By using error correction model, I conduct co-integration analysis on the research of the relationship between the per capita practical consumption and per capita practical disposable income of urban residents in Huna...By using error correction model, I conduct co-integration analysis on the research of the relationship between the per capita practical consumption and per capita practical disposable income of urban residents in Hunan Province from 1978 to 2009. The results show that there is a co-integration relationship between the per capita practical consumption and the practical per capita disposable income of urban residents, and based on these, the corresponding error correction model is established. Finally, corresponding countermeasures and suggestions are put forward as follows: broaden the income channel of urban residents; create goods consuming environment; perfect socialist security system.展开更多
Heilongjiang is a large agriculture province.Problems of agriculture,rural areas and farmers are urgent to be solved.The development of agriculture needs the support of agricultural credits,because finance is the cent...Heilongjiang is a large agriculture province.Problems of agriculture,rural areas and farmers are urgent to be solved.The development of agriculture needs the support of agricultural credits,because finance is the center of agriculture economy.However,the low comparative advantage in agriculture and pursuit of the capital interests which aggravate the conflicts of supply and demand of agricultural funds.Lacking of fund is the main factor that constrains the development of agricultural economy.In order to analyze the economic effect of agricultural credits on agricultural economy,an error correction model was set up to research the relationship between them,which based on the least square methods.Through the study of the contribution from agricultural credits to total value of agricultural out-put,the empirical evidence for developing the rural financial vigorously was provided,in order to promote the agricultura leconomic development.展开更多
This study aims to address the deviation in downstream tasks caused by inaccurate recognition results when applying Automatic Speech Recognition(ASR)technology in the Air Traffic Control(ATC)field.This paper presents ...This study aims to address the deviation in downstream tasks caused by inaccurate recognition results when applying Automatic Speech Recognition(ASR)technology in the Air Traffic Control(ATC)field.This paper presents a novel cascaded model architecture,namely Conformer-CTC/Attention-T5(CCAT),to build a highly accurate and robust ATC speech recognition model.To tackle the challenges posed by noise and fast speech rate in ATC,the Conformer model is employed to extract robust and discriminative speech representations from raw waveforms.On the decoding side,the Attention mechanism is integrated to facilitate precise alignment between input features and output characters.The Text-To-Text Transfer Transformer(T5)language model is also introduced to handle particular pronunciations and code-mixing issues,providing more accurate and concise textual output for downstream tasks.To enhance the model’s robustness,transfer learning and data augmentation techniques are utilized in the training strategy.The model’s performance is optimized by performing hyperparameter tunings,such as adjusting the number of attention heads,encoder layers,and the weights of the loss function.The experimental results demonstrate the significant contributions of data augmentation,hyperparameter tuning,and error correction models to the overall model performance.On the Our ATC Corpus dataset,the proposed model achieves a Character Error Rate(CER)of 3.44%,representing a 3.64%improvement compared to the baseline model.Moreover,the effectiveness of the proposed model is validated on two publicly available datasets.On the AISHELL-1 dataset,the CCAT model achieves a CER of 3.42%,showcasing a 1.23%improvement over the baseline model.Similarly,on the LibriSpeech dataset,the CCAT model achieves a Word Error Rate(WER)of 5.27%,demonstrating a performance improvement of 7.67%compared to the baseline model.Additionally,this paper proposes an evaluation criterion for assessing the robustness of ATC speech recognition systems.In robustness evaluation experiments based on this criterion,the proposed model demonstrates a performance improvement of 22%compared to the baseline model.展开更多
Complex water movement and insufficient observation stations are the unfavorable factors in improving the accuracy of flow calculation of river networks. A water level updating model for river networks was set up base...Complex water movement and insufficient observation stations are the unfavorable factors in improving the accuracy of flow calculation of river networks. A water level updating model for river networks was set up based on a three-step method at key nodes, and model correction values were collected from gauge stations. To improve the accuracy of water level and discharge forecasts for the entire network, the discrete coefficients of the Saint-Venant equations for river sections were regarded as the media carrying the correction values from observation locations to other cross-sections of the river network system. To examine the applicability, the updating model was applied to flow calculation of an ideal river network and the Chengtong section of the Yangtze River. Comparison of the forecast results with the observed data demonstrates that this updating model can improve the forecast accuracy in both ideal and real river networks.展开更多
