Estimating the Impacts of Climate Change on Mortality in OECD Countries

The major contribution of this study is to combines both climatic and macroeconomic factors simultaneously in the estimation of mortality using the capital city of 22 OECD countries from the period 1990 to 2008. The empirical results provide strong evidences that higher income and a lower unemployment rate could reduce mortality rates, while the increases in precipitation and temperature variation have significantly positive impacts on the mortality rates. The effects of changing average temperature on mortality rates in summer and winter are asymmetrical and also depend on the location. Combining the future climate change scenarios with the estimation outcomes show that mortality rates in OECD countries in 2100 will be increased by 3.77% to 5.89%.Climate change; mortality; panel data model

Modeling the Effect of Oil Price on Global Fertilizer Prices

The main purpose of this paper is to evaluate the effect of crude oil price on global fertilizer prices in both the mean and volatility. The endogenous structural breakpoint unit root test, the autoregressive distributed lag (ARDL) model, and alternative volatility models, including the generalized autoregressive conditional heteroskedasticity (GARCH) model, Exponential GARCH (EGARCH) model, and GJR model, are used to investigate the relationship between crude oil price and six global fertilizer prices. Weekly data for 2003-2008 for the seven price series are analyzed. The empirical results from ARDL show that most fertilizer prices are significantly affected by the crude oil price, which explains why global fertilizer prices reached a peak in 2008. We also find that that the volatility of global fertilizer prices and crude oil price from March to December 2008 are higher than in other periods, and that the peak crude oil price caused greater volatility in the crude oil price and global fertilizer prices. As volatility invokes financial risk, the relationship between oil price and global fertilizer prices and their associated volatility is important for public policy relating to the development of optimal energy use, global agricultural production, and financial integration.Volatility; Global fertilizer price; Crude oil price; Non-renewable fertilizers; Structural breakpoint unit root test

Competition policy under laissez-faireism : market power and its treatment in Hong Kong

The paper describes the current competition policy framework in Hong Kong: how it came into existence, what business practices are prohibited, and how the enforcement system works. Recent cases in the telecommunications industry are used to illustrate the sectoral approach, the unique feature of Hong Kong’s competition policy. The paper argues that a sectoral approach faces two fundamental drawbacks. First, due to having different “rules of the game” for different sectors, the allocation of resources may be distorted in the long run. Second, since the relevant regulatory agencies perform dual roles both as competition policy enforcer and as traditional regulator of natural monopolies, the impartiality of their competition decisions may not be credibly conveyed to the general public. We also address other specific problems associated with the current sectoral approach, such as the exclusion of structural issues, narrow coverage of sectors, and the lack of public enforcement. An overall competition law can better promote competition and economic efficiency in Hong Kong