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In a panel of European countries, we analyse paper products, sawnwood and wood panels consumption data. With this object, we use a classical demand model where national consumption depends on real GDP and real prices. In contrast to previous panel estimations in the literature, we highlight non-stationarity time series which can lead to spurious regressions. We explicitly take into account the issue by using recent panel cointegration techniques. Cointegration is present for printing paper and fibreboard, though less clear cut for other products. Then we estimate demand elasticities and find that GDP elasticities are significantly lower than estimates from the literature. Finally, we simulate the implications of modified demand elasticities by using a partial equilibrium model of the forest sector. For most products, changes in elasticities would lead to lower projected demand and lower prices over a 20-year time horizon. Lower demand for solid wood and wood fibre would lead to less tensions with fuel wood- and wood-based chemical markets. In a context of rising interest for renewable bio-based products, updated long-term demand models contribute to the analysis of the forest sector’s sustainability. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to analyse the economic and political factors that have shaped West European fuel-use in power generation since the 1960s. The historical analysis concludes that political and institutional constraints have had a huge impact on fuel choice, especially on the construction of new plants. The influence of politics has, however, changed over time -- away from direct intervention towards regulation of decentralised markets. Further, the prospects for reactivating large-scale projects have become limited, and, as a result, the refurbishing and increased utilisation of existing plants, as well as conversions of plants to new fuels, soared in the 1980s and the early 1990s. Uncertainty about future fuel prices, few technical improvements in new plants, siting problems and stringent environmental regulations for new plants explain this development. Finally, the short-run flexibility of the West European power sector has improved since the 1970s, something which has important implications for the electricity sectors and fuel markets. [ABSTRACT FROM AUTHOR]

The paper aimed to analyze the main trends in tourism demand in the top European countries in terms of tourist arrivals, overnight stays, tourism intensity, receipts, receipts/arrival, receipts/inhabitant. The correlation coefficient and regression function were used to analyze the relationship between tourist arrivals and tourism receipts. The top visited countries in Europe registered 377.8 million international tourist arrivals in 2015, by 17.07 % more than 322.7 million in the year 2007. Their market share in the EU international tourist arrivals was 78.8 % and at the world level 31.55 %. The decreasing order of these countries based on their market share in the EU tourist arrivals is: France, Spain, Italy, Germany, United Kingdom, Austria, Greece, Poland, Netherlands, Croatia and Portugal. These countries contributed by USD 302.2 Billion to the EU receipts coming from tourism, representing 80.2 % of the EU receipts. In 2015, all these 11 countries registered 2,035 million overnight stays, representing 86.5 % of the total overnight stays in the EU. Based on this indicator, the decreasing order of these countries is: Spain, France, Italy, Germany, United Kingdom, Austria, Netherlands, Greece, Croatia, Poland and Portugal. The number of overnight stays/inhabitant, reflecting tourism intensity, varied between 16.9 in Croatia and 1.9 in Poland. While the receipts/tourist arrival varied between USD 1,323 in United Kingdom, and USD 532 in France, the receipts per overnight stay varied between Euro 88 in Germany and Euro 194 in Portugal, and the receipts/inhabitant varied between Euro 248 in Poland and Euro 1,909 in Austria. The correlation coefficient, the coefficient of determination and the regression equations attested that between the number of international tourist arrivals and tourism receipts is a positive strong correlation in case of United Kingdom and Croatia. In case of Greece and Germany it was found a moderate positive correlation, while in case of Austria, France, Italy, Netherlands, Poland, Portugal and Spain it was noticed a weak correlation. Therefore, the number of tourist arrivals reflects an increased tourism demand, but it can't entirely explain the growth of tourism receipts, which are determined by many other factors. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and country-specific measures of money overhang. We find that the EMU-4 overhang measure strongly correlates with the country-specific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an important, but by far not an exhaustive, indicator for the disaggregate level. [ABSTRACT FROM AUTHOR]

Reflecting domestic demand pressures, the output gap has important implications for economic analysis. This paper assesses the usefulness of four commonly-used gap measures for a small set of European countries. The main results are that the policy implications can be very different depending on the gap measure and that, consequently, care should be exercised when employing any such measure. Moreover the paper investigates in a simple inflation forecasting framework the common assertion that the output gap could improve the forecasting accuracy. For annual observations, however, these measures rarely provide useful information and there is no single best measure across countries. [ABSTRACT FROM AUTHOR]

