sustainability assessment to support governmental biodiesel policy in colombia a system dynamics model abstract combustion of fossil fuels in the transport sector represents the second largest source of greenhouse gas emissions for this reason governments are fostering diversification of energy sources by creating a set of governmental environmental policies and initiatives in this context biofuels are expected to represent a substantial part of source diversification but it is necessary to assess the sustainability of their market to explore its effect on economical technological social political and environmental dimensions this research presents a dynamic simulation modelling of the colombian biodiesel market and analyzes the policy support instruments for creating and managing it a system dynamics based model is proposed to enable decision makers to understand the influences between the different variables that describe the system and the impact of the biodiesel government policy in colombia the primary focus of this paper is to establish the characteristics of each sustainability dimension for the case of study and apply the system dynamics methodology with different types of validation finally the colombian market status and a sensitivity analysis are developed the results show that in order to support the development of this sector it is necessary to diversify the raw materials for the production of biodiesel in the medium term which means raw materials without competence for the primary rainforest or competition with food productive lands

is the energy led growth hypothesis valid new evidence from a sample of 85 countries abstract the energy growth literature contains a large number of discussions on the causal relationship between energy consumption and economic growth the central debate focuses on whether energy consumption contributes or not to economic growth since it has direct implications for the formulation of strategic policies nevertheless current studies cannot provide a conclusive suggestion due to mixed causality results this inconclusive evidence is potentially attributed to model specifications and the stage of economic development of the countries under investigation hence this study attempts to empirically re investigate the validity of the energy led growth hypothesis using a different model specification and different stages of economic development for 85 selected countries around the globe overall although the causality results are mixed among countries we do find a systematic pattern in particular granger causality models with three and four variables are more likely to support the hypothesis compared to their counterparts that contain only two variables in addition both developed and developing countries are more likely to support the energy led growth hypothesis compared to the less developed or low income countries therefore causality results are very sensitive to the choice of the model specification along with the stages of economic development finally energy conservation policies should only focus on low income countries as these policies may not retard the process of economic growth

index investment and financialization of commodities the authors found that concurrent with the rapidly growing index investment in commodity markets since the early 2000s prices of non energy commodity futures in the united states have become incr

modeling systemic risk and dependence structure between oil and stock markets using a variational mode decomposition based copula method abstract this study combines the variational mode decomposition vmd method and static and time varying symmetric and asymmetric copula functions to examine the dependence structure between crude oil prices and major regional developed stock markets s p500 stoxx600 djpi and tsx indexes during bear normal and bull markets under different investment horizons furthermore it analyzes the upside and downside short and long run risk spillovers between oil and stock markets by quantifying three market risk measures namely the value at risk var conditional var covar and the delta covar covar the results show that there is a tail dependence between oil and all stock markets for the raw return series by considering time horizons we show that there is an average dependence between the considered markets for the short run horizons however the tail dependence is also found for the long run horizons between the oil and stock markets with the exception of the s p500 index which exhibits average dependence with the oil market moreover we find strong evidence of up and down risk asymmetric spillovers from oil to stock markets and vice versa in the short and long run horizons finally the market risk spillovers are asymmetric over the time and investment horizons

electricity consumption and economic growth exploring panel specific differences abstract in this paper we examine the long and short run dynamics between electricity consumption and economic activities using panel data of per capita electricity consumption and per capita gdp of 160 countries for the period of 1980 2010 accounting for the degree of electricity dependence and the level of urbanization furthermore in order to capture the differences in this relationship the full sample is divided into various subsamples based on countries income levels regional locations and oecd memberships this framework is argued and found to be appropriate since the causal links and inferences arising therefrom differ considerably among the subsamples which led us to conclude that the electricity growth nexus is highly sensitive to regional differences countries income levels urbanization rates and supply risks

nuclear energy consumption and economic growth in nine developed countries this article attempts to test the causal relationship between nuclear energy consumption and real gdp for nine developed countries for the period 1971 2005 by including capital and labour as additional variables using a modified version of the granger causality test developed by toda and yamamoto 1995 we found a unidirectional causality running from nuclear energy consumption to economic growth in japan netherlands and switzerland the opposite uni directional causality running from economic growth to nuclear energy consumption in canada and sweden and a bi directional causality running between economic growth and nuclear energy consumption in france spain the united kingdom and the united states in spain the united kingdom and the usa increases in nuclear energy consumption caused increases in economic growth implying that conservation measures taken that reduce nuclear energy consumption may negatively affect economic growth in france japan netherlands and switzerland increases in nuclear energy consumption caused decreases in economic growth suggesting that energy conservation measure taken that reduce nuclear energy consumption may help to mitigate the adverse effects of nuclear energy consumption on economic growth in canada and sweden energy conservation measures affecting nuclear energy consumption may not harm economic growth

