By Hengyun Ma, Les Oxley
In the hot millennium, figuring out China’s strength financial system is essential for politicians, businesspeople and effort economists, as China’s power coverage offerings will suggest either demanding situations and possibilities for the realm by way of an expanding percentage of fundamental strength intake and funding. This booklet firstly stories the literature on China’s strength economic climate and in so doing finds that many vital components were ignored or are outmoded of their assurance. Given the scale of China and its worldwide value, the ebook then evaluation s China’s present strength state of affairs and fills the gaps within the literature if you have an interest in and anxious approximately China’s monetary improvement and effort reform within the new millennium.
The ebook isn't the same as prior reviews in different vital methods: first of all, it offers fresh, pioneering learn instead of an easy textbook, a number of sections of that have been released in fine quality strength journals. Secondly, the booklet first subdivides China's power depth grow to be elements of funds constraint, technological swap, issue substitution, power call for and monetary progress utilizing a newly built econometric method. Thirdly, it presents many new and diverse econometric findings and derives many new coverage implications for China's strength economic climate. And finally, it brings to gentle a wealth of latest wisdom if you happen to have an interest in China's strength economic system, the realm power marketplace and international environmental and weather switch issues.
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Additional info for China’s Energy Economy: Situation, Reforms, Behavior, and Energy Intensity
3 Do the Differences Arise from Data Sources? Data may be the least likely reason for differences as most studies use the national aggregate data which is readily available, however, data transformation is another potential reason for differences. Some studies use logarithms, others not. 2). 4 Does the Coverage of Independent Variables Matter? The use of independent variables is another potential reason why results differ in part because of possible omitted variable bias. Some studies include three input variables (Lee and Chang 2008; Yuan et al.
Firstly, the observed relationship between national coal consumption and economic growth shows differing causal relationships. Despite a very similar sample period, Wang and Yang (2007) find that national aggregate economic growth Granger causes coal consumption from 1978 to 2005, but national aggregate economic growth and coal consumption Granger cause each other from 1980 to 2004. Next consider the long-term relationships between national oil or petroleum and national aggregate economic growth.
1, row 1) that assumed a linear relationship between energy consumption and economic growth without conducting any statistical tests of the linearity assumption between economic growth and energy consumption. As a result, they estimate a nonlinear relationship between economic growth and energy consumption by employing a smooth transfer regression analysis (STR). Liu et al. (2006) state that the Chinese literature reviewed in their paper (row 2) follows the approaches of the literature published in English and they then apply their methodologies to study China’s energy economics and they ultimately come to the same conclusions.