IDEAS home Printed from https://ideas.repec.org/a/eee/eneeco/v99y2021ics0140988321001778.html
   My bibliography  Save this article

Trade policy uncertainty, political connection and government subsidy: Evidence from Chinese energy firms

Author

Listed:
  • Li, Xiao-Lin
  • Li, Jingya
  • Wang, Jia
  • Si, Deng-Kui

Abstract

This paper analyzes the causal relationship between trade policy uncertainty, government subsidies, and the role of political connections using annual data on Chinese energy firms from 2003 to 2018. The results show that when trade policy uncertainty increases, the Chinese government tends to increase subsidies for energy firms, and firms with political ties may receive more subsidies. Furthermore, firms with poor sales performance and in less marketized regions will be granted even more subsidies when uncertainty rises and firms are politically connected. We also observe that subsidies promote firms' fixed asset investments and innovations but decrease their overall investment efficiency.

Suggested Citation

  • Li, Xiao-Lin & Li, Jingya & Wang, Jia & Si, Deng-Kui, 2021. "Trade policy uncertainty, political connection and government subsidy: Evidence from Chinese energy firms," Energy Economics, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:eneeco:v:99:y:2021:i:c:s0140988321001778
    DOI: 10.1016/j.eneco.2021.105272
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0140988321001778
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.eneco.2021.105272?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Huang, Yun & Luk, Paul, 2020. "Measuring economic policy uncertainty in China," China Economic Review, Elsevier, vol. 59(C).
    2. Chutatong Charumilind & Raja Kali & Yupana Wiwattanakantang, 2006. "Connected Lending: Thailand before the Financial Crisis," The Journal of Business, University of Chicago Press, vol. 79(1), pages 181-218, January.
    3. Lee, Chi-Chuan & Lee, Chien-Chiang, 2019. "Oil price shocks and Chinese banking performance: Do country risks matter?," Energy Economics, Elsevier, vol. 77(C), pages 46-53.
    4. Caldara, Dario & Iacoviello, Matteo & Molligo, Patrick & Prestipino, Andrea & Raffo, Andrea, 2020. "The economic effects of trade policy uncertainty," Journal of Monetary Economics, Elsevier, vol. 109(C), pages 38-59.
    5. Xiong, Yongqing & Yang, Xiaohan, 2016. "Government subsidies for the Chinese photovoltaic industry," Energy Policy, Elsevier, vol. 99(C), pages 111-119.
    6. Lin, Boqiang & Jiang, Zhujun, 2011. "Estimates of energy subsidies in China and impact of energy subsidy reform," Energy Economics, Elsevier, vol. 33(2), pages 273-283, March.
    7. Chen, You-hua & Chen, Mei-xia & Mishra, Ashok K., 2020. "Subsidies under uncertainty: Modeling of input- and output-oriented policies," Economic Modelling, Elsevier, vol. 85(C), pages 39-56.
    8. Ye Liu & Xindan Li & Haijian Zeng & Yunbi An, 2017. "Political connections, auditor choice and corporate accounting transparency: evidence from private sector firms in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(4), pages 1071-1099, December.
    9. Huang, Wei, 2020. "Government subsidies, dividend and stock market refinancing of Chinese firms," Finance Research Letters, Elsevier, vol. 37(C).
    10. Kyle Handley & Nuno Limão, 2018. "Trade and Investment under Policy Uncertainty: Theory and Firm Evidence," World Scientific Book Chapters, in: Policy Externalities and International Trade Agreements, chapter 4, pages 89-122, World Scientific Publishing Co. Pte. Ltd..
    11. Eitan Goldman & Jörg Rocholl & Jongil So, 2009. "Do Politically Connected Boards Affect Firm Value?," Review of Financial Studies, Society for Financial Studies, vol. 22(6), pages 2331-2360, June.
    12. Fu, Jiangtao & Shimamoto, Daichi & Todo, Yasuyuki, 2017. "Can firms with political connections borrow more than those without? Evidence from firm-level data for Indonesia," Journal of Asian Economics, Elsevier, vol. 52(C), pages 45-55.
    13. Feng, Ling & Li, Zhiyuan & Swenson, Deborah L., 2017. "Trade policy uncertainty and exports: Evidence from China's WTO accession," Journal of International Economics, Elsevier, vol. 106(C), pages 20-36.
    14. Frye, Timothy & Shleifer, Andrei, 1997. "The Invisible Hand and the Grabbing Hand," American Economic Review, American Economic Association, vol. 87(2), pages 354-358, May.