electricity consumption and economic growth a time series experience for 17 african countries abstract while the availability of electricity by itself is not a panacea for the economic and social problems facing africa the supply of electricity is nevertheless believed to be a necessary requirement for africa s economic and social development this paper tests the long run and causal relationship between electricity consumption per capita and real gross domestic product gdp per capita for 17 african countries for the period 1971 2001 using a newly developed cointegration test proposed by pesaran et al 2001 and using a modified version of the granger causality test due to toda and yamamoto 1995 the advantage of using these two approaches is that they both avoid the pre testing bias associated with conventional unit root and cointegration tests the empirical evidence shows that there was a long run relationship between electricity consumption per capita and real gdp per capita for only 9 countries and granger causality for only 12 countries for 6 countries there was a positive uni directional causality running from real gdp per capita to electricity consumption per capita an opposite causality for 3 countries and bi directional causality for the remaining 3 countries the result should however be interpreted with care as electricity consumption accounts for less than 4 of total energy consumption in africa and only grid supplied electricity is taken into account

modeling the causal linkages between nuclear energy renewable energy and economic growth in developed and developing countries abstract this article investigates the causal relationship between two types of energy variables and economic growth using dynamic simultaneous equation panel data models for 17 developed and developing countries our results indicate that there is a unidirectional causality running from nuclear consumption to economic growth in belgium and spain while a unidirectional causality running from economic growth to nuclear consumption is supported in bulgaria canada netherlands and sweden a bidirectional relationship appears in argentina brazil france pakistan and the usa while no causality exists in finland hungary india japan switzerland and the u k second the results for the second nexus among renewable energy and economic growth show that there is a unidirectional causality running from renewable consumption to economic growth in hungary india japan netherlands and sweden while there exist a unidirectional running from economic growth to renewable consumption in argentina spain and switzerland a bidirectional relationship is supported in belgium bulgaria canada france pakistan and the usa while no causality exists in brazil finland and switzerland third we find the existence of a bidirectional causality between nuclear consumption and economic and a unidirectional causality running from economic growth to renewable energy consumption for the global panel

energy consumption and economic growth evidence from the commonwealth of independent states abstract this study examines the relationship between energy consumption and economic growth for eleven countries of the commonwealth of independent states over the period 1991 2005 within a multivariate panel data framework based on pedroni 1999 pedroni 2004 heterogeneous panel cointegration test and corresponding error correction model cointegration is present between real gdp energy consumption real gross fixed capital formation and labor force with the respective coefficients positive and statistically significant the results of the error correction model reveal the presence of unidirectional causality from energy consumption to economic growth in the short run while bidirectional causality between energy consumption and economic growth in the long run thus the results lend support for the feedback hypothesis associated with the relationship between energy consumption and economic growth

electricity consumption and economic growth bounds and causality analyses of opec members this paper investigates the relationship between electricity consumption and economic growth for opec members the bounds test yields evidence of a long run relationship between electricity consumption and economic growth for all opec members causality results suggest that economic growth is dependent on electricity consumption in five countries less dependent in three countries and independent in three countries because these countries do not necessarily share similar political and economic traits no single universal policy implication can be inferred from the results the disparities across these causality results therefore stress the importance of formulating causality explanations while taking into account the particularities of individual countries rather than blindly applying the conventional interpretations

electricity consumption and economic growth in transition countries a revisit using bootstrap panel granger causality analysis abstract the purpose of this paper is to revisit the granger causal relationship between electricity consumption and economic growth for 15 transition economies for the period 1975 2010 using a bootstrap panel causality approach that allows for both cross sectional dependency and for heterogeneity across countries applying this approach we found a unidirectional causality running from electricity consumption to economic growth only in belarus and bulgaria from economic growth to electricity consumption in the czech republic latvia lithuania and the russian federation bidirectional causality only in ukraine while no granger causality in any direction in albania macedonia moldova poland romania serbia slovak republic and slovenia these results show that there is a limited support for the electricity led growth hypothesis nevertheless these different findings provide important implications for energy strategies and policies for transition countries