In order to investigate the existence of a stable long-run equilibrium relationship between economic growth and consumption in China, the relationship between the gross domestic product （GDP） and consumption in Chin...In order to investigate the existence of a stable long-run equilibrium relationship between economic growth and consumption in China, the relationship between the gross domestic product （GDP） and consumption in China was investigated by the cointegration analysis method. Using the Engle-Granger （EG） test and considering the possibility of structural changes, the impact of external economic shocks on the long-run equilibrium relationship between economic growth and consumption in China was analyzed. Analysis results show that without considering structural changes, the EG test cannot detect cointegration in the series subjected to structural changes; in considering structural changes, cointegration is successfully detected by specifying the dummy variable. In addition, the error correction models were constructed in different periods. This study verifies the existence of a long-run equilibrium relationship between economic growth and consumption in China, and this relationship has significantly changed in 1989 and 1997, respectively.展开更多
How to achieve the objective of reducing CO2 emissions has been an academic focus in China recently. The factors influencing CO2 emissions are the vital issue to accomplish the arduous target. Firstly, three influenti...How to achieve the objective of reducing CO2 emissions has been an academic focus in China recently. The factors influencing CO2 emissions are the vital issue to accomplish the arduous target. Firstly, three influential factors, the energy consumption, the proportion of tertiary industry in gross domestic product （GDP）, and the degree of dependence on foreign trade, are carefully selected, since all of them have closer grey relation with China＇s COz emissions compared with others when the grey relational analysis （GRA） method is applied. The study highlights co-integration relation of these four variables using the co-integration analysis method. And then a long-term co-integration equation and a short-term error correction model of China＇s CO2 emissions are devel- oped. Finally, the comparison is exerted between the forecast value and the actual value of China＇s CO2 emissions based on error correction model. The results and the relevant statistics tests show that the pro- posed model has better explanation capability and credibility.展开更多
This paper utilizes cointegration theory,error correcting model and Granger causality testing theory to make an empirical research on the relation between urbanization and GDP in China,and also implements a comparativ...This paper utilizes cointegration theory,error correcting model and Granger causality testing theory to make an empirical research on the relation between urbanization and GDP in China,and also implements a comparative analysis to the relation between three industries and degree of urbanization,the related coeffecient is 0.97,0.95,0.97,0.97.And the result shows a long-term balance between these two factors,and the promoting effect to tertiary industry by urbanization is more obvious.Urbanization and economic growth are the long-term balanced relations.In the long-term balance,every 1%increment of urbanization can make 4.82%increment of GDP;In short-term balance,if the balance depart from the long-term balance at the i-th term,the model will take automatic reversal adjustment with-0.06 adjusting strength at the(i+1)th term,to make it move to the long-term balance.The economic growth onto urbanization is one-way causality relationship,the primary and secondary industry onto urbanization is also one-way causality relationship.However,the tertiary industry onto urbanization is both-way causality relationship.展开更多
According to the data from Investigation Report of Land Use Change in China,The Land Resources Communique of China and Chronicle of Statistical Data for Five Decades of New China issued from Ministry of Land Resources...According to the data from Investigation Report of Land Use Change in China,The Land Resources Communique of China and Chronicle of Statistical Data for Five Decades of New China issued from Ministry of Land Resources,we select two indices:change of farmland quantity and policy of farmland protection.According to econometric theory,by using Eviewes 5.1 software,co-integration analysis,Granger causality test,impulse response and other analysis methods,we analyze the relationship between change of farmland quantity and policy of farmland protection in China since the reform and opening-up.The results show that there is long-term balanced relationship between change of farmland quantity and policy of farmland protection,and there is a certain mechanism restricting motion of variables between the two so as to make the two deviate from each other little and step towards balance in the long run;there is unilateral causality relationship between farmland change and policy of farmland protection,namely that the farmland change is the Granger cause of policy of farmland protection,while policy of farmland protection is not the Granger cause of farmland change;impulse response and variance decomposition indicate that farmland change plays the role of promoting policy of farmland protection continuously,and the role is strengthened along with prolonged lag period;the policy of farmland protection has strong inertia,because it is impacted by the former level of itself,and the policy of farmland protection plays insignificant role in promoting farmland quantity.Consequently,the important approach of solving problem of rapid decrease of farmland is to formulate long-term strategy,strengthen theoretical research of farmland protection and reinforce degree of formulation,implementation and surveillance of farmland protection policy.展开更多
