J. Belbute - Academia.edu (original) (raw)

Papers by J. Belbute

The International Journal of Latest Trends in Finance and Economic Sciences, 2016

The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exch... more The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exchange rate. First, our results indicate that nominal exchange rates both in levels and in first differences are I(0), thus implying that the relative purchasing power parity hypothesis for Angola is not rejected. Secondly, we find a significant degree of persistence in both the formal and informal nominal exchange rates. Thirdly, the degree of persistence in the official market is significantly lower than in the formal market, while In first differences, persistence in the official exchange rate is substantially higher than in the informal exchange rate. Lastly, we could not find strong evidence that persistence has changed in levels throughout the sample period. By contrast, there is significant evidence that persistence in first differences has consistently increased after September 2003. These results have important policy implications as the National Bank of Angola is preparing to cha...

The International Journal of Latest Trends in Finance and Economic Sciences, 2010

The detection and measurement of the level of persistence on aggregate and disaggregate private c... more The detection and measurement of the level of persistence on aggregate and disaggregate private consumption in Italy, Norway and United Kingdom is the main focus of the paper. Using a non-parametric methodology applied to annual data it is concluded that that one cannot reject the presence of a significant process of persistence in aggregate and disaggregate consumption in the three countries, even though each one displaying different levels of persistence. In particular, durables (furnishing and housing & utilities) display a lower degree of persistence when compared with non-durables. These results are imperative from a policy point of view as they may affect the effectiveness of countercyclical fiscal and monetary policies that are currently being implemented to overcome the current economic crisis. Persistence in consumption does exist and cannot be ignored, whether the goal is to stabilize the level of output via consumption or to burst output via long-lasting increases in cons...

2 20 01 12 2/ /0 05 5 A A R Re eg gi io on na al l H Hu um ma an n D De ev ve el lo op pm me en n... more 2 20 01 12 2/ /0 05 5 A A R Re eg gi io on na al l H Hu um ma an n D De ev ve el lo op pm me en nt t I In nd de ex x f fo or r P Po or rt tu ug ga al l

In this paper we use an ARFIMA approach to measure the degree of fractional integration of aggreg... more In this paper we use an ARFIMA approach to measure the degree of fractional integration of aggregate world CO2 emissions and its five components – coal, oil, gas, cement, and gas flaring. We find that all variables are stationary and mean reverting, but exhibit long-term memory. With aggregate CO2 emissions as a reference, our results suggest that both coal and oil combustion emissions have the weakest degree of long-range dependence, while emissions from gas, and gas flaring have the strongest. With evidence of long memory, we conclude that transitory policy shocks are likely to have long-lasting effects. Although the effects of any active policy on CO2 emissions take longer to disappear, they preserve their temporary nature. Accordingly, permanent effects on CO2 emissions require a more permanent policy stance. In this context, if one were to rely only on testing for stationarity and non-stationarity, one would likely conclude in favor of non-stationarity, and therefore that even ...

Portuguese Economic Journal, 2016

With this paper we present a preliminary version of the first and the third quadrants of the inpu... more With this paper we present a preliminary version of the first and the third quadrants of the input-output matrix for Alentejo, a Portuguese region through the regionalization of the input-output national table, for the year 2008. As it is well known the input-output (IO) model is particularly appropriate for the analysis of the effects of demand on supply (possibly in territorial/regional terms). As such, from the descriptive point of view, the IO model is useful for the analysis of explanatory factors of (regional) growth. Moreover, from a decision-making point of view it allows to support (regional) decision making in order to change (in the most favorable possible way) the (regional) production structure. This is particularly important for the fragile region of Alentejo where such instruments are scarce. Furthermore, the second quadrant, from which demand effects can be considered and extended to third quadrant, where a proper quantification of interregional imports is to be considered, complete the table. From the production perspective, our preliminary results suggest weak inter-sectors relations in the Alentejo region. In particular, more than 75% of the indirect effects are below 0,05. Furthermore, tobacco, food, beverages, crude refineries, fishing & aquaculture, clothing and agriculture sectors have the most relevant type II multipliers. However, only clothing and beverages have higher aggregate indirect effects over all other industries as a result of an increase of one euro on their final demands. Regarding type I multipliers, our results suggests a different picture. Forestry, tobacco, leather, beverages, among other have important direct and indirect effect. These results have important policy implications in this fragile region.