a structural var analysis of electricity consumption and real gdp evidence from the g7 countries in this paper we depart from the literature on electricity consumption real gdp in that for the first time we examine the reaction of real gdp to shocks in electricity consumption to achieve this goal we use the structural vector autoregressive svar model and examine the impact of electricity consumption shocks on real gdp for the g7 countries we find that except for the usa electricity consumption has a statistically significant positive impact on real gdp over short horizons this finding implies that except for the usa electricity conservation policies will hurt real gdp in the g7 countries

an international literature survey on energy economic growth nexus evidence from country specific studies in this paper an extensive review of the rapidly growing in the literature on the nexus between economic growth and four types of energy consumption total energy consumption electricity consumption nuclear consumption and renewable consumption the various hypotheses associated with the causal interaction between these variables along with a survey of the empirical literature are also discussed the survey focuses on country coverage periods modeling techniques and empirical conclusions a general observation from these studies that results are found to be sensitive to methodology and type of energy considered the empirical results for the specific countries surveyed show that i for energy consumption growth nexus 29 supported the growth hypothesis 27 the feedback hypothesis 23 the conservation hypothesis and 21 the neutrality hypothesis ii for the electricity consumption growth nexus 40 supported the growth hypothesis 33 the feedback hypothesis and 27 conservation hypothesis iii for the nuclear consumption growth nexus 60 supported the neutrality hypothesis and 40 the growth hypothesis and iv for the renewable consumption growth nexus 40 supported the neutrality hypothesis 40 the conservation hypothesis and 20 the growth hypothesis these mixed results may be attributed to the different used data selected variables and econometric approaches undertaken

economic welfare impacts from renewable energy consumption the china experience over the last years renewable energy sources have increased their share on electricity generation of china due to environmental and security of supply concerns in this work author assesses the role of both the amount and share of renewable energy consumption in economic welfare using cobb douglas type production functions this assessment is carried out by multivariate ols and spss software for china from 1978 to 2008 results indicate that a 1 increase in renewable energy consumption rec increases real gdp by 0 120 gdp per capita by 0 162 per capita annual income of rural households by 0 444 and per capita annual income of urban households by 0 368 respectively the impact of renewable energy consumption share srec on economic welfare is insignificant and an increasing share of rec negatively affects economic welfare growth to a certain extent in this paper the cost structural demand accounting mechanism and policy reasons of renewable energy development are interpreted marginal effects analysis show that the shape of sound and robust renewable energy institutions and policies would matter for increasing the standards of economic welfare in the context of speeding up renewable energy development and increasing share of renewable energy consumption especially the goal oriented policy refinement should be addressed efficiently in improvement households income while increasing share of renewable energy consumption c 2011 elsevier ltd all rights reserved

the excess co movement of commodity prices reconsidered this paper provides an empirical reconsideration of evidence for excess co movement of commodity prices within the framework of univariate and multivariate garch 1 1 models alternative formulations of zero excess co movement are provided and corresponding score and likelihood ratio tests are developed monthly time series data for two sample periods 1960 85 and 1974 92 on up to nine commodities are used in contrast to earlier work only weak evidence of excess co movement is found

a literature survey on energy growth nexus abstract this paper provides a survey of the recent progress in the literature of energy consumption economic growth and electricity consumption economic growth causality nexus the survey highlights that most empirical studies focus on either testing the role of energy electricity in stimulating economic growth or examining the direction of causality between these two variables although the positive role of energy on growth has become a stylized fact there are some methodological reservations about the results from these empirical studies a general observation from these studies is that the literature produced conflicting results and there is no consensus neither on the existence nor on the direction of causality between energy consumption electricity consumption and economic growth as a policy implication to avoid from conflicting and unreliable results the authors may use the autoregressive distributed lags bounds test two regime threshold co integration models panel data approach and multivariate models including new variables such as real gross fixed capital formation labor force carbon dioxide emissions population exchange rates interest rates etc thus the authors should focus more on the new approaches and perspectives rather than by employing usual methods based on a set of common variables for different countries and different intervals of time

energy consumption and economic growth in central america evidence from a panel cointegration and error correction model abstract this study examines the relationship between energy consumption and economic growth for six central american countries over the period 1980 2004 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship based on the heterogeneous panel cointegration test by pedroni pedroni p 1999 critical values for cointegration tests in heterogeneous panels with multiple regressors oxford bulletin of economics and statistics 61 653 670 pedroni p 2004 panel cointegration asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis new results econometric theory 20 597 627 cointegration is present between real gdp energy consumption the labor force and real gross fixed capital formation with the respective coefficients positive and statistically significant the granger causality results indicate the presence of both short run and long run causality from energy consumption to economic growth which supports the growth hypothesis

