Current Issue : January - March Volume : 2012 Issue Number : 1 Articles : 7 Articles
Book Review...
Human activity is causing high rates of biodiversity loss. Yet, surprisingly little is known about the extent to which socioeconomic factors exacerbate or ameliorate our impacts on biological diversity. One such factor, economic inequality, has been shown to affect public health, and has been linked to environmental problems in general. We tested how strongly economic inequality is related to biodiversity loss in particular. We found that among countries, and among US states, the number of species that are threatened or declining increases substantially with the Gini ratio of income inequality. At both levels of analysis, the connection between income inequality and biodiversity loss persists after controlling for biophysical conditions, human population size, and per capita GDP or income. Future research should explore potential mechanisms behind this equality-biodiversity relationship. Our results suggest that economic reforms would go hand in hand with, if not serving as a prerequisite for, effective conservation....
This paper aims to simulate the contribution of investment expansion policy after financial crisis as well as describe the possible economic perspectives in the post-crisis period by using scenario simulation method based on Chinese dynamic economic CGE (computable general equilibrium) model. Energy consumption and CO2 emission are also considered in order to access the possible negative effects owing to investment enlargement. The results show that expanding investment response to financial crisis increases economic growth rate by 6.74% from 2.36% in 2009. It can relieve the fluctuation in economy and bring the economic growth close to baseline level in the near post-crisis period. However, higher energy consumption intensity and CO2 emission intensity compared to baseline owing to the increasing investment make energy saving and CO2 mitigation more difficult....
The purpose of this paper is to propose a version of causality testing that focuses on how the sign of the returns affects the causality results. We replace the traditional VAR specification used in the Granger causality test by a discrete-time bivariate noisy Mackey glass model. Our test reveals interesting and previously unexplored relationships in US economic series, including inflation, metal, and stock returns....
This paper examines the linkage between FDI, trade openness, capital formation, and economic growth rates in Bangladesh over a period 1986 to 2008 using time series analysis. All variables are found stationary at first differencing both at constant and constant plus trend level under the ADF and PP stationary tests. The\r\nJohansen-Juselius procedure is applied to test the cointegrating relation between variables followed by a vector error correction model. The empirical results trace a strong long-run equilibrium relationship between GDP growth rates and the explanatory variables with unidirectional casual flows. The volume of FDI and level of capital formation are found to have significant positive effect on changes in real GDP. The degree of trade openness unleashes negative but diminishing influence on GDP growth rates. We conclude that Bangladesh should formulate FDI-led polices and ensure higher degree of capital formation to enhance her economic growth rates at large....
The proposed ARCH and its extension model have brought a powerful tool for the study of stock market volatility as well as verify that a ââ?¬Å?high risk brings high-yieldââ?¬Â and the ââ?¬Å?leverage effectââ?¬Â of stock market. This paper gives modeling analysis by using the ARCH group models; in the last ten years Shanghaiââ?¬â?¢s index returns, concluded that there are significant ââ?¬Å?high-yield associated with high-riskââ?¬Â phenomenon and the ââ?¬Å?leverage effectââ?¬Â in the domestic securities market. The previous studies in fitting return series of ARMA models, mostly with low accuracy have a very subjective ââ?¬Å?observation autocorrelation and partial autocorrelation function method,ââ?¬Â and even directly use ââ?¬Å?random walkââ?¬Â model. That will inevitably have some impact on the accuracy of the model. While this paper adopts the Pandit-Wu formulaic modeling method, theARMAmodel is built on a strong theoretical foundation....
We study the problem of pricing an inflation adjusted annuity in a forward rates market with jumps. Since the market will be incomplete, we use the minimal fq-martingale measure Qq which we use for computing discounted expectations. We give explicit results for Qq together with explicit results for the price of the annuity....
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