Pub Date : 2018-11-16DOI: 10.21511/BBS.14(1).2019.16
L. Lokesh, Iqbal Thonse Hawaldar
Agricultural credit is required for the development of agriculture scenario in any economy. Commercial, cooperative and regional rural banks have extended agricultural credit to the farmers in Dakshina Kannada district of India. The effectiveness of agricultural credit system depends on the utilization of credit funds by the borrowers. The present study made an attempt to understand the factors influencing the utilization of agricultural credit of banks in Dakshina Kannada. The study used primary and secondary data. Primary data are gathered from the borrowers of banks operating in Dakshina Kannada district. The study found that there is an impact of demographic, agriculture and agricultural credit factors on the purpose of utilization of agricultural credit in Dakshina Kannada district.
{"title":"Impact of Factors on the Utilization of Agricultural Credit of Banks: An Analysis from the Borrowers’ Perspective","authors":"L. Lokesh, Iqbal Thonse Hawaldar","doi":"10.21511/BBS.14(1).2019.16","DOIUrl":"https://doi.org/10.21511/BBS.14(1).2019.16","url":null,"abstract":"Agricultural credit is required for the development of agriculture scenario in any economy. Commercial, cooperative and regional rural banks have extended agricultural credit to the farmers in Dakshina Kannada district of India. The effectiveness of agricultural credit system depends on the utilization of credit funds by the borrowers. The present study made an attempt to understand the factors influencing the utilization of agricultural credit of banks in Dakshina Kannada. The study used primary and secondary data. Primary data are gathered from the borrowers of banks operating in Dakshina Kannada district. The study found that there is an impact of demographic, agriculture and agricultural credit factors on the purpose of utilization of agricultural credit in Dakshina Kannada district.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114442230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The province of British Columbia, Canada, introduced a broad-based revenue-neutral carbon tax in July 2008; the rate was set to $10/tonne of CO2 initially, increased annually by $5/tonne until 2012 to reach $30/tonne, and remained at that level until 2017. We use the experience related to this unique initiative to shed some light on the controversy regarding the nature of the relationship between environmental taxes and overall economic activity. In particular, we test whether gasoline and diesel carbon taxes had any impact on GDP changes of the province, either positive or negative. Having found no evidence of asymmetry in the price impact, our analysis is conducted in the context of a standard VAR framework. We conclude that there is no statistically significant effect of carbon taxes on GDP change. The result is supported by tests on slope coefficient estimates as well as via dynamic simulations with and without carbon tax. We also find evidence of complete pass-through of carbon tax into price over time.
{"title":"Effects of B.C.’s Carbon Tax on GDP","authors":"J. Bernard, Maral Kichian, Misbahul Islam","doi":"10.2139/ssrn.3283220","DOIUrl":"https://doi.org/10.2139/ssrn.3283220","url":null,"abstract":"The province of British Columbia, Canada, introduced a broad-based revenue-neutral carbon tax in July 2008; the rate was set to $10/tonne of CO2 initially, increased annually by $5/tonne until 2012 to reach $30/tonne, and remained at that level until 2017. We use the experience related to this unique initiative to shed some light on the controversy regarding the nature of the relationship between environmental taxes and overall economic activity. In particular, we test whether gasoline and diesel carbon taxes had any impact on GDP changes of the province, either positive or negative. Having found no evidence of asymmetry in the price impact, our analysis is conducted in the context of a standard VAR framework. We conclude that there is no statistically significant effect of carbon taxes on GDP change. The result is supported by tests on slope coefficient estimates as well as via dynamic simulations with and without carbon tax. We also find evidence of complete pass-through of carbon tax into price over time.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"365 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122832396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
K. Oguntegbe, V. Okoruwa, Ogheneruemu Obi-Egbedi, K. Olagunju
This paper examines the effect of population growth on food production in Nigeria using secondary data on food production index and population growth rate obtained within the period of 1980 to 2011. Time series nature of data was adequately investigated using unit root tests. Engle-Granger causality test was also performed on the two variables of interest- food production index and population growth rates. Two standard econometric methodologies were employed. Ordinary Least Square regression and Instrumental Variable technique were both employed in estimating the model. Empirical finding from the OLS indicates that population growth is positively related to food production. However, the Instrumental Variable Approach produced a more interesting result; an increase in population growth rate significantly reduces food output. It is therefore pertinent for Nigeria to check her population growth rate in order to avoid population explosion and its attendant consequence. Suggested population control measures include legislation against polygamy as well as placing a ceiling on the number of birth allowable per family. Primary education should also be promoted by the Government just as better health care facilities should be put in place to increase longevity.