This article describes a study by co-integration test and Granger causality test on the relationships between China's services trades and employment using the data of services trade from the WTO website and the em...This article describes a study by co-integration test and Granger causality test on the relationships between China's services trades and employment using the data of services trade from the WTO website and the employment data from China Statistic Yearbook for the years from 1982 to 2003. Co-integration test showed that 1% increase in export value and import value of services created respectively 0.205% and 0.068 7% more job opportunities in the service sector. Both export and import of services impacted positively on employment in service industry, and export did more than import. However, in the short run, the impacts of services export and import on employment in service industry were both very small, though positive; and the impacts of employment in service industry on both export and import of services were very big, but not stable. Granger causality test indicated that employment in service industry was a Granger cause of services export. The findings highlight the importance of facilitating services import and reducing import barriers, and suggest that the competitiveness of China's labor- intensive services trade can be exploited to boost services export and help employment in service sector, and that the structure of services trade should be optimized by shifting from labor-intensive to knowledge-and technology-intensive services thus to enhance China's competitiveness of services export.展开更多
This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that dome...This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.展开更多
As a growing number of countries, including both developed and developing countries, have in recent yearstaken environmental regulation at different levels, a question of great concern has been raised: can the regulat...As a growing number of countries, including both developed and developing countries, have in recent yearstaken environmental regulation at different levels, a question of great concern has been raised: can the regulation alterthe existing trade volume and trade pattern, and ultimately drive pollution-intensive industries to countries with low-levelregulations or even those without regulations at all? Starting from the three different propositions concerning therelationship between environmental regulation and trade pattern, this paper applies cointegration analysis and errorcorrection model to empirically testing the relationship between environmental regulation and trade in China during theperiod of 1985-2005. Our empirical results indicate that in the short run the collection of pollution discharge fees bearsa positive impact on the export share of clean products of total exports. Thus, higher pollution discharge fees raise theratio of clean products exports to total exports. This further indicates that more stringent environmental regulationpromotes the exports of clean products. In the long run pollution discharge fees are positively correlated with the exportshare of clean products but negatively associated with their import share. Such correlations imply that environmentalregulation tends to facilitate the international specialization in line with comparative advantages.展开更多
Banking is an essential sector of Palestine’s economy.More credits provided by banks are considered to have a positive impact on economic growth so that the overall objective of this study is to examine the impact of...Banking is an essential sector of Palestine’s economy.More credits provided by banks are considered to have a positive impact on economic growth so that the overall objective of this study is to examine the impact of bank lending on economic growth in Palestine.The study employs the Augmented Dickey-Fuller to test for stationarity in the time series,The Johansen co-integration,Vector Autoregressive Model and Vector Error Correction Model are employed to identify the long-run and short-run dynamics among the variables,and Granger causality test in order to determine the direction of causality.The study finds that a long run relationship exists among the variables and insignificant short run relationship.Also,the study findings show that there is unidirectional causality and runs from GDP to bank lending.The insignificant contribution of bank lending to GDP is attributed to the fact that banks are not highly interested in lending to the production sector of the economy due to the high level of risk.However,the primary empirical evidence reveals that bank lending doesn’t cause economic growth,but economic growth causes bank lending.展开更多
By applying co-integration analysis,the Granger causality test and an error correction model,the dependency between the energy consumption and the gross domestic product of China was examined.In a further step an anal...By applying co-integration analysis,the Granger causality test and an error correction model,the dependency between the energy consumption and the gross domestic product of China was examined.In a further step an analysis was done to establish a correlation between the economic growth of different industries and China's energy consumption.An evidence-based study showed that a co-integration relationship exists between the gross energy consumption and the GDP of China and that the two variables possess bi-directional causality.The energy consumption for the secondary industry has a markedly stimulative effect to the economic growth.This paper also uses an error correction model(ECM)to explain the short-term behavior of energy demands.展开更多
Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive ...Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive or a negative influence on plants. This paper investigates the possible impact of tourism development and economic growth on vegetation health using cointegration and causality for Aruba. The proposed framework contributes to a better understanding on the use of remote sensing of vegetation response to tourism development and economic growth. Thereby, provide opportunities for improving the overall strategy for achieving sustainable development on a small island state. The calculations showed that there were relationships between the tourism demand and economic growth on the vegetation health on Aruba for the western part of the island. On the other hand, for the central part of the island, no relationships were found.展开更多
The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-inte...The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.展开更多
The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of ...The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of price and interest rate controls, and the adoption of a managed float exchange rate system as well as the changes in monetary policy including innovations in the banking sector. Hence, the study examines the impact of financial development on money demand in Nigeria by means of <span style="font-family:Verdana;">ARDL</span><span style="font-family:Verdana;"> approach. It examined the quarterly returns of M2, </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate (EXR), inflation rate (IFR), currency in credits to </span><span style="font-family:Verdana;">private</span><span style="font-family:Verdana;"> sector (CPS) </span><span style="font-family:Verdana;">and</span><span style="font-family:Verdana;"> circulation (CIC). The data span from 1991 to 2018. The study utilizes regression model techniques where the regression model’s residual is tested for Cointegration using Engle-Granger residual approach, the significan</span><span style="font-family:Verdana;">ces</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> of the variable’s co-movement are checked by pairwise Granger Causality tests and ARDL and VECM are estimated in </span><span><span style="font-family:Verdana;">order to account for the short run and </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relationship among the va</span></span><span style="font-family:Verdana;">riables. From the empirical results, Engle-Granger residuals and pairwise</span><span style="font-family:Verdana;"> Granger Causality tests confirm cointegration among variables. The ARDL and VECM confirm the </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relation between money demand (M2) and financial development variables</span></span><span style="font-family:Verdana;">:</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> CPS and CIC. ARDL models (</span><span style="font-family:Verdana;">short run</span><span style="font-family:Verdana;"> rela</span><span><span style="font-family:Verdana;">tionship) are estimated for </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate and inflation rate. Long</span></span></span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">run</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> (VECM) analysis has confirmed </span><span style="font-family:Verdana;">significance</span><span style="font-family:Verdana;"> of financial development variables (CPS and CIC) with </span><span style="font-family:Verdana;">positive</span> <span style="font-family:Verdana;">sign</span><span style="font-family:Verdana;">;implies that </span><span style="font-family:Verdana;">money</span><span style="font-family:Verdana;"> demand function is stable in </span><span style="font-family:Verdana;">long</span></span><span style="font-family:;" "=""> </span><span style="font-family:;" "=""><span style="font-family:Verdana;">run. The VECM </span><span style="font-family:Verdana;">granger</span><span style="font-family:Verdana;"> causality results reveal that bidirectional causality exist</span></span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> between currency in circulation and money demand in both short and long run. Unidirectional causal relationship exists between credits to private sector and money demand in both short and long run. Hence, government should pay more attention on financial development and ensure a coordination of</span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">both fiscal and monetary policy.</span>展开更多
This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic ...This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.展开更多
基金Supported by the Scientific Research Subject of Department of Education in Hunan Province(10C0556)
文摘By using error correction model, I conduct co-integration analysis on the research of the relationship between the per capita practical consumption and per capita practical disposable income of urban residents in Hunan Province from 1978 to 2009. The results show that there is a co-integration relationship between the per capita practical consumption and the practical per capita disposable income of urban residents, and based on these, the corresponding error correction model is established. Finally, corresponding countermeasures and suggestions are put forward as follows: broaden the income channel of urban residents; create goods consuming environment; perfect socialist security system.