do population density economic growth energy use and exports adversely affect environmental quality in asian populous countries abstract this study aims to investigate the relationship between carbon dioxide co2 emissions energy use economic growth exports and population density for a panel of 11 asian populous countries over the period of 1960 2014 the panel cointegration tests and panel granger causality tests are employed to examine this relationship the fully modified ordinary least squares fmols and dynamic ordinary least squares dols methods are used to explore the long run effects of other variables on the co2 emissions the main results are i energy use exports and population density adversely affect environmental quality in the long run ii there exists a short run unidirectional granger panel causality running from energy consumption gross domestic product gdp and exports to co2 emissions from energy consumption and exports to gdp from exports to energy consumption from population density to exports and a bidirectional panel causality between gdp and population density and iii a long run bidirectional granger causality between these variables is also present important policy implications are noted based on these findings

electricity consumption real gdp causality nexus evidence from a bootstrapped causality test for 30 oecd countries the goal of this paper is to examine any causal effects between electricity consumption and real gdp for 30 oecd countries we use a bootstrapped causality testing approach and unravel evidence in favour of electricity consumption causing real gdp in australia iceland italy the slovak republic the czech republic korea portugal and the uk the implication is that electricity conservation policies will negatively impact real gdp in these countries however for the rest of the 22 countries our findings suggest that electricity conversation policies will not affect real gdp

energy consumption and gdp causality relationship in g 7 countries and emerging markets abstract the causality relationship between energy consumption and income is a well studied topic in energy economics this paper studies the time series properties of energy consumption and gdp and reexamines the causality relationship between the two series in the top 10 emerging markets excluding china due to lack of data and g 7 countries we discover bi directional causality in argentina causality running from gdp to energy consumption in italy and korea and from energy consumption to gdp in turkey france germany and japan hence energy conservation may harm economic growth in the last four countries

on the comovement of commodity prices we present strong evidence against the excess comovement hypothesis that the prices of commodities move together beyond what can be explained by fundamentals prior studies employ broad macroeconomic indicators to explain common price movements and potentially correlated fundamentals are not controlled for we use inventory and harvest data to fit a partial equilibrium model that more effectively captures the variation in individual prices the model explains the majority of the comovements among commodities with high price correlation and all of the comovements among those with marginal price correlation common movements in supply factors appear to play an important role in the observed comovements in commodity prices

energy consumption and economic growth in the next 11 countries the bootstrapped autoregressive metric causality approach abstract departing from previous literature using bootstrapped autoregressive metric causality approach which is more robust against non stationarity and break problems than lag augmented tests this study analyzes causal relation between economic growth and energy consumption in the next 11 countries estimating a trivariate model consisting of gdp per capita energy consumption per capita and gross capital formation it was found that the neutrality hypothesis is valid for all of the countries except for turkey these findings imply that energy conservation oriented policies should be implemented in bangladesh egypt indonesia iran korea mexico pakistan and philippines in the case of turkey a unidirectional causal nexus was found from energy consumption to economic growth since the growth hypothesis is valid energy conservation policy poses an obstacle for economic growth in turkey

energy gdp relationship revisited an example from gcc countries using panel causality abstract this work investigates the causality relationship between gross domestic product gdp and energy consumption in the six countries of the gulf cooperation council gcc recently developed panel cointegration and causality techniques are used to uncover the direction of energy gdp causality in the gcc empirical results indicate a unidirectional causality running from gdp to energy consumption evidence shows no support for the hypothesis that energy consumption is the source of gdp growth in the gcc countries such results suggest that energy conservation policies may be adopted without much concern about their adverse effects on the growth of gcc economies

the influence of energy consumption of china on its real gdp from aggregated and disaggregated viewpoints abstract this paper investigated the causal relationship between energy consumption and gross domestic product gdp in china at both aggregated and disaggregated levels during the period of 1978 2009 by using a modified version of the granger 1969 causality test proposed by toda and yamamoto 1995 within a multivariate framework the empirical results suggested the existence of a negative bi directional granger causality running from aggregated energy consumption to real gdp at disaggregated level of energy consumption the results were complicated for coal empirical findings suggested that there was a negative bi directional granger causality running from coal consumption to real gdp however for oil and gas empirical findings suggested a positive bi directional granger causality running from oil as well as gas consumption to real gdp though these results supported the feedback hypothesis the negative relationship might be attributed to the growing economy production shifting towards less energy intensive sectors and excessive energy consumption in relatively unproductive sectors the results indicated that policies with reducing aggregated energy consumption and promoting energy conservation may boost china s economic growth