Purpose - Spare parts have become ubiquitous in modern societies and managing their requirements is an important and challenging task with tremendous cost implications for the organisations that are holding relevant inventories. An important operational issue involved in the management of spare parts is that of categorising the relevant stock keeping units (SKUs) in order to facilitate decision-making with respect to forecasting and stock control and to enable managers to focus their attention on the most "important" SKUs. This issue has been overlooked in the academic literature although it constitutes a significant opportunity for increasing spare parts availability and/or reducing inventory costs. Moreover, and despite the huge literature developed since the 1970s on issues related to stock control for spare parts, very few studies actually consider empirical solution implementation and with few exceptions, case studies are lacking. Such a case study is described in this paper, the purpose of which is to offer insight into relevant business practices. Design/methodology/approach - The issue of demand categorisation (including forecasting and stock control) for spare parts management is addressed and details reported of a project undertaken by an international business machine manufacturer for the purpose of improving its European spare parts logistics operations. The paper describes the actual intervention within the organisation in question, as well as the empirical benefits and the lessons ¡earned from such a project. Findings - This paper demonstrates the considerable scope that exists for improving relevant real word practices. It shows that simple well-informed solutions result in substantial organisational savings. Originality/value This paper provides insight into the empirical utilisation of demand categorisation theory for forecasting and stock control and provides some very much needed empirical evidence on pertinent issues. In that respect, it should be of interest to both academics and practitioners. [ABSTRACT FROM AUTHOR]

This paper examines the determinants of competition in the statins market across four European countries over the 1991–2002 period. Using IMS data from the UK, Germany, France and the Netherlands, the paper analyses the potential existence of competition between branded statins prior to patent expiry. Against a conceptual background of Cournot type quantity competition with product differentiation a demand function is estimated using panel data analysis for the first and second entrants on the market. The results indicate substitutability across the initial market entrants and the subsequent entrant only. This is consistent with potential price sensitivity in the branded market for statins, even when the overall size of market is growing. The results are indicative due to empirical issues surrounding endogeniety of the price variable. Copyright © 2007 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The paper investigates the effects of oil price shocks on stock market volatility in Europe by focusing on three measures of volatility, i.e. the conditional, the realized and the implied volatility. The findings suggest that supply-side shocks and oil specific demand shocks do not affect volatility, whereas, oil price changes due to aggregate demand shocks lead to a reduction in stock market volatility. More specifically, the aggregate demand oil price shocks have a significant explanatory power on both current- and forward-looking volatilities. The results are qualitatively similar for the aggregate stock market volatility and the industrial sectors' volatilities. Finally, a robustness exercise using short- and long-run volatility models supports the findings [ABSTRACT FROM AUTHOR]

Abstract: Traditionally, distribution has been viewed as the key (physical) link between a company''s internal supply chain activities and its customers. More recently, demand management has emerged as a new dimension at the customer interface. Although it has become increasing popular in industry, it has not yet been analyzed in depth with respect to its impact on supply chain performance. Both distribution management and demand management entail customer-facing processes and practices and that are interrelated and (may) jointly determine supply chain performance. In this paper we seek to extend the stream of research in supply chain management by systematically investigating the impact of customer-facing supply chain practices on supply chain performance. Specifically, the paper examines the relative impact of relevant practices associated with demand and distribution management. To this end, we collected data from 116 multi-national companies based in Europe and analyzed it using structural equation modeling techniques. Our results suggest that (i) high demand management performance has a substantial positive impact on the overall supply chain performance, (ii) this effect is stronger than that of distribution management performance, and (iii) there is no evidence that demand management might be an enabler for effective distribution management. Among the individual practices that constitute demand and distribution management, adherence to the demand and distribution management processes and demand segmentation emerged as the strongest performance levers. Based upon additional in-depth interviews conducted with selected companies from our sample, we shed light on some of the most important findings that emerged from our survey analysis. [Copyright &y& Elsevier]

The NAIRU (non-accelerating inflation rate of unemployment) theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, such as reducing unemployment benefits. Close inspection reveals that it, perhaps surprisingly, shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical traditions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. [ABSTRACT FROM AUTHOR]

This paper analyzes the residential natural gas demand in 12 European countries using a dynamic demand model, which allows for country-specific short- and long-run elasticity estimates. The own-price and income elasticities tend to be very inelastic in the short run, albeit with much greater responsiveness in the longer run. Our results support very limited technological substitution possibilities between different energy carriers in the short run. Furthermore, the results suggested structural differences of residential natural gas demand across European countries and provide support for employing a heterogeneous estimator such as the shrinkage estimator. [ABSTRACT FROM AUTHOR]

