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ID:
106239
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2011.
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| Summary/Abstract |
The paper investigates energy price co-movement over the period 01/1999-12/2005 for China as a whole, and over sub-periods and for seven regions, using panel unit root and panel cointegration tests developed by Pedroni (1999, 2004). The results suggest that not all energy sources are spatially homogenous in prices and the processes of energy price cointegration are different over sub-periods; over groups of fuels; and over regions. Coal and electricity prices have co-moved since 2003 while gasoline and diesel prices have co-moved since 1997. The results show that there are clearly variations in the emergence of energy price co-movement over regions, implying that regional fuel markets have emerged in China. Important lessons that can be learnt from the results are that an energy market has, to some extent, already emerged in China and, as a result, energy prices are substantially less distorted than before. If correct, these findings have significant global implications both in terms of future emission reductions, emission trading and trade negotiations where China should be treated as a 'market driven economy'.
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| 2 |
ID:
110374
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| Publication |
2011.
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| Summary/Abstract |
This paper empirically examines the dynamic causal relationships between carbon dioxide emissions, energy consumption, economic growth, trade openness and urbanization for the panel of newly industrialized countries (NIC) using the time series data for the period 1971-2007. Using four different panel unit root tests it is found that all panel variables are integrated of order 1. From the Johansen Fisher panel cointegration test it is found that there is a cointegration vector among the variables. The Granger causality test results support that there is no evidence of long-run causal relationship, but there is unidirectional short-run causal relationship from economic growth and trade openness to carbon dioxide emissions, from economic growth to energy consumption, from trade openness to economic growth, from urbanization to economic growth and from trade openness to urbanization. It is found that the long-run elasticity of carbon dioxide emissions with respect to energy consumption (1.2189) is higher than short run elasticity of 0.5984. This indicates that over time higher energy consumption in the newly industrialized countries gives rise to more carbon dioxide emissions as a result our environment will be polluted more. But in respect of economic growth, trade openness and urbanization the environmental quality is found to be normal good in the long-run.
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