renewable energy consumption and income in emerging economies abstract increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy this paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption in the long term a 1 increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3 5 long term renewable energy per capita consumption price elasticity estimates are approximately equal to 0 70

dependence risk analysis in energy agricultural and precious metals commodities a pair vine copula approach we apply pair vine copulas specifically the c vine and r vine copulas to examine the conditional multivariate dependence pattern structure and r vine copula based value at risk var to assess fi

energy growth conundrum in energy exporting and importing countries evidence from heterogeneous panel methods robust to cross sectional dependence abstract this article uses the panel methods for energy exporting and importing countries that discuss the heterogeneity and cross sectional dependence in investigating the linkages between energy consumption and economic growth the findings of the study suggest that the energy consumption is an important input not only in the energy importing but also in energy exporting countries furthermore the results of the present paper suggest that the policy options should be different for the different countries in the back drop of heterogeneous slope coefficients

risk dependence of covar and structural change between oil prices and exchange rates a time varying copula model abstract this paper analyses the dynamic dependence between wti crude oil and the exchange rates of the united states and china taking structural changes of dependence into account by using six time varying copula models upside and downside conditional values at risk covars are introduced specifically to measure the upward and downward risk dependences between oil prices and exchange rates the findings indicate a structural break point of dependence exists between daily or weekly crude oil and the us dollar index the dependence between crude oil and the rmb exchange rate is faintly positive with lower tail dependence while the dependence between crude oil and the us dollar index is significantly negative with lower upper and upper lower tail dependence finally the covars results show that there is significant risk spillover from crude oil to chinese and the us exchange rate markets furthermore the spillover effect is significantly asymmetry in chinese exchange rate market in response to rising and falling oil returns while the asymmetry of spillover effect for the us dollar index is not significant

financial stability energy consumption and environmental quality evidence from south asian economies abstract a few studies are found on the relationship between financial instability energy consumption and environmental quality in energy economics literature the current study is an endeavor to fill this gap by investigating the relationship between financial stability economic growth energy consumption and carbon dioxide co 2 emissions in south asian countries over the period 1980 2012 using a multivariate framework bounds test for cointegration and granger causality approach are employed for the empirical analysis estimated results suggest that all variables are non stationary and cointegrated the results show that financial stability improves environmental quality while the increase in economic growth energy consumption and population density are detrimental for environment quality in the long run the results also support the environmental kuznets curve ekc hypothesis which assumes an inverted u shaped path between income and environmental quality moreover the study found the evidence of unidirectional causality running from financial stability to co 2 emissions in two countries i e pakistan and sri lanka the findings of this study open up new insight for policy makers to design a comprehensive financial economic and energy supply policies to minimize the detrimental impact of environmental pollution

risk spillover between energy and agricultural commodity markets a dependence switching covar copula model abstract unlike previous studies we employ a relatively newer modelling technique a time varying copula with a switching dependence to characterise the conditional dependence between energy and agricultural commodity markets in a more realistic way because the dependence may switch between positive and negative correlation regimes over time a dependence switching copula more appropriately and realistically captures a dependence structure than a single copula regime our findings indicate that the lower tail dependence is much stronger in a bearish regime than in a bullish regime highlighting the importance of systematic risk spillovers during extreme downward movements furthermore the significant risk spillovers from energy to agricultural commodities are verified by measuring the conditional value at risk covar and delta covar finally some useful implications are summarized for investors portfolios and risk avoidance

the relationship between energy consumption energy prices and economic growth time series evidence from asian developing countries this paper estimates the causal relationships between energy consumption and income for india indonesia the philippines and thailand using cointegration and error correction modelling techniques the results indicate that in the short run unidirectional granger causality runs from energy to income for india and indonesia while bidirectional granger causality runs from energy to income for thailand and the philippines in the case of thailand and the philippines energy income and prices are mutually causal the study results do not support the view that energy and income are neutral with respect to each other with the exception of indonesia and india where neutrality is observed in the short run c 2000 elsevier science b v all rights reserved jel classifications c22 q43 q48