During the past two decades the wage gap between high and low skill labour has increased more in the USA than in many European countries. In this paper, the correspondence between occupation and education is used to construct aggregates of skill supply, skill demand and unemployment by skill group that are comparable across countries. Using individual data for years 1983–1994, it is found that the relative demand for skilled labour has increased to a similar extent in the USA and in Europe and that wage inequality remained low in Europe partly because the European relative supply of skill increased much faster than in the USA, and partly because European relative wages were rigid, which caused an increase in unemployment among the low-skilled. [ABSTRACT FROM AUTHOR]

This paper briefly surveys the history of natural gas use and describes the main features of current gas consumption. The share of gas in total energy consumption, and the sectoral distribution of its use in major consuming regions are discussed. The main changes in the pattern of gas consumption since 1980 are reviewed and explained. I analyze the likely implications of (a) the emergence of the combined cycle gas power generation; (b) the rising environmental premium of gas; and (c) the transformation of the West European gas market structure. The paper concludes that natural gas will substantially increase its share of global energy consumption in the next 15-20 years. [ABSTRACT FROM AUTHOR]

Abstract: Electricity systems models are software tools used to manage electricity demand and the electricity systems, to trade electricity and for generation expansion planning purposes. Various portfolios and scenarios are modelled in order to compare the effects of decision making in policy and on business development plans in electricity systems so as to best advise governments and industry on the least cost economic and environmental approach to electricity supply, while maintaining a secure supply of sufficient quality electricity. The modelling techniques developed to study vertically integrated state monopolies are now applied in liberalised markets where the issues and constraints are more complex. This paper reviews the changing role of electricity systems modelling in a strategic manner, focussing on the modelling response to key developments, the move away from monopoly towards liberalised market regimes and the increasing complexity brought about by policy targets for renewable energy and emissions. The paper provides an overview of electricity systems modelling techniques, discusses a number of key proprietary electricity systems models used in the USA and Europe and provides an information resource to the electricity analyst not currently readily available in the literature on the choice of model to investigate different aspects of the electricity system. [ABSTRACT FROM AUTHOR]

Traditionally, many studies have attempted to use economic demand models. This paper stresses on the influence of non-economic factors on tourism demand. Some researchers have suggested that tourists from different origins have various cultural and nationalistic backgrounds, and they may interpret visual imagery and experiences differently. Aligning with this suggestion, we have investigated different underlying factors of tourism demand from four continents (Asia, the Americas, Europe and Oceania). Statistical data are collected from international organisations and 135 countries were covered. Our results showed that there are differences and similarities among the factors in determining the tourism demand. Copyright © 2009 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Currently an increasing demand for renewable energy can be observed. A part of this demand could be covered by the production of energy from agrarian biomass. Due to the limited availability of arable land, food and feed production are starting to compete for agrarian resources. A way out of this dilemma is to develop concepts that are based on otherwise unused agrarian biomass like straw and include new technologies for the fermentation of lignocellulosic biomass. In this paper, the energy potentials of two different cropping systems are compared. In the energy-based crop rotation system all crops were used either for biogas or ethanol production. In the biorefinery-based approach, the various crops were used in cascades for the production of food as well as feed. Experimental laboratory work and field trials were combined to calculate energy and biomass yields of the crops under investigation. The results demonstrate that steam explosion pretreatment of wheat straw led to a 30% increase in the specific methane yield. The calculated energy output of the biorefinery-based crop rotation system amounted to a total of 126 GJ ha−1 year−1. Extrapolating this energy output to the total arable land of the EU-27 member states, 13,608 PJ of energy could be produced. Therefore, biorefinery-based crop rotation systems could provide approximately three times more energy to the European population than energy-based crop rotation systems. [ABSTRACT FROM AUTHOR]

Abstract: Energy demand continues to increase in turn raising concerns about energy supply. In this paper, the author has tried to systematize the role of the energy sector in South Eastern (SE) Europe in the context of the European energy policy process. This should make the energy sector in SE Europe more visible and open to substantial activities and appropriate funding. This is important to assure its full alignment with the European energy policy process, and in so doing, make it less fragile. According to the SE European Energy Community Treaty, parties to the Treaty are obliged to implement reforms in the energy and environmental sector in accordance with the European Union''s respective policy. This paper raises awareness of the environmental requirements that have been set, of renewable energy and its implementation, at the same time pointing out that the response in SE Europe has been at a low level. It is believed that this paper could draw attention to the existing problems and could contribute to the establishment of a common integrated energy market in SE Europe and the EU. [Copyright &y& Elsevier]