基金Supported by the Fund for Heilongjiang Province Philosophy and Social Sciences Project (08E015)Social Sciences Fund of the Heilongjiang Provincial Education Department (11542014)Scientific Research Fund of Northeast Agricultural University
文摘Heilongjiang is a large agriculture province.Problems of agriculture,rural areas and farmers are urgent to be solved.The development of agriculture needs the support of agricultural credits,because finance is the center of agriculture economy.However,the low comparative advantage in agriculture and pursuit of the capital interests which aggravate the conflicts of supply and demand of agricultural funds.Lacking of fund is the main factor that constrains the development of agricultural economy.In order to analyze the economic effect of agricultural credits on agricultural economy,an error correction model was set up to research the relationship between them,which based on the least square methods.Through the study of the contribution from agricultural credits to total value of agricultural out-put,the empirical evidence for developing the rural financial vigorously was provided,in order to promote the agricultura leconomic development.
基金This study was co-supported by the National Key R&D Program of China(No.2021YFF0603904)National Natural Science Foundation of China(U1733203)Safety Capacity Building Project of Civil Aviation Administration of China(TM2019-16-1/3).
文摘This study aims to address the deviation in downstream tasks caused by inaccurate recognition results when applying Automatic Speech Recognition(ASR)technology in the Air Traffic Control(ATC)field.This paper presents a novel cascaded model architecture,namely Conformer-CTC/Attention-T5(CCAT),to build a highly accurate and robust ATC speech recognition model.To tackle the challenges posed by noise and fast speech rate in ATC,the Conformer model is employed to extract robust and discriminative speech representations from raw waveforms.On the decoding side,the Attention mechanism is integrated to facilitate precise alignment between input features and output characters.The Text-To-Text Transfer Transformer(T5)language model is also introduced to handle particular pronunciations and code-mixing issues,providing more accurate and concise textual output for downstream tasks.To enhance the model’s robustness,transfer learning and data augmentation techniques are utilized in the training strategy.The model’s performance is optimized by performing hyperparameter tunings,such as adjusting the number of attention heads,encoder layers,and the weights of the loss function.The experimental results demonstrate the significant contributions of data augmentation,hyperparameter tuning,and error correction models to the overall model performance.On the Our ATC Corpus dataset,the proposed model achieves a Character Error Rate(CER)of 3.44%,representing a 3.64%improvement compared to the baseline model.Moreover,the effectiveness of the proposed model is validated on two publicly available datasets.On the AISHELL-1 dataset,the CCAT model achieves a CER of 3.42%,showcasing a 1.23%improvement over the baseline model.Similarly,on the LibriSpeech dataset,the CCAT model achieves a Word Error Rate(WER)of 5.27%,demonstrating a performance improvement of 7.67%compared to the baseline model.Additionally,this paper proposes an evaluation criterion for assessing the robustness of ATC speech recognition systems.In robustness evaluation experiments based on this criterion,the proposed model demonstrates a performance improvement of 22%compared to the baseline model.
基金supported by the Major Program of the National Natural Science Foundation of China(Grant No.51190091)the National Natural Science Foundation of China(Grant No.51009045)the Open Research Fund Program of the State Key Laboratory of Water Resources and Hydropower Engineering Science of Wuhan University(Grant No.2012B094)
文摘Complex water movement and insufficient observation stations are the unfavorable factors in improving the accuracy of flow calculation of river networks. A water level updating model for river networks was set up based on a three-step method at key nodes, and model correction values were collected from gauge stations. To improve the accuracy of water level and discharge forecasts for the entire network, the discrete coefficients of the Saint-Venant equations for river sections were regarded as the media carrying the correction values from observation locations to other cross-sections of the river network system. To examine the applicability, the updating model was applied to flow calculation of an ideal river network and the Chengtong section of the Yangtze River. Comparison of the forecast results with the observed data demonstrates that this updating model can improve the forecast accuracy in both ideal and real river networks.
