IDEAS home Printed from https://ideas.repec.org/a/eee/rensus/v77y2017icp731-747.html
   My bibliography  Save this article

Testing the environmental Kuznets curve hypothesis across the U.S.: Evidence from panel mean group estimators

Author

Listed:
  • Sencer Atasoy, Burak

Abstract

It is widely believed that greenhouse gases contribute to a warmer climate. Since global warming is a serious threat and greenhouse gas emissions are one of the main causes of it, analyzing the effects of economic development on environment have great importance. In this study the validity of the Environmental Kuznets Curve (EKC) Hypothesis is tested for the 50 U.S. States during the 1960–2010 period using recent panel data estimators that take cross-sectional dependence and slope heterogeneity into account. Accordingly, the cross-sectional dependence and slope heterogeneity robust estimators Augmented Mean Group (AMG) and Common Correlated Effects Mean Group Estimator (CCEMG) provide mixed results. The AMG estimator strongly validates the EKC hypothesis asserting that the EKC holds in 30 of the 50 states with turning points for income per capita lie between $1292 and $48597 . On the contrary, the CCEMG estimator provides only weak evidence on the EKC hypothesis and the EKC holds only in 10 states with turning points between $2457 and $14603 .

Suggested Citation

  • Sencer Atasoy, Burak, 2017. "Testing the environmental Kuznets curve hypothesis across the U.S.: Evidence from panel mean group estimators," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 731-747.
  • Handle: RePEc:eee:rensus:v:77:y:2017:i:c:p:731-747
    DOI: 10.1016/j.rser.2017.04.050
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1364032117305543
    Download Restriction: Full text for ScienceDirect subscribers only

