scholarly journals Energy Prices, Real Estate Sales and Industrial Output in China

Energies ◽  
2018 ◽  
Vol 11 (7) ◽  
pp. 1847 ◽  
Author(s):  
K. Chau ◽  
Gaolu Zou
Keyword(s):  
Real Estate ◽  
Value Added ◽  
Industrial Sector ◽  
Data Series ◽  
Energy Prices ◽  
Industrial Output ◽  
Energy Efficient Buildings ◽  
Long Run ◽  
Different Types ◽  
Short Run

A majority of energy is consumed to control the indoor environment for human activities and industrial production. The demand for energies for these two uses are reflected in demand for different types of real estate and the volume of industrial outputs. The purpose of this study is to examine the long-run equilibrium and short-run dynamics between real energy prices and demand for different types of real estate and industrial output in China. Energy prices are measured in the real price of fuels and power. Demand for different types of real estate is measured in their sales volume in the first hand market, that is, floor areas of new real estate sold by developers. Industrial output is measured by the net output (value added) of the industrial sector. All data series were tested for stationarity (i.e., the existence of a unit root) before testing for a co-integration relationship. We found no long-term equilibrium relationship between energy prices and the demand for real estate and industrial output as predicted by theory, probably due to increased supply of energy efficient buildings. There is also no short-run relationship between energy prices and demand for housing due to the increase in vacancy rate resulting from speculative demand for housing. However, demand for commercial properties appeared to lead energy prices. Finally, there is strong evidence suggesting that an increase in energy prices will significantly reduce industrial output but not vice versa.

scholarly journals Influence of Interest Rate on Industrial Output in Nigeria

2020 ◽  
Vol 3 (2) ◽  
pp. p21
Author(s):  
Chioma Chidinma George-Anokwuru ◽  
Itoro Bosco
Keyword(s):  
Interest Rate ◽  
Central Bank ◽  
Positive Relationship ◽  
Labour Force ◽  
Industrial Sector ◽  
Industrial Output ◽  
Long Run ◽  
Industry Output ◽  
Short Run ◽  
The Relationship

The study examined the effect of interest rate on industrial sector in Nigeria from 1980 to 2018. The data for the study were sourced from Central Bank of Nigeria (CBN) statistical bulletin and Autoregressive Distributed Lag model was used as the main analytical tool. The ARDL Bounds test revealed the existence of long run relationship among the variables. The result further revealed the existence of a positive relationship between interest rate and industrial output both in the long run and short run. The rate of inflation was negatively related to industrial output but the relationship was not significant in both the short run and the long run. The number of labour force affected the productivity of industry thereby increasing its output in both the short run and the long run. Gross investment has a positive relationship with industrial output but the relationship was not significant. Lastly, foreign direct investment was not significant in affecting industrial output in the short run but it was positive and significant in affecting industrial output in the long run. The study concluded that interest rate has the ability to influence industry output in Nigeria. Therefore, the study recommended among others that the apex monetary institution - the Central Bank of Nigeria should ensure that the rate of interest that will encourage investors to borrow in order to start to do businesses or to expand their businesses. This will increase industry output and in turn support economic growth in Nigeria.

scholarly journals The Determinants of Tax Revenues: Empirical Evidence From Jordan

2021 ◽  
Vol 12 (3) ◽  
pp. 43
Author(s):  
Ali Mustafa Al-Qudah
Keyword(s):  
Government Expenditure ◽  
Value Added ◽  
Industrial Sector ◽  
Fiscal Deficit ◽  
Economic Openness ◽  
Tax Revenues ◽  
Long Run ◽  
Short Run ◽  
Per Capita ◽  
Bound Test

The purpose of this study is to identify the determinants of tax revenues (TXR) in Jordan. The study covered the period (1990-2019) and used ARDL Bound test for co-integration, ARDL Long Run form, and ARDL Error Correction regression to examine the study hypotheses. The results of the bound test and co-integration equation (CointEq1) shows that there exists a long run relationship between (INDUST, LPCI, FD, FAID, GE, OPEN) and (TXR) in Jordan. The analysis results revealed that per capita GDP, fiscal deficit and government expenditure have a positive significant impact on tax revenues in the short run and long run. While, Foreign aids has a negative significant impact on tax revenues. Industrial sector Value added and economic openness have a positive significant impact in the short run while having a positive insignificant impact on tax revenues in the long run. The results explore that per capita GDP, fiscal deficit, foreign aids and government expenditure are good determinants for tax revenues in the short run as well as in the long run, while industrial sector value added and economic openness are good determinants in the short run. The findings suggest a reduction in government expenditure due to the upward trend in the fiscal deficit and public debt, and the continued increase in (GE) leading to more internal and external imbalances.