文摘In order to investigate the existence of a stable long-run equilibrium relationship between economic growth and consumption in China, the relationship between the gross domestic product （GDP） and consumption in China was investigated by the cointegration analysis method. Using the Engle-Granger （EG） test and considering the possibility of structural changes, the impact of external economic shocks on the long-run equilibrium relationship between economic growth and consumption in China was analyzed. Analysis results show that without considering structural changes, the EG test cannot detect cointegration in the series subjected to structural changes; in considering structural changes, cointegration is successfully detected by specifying the dummy variable. In addition, the error correction models were constructed in different periods. This study verifies the existence of a long-run equilibrium relationship between economic growth and consumption in China, and this relationship has significantly changed in 1989 and 1997, respectively.
基金Supported by the National Natural Science Foundation of China(41101569)the China Postdoctoral Science Foundation Funded Project(2011M500965)+5 种基金the Jiangsu Funds of Social Science(11EYC023)the Doctoral Discipline New Teachers Fund(20110095120002)the Jiangsu Postdoctoral Science Foundation Funded Project(1102088C)the Fundamental Research Funds for the Central Universities(JGJ110763)the Talent Introduction Funds of China University of Mining and Technologythe Sail Plan Funds for Young Teachers of China University of Mining and Technology~~
文摘How to achieve the objective of reducing CO2 emissions has been an academic focus in China recently. The factors influencing CO2 emissions are the vital issue to accomplish the arduous target. Firstly, three influential factors, the energy consumption, the proportion of tertiary industry in gross domestic product （GDP）, and the degree of dependence on foreign trade, are carefully selected, since all of them have closer grey relation with China＇s COz emissions compared with others when the grey relational analysis （GRA） method is applied. The study highlights co-integration relation of these four variables using the co-integration analysis method. And then a long-term co-integration equation and a short-term error correction model of China＇s CO2 emissions are devel- oped. Finally, the comparison is exerted between the forecast value and the actual value of China＇s CO2 emissions based on error correction model. The results and the relevant statistics tests show that the pro- posed model has better explanation capability and credibility.
文摘This paper utilizes cointegration theory,error correcting model and Granger causality testing theory to make an empirical research on the relation between urbanization and GDP in China,and also implements a comparative analysis to the relation between three industries and degree of urbanization,the related coeffecient is 0.97,0.95,0.97,0.97.And the result shows a long-term balance between these two factors,and the promoting effect to tertiary industry by urbanization is more obvious.Urbanization and economic growth are the long-term balanced relations.In the long-term balance,every 1%increment of urbanization can make 4.82%increment of GDP;In short-term balance,if the balance depart from the long-term balance at the i-th term,the model will take automatic reversal adjustment with-0.06 adjusting strength at the(i+1)th term,to make it move to the long-term balance.The economic growth onto urbanization is one-way causality relationship,the primary and secondary industry onto urbanization is also one-way causality relationship.However,the tertiary industry onto urbanization is both-way causality relationship.
文摘According to the data from Investigation Report of Land Use Change in China,The Land Resources Communique of China and Chronicle of Statistical Data for Five Decades of New China issued from Ministry of Land Resources,we select two indices:change of farmland quantity and policy of farmland protection.According to econometric theory,by using Eviewes 5.1 software,co-integration analysis,Granger causality test,impulse response and other analysis methods,we analyze the relationship between change of farmland quantity and policy of farmland protection in China since the reform and opening-up.The results show that there is long-term balanced relationship between change of farmland quantity and policy of farmland protection,and there is a certain mechanism restricting motion of variables between the two so as to make the two deviate from each other little and step towards balance in the long run;there is unilateral causality relationship between farmland change and policy of farmland protection,namely that the farmland change is the Granger cause of policy of farmland protection,while policy of farmland protection is not the Granger cause of farmland change;impulse response and variance decomposition indicate that farmland change plays the role of promoting policy of farmland protection continuously,and the role is strengthened along with prolonged lag period;the policy of farmland protection has strong inertia,because it is impacted by the former level of itself,and the policy of farmland protection plays insignificant role in promoting farmland quantity.Consequently,the important approach of solving problem of rapid decrease of farmland is to formulate long-term strategy,strengthen theoretical research of farmland protection and reinforce degree of formulation,implementation and surveillance of farmland protection policy.
