what constitutes both crisis and the cost of reform in the context of the crisis hypothesis most notably the identification of crises by fixed thresholds constructed around macroeconomic variables impedes the interpretation of the hypothesis underlying mechanism a fuller treatment of social perception within the operationalization of the hypothesis key concepts can enhance our understanding of how economic crises influence political dynamics in bringing about reform

an adjustment restriction on fish quota resource rents overcapacity and recovery of fish stock management objectives of the european union for north sea fish stocks are shifting towards considering both biological sustainability and economic benefits as part of multiannual management plans an adjustment restriction on fish quota has been introduced its objective is to obtain an efficient fish stock and to reduce overcapacity for the fishing industry we develop and apply a bi level stochastic dynamic programming model to study the effect of a quota adjustment restriction on the net present value of resource rents overcapacity and fish stock when the system is recovering from a downward environmental shock at level one a policy maker sets the quota considering fishermen behavior stochastic fish stock dynamics capital stock dynamics and a quota adjustment restriction at level two fishermen harvest myopically and make long term investment decisions assuming that fish stock and quota do not change over time the two levels are linked by the quota which is optimized by the policy maker at level one and becomes a restriction for myopic harvest and long term investment decisions of fishermen at level two our analysis suggests that in the long run overcapacity can be reduced by 54 at modest costs namely at a 1 reduction in the net present value of resource rents long and short run sustainability of the fish stock is not affected

decentralized regulation of a common property renewable resource industry with irreversible investment abstract the effectiveness of output controls for rationalizing a common property renewable resource has been called into question by the theoretical work of j r gould economica nov 383 402 1972 a proper examination of this question requires an intertemporal analysis one that takes into account that asymmetries between persistent factors of production immaleable capital and factors that are instantaneously consumed labor or ldharvest effort we present here a nonlinear intertemporal model of a renewable resource industry under conditions of irreversible capital investment and undertake to analyze its dynamics both at open access and under centralized optimal management we then examine the theoretical possibility of decentralized regulation by pigouvian taxes and reconsider the proposition of gould