The current study reported the asymmetry effect of environmental regulations in the presence of controlled variables such as research and development spending, urban population growth, energy ...consumption, and financial development on carbon emissions in case of China for the period of 1991-2015. Econometric techniques such as ADF and PP is used to check the stationarity of the data while asymmetry or non-linear ARDL is used to check the asymmetry. The results suggest symmetric or linear relationship between environmental regulations and carbon emissions. Linear ARDL is applied to check long-run and short-run relationship amongst the variables. The results verified that there exists negative and statistically significant relationship exists both in short and long-run between environmental regulation and carbon emissions. Similarly, research and development and financial development also improve carbon emissions. However, urban population growth and energy consumption increase carbon emissions. The study further suggests that sustainable, green urbanization, green credit concept to promote sustainable financial development, innovation in technology through research and development and current environmental regulation should be strengthening to achieve China 2030 target of reducing carbon emissions.
The relationship between international trade and carbon emissions has been studied extensively; nonetheless, consumption-based carbon emissions, which is adjusted for international trade, have not ...been studied. This study is an attempt to address the gap by using consumption-based carbon emissions which is adjusted for trade in case of oil-exporting countries. The effect of international trade is analyzed by treating exports and imports separately from 1990 to 2018. The long-run impact of all variables, i.e., exports, imports, and gross domestic product (GDP) is higher than the short-run coefficients. The empirical evidence, both in the long-run and short-run, confirms the negative effect of exports on consumption-based carbon emissions. Furthermore, gross domestic product (GDP) and imports have a positive and statistically significant impact on consumption-based carbon emissions both in the short-run and long-run. Policies related to consumption-based carbon emissions and international trade shall realize the effect of government policies to absorb it fully by taking approximately two years.
•This study examine the effect of consumption-based emissions on International trade from 1990-2018.•Exports decreases, while imports and gross domestic product increase consumption-based carbon emissions.•The long-run coefficients are higher than the short-run coefficients.•Government policies effect shall realize to absorb fully by taking approximately two years.
There has been a growing concern regarding the regulation of environmental pollution in the face of a growing population, global warming, and climate change. Governments around the world have devised ...various mechanisms and policy strategies to ameliorate the worsening condition of natural environment around the world. Similar to the developed world, in China, the government is also aware of deteriorating environmental conditions. Hence, the existing abatement instruments include pollution discharge fees and several other policy strategies. This research is conducted to investigate the association between pollution intensity and its determinants, i.e., pollutant discharge fees and urban population, third industry structure, and total retail goods consumption. The secondary data of 29 provinces is used for empirical analysis. The principal component analysis is used to develop a single index called pollution intensity, and panel autoregressive distributed lags model (ARDL), or pooled mean group (PMG) analysis, is employed to find long-run and short-run relationship. The empirical findings show that pollution discharge fees negatively affects pollution intensity. Total retail good consumption and urban population increase pollution intensity. However, third industry structure helps to control pollution intensity. These results suggest reforms in the existing environmental regulations policy by targeting more pollutant intensive provinces.
This paper studies the association between housing prices and the demand for money, and the effectiveness of non-monetary policies on the latter. With a simple model of the demand for money, we show ...that the demand for money is positively associated with both the prices of the consumption goods and housing prices. Such associations are verified by empirical analysis using Chinese data. However, we find that such correlation significantly dropped after China launched housing price regulations in 2010, suggesting that non-monetary policies can be effective in controlling the demand for money.
•This study aims to investigate the impact of housing pricing on money demand in China.•This study uses data for the period of 1988Q1-2017Q4.•FMOLS and DOLS estimators are used in this study with ...continuous wavelet approach.•House prices along with GDP, inflation and interest rate are important factors in explaining money demand.•Between 2002 and 2018 there is significant co-movement between money demand and house pricing index in China.
This study examines the impact of house price on money demand in case of China for the period of 1988Q1-2017Q4. The present study used different estimators, which are robust to handling the endogeneity issues in the data, to capture the long-run effect of housing price index on money demand while controlling for interest rate, gross domestic product and consumer price index. The results suggest that house prices along with GDP, inflation and interest rate are important factors in explaining the money demand in China. To capture the vulnerability periods and identify the behaviour of the money demand and house price index variables in China, this study employs wavelet power spectrum. The results further show that there was a significant vulnerability in money demand between 2006 and 2012 in the short and medium terms. Besides, in order to identify the co-movement between house price and money demand in China, the continuous wavelet coherence approach is applied. The outcomes of continuous wavelet coherence approach reveal that there is strong linkage between money demand and house price index between 2002 and 2018 at both short and long terms. The results show that there is a positive and significant correlation between money demand and house price index in China. Thus, house price index can be a predictive factor for future money demand at low, middle and high frequencies.
