Energy Consumption And Gdp Causality
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Energy Consumption And Gdp Causality
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Author : Brant Liddle
language : en
Publisher:
Release Date : 2015
Energy Consumption And Gdp Causality written by Brant Liddle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper disaggregates energy consumption and GDP data according to end-use to analyze a broad number of developed and developing countries grouped in panels by similar characteristics. Panel long-run causality is assessed with a relatively under-utilized approach recommend by Canning and Pedroni (2008). We examine (i) reduced form production function models for both the industry and service/commercial sectors, where aggregate energy consumption is expected to cause aggregate output; and (ii) reduced form demand models, where income is expected to cause (separately) per capita residential energy consumption, per capita residential electricity consumption, and per capita gasoline consumption. We uncover for 12 different panels a set of super-consistent causality findings across three demand models that income “Granger-causes” per capita consumption. By contrast, the results from the production function models suggest that a different modeling framework is required to glean new, useful insights.
Causality Between Energy Consumption And Gdp
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Author : Jaruwan Chontanawat
language : en
Publisher:
Release Date : 2006
Causality Between Energy Consumption And Gdp written by Jaruwan Chontanawat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The Relationship Between Energy Consumption And Gdp
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Author : Andreas G. Georgantopoulos
language : en
Publisher:
Release Date : 2019
The Relationship Between Energy Consumption And Gdp written by Andreas G. Georgantopoulos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This study examines the causal links between energy consumption (EC) and economic development, as measured by Gross Domestic Product (GDP) for four Balkan countries (i.e. Greece, Bulgaria, Romania and Albania) during the period 1980-2009. Energy is a key source of economic growth because many production and consumption activities involve energy as a basic input. Therefore, it is important to investigate whether energy conservation policies may be pursued without adversely affecting economic development. The Granger Causality test results using Vector Auto Regression (VAR) estimates and the Error Correction Model imply that there is a one-way causality running from GDP to EC for Greece. This means that increase in economic growth requires enormous consumption of total energy and energy conservation policies do not harm economic growth. On the other hand, evidence show unidirectional causal links running from EC to GDP for Bulgaria and Romania. In this case, energy consumption can be viewed as a leading indicator of economic growth for these two Balkan countries, which means that energy conservation policies are likely to affect economic growth. Finally, empirical results for Albania suggest that EC and GDP are independent, which favours neutrality hypothesis. Therefore, energy conservation policies may not effect economic growth.
Causality Relationship Between Renewable And Non Renewable Energy Consumption And Gdp In Indonesia
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Author : Jauhary Arifin
language : en
Publisher:
Release Date : 2015
Causality Relationship Between Renewable And Non Renewable Energy Consumption And Gdp In Indonesia written by Jauhary Arifin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Recent contributions show that the world is facing serious problems with energy depletion as a result of the unbalanced availability between finite energy resources and population growth as well as industrial growth. The available amount of finite-based energy resources was predicted to last between 30-150 years (World Resource Institute 2007). Responding to that threat, an ever-expanding research has been conducted on energy consumption and renewable energy resources, leading to a large literature on this research area. Research on the causal relationship between energy consumption and GDP has been a well established topic in the energy economics literature, yet the topic still remains debatable (Dhungel 2008). In the case of Indonesian economy, some studies have shown different results on the casual relationships between energy consumption and GDP and are mainly focusing on non-renewable energy. This paper tests the causality relationship between renewable and non-renewable energy consumption and GDP in Indonesia by applying the Toda-Yamamoto procedure as well as the Engle-Granger procedure. Two proxies of renewable energy consumption are used in this study. Granger causality is found to run only from renewable electricity consumption per capita to GDP per capita. The last part of this paper discusses the policy implications from our findings.
Revisiting Energy Consumption And Gdp Causality
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Author : Brant Liddle
language : en
Publisher:
Release Date : 2015
Revisiting Energy Consumption And Gdp Causality written by Brant Liddle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper disaggregates energy consumption and GDP data according to end-use to analyze a broad number of developed and developing countries grouped in panels by similar characteristics. Panel long-run causality is assessed with a relatively under-utilized approach recommend by Canning and Pedroni. We examine (i) reduced form production function models for both the industry and service/commercial sectors, where aggregate energy consumption is expected to cause aggregate output; and (ii) reduced form demand models, where income is expected to cause (separately) per capita residential electricity consumption and per capita gasoline consumption. We uncover for 12 different panels a set of super-consistent causality findings across two demand models that income “Granger-causes” per capita consumption. By contrast, the results from the production function models suggest that a different modeling framework is required to glean new, useful insights.
