Trade openness, popularly measured as (X + M)/GDP in the hundreds of studies published to date, consistently considers the world's biggest trading countries such as the USA, the UK, Japan and Germany to be closed economies, irrespective of the data set used. This study suggests a composite trade share measure that more completely reflects reality by combining two important dimensions of trade openness: trade share and the relative importance of a country's trade level to total world trade. Robustness tests support the new proposed measure in lieu of the conventional measure of openness and suggest that the latter may not only be incomplete but may also overstate the impact of trade on such things as income and the environment.
This paper investigates the immigration-environment association using U.S. county-level data, for a subset of counties (N = *200), and a model inspired by the STIRPAT approach. The analysis makes use of U.S. census data for the year 2000 reflecting U.S.-born and foreign-born populations, combined with county-level data reflecting emissions of CO 2 , NO 2 , PM 10 , and SO 2 . With a focus on approximately 200 primarily urban counties for which complete data are available, and after controlling for income, employment in the utilities and manufacturing sectors, and coal consumption for SO 2 estimations, few statistically significant associations emerge between population composition and emissions. Counties with a relatively larger U.S.-born population have higher NO 2 and SO 2 emissions. On the other hand, counties with a relatively higher number or share of foreign-born residents have lower SO 2 emissions. Although limited to cross-sectional analyses, the results provide a foundation for future longitudinal research on this important and controversial topic.
This paper tests for market efficiency in the represented sectors of the Dubai Financial Market (DFM) and the Abu Dhabi Securities Market (ADSM). Using daily sectoral indexes between 2000 and 2005, variance ratio tests reject the random walk hypothesis in all sectors of the UAE financial markets except in the banking sector of the DFM. Returns in the two financial markets are negatively serially correlated, thus suggesting the presence of a Bull market. Runs tests find insurance in the ADSM to be the only weak-form efficient sector.
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