This paper compares how extensions of pension rights were developed and implemented in major European economies in the decades following the Second World War. Governments in Sweden, France, Germany, the Netherlands and Britain adapted earnings-related systems as a common policy agenda to meet rising public demand for more generous pension provision. However, this generated divergent policy pathways as a common approach became translated through different institutional mechanisms and different conventions of governance - the points at which states could legitimately intervene to secure policy goals. In consequence, divisions between public and private pension provision (and the boundaries of welfare states) were blurred by the emergence of institutional hybrids. Neither state nor market, these developed in continental Europe as negotiated compromises that fostered social representation in the management of collective provision under various forms. By contrast, in the UK such governing conventions were absent and, hence, the division between public and private has proved more deep-rooted. Historical precedent suggests that current pressures towards private pension solutions cannot but produce another compromise in the form of a public-private hybrid to reconcile financial imperatives with popular demands for pension security. [ABSTRACT FROM AUTHOR]

The author comments on the paper which examines the determinants of competition in one drug class in Great Britain, Germany, France and the Netherlands over the period 1991-2002. The author said that the study estimates the demand structure between different brands having different payment schemes. He said that the paper makes some important initial progress on the issue of demand substitutability between brands and therapeutic competition for understanding the magnitude of innovative returns.

In many European metropolitan regions, new economic centres have emerged at the edge of large cities or in their (post-)suburban areas. This paper explores the possible contribution of these new centres to a more sustainable regional development of European metropolitan regions. The realization of sustainable business parks is even more complicated at 'greenfield' sites than at 'brownfield' sites. With the absence of space scarcity or congestion problems, the temptation to choose easier, less sustainable solutions is hard to resist. Nevertheless, in the Dutch Randstad region, some edge-city and suburban business locations try to meet high sustainability standards. Two case studies in Hoofddorp and Almere illustrate the tough road towards truly sustainable business parks, focusing on the role of the various stakeholders that either encourage or discourage the realization of sustainability potentials. [ABSTRACT FROM AUTHOR]

Demand patterns have been considered important driving forces of intra-industry trade (IIT) ever since the emergence of IIT literature. The distribution of income within countries and per capita income differences between countries are regarded as major explanatory factors behind vertical IIT. This paper focuses on North–South trade, and we are particularly interested in the role of income distribution and per capita income as demand-side determinants of vertical IIT. We test hypotheses on differences in income distribution, differences in per capita income, and average market size in two different empirical approaches; an economy-wide, and a multi-industry approach. The results show evidence of the role of income distribution and per capita income, that there is an important interaction between these two variables, and that the average market size matters. [ABSTRACT FROM AUTHOR]

This paper investigates the nature of the relationship between output and stock prices, and consumption and stock prices, with respect to the different financial structures that exist primarily in the European Union (EU). Evidence is found of a long-run relationship for both relationships, with the exception of Germany and to an extent France, which is argued is due to their bank dominated financial systems. Kalman Filter estimates reveal that both relationships have increased in strength, although little evidence is found of any convergence in the strength of the relationship across the EU. [ABSTRACT FROM AUTHOR]

This article analyzes the effect of exporting activity on the innovative performances of firms in France, Germany, Italy, Spain, and UK. It argues that the positive effect of exporting on innovation usually found in the literature varies according to the specific destinations of exports, and it identifies two dimensions along which export destinations might differ: the level of foreign technological spillovers available to exporting firms (the technological learning effect) and the type of foreign demand that exporting firms are able to access (the foreign demand effect). The empirical analysis, which takes advantage of firm-level information about the export destinations of exporters, shows that while the technological learning effect increases mainly the incentives to introduce brand new product innovations, the foreign demand effect fosters the adoption of process innovations. [ABSTRACT FROM AUTHOR]

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Although catastrophe bonds are continuing to gain importance in today's risk transfer and capital markets, little is known about the decision-making processes that drive the demand for this aspiring asset class. In the article at hand, we focus on one segment of the investor community. Our research goal is to identify major determinants of the cat bond investment decision of insurance and reinsurance companies. For this purpose, we have conducted a comprehensive survey among senior executives in the European insurance industry. Evaluating the resulting data set by means of exploratory factor analysis and logistic regression methodology, we are able to show that the expertise and experience with regard to cat bonds, the perceived fit of the instrument with the prevailing asset and liability management strategy, as well as the applicable regulatory regime are significant drivers of an insurer's propensity to invest. These statistical findings are supported by further qualitative survey results and additional information from structured interviews with the managers of four large dedicated cat bond funds. [ABSTRACT FROM AUTHOR]