Energy Consumption And Gdp In Italy
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Author : Cosimo Magazzino
language : en
Publisher:
Release Date : 2015
Energy Consumption And Gdp In Italy written by Cosimo Magazzino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The aim of this article was to assess the empirical evidence of the nexus between GDP and energy consumption for Italy during the period 1970-2009, using a time series approach. After a brief introduction, a survey of the economic literature on this issue is shown, before discussing the data and introducing some econometric techniques. Stationarity tests reveal that both series are nonstationary, or I(1). Moreover, a cointegration relationship is found between the two variables. The short-run dynamics of the variables show that the flow of causality runs from energy use to GDP, and there is a long-run bidirectional causal relationship (or feedback effect) between the two series. Consequently, we conclude that energy is a limiting factor to GDP growth in Italy and that energy conservation policy should be formulated and implemented wisely.
Energy Consumption And Economic Growth New Insights Into The Cointegration Relationship
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Author : Ansgar Hubertus Belke
language : en
Publisher:
Release Date : 2014
Energy Consumption And Economic Growth New Insights Into The Cointegration Relationship written by Ansgar Hubertus Belke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper examines the long-run relationship between energy consumption and real GDP, including energy prices, for 25 OECD countries from 1981 to 2007. The distinction between common factors and idiosyncratic components using principal component analysis allows to distinguish between developments on an international and a national level as drivers of the long-run relationship. Indeed, cointegration between the common components of the underlying variables indicates that international developments dominate the long-run relationship between energy consumption and real GDP. Furthermore, the results suggest that energy consumption is price-inelastic. Causality tests indicate the presence of a bi-directional.
Causal Relationship Between Energy Consumption And Gdp Growth Revisited
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Author : Bwo-Nung Huang
language : en
Publisher:
Release Date : 2014
Causal Relationship Between Energy Consumption And Gdp Growth Revisited written by Bwo-Nung Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper uses the panel data of energy consumption and GDP for 82 countries from 1972 to 2002. Based on the income levels defined by the World Bank, the data are divided into four categories: low income group, lower middle income group, upper middle income group, and high income group. We employ the GMM-SYS approach for the estimation of the panel VAR model in each of the four groups. Afterwards, the causal relationship between energy consumption and economic growth is tested and ascertained. We discover: (a) in the low income group, there exists no causal relationship between energy consumption and economic growth; (b) in the middle income groups (lower and upper middle income groups), economic growth leads energy consumption positively; (c) in the high income group countries, economic growth leads energy consumption negatively. After further in-depth analysis of energy related data, the results indicate that, in the high income group, there is a great environmental improvement as a result of more efficient energy use and reduction in the release of CO2. However, in the upper middle income group countries, after the energy crisis, the energy efficiency declines and the release of CO2 rises. Since there is no evidence indicating that energy consumption leads economic growth in any of the four income groups, a stronger energy conservation policy should be pursued in all countries.
The Economics And Econometrics Of The Energy Growth Nexus
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Author : Angeliki Menegaki
language : en
Publisher: Academic Press
Release Date : 2018-03-29
The Economics And Econometrics Of The Energy Growth Nexus written by Angeliki Menegaki and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-29 with Business & Economics categories.
The Economics and Econometrics of the Energy-Growth Nexus recognizes that research in the energy-growth nexus field is heterogeneous and controversial. To make studies in the field as comparable as possible, chapters cover aggregate energy and disaggregate energy consumption and single country and multiple country analysis. As a foundational resource that helps researchers answer fundamental questions about their energy-growth projects, it combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus. The book provides order and guidance, enabling researchers to feel confident that they are adhering to widely accepted assumptions and procedures. Provides guidance about selecting and implementing econometric tools and interpreting empirical findings Equips researchers to get clearer pictures of the most robust relationships between variables Covers up-to-date empirical and econometric methods Combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus
The Long Run Causal Relationship Between Transport Energy Consumption And Gdp
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Author : Brant Liddle
language : en
Publisher:
Release Date : 2014
The Long Run Causal Relationship Between Transport Energy Consumption And Gdp written by Brant Liddle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This paper analyzes data from 107 countries, spanning 1971-2009, and grouped into three income-based panels to determine the direction and sign of panel long-run causality between transport energy consumption per capita and real GDP per capita. The methods employed address heterogeneity and (at least mitigate) cross-sectional dependence (both of which are present in the data). Panel long-run Granger-causality was determined to run from GDP per capita to transport energy consumption per capita. Yet, there was evidence that the causal relationship was highly heterogeneous since enough countries exhibited significant Granger-causality running from transport energy consumption to GDP in each panel that such causal possibility could not be pervasively rejected. In contrast to those heterogeneous causality results, the sign of the long-run relationship was highly uniform across countries as two-thirds to three-quarters of countries had significant, positive elasticity estimations. Neither the direction nor sign of long-run Granger-causality appears to be a function of income/development level.