{"title":"Population Growth Problems and Food Security in Nigeria","authors":"K. Oguntegbe, V. Okoruwa, Ogheneruemu Obi-Egbedi, K. Olagunju","doi":"10.2139/ssrn.3330999","DOIUrl":"https://doi.org/10.2139/ssrn.3330999","url":null,"abstract":"This paper examines the effect of population growth on food production in Nigeria using secondary data on food production index and population growth rate obtained within the period of 1980 to 2011. Time series nature of data was adequately investigated using unit root tests. Engle-Granger causality test was also performed on the two variables of interest- food production index and population growth rates. Two standard econometric methodologies were employed. Ordinary Least Square regression and Instrumental Variable technique were both employed in estimating the model. Empirical finding from the OLS indicates that population growth is positively related to food production. However, the Instrumental Variable Approach produced a more interesting result; an increase in population growth rate significantly reduces food output. It is therefore pertinent for Nigeria to check her population growth rate in order to avoid population explosion and its attendant consequence. Suggested population control measures include legislation against polygamy as well as placing a ceiling on the number of birth allowable per family. Primary education should also be promoted by the Government just as better health care facilities should be put in place to increase longevity.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"580 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116175547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pierre Fleckinger, M. Glachant, Paul-Hervé Tamokoué Kamga
In the European Union, Energy Performance Certificates (EPCs) provide potential buyers or tenants with information on a property's energy performance. By mitigating informational asymmetries on real estate markets, the conventional wisdom is that they will reduce energy use, increase energy-efficiency investments, and improve social welfare. We develop a dynamic model that partly contradicts these predictions. Although EPCs always improve social welfare, their impact on energy use and investments is ambiguous. This implies that, in a second-best world where energy externalities are under-priced and/or homeowners have behavioral biases hindering investments (myopia), EPCs can damage social welfare. This calls for using mandatory energy labeling in contexts where additional instruments efficiently mitigate the other imperfections.
{"title":"Energy Performance Certificates and Investments in Building Energy Efficiency: A Theoretical Analysis","authors":"Pierre Fleckinger, M. Glachant, Paul-Hervé Tamokoué Kamga","doi":"10.2139/ssrn.3253030","DOIUrl":"https://doi.org/10.2139/ssrn.3253030","url":null,"abstract":"In the European Union, Energy Performance Certificates (EPCs) provide potential buyers or tenants with information on a property's energy performance. By mitigating informational asymmetries on real estate markets, the conventional wisdom is that they will reduce energy use, increase energy-efficiency investments, and improve social welfare. We develop a dynamic model that partly contradicts these predictions. Although EPCs always improve social welfare, their impact on energy use and investments is ambiguous. This implies that, in a second-best world where energy externalities are under-priced and/or homeowners have behavioral biases hindering investments (myopia), EPCs can damage social welfare. This calls for using mandatory energy labeling in contexts where additional instruments efficiently mitigate the other imperfections.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129654298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recent literature has analyzed three channels through which size and patterns of a country's involvement in international trade may affect the quality of its institutions: openness, the institutional intensity of exports and the natural resources exports. Our contribution is threefold. First, we analyze these channels jointly. Second, we propose a novel way to measure institutional intensity of exports at goods level based on nearly one hundred million disaggregated bilateral trade flows that represent world trade. Third, we analyze the effects of separate export goods categories, that is, primary, fragmented, and other goods, on the rule of law. Using data for 144 countries in an instrumental variables framework, we find that geographically predetermined openness improves the rule of law. The impact of the rule of law intensity of a country’s exports on its rule of law differs for different goods categories. In particular, in our preferred specification it is only the rule of law intensity of exports of fragmented goods that matters. Finally, we do not find evidence for an institutional resource curse.