Economics Letters, 2015

A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f f... more A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f fo or r G Gl lo ob ba al l C CO O2 2E Em mi is ss si io on ns s f fr ro om m F Fu ue el l C Co on ns su um mp pt ti io on n: : A An n A AR RF FI IM MA A A Ap pp pr ro oa ac ch h

... Lahiri, A., and M. Puhakka (1998) “Habit persistence in overlapping generations economies und... more ... Lahiri, A., and M. Puhakka (1998) “Habit persistence in overlapping generations economies under pure exchange” Journal of Economic Theory 78, 176 ... Xepapadeas, A. (2005); Economic Growth and the Environment, in K. Mäler and J. Vincent (Eds), Handbook of Environmental ...

Sustainability, 2021

This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels ... more This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels and household consumption of nondurable goods and services. Using a typical life cycle-permanent income hypothesis framework, we reject the hypothesis that inclusion of CO2 emissions in the consumption function is not supported by the data. Furthermore, our results suggest the existence of a distaste effect or negative state dependence effect. This result has important policy implications as it suggests that decarbonizing the economy would ultimately stimulate household consumption. Our results also have implications for both the cyclical behavior and the smoothing process of consumption, which depend on the branch of the environmental Kuznets curve that the country is on as well as on the prevalence of intertemporal dependent preferences.

Sustainability

This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels ... more This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels and household consumption of nondurable goods and services. Using a typical life cycle-permanent income hypothesis framework, we reject the hypothesis that inclusion of CO2 emissions in the consumption function is not supported by the data. Furthermore, our results suggest the existence of a distaste effect or negative state dependence effect. This result has important policy implications as it suggests that decarbonizing the economy would ultimately stimulate household consumption. Our results also have implications for both the cyclical behavior and the smoothing process of consumption, which depend on the branch of the environmental Kuznets curve that the country is on as well as on the prevalence of intertemporal dependent preferences.

Economics Letters, 2015

A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f f... more A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f fo or r G Gl lo ob ba al l C CO O2 2E Em mi is ss si io on ns s f fr ro om m F Fu ue el l C Co on ns su um mp pt ti io on n: : A An n A AR RF FI IM MA A A Ap pp pr ro oa ac ch h

Economics Working Papers, 2005

Sustainable Endogenous Growth and Consumption Inertia: Old habits die hard ... José Belbute 1 and... more Sustainable Endogenous Growth and Consumption Inertia: Old habits die hard ... José Belbute 1 and Paulo Brito 2 ... UNIVERSIDADE DE ÉVORA DEPARTAMENTO DE ECONOMIA Largo dos Colegiais, 2 – 7000-803 Évora – Portugal Tel.: +351 266 740 894 Fax: +351 266 742 ...

This paper extends the neoclassical growth model with natural capital by introducing two new conc... more This paper extends the neoclassical growth model with natural capital by introducing two new concepts: allocation of natural capital and materialization. We consider that anthropogenic environmental impact is correlated with the throughput of the economy (materialisation). Materialisation is the material throughput per unit of economic activity. We capture the effect of the reduction of this throughput -dematerialisation -in the elasticities of materialisation and aggregate environmental impact. In our framework the fraction of natural capital devoted to production does not provide direct environmental services nor does it contribute to ecosystem functioning namely affecting the carrying capacity of natural capital. We analyse an optimal sustainable growth path, in the context of exogenous technological change. Our main conclusion is that the ratio of dematerialisation elasticities must equal the inverse of the share of natural capital in order to assure unbounded economic growth with constant natural capital.

Ecological Economics, 2006

This paper extends the neoclassical growth model with natural capital by introducing two new conc... more This paper extends the neoclassical growth model with natural capital by introducing two new concepts: allocation of natural capital and materialization. We consider that anthropogenic environmental impact is correlated with the throughput of the economy (materialisation). Materialisation is the material throughput per unit of economic activity. We capture the effect of the reduction of this throughput -dematerialisation -in the elasticities of materialisation and aggregate environmental impact. In our framework the fraction of natural capital devoted to production does not provide direct environmental services nor does it contribute to ecosystem functioning namely affecting the carrying capacity of natural capital. We analyse an optimal sustainable growth path, in the context of exogenous technological change. Our main conclusion is that the ratio of dematerialisation elasticities must equal the inverse of the share of natural capital in order to assure unbounded economic growth with constant natural capital.

In this paper we study a simple endogenous growth model in which the two engines of growth are th... more In this paper we study a simple endogenous growth model in which the two engines of growth are the exogenous technical progress in dematerialization and the accumulation of a renewable natural resource. The model is also labeled as been VendogenousV as the rate of growth ...

The formal literature on sustainability tends to adopt a very long run perspec" tive. One as... more The formal literature on sustainability tends to adopt a very long run perspec" tive. One assumption often used is that householdsfpreferences are intertemporally independent. This means that consumer demand may (optimally) shift substantially for a change in preferences, ...