    15. Handley, Kyle, 2014. "Exporting under trade policy uncertainty: Theory and evidence," Journal of International Economics, Elsevier, vol. 94(1), pages 50-66.
    16. Kasahara, Hiroyuki & Rodrigue, Joel, 2008. "Does the use of imported intermediates increase productivity? Plant-level evidence," Journal of Development Economics, Elsevier, vol. 87(1), pages 106-118, August.
    17. Qizhi Tao & Yicheng Sun & Yingjun Zhu & Xiaolin Yang, 2017. "Political Connections and Government Subsidies: Evidence from Financially Distressed Firms in China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(8), pages 1854-1868, August.
    18. Li, Hongbin & Meng, Lingsheng & Wang, Qian & Zhou, Li-An, 2008. "Political connections, financing and firm performance: Evidence from Chinese private firms," Journal of Development Economics, Elsevier, vol. 87(2), pages 283-299, October.
    19. Dang, Dandan & Fang, Hongsheng & He, Minyuan, 2019. "Economic policy uncertainty, tax quotas and corporate tax burden: Evidence from China," China Economic Review, Elsevier, vol. 56(C), pages 1-1.
    20. Cheng, Louis T.W. & Leung, T.Y., 2016. "Government protection, political connection and management turnover in China," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 160-176.
    21. Michele Imbruno, 2019. "Importing under trade policy uncertainty: Evidence from China," Post-Print hal-02171715, HAL.
    22. Yu, Xiaojun & Yao, Yao & Zheng, Huanhuan & Zhang, Lin, 2020. "The role of political connection on overinvestment of Chinese energy firms," Energy Economics, Elsevier, vol. 85(C).
    23. He, Feng & Ma, Yaming & Zhang, Xiaojie, 2020. "How does economic policy uncertainty affect corporate Innovation?–Evidence from China listed companies," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 225-239.
    24. Abubakr Saeed & Yacine Belghitar & Ephraim Clark, 2016. "Do Political Connections Affect Firm Performance? Evidence from a Developing Country," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(8), pages 1876-1891, August.
    25. Cheng, Lei & Cheng, Hong & Zhuang, Ziyin, 2019. "Political connections, corporate innovation and entrepreneurship: Evidence from the China Employer-Employee Survey (CEES)," China Economic Review, Elsevier, vol. 54(C), pages 286-305.
    26. Andrei Shleifer & Robert W. Vishny, 1994. "Politicians and Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 995-1025.
    27. Nikolaos Antonakakis & Ioannis Chatziantoniou & George Filis, 2014. "Dynamic Spillovers of Oil Price Shocks and Policy Uncertainty," Department of Economics Working Papers wuwp166, Vienna University of Economics and Business, Department of Economics.
    28. Bao Wu & Haiyan Liang & Yan Shen, 2018. "Political Connection, Ownership, and Post-Crisis Industrial Upgrading Investment: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(12), pages 2651-2668, September.
    29. Tisdell, Clement A., 2020. "Economic, social and political issues raised by the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 17-28.
    30. Antonakakis, Nikolaos & Chatziantoniou, Ioannis & Filis, George, 2014. "Dynamic spillovers of oil price shocks and economic policy uncertainty," Energy Economics, Elsevier, vol. 44(C), pages 433-447.
    31. Imbruno, Michele, 2019. "Importing under trade policy uncertainty: Evidence from China," Journal of Comparative Economics, Elsevier, vol. 47(4), pages 806-826.
    32. Zhang, Huiming & Li, Lianshui & Zhou, Dequn & Zhou, Peng, 2014. "Political connections, government subsidies and firm financial performance: Evidence from renewable energy manufacturing in China," Renewable Energy, Elsevier, vol. 63(C), pages 330-336.
    33. Xiaoqin Zhao & Difang Wan & Hao Xu, 2013. "Political Connections and the Efficiency of Capital Allocation Through Bond Financing in Chinese Listed Companies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(S2), pages 158-170, March.
    34. Guofu Tan & Justin Yifu Lin, 1999. "Policy Burdens, Accountability, and the Soft Budget Constraint," American Economic Review, American Economic Association, vol. 89(2), pages 426-431, May.
    35. Cornaggia, Jess & Mao, Yifei & Tian, Xuan & Wolfe, Brian, 2015. "Does banking competition affect innovation?," Journal of Financial Economics, Elsevier, vol. 115(1), pages 189-209.