{"title":"World Trade and Endogenous Rule of Law: Size and Pattern Effects","authors":"Richard Frensch, R. Horvath, S. Huber","doi":"10.2139/ssrn.3250725","DOIUrl":"https://doi.org/10.2139/ssrn.3250725","url":null,"abstract":"Recent literature has analyzed three channels through which size and patterns of a country's involvement in international trade may affect the quality of its institutions: openness, the institutional intensity of exports and the natural resources exports. Our contribution is threefold. First, we analyze these channels jointly. Second, we propose a novel way to measure institutional intensity of exports at goods level based on nearly one hundred million disaggregated bilateral trade flows that represent world trade. Third, we analyze the effects of separate export goods categories, that is, primary, fragmented, and other goods, on the rule of law. Using data for 144 countries in an instrumental variables framework, we find that geographically predetermined openness improves the rule of law. The impact of the rule of law intensity of a country’s exports on its rule of law differs for different goods categories. In particular, in our preferred specification it is only the rule of law intensity of exports of fragmented goods that matters. Finally, we do not find evidence for an institutional resource curse.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132474444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to explore the impact of oil prices on stock prices, exchange rates, and inflation rates in the Indian economy for the time period May 1996 to April 2017. This relationship will be investigated for pre‐ and post‐2008 crises, with an aim to explore the linkages between oil prices and stock prices. The financial crisis of 2008 affected the Indian economy through the external sector, while the rise in interest rates owing to pressure on domestic liquidity eventually affected exchange rates. The study concluded that there exists a structural break in the year 2008 and that there is a long‐term relationship between the concerned macroeconomic variables. Finally, the theoretical hypothesis that oil prices affect stock prices has been confirmed by considering India as a case study. The study concluds that there exists a structural break in 2008 crises.
{"title":"The Impact of Oil Prices on Stock Prices and Other Macroeconomic Variables in India: Pre‐ and Post‐2008 Crises","authors":"Vishruti Gupta, Pooja Sharma","doi":"10.1111/opec.12129","DOIUrl":"https://doi.org/10.1111/opec.12129","url":null,"abstract":"This paper attempts to explore the impact of oil prices on stock prices, exchange rates, and inflation rates in the Indian economy for the time period May 1996 to April 2017. This relationship will be investigated for pre‐ and post‐2008 crises, with an aim to explore the linkages between oil prices and stock prices. The financial crisis of 2008 affected the Indian economy through the external sector, while the rise in interest rates owing to pressure on domestic liquidity eventually affected exchange rates. The study concluded that there exists a structural break in the year 2008 and that there is a long‐term relationship between the concerned macroeconomic variables. Finally, the theoretical hypothesis that oil prices affect stock prices has been confirmed by considering India as a case study. The study concluds that there exists a structural break in 2008 crises.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"2006 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127641224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Social protection programmes have been recognised and proven to be one of the most effective policies in fighting poverty, hunger and unproductive capacity of rural or poor farmers. Despite the fact that poverty have seen to be declining over the years, the number of people who are still undernourished remains high in Nigeria, and where little effort has been made in improving social interventions. Thus, this study explores the relationship between social protection policies and agricultural output in Nigeria using data from Living Standard Measurement Study-Integrated Survey on Agriculture (LSMS-ISA). The method of analysis engaged is the Propensity Score Matching (PSM). The result from the PSM shows that households who benefit from social protection programmes in form of agricultural credits experienced trice yields more than their counterparts who do not benefit from the programme.
{"title":"Social Protection Policies and Agricultural Output in Nigeria: Empirical Investigation Using Household Survey Data","authors":"Romanus Anthony Osabohien, E. Osuagwu","doi":"10.2139/ssrn.3186392","DOIUrl":"https://doi.org/10.2139/ssrn.3186392","url":null,"abstract":"Social protection programmes have been recognised and proven to be one of the most effective policies in fighting poverty, hunger and unproductive capacity of rural or poor farmers. Despite the fact that poverty have seen to be declining over the years, the number of people who are still undernourished remains high in Nigeria, and where little effort has been made in improving social interventions. Thus, this study explores the relationship between social protection policies and agricultural output in Nigeria using data from Living Standard Measurement Study-Integrated Survey on Agriculture (LSMS-ISA). The method of analysis engaged is the Propensity Score Matching (PSM). The result from the PSM shows that households who benefit from social protection programmes in form of agricultural credits experienced trice yields more than their counterparts who do not benefit from the programme.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121646108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
For the valuation and implementation of renewable energy investments, the issue of providing private investors with a financial incentive to accelerate their investment is frequently a critical component. We apply this principle to the Chinese context. This paper focuses on using the binomial model to compute the required subsidy that would incentivize investors to optimal immediate exercise of the American-style option embedded at the launching phase of the projects for Chinese renewable energy investments. In addition, this paper also aims at contrasting the binomial model with the more-laborious Monte Carlo simulation previously used to evaluate the proper subsidy. By using the same data but a different method, and reducing the number of uncertain factors to one, it is suggested these two methods have similar outcomes but the binomial method requires substantially less computation and is more self-explanatory. This paper thus provides government with an easy-to-implement alternative way to compute the required subsidy.