scholarly journals The Real Estate Market and Financial Stability

2020 ◽  
Vol 5 (6) ◽  
pp. 1270-1283
Author(s):  
My-Linh Thi Nguyen ◽  
Toan Ngoc Bui
Keyword(s):  
Real Estate ◽  
Financial Stability ◽  
Real Estate Market ◽  
Data Series ◽  
Stock Market Volatility ◽  
The Real ◽  
The Real Estate ◽  
Long Run ◽  
The Real Estate Market ◽  
Short Run

This paper investigates the relationship between the real estate market (REM) and financial stability in Vietnam. Financial stability is measured using stock market volatility. The research is performed in Vietnam, a developing country whose stock and real estate markets are considered to be nascent, so the data series is very short. To solve this problem, the autoregressive distributed lag (ARDL) approach, which generates more valid results than its counterparts, is adopted. Furthermore, the ARDL approach is appropriate for a model with non-stationary data series and especially allows the analysis of the impact between data series in the short run and the long run. The results reveal the positive relationship between the real estate market and stock market volatility. However, this correlation only exists in the short run, which is a difference between Vietnam and developed countries. The paper also obtains an unprecedented finding confirming that the global financial crisis exerted a negative impact on the REM in Vietnam in the short run and the long run.

scholarly journals Industrial Output and Economic Growth in Emerging Economies: Evidence from Nigeria

2021 ◽  
Vol 7 (1) ◽  
pp. 32
Author(s):  
Stephen Ebhodaghe Ughulu
Keyword(s):  
Economic Growth ◽  
Capital Expenditure ◽  
Industrial Sector ◽  
Output Growth ◽  
Growth Patterns ◽  
Industrial Output ◽  
Long Run ◽  
Lending Rate ◽  
Short Run ◽  
Sustainable Economic Growth

The importance of the industrial sector output in enhancing sustainable economic growth has long been documented given that the sector is generally perceived as the engine of growth in an economy. This notwithstanding, Nigeria seems not to have put in place appropriate policies and programs that would engender the desired industrial output growth. The main aim of the paper, therefore, is to examine empirically the relationships between industrial sector output and the sustainable economic growth of Nigeria for the period 1981 to 2018. In doing this, descriptive statistics, unit root and co-integration tests as well as long run and short run analyses were conducted using the error correction model (ECM) of the econometrics. The empirical results from these estimation procedures were quite revealing. For instance, there existed a positive relationship between industrial sector output and economic growth though this was weak considering the magnitude of effects. Capital expenditure and lending rate exerted negative relationships on industrial output and these tended to have accounted for the current low level of industrial activities in the country. The stability test carried out in the paper showed a significant structural stability, which affirmed that these results have called for appropriate policy options that would bring about the desired industrial sector output growth patterns. Hence, strengthening the industrial sector activities in Nigeria as well as streamlining capital expenditure and lending rate to enhance the sector’s output has become imperative. This is typically true as it is the only path that would lead to the enhancement of the industrial sector output and, invariably, the sustainable economic development that Nigeria desperately desires.

scholarly journals Effectiveness of Monetary Policy and the Growth of Industrial Sector in China

2017 ◽  
Vol 9 (3(J)) ◽  
pp. 46-59
Author(s):  
Adebayo Augustine Kutu ◽  
Ntokozo Patrick Nzimande ◽  
Simiso Msomi
Keyword(s):  
Monetary Policy ◽  
Emerging Market ◽  
Unit Roots ◽  
Industrial Sector ◽  
Industrial Output ◽  
Monthly Data ◽  
Long Run ◽  
Short Run ◽  
Major Shift ◽  
Effectiveness Of Monetary Policy