    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. Jung Wan Lee & Tantatape Brahmasrene, 2014. "ICT, CO 2 Emissions and Economic Growth: Evidence from a Panel of ASEAN," Global Economic Review, Taylor & Francis Journals, vol. 43(2), pages 93-109, June.
    2. Charfeddine, Lanouar & Ben Khediri, Karim, 2016. "Financial development and environmental quality in UAE: Cointegration with structural breaks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 55(C), pages 1322-1335.
    3. Jalil, Abdul & Feridun, Mete, 2011. "The impact of growth, energy and financial development on the environment in China: A cointegration analysis," Energy Economics, Elsevier, vol. 33(2), pages 284-291, March.
    4. Yin, Jianhua & Zheng, Mingzheng & Chen, Jian, 2015. "The effects of environmental regulation and technical progress on CO2 Kuznets curve: An evidence from China," Energy Policy, Elsevier, vol. 77(C), pages 97-108.
    5. Baozhi Qu & Yifan Zhang, 2011. "Effect Of Income Distribution On The Environmental Kuznets Curve," Pacific Economic Review, Wiley Blackwell, vol. 16(3), pages 349-370, August.
    6. Martínez-Zarzoso, Inmaculada & Maruotti, Antonello, 2011. "The impact of urbanization on CO2 emissions: Evidence from developing countries," Ecological Economics, Elsevier, vol. 70(7), pages 1344-1353, May.
    7. Thomas Jobert & Fatih Karanfil & Anna Tykhonenko, 2014. "Estimating country-specific environmental Kuznets curves from panel data: a Bayesian shrinkage approach," Applied Economics, Taylor & Francis Journals, vol. 46(13), pages 1449-1464, May.
    8. Kapetanios, G. & Pesaran, M. Hashem & Yamagata, T., 2011. "Panels with non-stationary multifactor error structures," Journal of Econometrics, Elsevier, vol. 160(2), pages 326-348, February.
    9. Robalino-López, Andrés & Mena-Nieto, Ángel & García-Ramos, José-Enrique & Golpe, Antonio A., 2015. "Studying the relationship between economic growth, CO2 emissions, and the environmental Kuznets curve in Venezuela (1980–2025)," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 602-614.
    10. Elgin, Ceyhun & Oztunali, Oguz, 2014. "Pollution and informal economy," Economic Systems, Elsevier, vol. 38(3), pages 333-349.
    11. Grossman, G.M & Krueger, A.B., 1991. "Environmental Impacts of a North American Free Trade Agreement," Papers 158, Princeton, Woodrow Wilson School - Public and International Affairs.
    12. Dinda, Soumyananda & Coondoo, Dipankor & Pal, Manoranjan, 2000. "Air quality and economic growth: an empirical study," Ecological Economics, Elsevier, vol. 34(3), pages 409-423, September.
    13. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
    14. Arcand, Jean-Louis & Guillaumont, Patrick & Jeanneney, Sylviane Guillaumont, 2008. "Deforestation and the real exchange rate," Journal of Development Economics, Elsevier, vol. 86(2), pages 242-262, June.
    15. Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July.
    16. Gangadharan, Lata & Valenzuela, Ma. Rebecca, 2001. "Interrelationships between income, health and the environment: extending the Environmental Kuznets Curve hypothesis," Ecological Economics, Elsevier, vol. 36(3), pages 513-531, March.
    17. Selden Thomas M. & Song Daqing, 1994. "Environmental Quality and Development: Is There a Kuznets Curve for Air Pollution Emissions?," Journal of Environmental Economics and Management, Elsevier, vol. 27(2), pages 147-162, September.
    18. Welsch, Heinz, 2004. "Corruption, growth, and the environment: a cross-country analysis," Environment and Development Economics, Cambridge University Press, vol. 9(05), pages 663-693, October.
    19. M. Hashem Pesaran & Aman Ullah & Takashi Yamagata, 2008. "A bias-adjusted LM test of error cross-section independence," Econometrics Journal, Royal Economic Society, vol. 11(1), pages 105-127, March.
    20. Newey, Whitney K & West, Kenneth D, 1987. "Hypothesis Testing with Efficient Method of Moments Estimation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 777-787, October.
    21. Holtz-Eakin, Douglas & Selden, Thomas M., 1995. "Stoking the fires? CO2 emissions and economic growth," Journal of Public Economics, Elsevier, vol. 57(1), pages 85-101, May.
    22. Pesaran, M. Hashem & Vanessa Smith, L. & Yamagata, Takashi, 2013. "Panel unit root tests in the presence of a multifactor error structure," Journal of Econometrics, Elsevier, vol. 175(2), pages 94-115.
    23. Pesaran, M.H., 2004. "‘General Diagnostic Tests for Cross Section Dependence in Panels’," Cambridge Working Papers in Economics 0435, Faculty of Economics, University of Cambridge.
    24. Alain Bousquet & Pascal Favard, 2005. "Does S. Kuznets's belief question the Environmental Kuznets Curves?," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 604-614, May.