The International Journal of Latest Trends in Finance and Economic Sciences, 2016

The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exch... more The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exchange rate. First, our results indicate that nominal exchange rates both in levels and in first differences are I(0), thus implying that the relative purchasing power parity hypothesis for Angola is not rejected. Secondly, we find a significant degree of persistence in both the formal and informal nominal exchange rates. Thirdly, the degree of persistence in the official market is significantly lower than in the formal market, while In first differences, persistence in the official exchange rate is substantially higher than in the informal exchange rate. Lastly, we could not find strong evidence that persistence has changed in levels throughout the sample period. By contrast, there is significant evidence that persistence in first differences has consistently increased after September 2003. These results have important policy implications as the National Bank of Angola is preparing to cha...

The International Journal of Latest Trends in Finance and Economic Sciences, 2010

The detection and measurement of the level of persistence on aggregate and disaggregate private c... more The detection and measurement of the level of persistence on aggregate and disaggregate private consumption in Italy, Norway and United Kingdom is the main focus of the paper. Using a non-parametric methodology applied to annual data it is concluded that that one cannot reject the presence of a significant process of persistence in aggregate and disaggregate consumption in the three countries, even though each one displaying different levels of persistence. In particular, durables (furnishing and housing & utilities) display a lower degree of persistence when compared with non-durables. These results are imperative from a policy point of view as they may affect the effectiveness of countercyclical fiscal and monetary policies that are currently being implemented to overcome the current economic crisis. Persistence in consumption does exist and cannot be ignored, whether the goal is to stabilize the level of output via consumption or to burst output via long-lasting increases in cons...

2 20 01 12 2/ /0 05 5 A A R Re eg gi io on na al l H Hu um ma an n D De ev ve el lo op pm me en n... more 2 20 01 12 2/ /0 05 5 A A R Re eg gi io on na al l H Hu um ma an n D De ev ve el lo op pm me en nt t I In nd de ex x f fo or r P Po or rt tu ug ga al l

In this paper we use an ARFIMA approach to measure the degree of fractional integration of aggreg... more In this paper we use an ARFIMA approach to measure the degree of fractional integration of aggregate world CO2 emissions and its five components – coal, oil, gas, cement, and gas flaring. We find that all variables are stationary and mean reverting, but exhibit long-term memory. With aggregate CO2 emissions as a reference, our results suggest that both coal and oil combustion emissions have the weakest degree of long-range dependence, while emissions from gas, and gas flaring have the strongest. With evidence of long memory, we conclude that transitory policy shocks are likely to have long-lasting effects. Although the effects of any active policy on CO2 emissions take longer to disappear, they preserve their temporary nature. Accordingly, permanent effects on CO2 emissions require a more permanent policy stance. In this context, if one were to rely only on testing for stationarity and non-stationarity, one would likely conclude in favor of non-stationarity, and therefore that even ...

Portuguese Economic Journal, 2016

With this paper we present a preliminary version of the first and the third quadrants of the inpu... more With this paper we present a preliminary version of the first and the third quadrants of the input-output matrix for Alentejo, a Portuguese region through the regionalization of the input-output national table, for the year 2008. As it is well known the input-output (IO) model is particularly appropriate for the analysis of the effects of demand on supply (possibly in territorial/regional terms). As such, from the descriptive point of view, the IO model is useful for the analysis of explanatory factors of (regional) growth. Moreover, from a decision-making point of view it allows to support (regional) decision making in order to change (in the most favorable possible way) the (regional) production structure. This is particularly important for the fragile region of Alentejo where such instruments are scarce. Furthermore, the second quadrant, from which demand effects can be considered and extended to third quadrant, where a proper quantification of interregional imports is to be considered, complete the table. From the production perspective, our preliminary results suggest weak inter-sectors relations in the Alentejo region. In particular, more than 75% of the indirect effects are below 0,05. Furthermore, tobacco, food, beverages, crude refineries, fishing & aquaculture, clothing and agriculture sectors have the most relevant type II multipliers. However, only clothing and beverages have higher aggregate indirect effects over all other industries as a result of an increase of one euro on their final demands. Regarding type I multipliers, our results suggests a different picture. Forestry, tobacco, leather, beverages, among other have important direct and indirect effect. These results have important policy implications in this fragile region.

Economics Letters, 2015

A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f f... more A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f fo or r G Gl lo ob ba al l C CO O2 2E Em mi is ss si io on ns s f fr ro om m F Fu ue el l C Co on ns su um mp pt ti io on n: : A An n A AR RF FI IM MA A A Ap pp pr ro oa ac ch h

... Lahiri, A., and M. Puhakka (1998) “Habit persistence in overlapping generations economies und... more ... Lahiri, A., and M. Puhakka (1998) “Habit persistence in overlapping generations economies under pure exchange” Journal of Economic Theory 78, 176 ... Xepapadeas, A. (2005); Economic Growth and the Environment, in K. Mäler and J. Vincent (Eds), Handbook of Environmental ...