    36. Jun Du & Sourafel Girma, 2010. "Red Capitalists: Political Connections and Firm Performance in China," Kyklos, Wiley Blackwell, vol. 63(4), pages 530-545, November.
    37. Lin, Justin Yifu & Li, Zhiyun, 2008. "Policy burden, privatization and soft budget constraint," Journal of Comparative Economics, Elsevier, vol. 36(1), pages 90-102, March.
    38. Kasahara, Hiroyuki & Lapham, Beverly, 2013. "Productivity and the decision to import and export: Theory and evidence," Journal of International Economics, Elsevier, vol. 89(2), pages 297-316.
    39. Nelson, Tim & Reid, Cameron & McNeill, Judith, 2015. "Energy-only markets and renewable energy targets: Complementary policy or policy collision?," Economic Analysis and Policy, Elsevier, vol. 46(C), pages 25-42.
    40. Min Zhang & Jun Su & Yuefan Sun & Wen Zhang & Na Shen, 2015. "Political Connections and Corporate Diversification: An Exploration of Chinese Firms," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(1), pages 234-246, January.
    41. Lin, Justin Yifu & Cai, Fang & Li, Zhou, 1998. "Competition, Policy Burdens, and State-Owned Enterprise Reform," American Economic Review, American Economic Association, vol. 88(2), pages 422-427, May.
    42. Thomas Rawski, 1997. "Who has soft budget constraints?," Global Economic Review, Taylor & Francis Journals, vol. 26(1), pages 29-49.
    43. Cheng, Lei, 2018. "Estimating the value of political connections in China: Evidence from sudden deaths of politically connected independent directors," Journal of Comparative Economics, Elsevier, vol. 46(2), pages 495-514.
    44. Xu, Bin & Lin, Boqiang, 2018. "Do we really understand the development of China's new energy industry?," Energy Economics, Elsevier, vol. 74(C), pages 733-745.
    45. Maxime C. Cohen & Ruben Lobel & Georgia Perakis, 2016. "The Impact of Demand Uncertainty on Consumer Subsidies for Green Technology Adoption," Management Science, INFORMS, vol. 62(5), pages 1235-1258, May.
    46. Wang, Yizhong & Chen, Carl R. & Chen, Lifang & Huang, Ying Sophie, 2016. "Overinvestment, inflation uncertainty, and managerial overconfidence: Firm level analysis of Chinese corporations," The North American Journal of Economics and Finance, Elsevier, vol. 38(C), pages 54-69.
    47. Chen, Charles J.P. & Li, Zengquan & Su, Xijia & Sun, Zheng, 2011. "Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 229-243, April.
    48. Xu, Li & Zhang, Qin & Wang, Keying & Shi, Xunpeng, 2020. "Subsidies, loans, and companies' performance: evidence from China's photovoltaic industry," Applied Energy, Elsevier, vol. 260(C).
    49. Solaymani, Saeed & Kari, Fatimah, 2014. "Impacts of energy subsidy reform on the Malaysian economy and transportation sector," Energy Policy, Elsevier, vol. 70(C), pages 115-125.
    50. Hailemariam, Abebe & Smyth, Russell & Zhang, Xibin, 2019. "Oil prices and economic policy uncertainty: Evidence from a nonparametric panel data model," Energy Economics, Elsevier, vol. 83(C), pages 40-51.
    51. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    52. Ling, Leng & Zhou, Xiaorong & Liang, Quanxi & Song, Pingping & Zeng, Haijian, 2016. "Political connections, overinvestments and firm performance: Evidence from Chinese listed real estate firms," Finance Research Letters, Elsevier, vol. 18(C), pages 328-333.
    53. Ping Lin & Boqiang Lin & Mengting Lin & Chen Lin, 2020. "Empirical Study of Factors Influencing Performance of Chinese Enterprises in Overseas Mergers and Acquisitions in Context of Belt and Road Initiative—A Perspective Based on Political Connections," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(7), pages 1564-1580, May.
    54. Chen, Carl R. & Li, Yingqi & Luo, Danglun & Zhang, Ting, 2017. "Helping hands or grabbing hands? An analysis of political connections and firm value," Journal of Banking & Finance, Elsevier, vol. 80(C), pages 71-89.
    55. Bruce E. Hansen, 2007. "Least Squares Model Averaging," Econometrica, Econometric Society, vol. 75(4), pages 1175-1189, July.
