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The Johansen cointegration technique and the vector correction model (VECM) are used to examine the causal relationship between energy consumption (LEC) and gross domestic product (LGDP) for Beijing during the period of 1980 to 2008. Results indicate that LEC and LGDP for Beijing are related by one cointegrating vector and there is a long-run unidirectional causal relationship from GDP to energy consumption...
This paper empirically tests Levine's [1] endogenous growth model, which suggests that stock market and tax policy jointly affect economic growth. Following Levine [1], tax or impeding financial market activities have the potential to lower per capita growth rate. Using monthly data from 1980 to 2008, the relationship between tax revenue, stock market as proxies by direct tax revenue and KLCI respectively...
This paper develops an econometric model to examine the casual relationship between internal and external imbalances using yearly data for China, Japan and United States ranges from1970 to 2008. Johansen Cointegration test reveals the presence of long-run equilibrium relationship among variables. The Granger non-causality test based on vector error correction model (VECM) indicates that: 1) the Japanese...
This study examines the relationship between energy consumption and economic growth for 29 provinces of China during the period of 1995-2007. Panel unit root, panel cointegration and Granger causality are employed to infer the causal relationship. The results show there is a panel cointegration relationship between energy consumption and economic growth. The Granger causality results indicate the...
Chinese bank plays an important role in the financial system. It demonstrates the causality between financial intermediary represented by banks and economic growth in Hebei by rigorous econometric analysis method. It also gives some policy suggestion based on the analysis of the data from 1978 to 2007 with ADF unit root test and Co-integration test and Granger causality test. The result shows that...
The climate change discussion and rising energy prices have resulted in an increase in the literature on the causal relationship between energy use and economic growth. In addition, there are also new developments in econometrics, most of all the use of panel unit root and cointegration techniques. However those techniques have not been applied in comparative studies covering the European electricity...
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