文摘This article describes a study by co-integration test and Granger causality test on the relationships between China's services trades and employment using the data of services trade from the WTO website and the employment data from China Statistic Yearbook for the years from 1982 to 2003. Co-integration test showed that 1% increase in export value and import value of services created respectively 0.205% and 0.068 7% more job opportunities in the service sector. Both export and import of services impacted positively on employment in service industry, and export did more than import. However, in the short run, the impacts of services export and import on employment in service industry were both very small, though positive; and the impacts of employment in service industry on both export and import of services were very big, but not stable. Granger causality test indicated that employment in service industry was a Granger cause of services export. The findings highlight the importance of facilitating services import and reducing import barriers, and suggest that the competitiveness of China's labor- intensive services trade can be exploited to boost services export and help employment in service sector, and that the structure of services trade should be optimized by shifting from labor-intensive to knowledge-and technology-intensive services thus to enhance China's competitiveness of services export.
文摘This study examines the spillover effects of U.S.monetary policy normalization on Nigeria 10-Year Treasury bond yield between 2011 and 2017,using the vector error correction model approach.Our results reveal that domestic factors,such as exchange rate and inflation,rather than the U.S.10-Year sovereign bond yield,are the key drivers of Nigeria 10-Year bond yield.Additionally,the spillover effect from the U.S.monetary policy was amplified by oil price shocks and changes in Nigeria’s monetary policy rates.Our counterfactual analysis confirms the findings.
文摘As a growing number of countries, including both developed and developing countries, have in recent yearstaken environmental regulation at different levels, a question of great concern has been raised: can the regulation alterthe existing trade volume and trade pattern, and ultimately drive pollution-intensive industries to countries with low-levelregulations or even those without regulations at all? Starting from the three different propositions concerning therelationship between environmental regulation and trade pattern, this paper applies cointegration analysis and errorcorrection model to empirically testing the relationship between environmental regulation and trade in China during theperiod of 1985-2005. Our empirical results indicate that in the short run the collection of pollution discharge fees bearsa positive impact on the export share of clean products of total exports. Thus, higher pollution discharge fees raise theratio of clean products exports to total exports. This further indicates that more stringent environmental regulationpromotes the exports of clean products. In the long run pollution discharge fees are positively correlated with the exportshare of clean products but negatively associated with their import share. Such correlations imply that environmentalregulation tends to facilitate the international specialization in line with comparative advantages.
文摘Banking is an essential sector of Palestine’s economy.More credits provided by banks are considered to have a positive impact on economic growth so that the overall objective of this study is to examine the impact of bank lending on economic growth in Palestine.The study employs the Augmented Dickey-Fuller to test for stationarity in the time series,The Johansen co-integration,Vector Autoregressive Model and Vector Error Correction Model are employed to identify the long-run and short-run dynamics among the variables,and Granger causality test in order to determine the direction of causality.The study finds that a long run relationship exists among the variables and insignificant short run relationship.Also,the study findings show that there is unidirectional causality and runs from GDP to bank lending.The insignificant contribution of bank lending to GDP is attributed to the fact that banks are not highly interested in lending to the production sector of the economy due to the high level of risk.However,the primary empirical evidence reveals that bank lending doesn’t cause economic growth,but economic growth causes bank lending.
