• FINANCIAL STRUCTURE AND INDUSTRIAL STRUCTURE

      Apergis, Nicholas; Antzoulatos, Angelos; Tsoumas, Chris; University of Piraeus; University of Piraeus; University of Piraeus (Wiley, 2010-10-12)
      This paper explores the relationship between financial structure and industrial structure in a panel cointegration framework, using annual data for 29 countries and 28 industrial sectors for the period 1990–2001. The results indicate that financial structure is to a significant extent related to industrial structure in the long run, yet their relationship is partly consistent with the industrial sectors' technological orientation postulated by the theoretical literature. It is in line, however, with the so‐called ‘financial services view’ that stresses the importance of a well developed financial system for growth, irrespective of its structure. In addition, the results indicate that financial structure does not seem to play a role in a sector’s performance relative to GDP.
    • Integration properties of disaggregated solar, geothermal and biomass energy consumption in the U.S.

      Apergis, Nicholas; Tsoumas, Chris; University of Piraeus; University of Piraeus (Elsevier, 2011-09)
      This paper investigates the integration properties of disaggregated solar, geothermal and biomass energy consumption in the U.S. The analysis is performed for the 1989–2009 period and covers all sectors which use these types of energy, i.e., transportation, residence, industrial, electric power and commercial. The results suggest that there are differences in the order of integration depending on both the type of energy and the sector involved. Moreover, the inclusion of structural breaks traced from the regulatory changes for these energy types seem to affect the order of integration for each series.