{"title":"Using the Binomial Model for the Valuation of Real Options in Computing Optimal Subsidies for Chinese Renewable Energy Investments","authors":"Xiaoran Liu, Ehud I. Ronn","doi":"10.2139/ssrn.3186274","DOIUrl":"https://doi.org/10.2139/ssrn.3186274","url":null,"abstract":"For the valuation and implementation of renewable energy investments, the issue of providing private investors with a financial incentive to accelerate their investment is frequently a critical component. We apply this principle to the Chinese context. This paper focuses on using the binomial model to compute the required subsidy that would incentivize investors to optimal immediate exercise of the American-style option embedded at the launching phase of the projects for Chinese renewable energy investments. In addition, this paper also aims at contrasting the binomial model with the more-laborious Monte Carlo simulation previously used to evaluate the proper subsidy. By using the same data but a different method, and reducing the number of uncertain factors to one, it is suggested these two methods have similar outcomes but the binomial method requires substantially less computation and is more self-explanatory. This paper thus provides government with an easy-to-implement alternative way to compute the required subsidy.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"212 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117103586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
T. Hoang, Syed Jawad Hussain Shahzad, Muhammad Shahbaz, R. Jammazi
This paper aims to analyze the interaction between renewable energy consumption and the industrial production of the USA over the 1981-2015 period. Its contributions are related to the disaggregation of renewable energy sources (hydroelectric, geothermal, and biomass energy from wood, waste, and biofuel), to the consideration of industrial production instead of economic growth and to the impact of time and frequency. Based on monthly data, wavelet results show a positive comovement at low frequencies between industrial production and biomass energies only. The bootstrap rolling causality test shows that only hydroelectric and wood energy consumption Granger cause industrial production. However, this causal relationship is timevarying and renewable energies are particularly important in crisis periods because they help maintaining the energy independence of the country. Further policy implications are analyzed in the paper.
{"title":"Renewable Energies and Industrial Production in the USA: Does the Energy Source Matter?","authors":"T. Hoang, Syed Jawad Hussain Shahzad, Muhammad Shahbaz, R. Jammazi","doi":"10.2139/ssrn.3180692","DOIUrl":"https://doi.org/10.2139/ssrn.3180692","url":null,"abstract":"This paper aims to analyze the interaction between renewable energy consumption and the industrial production of the USA over the 1981-2015 period. Its contributions are related to the disaggregation of renewable energy sources (hydroelectric, geothermal, and biomass energy from wood, waste, and biofuel), to the consideration of industrial production instead of economic growth and to the impact of time and frequency. Based on monthly data, wavelet results show a positive comovement at low frequencies between industrial production and biomass energies only. The bootstrap rolling causality test shows that only hydroelectric and wood energy consumption Granger cause industrial production. However, this causal relationship is timevarying and renewable energies are particularly important in crisis periods because they help maintaining the energy independence of the country. Further policy implications are analyzed in the paper.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124179044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ERCOT’s LOLP is underestimated because it ignores the path reserve level might take over the course of an hour. Some paths reach a reserve level of zero but end up greater than zero. These paths are not included in the LOLP determination even though they would result in a loss of load event during the hour, resulting in an underestimation of LOLP by the methodology.
{"title":"The ERCOT ORDC Under-Estimates the LOLP Because of a Misapplication of Normal Distribution Probability Theory","authors":"Richard Wakeland","doi":"10.2139/ssrn.3180714","DOIUrl":"https://doi.org/10.2139/ssrn.3180714","url":null,"abstract":"ERCOT’s LOLP is underestimated because it ignores the path reserve level might take over the course of an hour. Some paths reach a reserve level of zero but end up greater than zero. These paths are not included in the LOLP determination even though they would result in a loss of load event during the hour, resulting in an underestimation of LOLP by the methodology.","PeriodicalId":105811,"journal":{"name":"Econometric Modeling: Agriculture","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134286429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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