Strong more than doubled crude oil price rise from 2002 to 2007 brought significant profits to oil companies worldwide. Rising revenues, profits and increasing shareholders wealth are consequence of this favorable situation. Being non renewable resource, unequally distributed, responsible for...

In this paper we assess the short-term forecasting power of different time series models in the Nord Pool electricity spot market. We evaluate the accuracy of both point and interval predictions; the latter are specifically important for risk management purposes where one is more interested in...

We investigate the effects of outlier treatment on the estimation of the seasonal component and stochastic models in electricity markets. Typically, electricity spot prices exhibit features like seasonality, mean-reverting behavior, extreme volatility and the occurrence of jumps and spikes....

Economic theory suggests that refined and crude oil prices should be interrelated as the refined products are a derivative of the crude product and hence the prices of the two categories must have a long run relationship. However any short term feedbacks between the two markets are also of...

This paper examines the relationship between crude oil prices, the dollar-pound exchange rate and petrol prices in the UK over the period 1982-2001. Quantitative methods were used to examine the existence of the long-run equilibrium and test for the presence of asymmetric patterns in the...

The water-mill, though known in the Roman Empire from the second century BCE, did not come to enjoy any widespread use until the 4th or 5th centuries CE, and then chiefly in the West, which was then experiencing not only a rapid decline in the supply of slaves, but also widespread depopulation,...

Although the economy of China has grown very strongly over the last few decades, this spectacular performance has come at the expense of rapid environmental deterioration. Amidst animated debate on the issue of global warming, this study attempts to explore the determinants of CO2 emissions in...

In this paper we propose a new goodness-of-fit testing scheme for the marginal distribution of regime-switching models. We consider models with an observable (like threshold autoregressions), as well as, a latent state process (like Markov regime-switching). The test is based on the...

Using solar energy through photovoltaic systems implementation in an agricultural household leads to the increasing of it’s efficiency, to optimizing energy balance thus implying the decreasing of the primary energy costs. The solar energy refers to a renewable energy source that is produced...

Movement in China’s money supply is shown to drive the movement in world money supply over the last twenty years. Structural shocks to G3 (U.S., Eurozone and Japan) real M2 and to China’s real M2 are both large over 1996:1-2011:12. The cumulative impact of real G3 M2 shocks on real oil...