This study examines the association between remittances inflow and investment. The data of five major South Asian countries that receive a significant portion of remittances including India, Sri ...Lanka, Pakistan, Nepal, and Bangladesh are considered from 1990 to 2016. Pooled ordinary least square (OLS), the fixed effect within group estimator (FEWGE), fixed effect (FE) and random effect (RE) are used for the analysis of the data. Unit root tests were employed and then followed by a pooled mean group (PMG) analysis to analyse the long-run relationship between private investment and remittances while controlling for several other variables, such as real-interest rate, economic growth, and the interaction between remittances inflow and business freedom. We use the error correction mechanism (ECM) to find the short-run relationship among variables. Our findings reveal that private investment is positively affected by remittances inflow. Moreover, remittances flow with low business freedom opposes the positive association in the case of these sampled countries. We recommend channelising remittances and lower barriers to business freedom, which may pave the way for a conducive investment-friendly environment.
The discourseon the impact of natural resource endowment and its effect on financial development has been an important research area in the last few decades. This study attempts to test the “resource ...curse” hypothesis in case of China for the period of 1987–2017. Unlike others, we introduce additional variables such as technological innovations, human capital, and trade openness into the finance demand function. We used an augmented Dickey-Fuller unit root test with and without structural breaks and Carrion-i-Silvestre et al.’s (2009) generalized least squares based test to examine the stationary properties of the variables. Similarly, to examine the presence of the cointegration relationship between financial development and its determinants, the Maki cointegration with multiple structural breaks approach is applied. The empirical results support the presence of the resource curse; that is, natural resources negatively affect financial development in China. Nonetheless, technological innovations, trade openness, and human capital affect financial development positively. The interaction of human capital and technological innovations is also positively linked with financial development. Our empirical findings have robust policy implications, highlighting the need to promote technological innovations and human capital development for effective use and management of natural resources to promote the development of financial sector.
•It employs the Maki cointegration with multiple structural breaks approach to examine the presence of the cointegration relationship.•Natural resources negatively affect financial development in China.•Technological innovation, trade openness, and human capital affect financial development positively.
The ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement has laid the platform for the signatory nations to boost their respective economic growth rates, and also raised ...environmental concerns. So far, little is known regarding the roles of export diversification and the composite risk index in the abatement of carbon dioxide (CO
2
) emissions for the RCEP countries. Accordingly, this study investigates the impacts of export diversification and composite risk index on CO
2
emissions for the RCEP countries between 1987 and 2017. The empirical findings indicate that lowering the composite risk index, undertaking a transition to renewable energy, and enhancing environmentally-related technological innovations help reduce CO
2
emissions in the long run. In contrast, export diversification is found to monotonically boost CO
2
emission levels. The findings also authenticate the environmental Kuznets curve (EKC) hypothesis to certify that the economic growth of the RCEP nations will be both an initial contributor and ultimate inhibitor of CO
2
emissions. In line with these findings, it is important to lower the country risk profiles of the RCEP nations, restructure the export diversification schemes, ensure technological advancement and expedite economic growth in an environmentally-friendly manner.
Chiral secondary alcohols, serving as essential structural motifs, hold significant potential for diverse applications. The exploration of effective synthetic strategies toward these compounds is ...both attractive and challenging. Herein, we present an asymmetric oxa‐Michael reaction involving aliphatic alcohols as nucleophiles and β‐fluoroalkyl vinylsulfones catalyzed by bifunctional phosphonium salt (BPS), achieving high yields and excellent enantioselectivities (up to 98 % yield and 98 % ee). Additionally, a sequential process including asymmetric oxa‐Michael and debenzylation, facilitated by BPS/Lewis acid cooperation, was revealed for synthesizing diverse chiral secondary alcohol compounds in high yields (81–88 %) with consistent stereoselectivities. Furthermore, mechanistic explorations and subsequent results unveiled that the enantioselectivity originates from hydrogen‐bonding and ion‐pair interactions between the BPS catalyst and the substrates.
An asymmetric organocatalytic oxa‐Michael reaction has been developed to synthesize chiral secondary alcohol derivatives with high yields and excellent enantioselectivities. Particularly noteworthy is the utilization of aliphatic alcohols as nucleophiles in the asymmetric oxa‐Michael step, overcoming obstacles associated with their direct utilization as Michael donors. Furthermore, a sequential process offers a novel synthetic strategy for constructing essential fluorinated chiral alcohols from readily available materials.
This paper studies China's stock prices in the framework of consumption-based capital asset pricing models (CCAPM). Using China's quarterly stock market data from 1991 to 2019, we estimate and ...compare four versions of CCAPM: the classical CCAPM, CCAPM with housing service consumption, with habit formation, and with both. We find habit formation affects stock returns only if housing service consumption is considered. Further, although every model is consistent with data to certain extent, the models with habit formation perform substantially better. In particular, the model with both habit formation and housing service consumption fits the data best and has the largest explanatory power on risk premium. The findings imply that habit formation is an important determinant of China's stock prices, and its impact is mostly via the channel of housing service consumption.
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