基金Projects TSFZLXKF2006-3 supported by the China Lixin Risk Management Research Institute Foundation of Shanghai Municipal Education Commission90210035 by the National Natural Science Foundation of China
文摘By applying co-integration analysis,the Granger causality test and an error correction model,the dependency between the energy consumption and the gross domestic product of China was examined.In a further step an analysis was done to establish a correlation between the economic growth of different industries and China's energy consumption.An evidence-based study showed that a co-integration relationship exists between the gross energy consumption and the GDP of China and that the two variables possess bi-directional causality.The energy consumption for the secondary industry has a markedly stimulative effect to the economic growth.This paper also uses an error correction model(ECM)to explain the short-term behavior of energy demands.
文摘Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive or a negative influence on plants. This paper investigates the possible impact of tourism development and economic growth on vegetation health using cointegration and causality for Aruba. The proposed framework contributes to a better understanding on the use of remote sensing of vegetation response to tourism development and economic growth. Thereby, provide opportunities for improving the overall strategy for achieving sustainable development on a small island state. The calculations showed that there were relationships between the tourism demand and economic growth on the vegetation health on Aruba for the western part of the island. On the other hand, for the central part of the island, no relationships were found.
基金Supported by National Social Science Fund(06BTQ017)
文摘The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.
文摘The escalation in dollar rates and the price instability in the Nigerian economy went through some significant structural and institutional changes such as the liberalization of the external trade, the elimination of price and interest rate controls, and the adoption of a managed float exchange rate system as well as the changes in monetary policy including innovations in the banking sector. Hence, the study examines the impact of financial development on money demand in Nigeria by means of <span style="font-family:Verdana;">ARDL</span><span style="font-family:Verdana;"> approach. It examined the quarterly returns of M2, </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate (EXR), inflation rate (IFR), currency in credits to </span><span style="font-family:Verdana;">private</span><span style="font-family:Verdana;"> sector (CPS) </span><span style="font-family:Verdana;">and</span><span style="font-family:Verdana;"> circulation (CIC). The data span from 1991 to 2018. The study utilizes regression model techniques where the regression model’s residual is tested for Cointegration using Engle-Granger residual approach, the significan</span><span style="font-family:Verdana;">ces</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> of the variable’s co-movement are checked by pairwise Granger Causality tests and ARDL and VECM are estimated in </span><span><span style="font-family:Verdana;">order to account for the short run and </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relationship among the va</span></span><span style="font-family:Verdana;">riables. From the empirical results, Engle-Granger residuals and pairwise</span><span style="font-family:Verdana;"> Granger Causality tests confirm cointegration among variables. The ARDL and VECM confirm the </span><span style="font-family:Verdana;">long run</span><span style="font-family:Verdana;"> relation between money demand (M2) and financial development variables</span></span><span style="font-family:Verdana;">:</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> CPS and CIC. ARDL models (</span><span style="font-family:Verdana;">short run</span><span style="font-family:Verdana;"> rela</span><span><span style="font-family:Verdana;">tionship) are estimated for </span><span style="font-family:Verdana;">exchange</span><span style="font-family:Verdana;"> rate and inflation rate. Long</span></span></span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">run</span><span style="font-family:;" "=""><span style="font-family:Verdana;"> (VECM) analysis has confirmed </span><span style="font-family:Verdana;">significance</span><span style="font-family:Verdana;"> of financial development variables (CPS and CIC) with </span><span style="font-family:Verdana;">positive</span> <span style="font-family:Verdana;">sign</span><span style="font-family:Verdana;">;implies that </span><span style="font-family:Verdana;">money</span><span style="font-family:Verdana;"> demand function is stable in </span><span style="font-family:Verdana;">long</span></span><span style="font-family:;" "=""> </span><span style="font-family:;" "=""><span style="font-family:Verdana;">run. The VECM </span><span style="font-family:Verdana;">granger</span><span style="font-family:Verdana;"> causality results reveal that bidirectional causality exist</span></span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> between currency in circulation and money demand in both short and long run. Unidirectional causal relationship exists between credits to private sector and money demand in both short and long run. Hence, government should pay more attention on financial development and ensure a coordination of</span><span style="font-family:;" "=""> </span><span style="font-family:Verdana;">both fiscal and monetary policy.</span>
文摘This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.