Abstract: In this paper, the ability of a micro combined heat and power (mCHP) system to cover the heat and electricity demand of a single-family residence is investigated. A solid oxide fuel cell based mCHP system coupled with a hot water storage tank is analyzed. The energy profiles of single-family households in different European countries are evaluated. The range of Heat-to-Power Ratio for the SOFC-based mCHP System of 0.5–1.5 shows good agreement with the hot water, space heating and electricity demand during the warm seasons across Europe. This suggests that the fuel cell system should be sized according to the summer energy demand. The winter energy demand shows a Heat-to-Power Ratio which cannot be covered by the mCHP unit alone. To ensure that the mCHP system meets both the thermal and electrical energy demand over the entire year, an auxiliary boiler and a hot water storage tank need to be coupled with the mCHP unit. It is further noted that the size of the auxiliary boiler should match the larger winter space heating demand. In contrast, the hot water tank volume should be sized according to the warm season space heating requirement, when space heating is not required but electricity and hot water are still in demand. This maximizes the running time of the fuel cell, and thus the economic and environmental benefit of the system, without wasting produced heat. [Copyright &y& Elsevier]

Abstract: Peri-urban areas around urban agglomerations in Europe and elsewhere have been subject to agricultural and land use research for the past three decades. The manner in which farming responds to urban pressures, socio-economic changes and development opportunities has been the main focus of examination, with urban demand for rural goods and services representing a driving factor to adapt farming activities in a multifunctional way. Working within the peri-urban framework, this review pays particular attention to the relevance of multifunctional agriculture. Academic discourses and empirical insights related to farm structure and practices beyond conventional agriculture are analysed. Diversification, recreational and environmental farming, landscape management and specialisation, as well as direct marketing are all taken into consideration and discussed within the context of landscape functions. The provision of rural goods and services is contrasted with societal demands on peri-urban agriculture. This review finds that multifunctional agriculture has been commonly recognised in peri-urban areas – a phenomenon that includes a large variety of activities and diversification approaches within the context of environmental, social and economic functions of agriculture. In response to the post-productive, consumption-oriented requirements of the urban society, peri-urban farmers have intensified their uptake of multifunctional activities. Nevertheless, not all multifunctional opportunities are being fully developed when one considers the large and growing urban demand for goods and services provided by agriculture carried out near the city. This paper discusses policy and planning approaches to support multifunctional agriculture in peri-urban areas. [Copyright &y& Elsevier]

Abstract: The objective of this review paper is to analyze the efficiency of environmentally motivated taxes on virgin raw materials. We analyze both the economic–theoretical foundations of virgin natural resource taxation, and the empirical experiences of aggregates taxes i.e., taxes on, for instance, gravel, rock, stone, etc. in three European countries. These include Sweden, Denmark and the United Kingdom. The theoretical analysis indicates that taxing natural resource output or use typically represents a ‘second-best’ policy alternative, which can be used when, for instance, the monitoring of non-point source emissions is difficult or efficient property rights regimes cannot be established. The empirical analysis shows that the European aggregate taxes have assisted in reducing virgin resource use in spite of the relatively low own-price responses. However, generators of recycled materials typically have few incentives to enhance their waste sorting activities in the presence of a tax on virgin materials. Unless additional policies to increase the supply of recycled materials are implemented, supply will not increase much even in the presence of high demand. Finally, although second-best taxes are sometimes motivated by the desire to keep administration costs low, they could come at the cost of improper incentives and of limited policy legitimacy. [Copyright &y& Elsevier]

In this paper, we confront the theoretical motivations of the consumption of eco-friendly products and the factors influencing the European perceptions regarding the fact that “fish caught using an environmentally friendly technique may carry a special label”. We take advantage of the recent integration of non-economic elements in the microeconomic analysis of consumers'' behavior in order to highlight the factors leading to their demand for green products. Thanks to an original European survey on seafood product carried out on more than 5000 consumers, we test the influence of intrinsic motivation, information, localization and socio-economic factors on the demand for an eco-label for fish. Our results show a significant connection between the desire for eco-labeling and seafood features, especially the freshness of the fish, the geographical origin of the fish and the wild vs farmed origin of the fish. Moreover, we prove the major role played by the fish price. We also demonstrate that the ecological issue regarding fisheries is highly connected to consumer information, intrinsic motivation and socio-economic status: the typical “green fish consumer” is a young woman, well educated, well informed on the state of marine resources and not very trusting of the regulation of the fisheries. Consumers who are aware of the importance of marine resource preservation have the same profile. [Copyright &y& Elsevier]

Abstract: This paper presents an explanation of the causes of the slowdown in growth in labour productivity in European economies in recent decades. In first instance, the weakness of domestic demand is what determines this slowdown in productivity. However, differences with the (mediocre) rates of growth of productivity between European countries are also related to the specific features of their respective labour markets because, in a context of weak domestic demand, there is a trade-off between employment and productivity. [Copyright &y& Elsevier]