    25. Azmat Gani, 2012. "The Relationship Between Good Governance And Carbon Dioxide Emissions: Evidence From Developing Economies," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 37(1), pages 77-93, March.
    26. Gene M. Grossman & Alan B. Krueger, 1995. "Economic Growth and the Environment," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 353-377.
    27. Kaika, Dimitra & Zervas, Efthimios, 2013. "The Environmental Kuznets Curve (EKC) theory—Part A: Concept, causes and the CO2 emissions case," Energy Policy, Elsevier, vol. 62(C), pages 1392-1402.
    28. Hashem Pesaran, M. & Yamagata, Takashi, 2008. "Testing slope homogeneity in large panels," Journal of Econometrics, Elsevier, vol. 142(1), pages 50-93, January.
    29. Menz, Tobias & Welsch, Heinz, 2012. "Population aging and carbon emissions in OECD countries: Accounting for life-cycle and cohort effects," Energy Economics, Elsevier, vol. 34(3), pages 842-849.
    30. Ozturk, Ilhan & Bilgili, Faik, 2015. "Economic growth and biomass consumption nexus: Dynamic panel analysis for Sub-Sahara African countries," Applied Energy, Elsevier, vol. 137(C), pages 110-116.
    31. Komal, Rabia & Abbas, Faisal, 2015. "Linking financial development, economic growth and energy consumption in Pakistan," Renewable and Sustainable Energy Reviews, Elsevier, vol. 44(C), pages 211-220.
    32. Zhang, Yue-Jun, 2011. "The impact of financial development on carbon emissions: An empirical analysis in China," Energy Policy, Elsevier, vol. 39(4), pages 2197-2203, April.
    33. Pingo Wang & Alok Bohara & Robert Berrens & Kishore Gawande, 1998. "A risk-based environmental Kuznets curve for US hazardous waste sites," Applied Economics Letters, Taylor & Francis Journals, vol. 5(12), pages 761-763.
    34. Inmaculada Martínez-Zarzoso & Aurelia Bengochea-Morancho & Rafael Morales-Lage, 2007. "The impact of population on CO 2 emissions: evidence from European countries," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 38(4), pages 497-512, December.
    35. Wang, Zhaohua & Yin, Fangchao & Zhang, Yixiang & Zhang, Xian, 2012. "An empirical research on the influencing factors of regional CO2 emissions: Evidence from Beijing city, China," Applied Energy, Elsevier, vol. 100(C), pages 277-284.
    36. Cassandro Maria Mendes & Sabino Porto Junior, 2012. "Deforestation, economic growth and corruption: a nonparametric analysis on the case of Amazon forest," Applied Economics Letters, Taylor & Francis Journals, vol. 19(13), pages 1285-1291, September.
    37. Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May.
    38. Iwata, Hiroki & Okada, Keisuke & Samreth, Sovannroeun, 2010. "Empirical study on the environmental Kuznets curve for CO2 in France: The role of nuclear energy," Energy Policy, Elsevier, vol. 38(8), pages 4057-4063, August.
    39. Markus Eberhardt, 2012. "Estimating panel time-series models with heterogeneous slopes," Stata Journal, StataCorp LP, vol. 12(1), pages 61-71, March.
    40. Al-Mulali, Usama & Ozturk, Ilhan, 2015. "The effect of energy consumption, urbanization, trade openness, industrial output, and the political stability on the environmental degradation in the MENA (Middle East and North African) region," Energy, Elsevier, vol. 84(C), pages 382-389.
    41. Vasilis Sarafidis & Donald Robertson, 2009. "On the impact of error cross-sectional dependence in short dynamic panel estimation," Econometrics Journal, Royal Economic Society, vol. 12(1), pages 62-81, March.
    42. Yu, Shiwei & Zhang, Junjie & Zheng, Shuhong & Sun, Han, 2015. "Provincial carbon intensity abatement potential estimation in China: A PSO–GA-optimized multi-factor environmental learning curve method," Energy Policy, Elsevier, vol. 77(C), pages 46-55.
    43. Chien-Chiang Lee & Yi-Bin Chiu & Chia-Hung Sun, 2009. "Does One Size Fit All? A Reexamination of the Environmental Kuznets Curve Using the Dynamic Panel Data Approach," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 31(4), pages 751-778.
    44. Kaika, Dimitra & Zervas, Efthimios, 2013. "The environmental Kuznets curve (EKC) theory. Part B: Critical issues," Energy Policy, Elsevier, vol. 62(C), pages 1403-1411.
    45. Peter Pedroni, 2000. "Fully Modified OLS for Heterogeneous Cointegrated Panels," Department of Economics Working Papers 2000-03, Department of Economics, Williams College.
    46. Omri, Anis & Daly, Saida & Rault, Christophe & Chaibi, Anissa, 2015. "Financial development, environmental quality, trade and economic growth: What causes what in MENA countries," Energy Economics, Elsevier, vol. 48(C), pages 242-252.
    47. Roberts, J. Timmons & Grimes, Peter E., 1997. "Carbon intensity and economic development 1962-1991: A brief exploration of the environmental Kuznets curve," World Development, Elsevier, vol. 25(2), pages 191-198, February.
    48. Tetsuya Tsurumi & Shunsuke Managi, 2014. "The effect of trade openness on deforestation: empirical analysis for 142 countries," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 16(4), pages 305-324, October.