    56. Kong, Gaowen & Zhang, Hui & Wang, Di & Yang, Zhiqing & Liu, Hua, 2021. "Political promotion and pay gap: Evidence from SOEs in China," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 450-460.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yiping Sun & Xiangyi Li & Tengyuan Zhang & Jiawei Fu, 2022. "Does Trade Policy Uncertainty Exacerbate Environmental Pollution?—Evidence from Chinese Cities," IJERPH, MDPI, vol. 19(4), pages 1-21, February.
    2. Li, Mengzhe & Lin, Qianru & Lan, Fei & Zhan, Zhimin & He, Zhongshi, 2023. "Trade policy uncertainty and financial investment: Evidence from Chinese energy firms," Energy Economics, Elsevier, vol. 117(C).
    3. Wang, Shubin & Zhao, Erlong & Razzaq, Hafiz Kashif, 2022. "Dynamic role of renewable energy efficiency, natural resources, and climate technologies in realizing environmental sustainability: Implications for China," Renewable Energy, Elsevier, vol. 198(C), pages 1095-1104.
    4. Liang, Ting & Zhang, Yue-Jun & Qiang, Wei, 2022. "Does technological innovation benefit energy firms’ environmental performance? The moderating effect of government subsidies and media coverage," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    5. Hailiang Zou & Ruijing Wang & Guoyou Qi, 2023. "The Response of CSR to Economic Policy Uncertainty: Evidence from China," Sustainability, MDPI, vol. 15(17), pages 1-19, August.
    6. Xiaofeng Xu & Xiangyu Chen & Yi Xu & Tao Wang & Yifan Zhang, 2022. "Improving the Innovative Performance of Renewable Energy Enterprises in China: Effects of Subsidy Policy and Intellectual Property Legislation," Sustainability, MDPI, vol. 14(13), pages 1-24, July.
    7. Hui Deng & Chuang Li & Liping Wang, 2022. "The Impact of Corporate Innovation on Environmental Performance: The Moderating Effect of Financing Constraints and Government Subsidies," Sustainability, MDPI, vol. 14(18), pages 1-18, September.
    8. Tao Zhu & Huatao Peng, 2022. "Research on the Impact of Ambidextrous Innovation on Sustainable Entrepreneurial Performance from a Policy-Oriented Perspective," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    9. Zhou, Fengxiu & Wen, Huwei, 2022. "Trade policy uncertainty, development strategy, and export behavior: Evidence from listed industrial companies in China," Journal of Asian Economics, Elsevier, vol. 82(C).
    10. Lu, Shenghua & Wang, Hui, 2023. "How revolving-door recruitment makes firms stand out in land market: Evidence from China," China Economic Review, Elsevier, vol. 78(C).
    11. Zhang, Yuming & Xing, Chao & Zhang, Quanli & Zhang, Xinyue, 2022. "Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods," Finance Research Letters, Elsevier, vol. 47(PB).
    12. Xu, Xiaofeng & Cui, Xiaodan & Chen, Xiangyu & Zhou, Yichen, 2022. "Impact of government subsidies on the innovation performance of the photovoltaic industry: Based on the moderating effect of carbon trading prices," Energy Policy, Elsevier, vol. 170(C).
    13. Yujia Liu & Ligang Liu & Ying Li, 2023. "Executive Hometown Identity and Green Innovation in Enterprises of Heavy Polluting Industries—A Dual Perspective Based on Conscious Motivation and Resource Access," Sustainability, MDPI, vol. 15(8), pages 1-20, April.
    14. Juanmei Zhou & Fenfang Cui & Wenli Wang, 2022. "The Spatial Effect of Financial Innovation on Intellectualized Transformational Upgrading of Manufacturing Industry: An Empirical Evidence from China," Sustainability, MDPI, vol. 14(13), pages 1-22, June.
    15. Ma, Yechi & Sha, Yezhou & Wang, Zilong & Zhang, Wenjing, 2023. "The effect of the policy mix of green credit and government subsidy on environmental innovation," Energy Economics, Elsevier, vol. 118(C).
    16. Li, Bin & Liang, Yilan & Shahab, Yasir & Gull, Ammar Ali & Ashraf, Naeem, 2022. "Parent-subsidiary dispersion, cost of debt and debt default: Evidence from China," Economic Modelling, Elsevier, vol. 107(C).
    17. Li, Xiao-Lin & Qiu, Guojing & Ding, Hui, 2022. "The impact of exchange rate policy uncertainty shock on Chinese energy firms' risk-taking," Energy Economics, Elsevier, vol. 105(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yu, Xiaojun & Yao, Yao & Zheng, Huanhuan & Zhang, Lin, 2020. "The role of political connection on overinvestment of Chinese energy firms," Energy Economics, Elsevier, vol. 85(C).
