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| 1 |
ID:
188543
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| Summary/Abstract |
Considering the close relationship between the automobile market and the oil market, as well as the increasing dependence on foreign oil in China, it is worth focusing on the impact of global oil price fluctuations on China's automobile markets. This paper investigates the impact of different fluctuations in the global oil market on China's automobile market returns. First, the ARMA-EGARCH-ARJI model is applied to describe the characteristics of global oil fluctuations. Then, we use three specific models to discuss the impact of the expected and unexpected global oil price shocks and the global oil price jumps and explore whether there are corresponding price jumps in the automobile markets. We find that there are asymmetric effects of the influences of the expected and unexpected global oil shocks. Moreover, there is a lag effect of the global oil price jumps on the automobile markets. In addition, global oil price jumps lead to ‘U-shaped’ responses in the automobile markets. In contrast to the literature, we introduce factors of price jumps into the subject market and the global oil market, and we discuss the effects of different types of global oil price shocks in detail, especially those concerning the influence of oil price jumps.
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| 2 |
ID:
103917
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| Publication |
2011.
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| Summary/Abstract |
This study examines the effect of the composition of human capital on economic growth in China, using the Generalized Methods of Moments (GMM) method. The results show that tertiary education plays a more important role than primary and secondary education on economic growth in China. Moreover, the role of the composition of human capital on regional economic growth is relevant to the level of development. The more developed provinces benefit more from tertiary education, while underdeveloped ones depend more on primary and secondary education.
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| 3 |
ID:
150805
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| Summary/Abstract |
This paper investigated the impacts of global oil price shocks on the whole metal market and two typical metal markets: copper and aluminum. We applied the autoregressive conditional jump intensity (ARJI) model, combining with the generalized conditional heteroscedasticity (GRACH) method, to describe the volatility process and jump behavior in the global oil market. We separated the oil price shocks into positive and negative parts, to analyze whether oil price volatility had symmetric impacts on China’s metal markets. We further used the likelihood ratio test to examine the symmetric effect of oil price shocks. In addition, we considered the jump behavior in oil prices as an input factor to investigate how China’s metal markets are affected when jumps occur in the global oil market, in contrast to the existing research paying little attention to this issue. Our results indicate that crude oil price shocks have significant impacts on China's metal markets and the impacts are symmetric. When compared with aluminum, copper is more easily affected by oil price shocks.
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| 4 |
ID:
127868
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2014.
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| Summary/Abstract |
This paper investigated the reaction of aggregate commodity market to oil price shocks and also explored the effects of oil price shocks on China's fundamental industries: metals, petrochemicals, grains and oilfats. We separated the volatilities of oil price into expected, unexpected and negatively expected categories to identify how oil prices influence bulk commodity markets. We contrasted the results between different periods and among classified indices, in order to discover the significant changes in recent years and the differences at an industry level. Our results indicate that the aggregate commodity market was affected by both expected and unexpected oil price volatilities in China. The impact of unexpected oil price volatilities became more complex after 2007. The metals and grains indices did not significantly respond to the expected volatility in oil prices, in contrast to the petrochemicals and oilfats indices. These results not only contribute to advancing the existing literature, but also merit particular attention from policy makers and market investors in China.
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| 5 |
ID:
133210
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2014.
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| Summary/Abstract |
This paper investigated the impacts of oil price shocks on China×s fundamental industries. In order to analyze the reactions of different industries to oil price shocks, we focused on four fundamental industries: grains, metals, petrochemicals and oil fats. We separated the oil price shocks into two parts, positive and negative parts, to investigate how commodity markets react when oil prices go up and down. We further studied the extreme price movements, called jumps, existing in the oil markets and how jump behavior has affected China×s commodity markets. Our results suggest that asymmetric effects of oil price shocks did exist in the four markets and the negative oil price shocks had stronger influences on the four markets in China. The petrochemicals market suffered most from the oil price shocks, and the grains market was least sensitive to the shocks. When jumps occurred in the crude oil market, the four commodity markets would be affected differently. The oil fats market and petrochemicals market tended to "overreact" to jumps.
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| 6 |
ID:
126589
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2013.
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| Summary/Abstract |
With rapid economic growth, the transport sector plays an important role in China's CO2 emissions. The existing research is extensively concerned with transport sector CO2 emissions in recent years, but little attention has been paid to regional differences. This paper investigates CO2 emissions in the transport sector at the national and regional levels using the STIRPAT model and provincial panel data from 1995 to 2010 in China. The results showed that passenger transport dominates CO2 emissions in the transport sector, but its influence varies across regions. Electrification has significant potential to lower CO2 emissions because of resulting higher fuel efficiency and reduced pollution. Energy efficiency improvement is effective but limited in reducing emissions due to increasing demand from economic development and population growth. These results not only contribute to advancing the existing literature, but also merit particular attention from policy makers in China.
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| 7 |
ID:
115675
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2012.
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As urbanization accelerates, urban areas play a leading role in energy consumption and CO2 emissions in China. The existing research is extensively concerned with the relationships between urbanization, energy consumption and CO2 emissions in recent years, but little attention has been paid to the regional differences. This paper is an analysis of the impact of urbanization on energy consumption and CO2 emissions at the national and regional levels using the STIRPAT model and provincial panel data from 1995 to 2010 in China. The results showed that urbanization increases energy consumption and CO2 emissions in China. The effects of urbanization on energy consumption vary across regions and decline continuously from the western region to the central and eastern regions. The impact of urbanization on CO2 emissions in the central region is greater than that in the eastern region. The impact of urbanization on energy consumption is greater than the impact on CO2 emissions in the eastern region. And some evidences support the argument of compact city theory. These results not only contribute to advancing the existing literature, but also merit particular attention from policy makers and urban planners in China.
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