Are China's energy markets cointegrated?

The paper investigates energy price co-movement over the period 01/1999–12/2005 for China as a whole, and over sub-periods and for seven regions, using panel unit root and panel cointegration tests developed by Pedroni (1999, 2004). The results suggest that not all energy sources are spatially homogenous in prices and the processes of energy price cointegration are different over sub-periods; over groups of fuels; and over regions. Coal and electricity prices have co-moved since 2003 while gasoline and diesel prices have co-moved since 1997. The results show that there are clearly variations in the emergence of energy price co-movement over regions, implying that regional fuel markets have emerged in China. Important lessons that can be learnt from the results are that an energy market has, to some extent, already emerged in China and, as a result, energy prices are substantially less distorted than before. If correct, these findings have significant global implications both in terms of future emission reductions, emission trading and trade negotiations where China should be treated as a ‘market driven economy’.     

Growing Incomes,Growing People in Nineteenth-Century Tasmania

The earliest measures of well-being for Europeans born in the Pacific region are heights and wages in Tasmania. Evidence of rising stature in middle decades of the nineteenth century survives multiple checks for measurement, compositional, and selection bias. The challenge to health and stature seen in other settler societies (the ‘antebellum paradox’) is not visible here. We sketch an interpretation for the simultaneous rise of Tasmanian stature and per capita gross domestic product based on relatively slow population growth and urbanisation, a decline in food cost per family member available from a worker's wage, and early recognition of the importance of public health.     

A typology of stakeholder participation for company environmental decision‐making

Companies now recognise the need to identify and address the concerns of their stakeholders to ensure their decisions and business activities are more socially acceptable. However, despite stakeholder participation being widely accepted in the public sector and used to a limited extent within some business management processes, there is no accepted understanding of what stakeholder participation actually constitutes and certainly no systematic method for its application within companies and company decision‐making. In order to support the development of such a method, stakeholder participation must first be defined in the ‘company’ context. Drawing from previous typologies of participation outlined in the literature, particularly relating to the public sector, this paper proposes a typology of stakeholder participation for companies, with particular relevance to environmental issues. It also outlines the needs and problems associated with developing a method of stakeholder participation for use in company decision‐making. Copyright © 2003 John Wiley & Sons, Ltd and ERP Environment.     

CONTRACTING CONVICTS: THE CONVICT LABOUR MARKET IN VAN DIEMEN's LAND 1840–1857

The place of penal transportation in Australia's economic history has always been controversial. Convict workers were frequently denigrated as worse than useless, yet without convicts the settlements would have lacked sufficient labour for development. In Van Diemen's Land in the 1840s, convicts constituted more than half the labour supply, and if emancipists are included it was more like three-quarters. After transportation to New South Wales was halted in 1840, amidst claims that the assignment of convict labour was akin to slavery, Van Diemen's Land continued to receive transportees but adopted a new form of labour management: the so-called 'probation system'. To distinguish the new probation system from the 'slavery' of assignment, wages were paid to convict workers. This study uses 17,997 convict employment contracts to explore the labour market for convict passholders at the probation period. Actions speak louder than words, and irrespective of what might have been said about convict quality, by the end of transportation in 1853 convict workers were eagerly engaged at rising wages by employers desperate for labour.     

CLIO AND THE ECONOMIST: MAKING HISTORIANS COUNT

Abstract Cliometrics reconnected economic history and economics in the 1960s. The deeper foundations of cliometrics research lie in the longer standing traditions of quantitative history and the contemporaneous growth of the social sciences and computing. Early cliometrics research reinterpreted economic history through the lens of neo‐classical economics. Over the past half century cliometrics has matured and now utilizes a broad array of theoretical perspectives and statistical methods to help understand the past. The papers introduced here illustrate the achievements of several key areas of cliometrics research and show how new theoretical perspectives, innovative data construction and sophisticated econometric methods are the hallmarks of the discipline.     

CLIOMETRICS AND TIME SERIES ECONOMETRICS: SOME THEORY AND APPLICATIONS

Abstract The paper discusses a range of modern time series methods that have become popular in the past 20 years and considers their usefulness for cliometrics research both in theory and via a range of applications. Issues such as, spurious regression, unit roots, cointegration, persistence, causality, structural time series methods, including time varying parameter models, are introduced as are the estimation and testing implications that they involve. Applications include a discussion of the timing and potential causes of the British Industrial Revolution, income ‘convergence’ and the long‐run behaviour of English real wages 1264–1913. Finally some new and potentially useful developments are discussed including the mildly explosive processes; graphical modelling and long memory.     

Knowledge,natural resource abundance and economic development: Lessons from New Zealand 1861–1939

We explore the role of knowledge accumulation in the economic development of a natural resource-rich country. New estimates of commodity output and patenting are used to show New Zealand's exceptionally high incomes before 1939 rested on a knowledge-led utilization of her economic landscape. By investigating the cointegrating and causal relationships among the output of 25 industries we show that a small number of leading industries formed development blocks. In turn most leading industries were driven by knowledge growth as reflected in patent statistics. Knowledge accumulation helped to transform the farming landscape and integrate farm and factory within a New Zealand system of mass production.