    2. Li, Mengzhe & Lin, Qianru & Lan, Fei & Zhan, Zhimin & He, Zhongshi, 2023. "Trade policy uncertainty and financial investment: Evidence from Chinese energy firms," Energy Economics, Elsevier, vol. 117(C).
    3. Zhang, Wei & Xiong, Xiong & Wang, Guanying & Li, Chunxia, 2022. "Corporate ownership and political connections: Evidence from post-IPO long term performance in China," Research in International Business and Finance, Elsevier, vol. 59(C).
    4. Tao, Qizhi & Li, Haoyu & Wu, Qun & Zhang, Ting & Zhu, Yingjun, 2019. "The dark side of board network centrality: Evidence from merger performance," Journal of Business Research, Elsevier, vol. 104(C), pages 215-232.
    5. Yang, Zhihao & Hong, Junjie, 2021. "Trade policy uncertainty and energy intensity: Evidence from Chinese industrial firms," Energy Economics, Elsevier, vol. 103(C).
    6. Xu, Li & Zhang, Qin & Wang, Keying & Shi, Xunpeng, 2020. "Subsidies, loans, and companies' performance: evidence from China's photovoltaic industry," Applied Energy, Elsevier, vol. 260(C).
    7. Su, Zhong-qin & Xiao, Zuoping & Yu, Lin, 2019. "Do political connections enhance or impede corporate innovation?," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 94-110.
    8. Zhi Wang & Miao Yu, 2022. "Political embeddedness and firms' growth," Kyklos, Wiley Blackwell, vol. 75(1), pages 127-153, February.
    9. Gnangnon, Sèna Kimm, 2022. "Duration of WTO Membership and Investment-Oriented Remittances Flows," EconStor Preprints 251274, ZBW - Leibniz Information Centre for Economics.
    10. Imbruno, Michele, 2019. "Importing under trade policy uncertainty: Evidence from China," Journal of Comparative Economics, Elsevier, vol. 47(4), pages 806-826.
    11. Rocca, Maurizio La & Fasano, Francesco & Cappa, Francesco & Neha, Neha, 2022. "The relationship between political connections and firm performance: An empirical analysis in Europe," Finance Research Letters, Elsevier, vol. 49(C).
    12. Yu, Jian & Shi, Xunpeng & Guo, Dongmei & Yang, Longjian, 2021. "Economic policy uncertainty (EPU) and firm carbon emissions: Evidence using a China provincial EPU index," Energy Economics, Elsevier, vol. 94(C).
    13. Boateng, Agyenim & Liu, Yang & Brahma, Sanjukta, 2019. "Politically connected boards, ownership structure and credit risk: Evidence from Chinese commercial banks," Research in International Business and Finance, Elsevier, vol. 47(C), pages 162-173.
    14. Feng Liu & Hui Lin & Huiying Wu, 2018. "Political Connections and Firm Value in China: An Event Study," Journal of Business Ethics, Springer, vol. 152(2), pages 551-571, October.
    15. Michele Imbruno, 2019. "Importing under trade policy uncertainty: Evidence from China," Post-Print hal-02171715, HAL.
    16. Nikolaos A. Kyriazis, 2021. "Trade Policy Uncertainty Effects on Macro Economy and Financial Markets: An Integrated Survey and Empirical Investigation," JRFM, MDPI, vol. 14(1), pages 1-20, January.
    17. Chahal, Rishman Jot Kaur & Ahmad, Wasim, 2022. "Political connections, investment inefficiency, and the Indian banking crisis," The Quarterly Review of Economics and Finance, Elsevier, vol. 85(C), pages 16-30.
    18. Yi, Shangkun & Wang, Jian & Wang, Xiaoting & Feng, Hongrui, 2022. "CEO political connection and stock sentiment beta: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    19. Yiping Sun & Chengjun Wu & Xiaoming Zhu & Pingguan Bian, 2022. "China’s Accession to the WTO as a Shock to Residents’ Health—A Difference-in-Difference Approach," IJERPH, MDPI, vol. 19(22), pages 1-18, November.
    20. Zhou, Fengxiu & Wen, Huwei, 2022. "Trade policy uncertainty, development strategy, and export behavior: Evidence from listed industrial companies in China," Journal of Asian Economics, Elsevier, vol. 82(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eneeco:v:99:y:2021:i:c:s0140988321001778. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eneco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.