China is viewed as the pillar of Emerging Market Economies (EMEs), deems to surpassed United State, and become the topmost industrialized country in the world with the prospects of major shift in the future world power. However, growth rate has slow down since the third quarter of 2014. Through this paper, we aim at investigating the impacts of monetary policy on industrial sector growth, and determine whether the long-run industrial sector growth in China can be foster by the effectiveness of monetary policy. It also examines the interrelationships among the variables employed and determines the steady-state relationships between industrial sector growth and monetary policy. Time-series econometric techniques such as unit roots, ARDL and ECM are employed to monthly data for the year 1994:1 to 2013:12.According to the empirical results derived, the effectiveness of monetary policy significantly affects industrial sector growth and the short-run impact of monetary policy on industrial output production is established.

scholarly journals The Effect of Foreign Direct Investment on Industrial Sector Growth: Evidence from Sri Lanka

2018 ◽  
Vol 4 (2) ◽  
pp. 88 ◽  
Author(s):  
NPG Samantha ◽  
Haiyun Liu
Keyword(s):  
Sri Lanka ◽  
Value Added ◽  
Industrial Sector ◽  
Advanced Technology ◽  
Sri Lankan ◽  
Distributed Lag ◽  
Long Run ◽  
Short Run ◽  
Auto Regressive ◽  
The Government

The development of the industrial sector stimulates economic growth and development by reducing poverty and regional disparity, increasing export income, generating quality employment, as well as developing technological capabilities and productive capacities. It has been more than four decades since removing trade-related barriers, and tax incentives liberalized the Sri Lankan economy offered to foreign investors to attract FDI and promote the industrial sector. Hence, the objective of this study is to investigate the relationship between inward FDI and industrial sector performance of Sri Lanka at the aggregate level for the period 1980-2016. We use the Auto Regressive Distributed Lag (ARDL) model to identify the long-run relationship and short-run dynamics of the selected variables. ARDL bounds test verifies the existence of co-integration among the selected variables. The study fails to find a significant relationship between FDI and industrial sector growth of Sri Lanka in the long run as well as in the short run. The attraction of vertically integrated FDI that consists with advanced technology and value-added production is one of the solutions for overcoming the issue of low technology and knowledge of Sri Lankan industrial sector. Sri Lankan FDI strategy associated with industrial sector should consider the pull and push factors related to recipient and source country respectively. To promote the industrial sector via FDI, the government policy should focus on attracting more FDI that could be channeled into those sectors that would contribute to national competitiveness.

scholarly journals Effectiveness of Monetary Policy and the Growth of Industrial Sector in China

2017 ◽  
Vol 9 (3) ◽  
pp. 46
Author(s):  
Adebayo Augustine Kutu ◽  
Ntokozo Patrick Nzimande ◽  
Simiso Msomi
Keyword(s):  
Monetary Policy ◽  
Emerging Market ◽  
Unit Roots ◽  
Industrial Sector ◽  
Industrial Output ◽  
Monthly Data ◽  
Long Run ◽  
Short Run ◽  
Major Shift ◽  
Effectiveness Of Monetary Policy

China is viewed as the pillar of Emerging Market Economies (EMEs), deems to surpassed United State, and become the topmost industrialized country in the world with the prospects of major shift in the future world power. However, growth rate has slow down since the third quarter of 2014. Through this paper, we aim at investigating the impacts of monetary policy on industrial sector growth, and determine whether the long-run industrial sector growth in China can be foster by the effectiveness of monetary policy. It also examines the interrelationships among the variables employed and determines the steady-state relationships between industrial sector growth and monetary policy. Time-series econometric techniques such as unit roots, ARDL and ECM are employed to monthly data for the year 1994:1 to 2013:12.According to the empirical results derived, the effectiveness of monetary policy significantly affects industrial sector growth and the short-run impact of monetary policy on industrial output production is established.

scholarly journals Dynamic Integrated Model for Assessing Fisheries: Discard Bans as an Implicit Value-Added Tax

2021 ◽  
Author(s):  
Jose Maria Da Rocha ◽  
Javier García-Cutrín ◽  
Maria-Jose Gutiérrez ◽  
Raul Prellezo ◽  
Eduardo Sanchez
Keyword(s):  
Value Added ◽  
Point Of View ◽  
Value Added Tax ◽  
Biological Variables ◽  
A Value ◽  
Long Run ◽  
The Social ◽  
Negative Effect ◽  
Short Run ◽  
The Impact