Sustainability, 2021

This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels ... more This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels and household consumption of nondurable goods and services. Using a typical life cycle-permanent income hypothesis framework, we reject the hypothesis that inclusion of CO2 emissions in the consumption function is not supported by the data. Furthermore, our results suggest the existence of a distaste effect or negative state dependence effect. This result has important policy implications as it suggests that decarbonizing the economy would ultimately stimulate household consumption. Our results also have implications for both the cyclical behavior and the smoothing process of consumption, which depend on the branch of the environmental Kuznets curve that the country is on as well as on the prevalence of intertemporal dependent preferences.

Sustainability

This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels ... more This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels and household consumption of nondurable goods and services. Using a typical life cycle-permanent income hypothesis framework, we reject the hypothesis that inclusion of CO2 emissions in the consumption function is not supported by the data. Furthermore, our results suggest the existence of a distaste effect or negative state dependence effect. This result has important policy implications as it suggests that decarbonizing the economy would ultimately stimulate household consumption. Our results also have implications for both the cyclical behavior and the smoothing process of consumption, which depend on the branch of the environmental Kuznets curve that the country is on as well as on the prevalence of intertemporal dependent preferences.

Economics Letters, 2015

A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f f... more A An n A Al lt te er rn na at ti iv ve e R Re ef fe er re en nc ce e S Sc ce en na ar ri io o f fo or r G Gl lo ob ba al l C CO O2 2E Em mi is ss si io on ns s f fr ro om m F Fu ue el l C Co on ns su um mp pt ti io on n: : A An n A AR RF FI IM MA A A Ap pp pr ro oa ac ch h

Economics Working Papers, 2005

Sustainable Endogenous Growth and Consumption Inertia: Old habits die hard ... José Belbute 1 and... more Sustainable Endogenous Growth and Consumption Inertia: Old habits die hard ... José Belbute 1 and Paulo Brito 2 ... UNIVERSIDADE DE ÉVORA DEPARTAMENTO DE ECONOMIA Largo dos Colegiais, 2 – 7000-803 Évora – Portugal Tel.: +351 266 740 894 Fax: +351 266 742 ...

This paper extends the neoclassical growth model with natural capital by introducing two new conc... more This paper extends the neoclassical growth model with natural capital by introducing two new concepts: allocation of natural capital and materialization. We consider that anthropogenic environmental impact is correlated with the throughput of the economy (materialisation). Materialisation is the material throughput per unit of economic activity. We capture the effect of the reduction of this throughput -dematerialisation -in the elasticities of materialisation and aggregate environmental impact. In our framework the fraction of natural capital devoted to production does not provide direct environmental services nor does it contribute to ecosystem functioning namely affecting the carrying capacity of natural capital. We analyse an optimal sustainable growth path, in the context of exogenous technological change. Our main conclusion is that the ratio of dematerialisation elasticities must equal the inverse of the share of natural capital in order to assure unbounded economic growth with constant natural capital.

Ecological Economics, 2006

This paper extends the neoclassical growth model with natural capital by introducing two new conc... more This paper extends the neoclassical growth model with natural capital by introducing two new concepts: allocation of natural capital and materialization. We consider that anthropogenic environmental impact is correlated with the throughput of the economy (materialisation). Materialisation is the material throughput per unit of economic activity. We capture the effect of the reduction of this throughput -dematerialisation -in the elasticities of materialisation and aggregate environmental impact. In our framework the fraction of natural capital devoted to production does not provide direct environmental services nor does it contribute to ecosystem functioning namely affecting the carrying capacity of natural capital. We analyse an optimal sustainable growth path, in the context of exogenous technological change. Our main conclusion is that the ratio of dematerialisation elasticities must equal the inverse of the share of natural capital in order to assure unbounded economic growth with constant natural capital.

In this paper we study a simple endogenous growth model in which the two engines of growth are th... more In this paper we study a simple endogenous growth model in which the two engines of growth are the exogenous technical progress in dematerialization and the accumulation of a renewable natural resource. The model is also labeled as been VendogenousV as the rate of growth ...

The formal literature on sustainability tends to adopt a very long run perspec" tive. One as... more The formal literature on sustainability tends to adopt a very long run perspec" tive. One assumption often used is that householdsfpreferences are intertemporally independent. This means that consumer demand may (optimally) shift substantially for a change in preferences, ...