time frequency contained co movement of crude oil and world food prices a wavelet based analysis abstract this paper evaluates the association between crude oil prices and world food price indices first within general space and time and then within the combined time frequency sphere monthly price data spanning from january 1990 to february 2016 were used for the analysis the johansen cointegration test conducted within the time domain confirmed the statistically significant cointegrated relationship between crude oil prices and the price indices of food and its sub categories such as dairy cereals vegetable oil and sugar however frequency information was not accounted for to incorporate both the time and frequency features of the data we used a wavelet method that has shown that the world food prices along with the prices of cereals vegetable oils and sugar co move with and are led by crude oil prices results that remain relevant from the short run policy perspective the outcome of toda yamamoto causality confirmed the spillover of crude oil price changes to the world food price index also in the long run the paper ends with the policy implications of these results

future biodiesel policy designs and consumption patterns in latvia a system dynamics model abstract decarbonisation of transport has become central to european union policy biofuels are expected to represent a substantial part of the overall strategy towards diversifying europe s energy supplies and curbing greenhouse gas emissions in a cost effective way this research deals with the dynamic simulation modeling of a biodiesel market as a part of transportation fuel market and analyses of various policy support instruments on increasing the proportion of biofuel in total transport fuel demand the study is carried out for latvia s road transport sector after it had experienced generous financial support from the government allowing the industry to develop support was abruptly stopped creating stagnation in both biodiesel supply and demand this threatened the national transport policy goals the goal of this research is to find the most effective policy strategies for achieving the national transport policy goals by applying system dynamics modeling to the current market conditions of transport fuels specifically the primary focus of this paper is an attempt to gain insight into the long term dynamic behavior of the biodiesel market in latvia the principal policy tools and mechanisms implemented can be summarized as i state subsidies at different levels and stages i e the biodiesel production sector the agricultural sector and the end consumer sectors ii increasing the excise taxes on fossil fuels iii increasing the share of the biodiesel in the transportation fuel blend the results obtained from model simulations confirm that promoting biofuel acceptance among end users is the primary key issue

scenario based forecast for the electricity demand in qatar and the role of energy efficiency improvements abstract we model the electricity consumption in the market segment that compose the qatari electricity market we link electricity consumption to gdp growth and population growth building on the estimated model we develop long range forecasts of electricity consumption from 2017 to 2030 over different scenarios for the economic drivers in addition we proxy for electricity efficiency improvements by reducing the long run elasticity of electricity consumption to gdp and population we show that electricity efficiency has a crucial role in controlling the future development of electricity consumption energy policies should consider this aspect and support both electricity efficiency improvement programs as well as a price reform

on electricity consumption and economic growth in china abstract the invention and application of the electric power technology triggered the second industrial revolution in human history which marked the human society entered the age of electricity electricity provides the sustainable power for economic and social development with the rapid development of economy the electricity consumption is also increasing the increase of electricity consumption has further promoted the progress of the industrial economy in order to achieve the goal of improving the level of economic development while reducing energy consumption it is necessary to reveal the relationship between electricity consumption and economic growth this study is an extensive overview of the literature surrounding this topic in this paper we focus on the relationship between electricity consumption and economic growth in china we first analyze the general situation of china s electricity consumption and economic development then we explore the relationship between china s electricity consumption and economic growth from three dimensions i e the time dimension the regional dimension and the industrial dimension finally we study the key issues in the research of the relationship between electricity consumption and economic growth including variable selection model construction and results discussion this work suggests that the nature of the nexus in china should and can be explored from a wider perspective by developing a suitable integrated methodological framework

energy consumption and gdp in developing countries a cointegrated panel analysis in this paper we re investigate the co movement and the causality relationship between energy consumption and gdp in 18 developing countries using data for the period 1975 to 2001 recently developed tests for the panel unit root heterogeneous panel cointegration and panel based error correction models are employed the empirical results provide clear support of a long run cointegration relationship after allowing for the heterogeneous country effect the long run relationship is estimated using a full modified ols the evidence shows that long run and short run causalities run from energy consumption to gdp but not vice versa this result indicates that energy conservation may harm economic growth in developing countries regardless of being transitory or permanent

dynamic spillover effects among crude oil precious metal and agricultural commodity futures markets abstract this paper examines spillover effects among six commodity futures markets gold silver west texas intermediate crude oil corn wheat and rice by employing the multivariate deco garch model and the spillover index specifically we investigate the dynamics of return and volatility spillover indices to reveal the intensity and direction of transmission during the recent global financial and european sovereign debt crises our empirical results are as follows first we estimate a positive equicorrelation between commodity futures market returns and find that it increased sharply during the crises this effect can persist during periods of economic and financial turmoil diminishing the benefits of international portfolio diversification for investors second we identify bidirectional return and volatility spillovers across commodity futures markets and find more pronounced trends in their levels in the post crisis period this indicates the strong impact of spillovers during crisis periods third both gold and silver are information transmitters to other commodity futures markets while the remaining four commodity futures investigated were receivers of spillovers during recent periods of financial stress finally we analyse the optimal portfolio weights and time varying hedge ratios between metal and other commodities futures markets overall our findings provide new insights into channels of information transmission which may improve investment decisions and inform portfolio investors trading strategies