    49. Pedroni, Peter, 1999. " Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 653-670, Special I.
    50. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-652, Special I.
    51. Francis Teal & Markus Eberhardt, 2010. "Productivity Analysis in Global Manufacturing Production," Economics Series Working Papers 515, University of Oxford, Department of Economics.
    52. Cole, Matthew A. & Elliott, Robert J. R., 2003. "Determining the trade-environment composition effect: the role of capital, labor and environmental regulations," Journal of Environmental Economics and Management, Elsevier, vol. 46(3), pages 363-383, November.
    53. Joakim Westerlund, 2008. "Panel cointegration tests of the Fisher effect," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(2), pages 193-233.
    54. Hamit-Haggar, Mahamat, 2012. "Greenhouse gas emissions, energy consumption and economic growth: A panel cointegration analysis from Canadian industrial sector perspective," Energy Economics, Elsevier, vol. 34(1), pages 358-364.
    55. M. Hashem Pesaran, 2006. "Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure," Econometrica, Econometric Society, vol. 74(4), pages 967-1012, July.
    56. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    57. Katircioglu, Salih Turan & Feridun, Mete & Kilinc, Ceyhun, 2014. "Estimating tourism-induced energy consumption and CO2 emissions: The case of Cyprus," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 634-640.
    58. Katircioglu, Salih Turan, 2014. "International tourism, energy consumption, and environmental pollution: The case of Turkey," Renewable and Sustainable Energy Reviews, Elsevier, vol. 36(C), pages 180-187.
    59. Eberhardt, Markus & Teal, Francis, 2008. "Modeling technology and technological change in manufacturing: how do countries differ?," MPRA Paper 10690, University Library of Munich, Germany.
    60. Nicole Grunewald & Inmaculada Martínez-Zarzoso, 2009. "Driving Factors of Carbon Dioxide Emissions and the Impact from Kyoto Protocol," Ibero America Institute for Econ. Research (IAI) Discussion Papers 190, Ibero-America Institute for Economic Research.
    61. Boyce, James K., 1994. "Inequality as a cause of environmental degradation," Ecological Economics, Elsevier, vol. 11(3), pages 169-178, December.
    62. Dong‐Shang Chang & Li‐Ting Yeh & Yong‐fu Chen, 2014. "The Effects of Economic Development, International Trade, Industrial Structure and Energy Demands on Sustainable Development," Sustainable Development, John Wiley & Sons, Ltd., vol. 22(6), pages 377-390, November.
    63. List, John A. & Gallet, Craig A., 1999. "The environmental Kuznets curve: does one size fit all?," Ecological Economics, Elsevier, vol. 31(3), pages 409-423, December.
    64. Edward F. Blackburne III & Mark W. Frank, 2007. "Estimation of nonstationary heterogeneous panels," Stata Journal, StataCorp LP, vol. 7(2), pages 197-208, June.
    65. Burnett, J. Wesley & Bergstrom, John C. & Wetzstein, Michael E., 2013. "Carbon dioxide emissions and economic growth in the U.S," Journal of Policy Modeling, Elsevier, vol. 35(6), pages 1014-1028.
    66. Alexander Chudik & M. Hashem Pesaran, 2013. "Large Panel Data Models with Cross-Sectional Dependence: A Survey," CESifo Working Paper Series 4371, CESifo Group Munich.
    67. C.-Y. Cynthia Lin & Zachary D. Liscow, 2013. "Endogeneity in the Environmental Kuznets Curve: An Instrumental Variables Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(2), pages 268-274.
    68. Shahbaz, Muhammad & Solarin, Sakiru Adebola & Mahmood, Haider & Arouri, Mohamed, 2013. "Does financial development reduce CO2 emissions in Malaysian economy? A time series analysis," Economic Modelling, Elsevier, vol. 35(C), pages 145-152.
    69. Panayotou, Theodore, 1997. "Demystifying the environmental Kuznets curve: turning a black box into a policy tool," Environment and Development Economics, Cambridge University Press, vol. 2(04), pages 465-484, November.
    70. James Boyce, 1994. "Inequality as a Cause of Environmental Degradation," Published Studies ps1, Political Economy Research Institute, University of Massachusetts at Amherst.
    71. Kamrul Hassan & Ruhul Salim, 2015. "Population ageing, income growth and CO2 emission: Empirical evidence from high income OECD countries," Journal of Economic Studies, Emerald Group Publishing, vol. 42(1), pages 54-67, January.
    72. Matthew A. Cole & Eric Neumayer, 2003. "Examining the Impact of Demographic Factors On Air Pollution," Labor and Demography 0312005, EconWPA, revised 13 May 2004.
    73. Torras, Mariano & Boyce, James K., 1998. "Income, inequality, and pollution: a reassessment of the environmental Kuznets Curve," Ecological Economics, Elsevier, vol. 25(2), pages 147-160, May.
