Price and volatility transmission between primary and scrap metal markets

The relationship between primary and scrap prices has been hypothesized for the most part as unidirectional, characterized by spillovers from primary to scrap prices. The purpose of this study is to evaluate empirically the dynamic interactions between primary and scrap metal prices through multivariate time series methods. In addition, the study expands the investigation at the level of volatility transmission, which has not been previously examined. The metal prices utilized are for copper, lead, and zinc for the period 1984–2001. The paper demonstrates differing long run and short run links. Scrap prices do not improve the long run interpretation of primary prices, but information flows from the scrap to the primary markets exist in the short run. Additionally, the copper and lead markets exhibit bidirectional information flows in terms of volatility transmission. The analysis provides valuable insight into the interactions of the primary and scrap metal sectors which can be used to improve forecasting and planning.     

河南省经济增长与能源协整关系模型分析

在环境经济系统中,能源是经济活动的驱动要素,是经济活动的自然基础。本研究以河南区域的资源经济关系为研究对象,选取改革开放以来,河南省1978年-2010年样本区间内国内生产总值和能源生产总量和消耗总量数据,运用协整检验、Granger因果关系检验和误差修正等计量经济统计模型,研究河南省的国内生产总值和能耗生产总量与能源消耗总量在时序维度的长期均衡和短期动态性关系,揭示河南省经济增长与能源生产和能源消费存在的关系,探寻能源与经济的作用关系。通过实证分析表明,在河南省经济增长过程中,能源生产与能源消费和国内生产总值存在着长期的动态均衡关系,Granger因果检验表明能源生产总量、能源消费总量是国内生产总值的Granger原因,能源消费总量是能源生产总量的Granger原因。以上研究结果表明,河南省的经济增长与能源供给的长期依赖关系依然存在。     

能源资源价格长期关系与短期动态调整研究：1985-2011年

为探讨国际市场上主要能源资源价格之间的长期均衡关系和动态调整规律,论文利用国际货币基金组织官方网站提供的自1985年到2011年的数据,建立向量自回归(VAR)和向量误差修正(VEC)模型,对当前四大主要能源资源煤、石油、天然气和铀的价格序列展开研究。结果表明:①4种主要能源资源价格之间存在稳定的长期均衡关系:铀价格每变化1%,将使煤和天然气的价格分别反向变动2.11%和7.10%,使石油的价格正向变动7.97%。②4种主要能源资源产品价格均会对自身新信息立即产生大幅度反应,但持续时间差异很大:铀在15个月内只有微弱降幅,而煤在6个月,石油在2个月后即开始迅速减弱,天然气则是直接进入下降趋势。③除天然气在长期内会受到石油价格的显著影响外,铀、煤和石油的价格波动主要由自身因素形成。④天然气的误差修正项具有显著的负向调节作用,价格偏离长期均衡关系时,能够很快得到纠正。煤、石油和铀的误差修正项系数很小,且石油和铀不具有任何显著性,说明石油和铀不具备短期动态调节能力。     

Regulatory effectiveness and the long-run policy horizon: The case of U.S. toxic chemical use

This paper employs state-of-the-art time series analysis to examine the long-run economic and institutional drivers of toxic chemical use behavior in the U.S. Toxic chemicals are classified into growth, Environmental Kuznets Curve (EKC), and kinked-growth chemicals, according to their long-run use trend behavior. Cointegration analysis shows that while some toxic chemicals have been successfully reduced by regulatory efforts, a majority of the toxic chemicals used in commercial products share a long-run equilibrium with national accounts and industrial production, suggesting that toxic chemical use has been largely driven by changes in GDP, industrial production, and private R&D investments, rather than by government regulations. Estimated structural break results indicate that the 1986 Emergency Planning and Community Right-to-Know Act, which created the Toxic Release Inventory has had impact on the consumptive use of more poisonous industrial chemicals than command-and-control regulations.