electricity consumption and economic growth in algeria a multivariate causality analysis in the presence of structural change this article addresses the issue of electricity consumption petroleum price and economic growth in algeria the primary objective is to investigate and analyze the causal relationship between electricity consumption ec brent oil price bop and economic growth gdp for algeria over the period of 1971 2010 to examine short run long run and joint causality relationships we used a multivariate cointegration approach based on the recent advances in time series econometrics e g zivot andrews test gregory hansen cointegration test vector error correction models vecm the empirical results show that there is evidence of short run and a strong long run bi directional causal relationship between ec and real gdp in algeria findings indicate also the absence of causal relationship between bop and ec our empirical findings support the idea that there a link between electricity consumption and economic growth and disproves the neo classical assumption referred to as the neutrality hypothesis

a dynamic panel study of economic development and the electricity consumption growth nexus abstract this study examines the relationship between electricity consumption and economic growth for 88 countries categorized into four panels based on the world bank income classification high upper middle lower middle and low income within a multivariate panel framework over the period 1990 2006 the larsson et al 2001 panel cointegration test indicates there is a long run equilibrium relationship between real gdp coal consumption real gross fixed capital formation and the labor force for the high upper middle and lower middle income country panels the results from the panel vector error correction models reveal 1 bidirectional causality between electricity consumption and economic growth in both the short and long run for the high income and upper middle income country panels 2 unidirectional causality from electricity consumption to economic growth in the short run but bidirectional causality in the long run for the lower middle income country panel and 3 unidirectional causality from electricity consumption to economic growth for the low income country panel

environmental kuznets curve hypothesis in pakistan cointegration and granger causality abstract the paper is an effort to fill the gap in the energy literature with a comprehensive country study of pakistan we investigate the relationship between co2 emissions energy consumption economic growth and trade openness in pakistan over the period of 1971 2009 bounds test for cointegration and granger causality approach are employed for the empirical analysis the result suggests that there exists a long run relationship among the variables and the environmental kuznets curve ekc hypothesis is supported the significant existence of ekc shows the country s effort to condense co2 emissions and indicates certain achievement of controlling environmental degradation in pakistan furthermore we find a one way causal relationship running from economic growth to co2 emissions energy consumption increases co2 emissions both in the short and long runs trade openness reduces co2 emissions in the long run but it is insignificant in the short run in addition the change of co2 emissions from short run to the long span of time is corrected by about 10 yearly

the dynamics of electricity demand in pakistan a panel cointegration analysis abstract this paper examines the dynamics of electricity demand in pakistan at the aggregate and sectoral levels over the period 1978 2012 panel cointegration test and fully modified ordinary least squares method is employed to determine the long run relationship between electricity consumption real income real price of electricity and domestic price of non energy products the results reveal that electricity demand is more responsive to changes in income than changes in prices at the aggregate and disaggregate levels short run and long run income elasticities are positive and statistically significant supporting the conservation hypothesis it appears from the results that long run price elasticities are negative and significant at the aggregate level and for the agriculture commercial residential sectors and public utilities the short run price elasticities are significant but low in magnitude which implies that changes in electricity price exert minimal effect on the electricity consumption in pakistan the domestic price of non energy products is positive and significant for aggregate sample in the short run the domestic price of non energy products exert significant negative positive impact on electricity demand in the agriculture industrial sectors the results thus provide important information to the agents operating in the electricity market regarding the income and pricing policies and helps in planning the future strategy of electricity demand management

index investment and the financialization of commodities the authors found that concurrent with the rapidly growing index investment in commodity markets since the early 2000s prices of non energy commodity futures in the united states have become increasingly correlated with oil prices this trend has been significantly more pronounced for commodities in two popular commodity indices this finding reflects the financialization of the commodity markets and helps explain the large increase in the price volatility of non energy commodities around 2008