    74. Fredriksson, Per G. & Vollebergh, Herman R. J. & Dijkgraaf, Elbert, 2004. "Corruption and energy efficiency in OECD countries: theory and evidence," Journal of Environmental Economics and Management, Elsevier, vol. 47(2), pages 207-231, March.
    75. Katircioğlu, Salih Turan, 2014. "Testing the tourism-induced EKC hypothesis: The case of Singapore," Economic Modelling, Elsevier, vol. 41(C), pages 383-391.
    76. Lau, Lin-Sea & Choong, Chee-Keong & Eng, Yoke-Kee, 2014. "Investigation of the environmental Kuznets curve for carbon emissions in Malaysia: Do foreign direct investment and trade matter?," Energy Policy, Elsevier, vol. 68(C), pages 490-497.
    77. Heerink, Nico & Mulatu, Abay & Bulte, Erwin, 2001. "Income inequality and the environment: aggregation bias in environmental Kuznets curves," Ecological Economics, Elsevier, vol. 38(3), pages 359-367, September.
    78. Eberhardt, Markus & Bond, Stephen, 2009. "Cross-section dependence in nonstationary panel models: a novel estimator," MPRA Paper 17692, University Library of Munich, Germany.
    79. Hiroki Iwata & Keisuke Okada, 2014. "Greenhouse gas emissions and the role of the Kyoto Protocol," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 16(4), pages 325-342, October.
    80. Germani, Anna Rita & Morone, Piergiuseppe & Testa, Giuseppina, 2014. "Environmental justice and air pollution: A case study on Italian provinces," Ecological Economics, Elsevier, vol. 106(C), pages 69-82.
    81. Shafik, Nemat, 1994. "Economic Development and Environmental Quality: An Econometric Analysis," Oxford Economic Papers, Oxford University Press, vol. 46(0), pages 757-773, Supplemen.
    82. Shafik, Nemat & Bandyopadhyay, Sushenjit, 1992. "Economic growth and environmental quality : time series and cross-country evidence," Policy Research Working Paper Series 904, The World Bank.
    83. Soytas, Ugur & Sari, Ramazan & Ewing, Bradley T., 2007. "Energy consumption, income, and carbon emissions in the United States," Ecological Economics, Elsevier, vol. 62(3-4), pages 482-489, May.
    84. Lopez, Ramon & Mitra, Siddhartha, 2000. "Corruption, Pollution, and the Kuznets Environment Curve," Journal of Environmental Economics and Management, Elsevier, vol. 40(2), pages 137-150, September.
    85. Alshehry, Atef Saad & Belloumi, Mounir, 2015. "Energy consumption, carbon dioxide emissions and economic growth: The case of Saudi Arabia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 237-247.
    86. Shahiduzzaman, Md. & Layton, Allan, 2015. "Changes in CO2 emissions over business cycle recessions and expansions in the United States: A decomposition analysis," Applied Energy, Elsevier, vol. 150(C), pages 25-35.
    87. Martinez-Zarzoso, Inmaculada & Bengochea-Morancho, Aurelia, 2004. "Pooled mean group estimation of an environmental Kuznets curve for CO2," Economics Letters, Elsevier, vol. 82(1), pages 121-126, January.
    88. Guo, Xiao-Dan & Zhu, Lei & Fan, Ying & Xie, Bai-Chen, 2011. "Evaluation of potential reductions in carbon emissions in Chinese provinces based on environmental DEA," Energy Policy, Elsevier, vol. 39(5), pages 2352-2360, May.
    89. Herman E. Daly, 1968. "On Economics as a Life Science," Journal of Political Economy, University of Chicago Press, vol. 76, pages 392-392.
    90. Ajmi, Ahdi Noomen & Hammoudeh, Shawkat & Nguyen, Duc Khuong & Sato, João Ricardo, 2015. "On the relationships between CO2 emissions, energy consumption and income: The importance of time variation," Energy Economics, Elsevier, vol. 49(C), pages 629-638.
    91. Magnani, Elisabetta, 2000. "The Environmental Kuznets Curve, environmental protection policy and income distribution," Ecological Economics, Elsevier, vol. 32(3), pages 431-443, March.
    92. Ravallion, Martin & Heil, Mark & Jalan, Jyotsna, 2000. "Carbon Emissions and Income Inequality," Oxford Economic Papers, Oxford University Press, vol. 52(4), pages 651-669, October.
    93. Menegaki, Angeliki N. & Tsagarakis, Konstantinos P., 2015. "Rich enough to go renewable, but too early to leave fossil energy?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 1465-1477.
    94. Mahdi Ziaei, Sayyed, 2015. "Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 42(C), pages 752-759.
    95. Peter Pedroni, 2001. "Purchasing Power Parity Tests In Cointegrated Panels," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 727-731, November.
    96. Pao, Hsiao-Tien & Tsai, Chung-Ming, 2011. "Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, I," Energy, Elsevier, vol. 36(1), pages 685-693.
    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. repec:eee:rensus:v:82:y:2018:i:p3:p:4204-4214 is not listed on IDEAS

    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:rensus:v:77:y:2017:i:c:p:731-747. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/description#description .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.