AbstractIntegrated economic models have become popular for assessing climate change. In this paper we show how these methods can be used to assess the impact of a discard ban in a fishery. We state that a discard ban can be understood as a confiscatory tax equivalent to a value-added tax. Under this framework, we show that a discard ban improves the sustainability of the fishery in the short run and increases economic welfare in the long run. In particular, we show that consumption, capital and wages show an initial decrease just after the implementation of the discard ban then recover after some periods to reach their steady-sate values, which are 16–20% higher than the initial values, depending on the valuation of the landed discards. The discard ban also improves biological variables, increasing landings by 14% and reducing discards by 29% on the initial figures. These patterns highlight the two channels through which discard bans affect a fishery: the tax channel, which shows that the confiscation of landed discards reduces the incentive to invest in the fishery; and the productivity channel, which increases the abundance of the stock. Thus, during the first few years after the implementation of a discard ban, the negative effect from the tax channel dominates the positive effect from the productivity channel, because the stock needs time to recover. Once stock abundance improves, the productivity channel dominates the tax channel and the economic variables rise above their initial levels. Our results also show that a landed discards valorisation policy is optimal from the social welfare point of view provided that incentives to increase discards are not created.

scholarly journals MONETARY POLICY AND TELECOMMUNICATION OUTPUT IN NIGERIA

2020 ◽  
Vol 3 (2) ◽  
pp. 62-73
Author(s):  
John Abiodun Akinde ◽  
Elijah Oludayo
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Negative Relationship ◽  
Negative Influence ◽  
Favourable Effect ◽  
Data Series ◽  
Long Run ◽  
Integration Test ◽  
Short Run ◽  
Positive Effect

Different policies impact on the growth of the telecommunication sector in Nigeria. One of these policies which influence the expansion or contraction of the telecommunication output is monetary policy. To this end, this research examined the effect of monetary policy on telecommunication output in Nigeria. For the purpose of analysis, time series secondary data were sourced from Central Bank of Nigeria (CBN) statistical bulletin covering the periods1986 to 2018. Autoregressive Distributed Lag (ARDL) technique was employed after examining the stationarity of the data series using Augmented Dickey-Fuller technique. The bound co-integration test revealed that there is long run equilibrium between the monetary policy variables employed and telecommunication output. The ARDL result revealed that money supply had significant and positive effect on telecommunication output in the short and long run; liquidity ratio produced an insignificant and negative relationship with telecommunication output in the short run and insignificant positive effect in the long run; exchange rate had insignificant negative effect in the short run and a significant positive effect on telecommunication output in the long run; consumer price index had significant negative influence on telecommunication outputboth in the short run and long run. The study concluded that monetary policy stimulates telecommunication output in Nigeria. Thus, it was recommended that the monetary authority should pursue an expansionary monetary policy to sustain the positive influence of money supply on telecommunication output in Nigeria while rolling out policy to reduce the liquidity ratio of banks in the short run but increase it in the long run so that the long term favourable effect of liquidity ratio can be felt on telecommunication output.  

scholarly journals Monetary Policy Channels and Industrial Production in Pakistan: Evidences based on ARDL Approach

2020 ◽  
Vol 6 (3) ◽  
pp. 713-721
Author(s):  
Muhammad Tariq Mahmood ◽  
Sadaf Shahab ◽  
Saad Ali Rabbani
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Industrial Production ◽  
Industrial Sector ◽  
The Other ◽  
Economic Management ◽  
Long Run ◽  
Consumer Prices ◽  
Short Run ◽  
Bound Test

Monetary policy is a significant component of economic management, with which we can control higher inflation, boost the economic growth and stabilize the other macroeconomic activities. This study investigates the channels of monetary policy affecting the industrial production using monthly data of Pakistan. In this regard, we have applied Bound test for co-integration to investigate the dynamic behaviour of the variables. Our results indicate that the consumer prices, money supply and money market rates are negatively effective for industrial production in the short-run. On the other hand, exchange rate has positive effect in short-run. The results also indicate that there is statistically significant and positive relationship between industrial output and money supply in the long-run, too. The adjustment mechanism suggests stability in the system and is statistically significant. Our results imply that the authorities should use expansionary monetary stance through money supply channel to boost the industrial sector.

Sign in / Sign up

Export Citation Format

Share Document