the role of rare earth prices in renewable energy consumption the actual driver for a renewable energy world abstract this study examines for the first time in the energy issues literature the long run relationship between rare earth prices and the consumption of energy from renewables the study applies standard time series econometric methodologies and monthly data in relevance to regional and income classification groups of countries spanning the period 2004 2016 the empirical findings indicate the presence of a long run relationship between these variables but for certain rare earths and regions the findings survive a multivariate robustness test while they are expected to be of substantial importance for the world community given that a few countries have control of those materials the importance is lying on the need to establish a global green energy environment

cointegration and causal relationships between energy consumption and output assessing the evidence from australia in this paper we describe our investigation of the cointegration and causal relationships between energy consumption and economic output in australia over a period of five decades the framework used in this paper is the single sector aggregate production function which is the first comprehensive approach used in an australian study of this type to include energy capital and labour as separate inputs of production the empirical evidence points to a cointegration relationship between energy and output and implies that energy is an important variable in the cointegration space as are conventional inputs capital and labour we also find some evidence of bidirectional causality between gdp and energy use although the evidence of causality from energy use to gdp was relatively weak when using the thermal aggregate of energy use once energy consumption was adjusted for energy quality we found strong evidence of granger causality from energy use to gdp in australia over the investigated period the results are robust irrespective of the assumptions of linear trends in the cointegration models and are applicable for different econometric approaches

are energy conservation policies effective without harming economic growth in the gulf cooperation council countries abstract this study explores the fossil fuels electricity consumption growth of the gross domestic product gdp relationship in the six gulf cooperation council gcc countries for the period 1980 2012 the aim of this study is to examine whether energy conservation policies are appropriate for these countries to reduce their high levels of electricity consumption the autoregressive distributed lag ardl and the toda yamamoto dolado lutkepohl tydl methodologies were employed to investigate this relationship the ardl results revealed that fossil fuels electricity consumption has a long run positive effect on gdp growth in the gcc countries however the tydl granger causality revealed different causality relationships among the countries a bi directional causality was found between fossil fuels electricity consumption and gdp growth in bahrain and the united arab emirates uae while one way causality from fossil fuels electricity consumption to gdp growth was found in oman and qatar on the other hand no causality was concluded between the variables in kuwait and saudi arabia from the results it is clear that energy conservation is not an ideal policy for the bahrain uae oman and qatar because it will have a negative consequence on their output however this policy can be implemented in kuwait and saudi arabia since it will not harm their output

energy as a driver of growth in oil exporting countries abstract this paper is a contribution to the on going debate over whether there is a relationship between energy consumption and economic growth although the oil exporting countries are among the most energy intensive economies in the world little attention has been paid to the features of their energy consumption therefore this study empirically investigates the two variables dynamic relationship in 12 oil exporting countries from 1990 to 2010 using recently developed panel econometric techniques the present paper accounts for cross section dependence and structural breaks when analysing the energy income nexus the results of this study indicate that there exists a long run equilibrium relationship between energy consumption and economic growth furthermore the empirical evidence of a dynamic panel error correction model reveals a short run unidirectional causality from energy consumption to economic growth whereas in the long run it is the economic process that determines the energy consumption trend

do food and oil prices co move abstract this paper studies co movements between world oil prices and global prices for corn soybean and wheat using copulas several copula models with different conditional dependence structures and time varying dependence parameters were considered empirical results for weekly data from january 1998 to april 2011 showed weak oil food dependence and no extreme market dependence between oil and food prices these results support the neutrality of agricultural commodity markets to the effects of changes in oil prices and non contagion between the crude oil and agricultural markets however dependence increased significantly in the last three years of the sampling period even though upper tail dependence remained insignificant indicating that food price spikes are not caused by positive extreme oil price changes these results have implications for policy design risk management and hedging strategies

oil price shocks and agricultural commodity prices abstract while the impacts of oil price changes on agricultural commodity markets are of great interest to economists previous studies do not differentiate oil specific shocks from aggregate demand shocks in this paper we address this issue using a structural var analysis our findings indicate that the responses of agricultural commodity prices to oil price changes depend greatly on whether they are caused oil supply shocks aggregate demand shocks or other oil specific shocks mainly driven by precautionary demand oil shocks can explain a minor friction of agricultural commodity price variations before the food crisis in 2006 2008 whereas in post crisis period their explanatory abilities become much higher after crisis the contributions of oil specific factors to variations in agricultural commodity prices are greater than those of aggregate demand shocks the results from an alternative svar confirm the robustness of our main findings

on energy consumption and gdp studies a meta analysis of the last two decades abstract the relationship between energy consumption and gdp growth has been intensely examined in multiple frameworks set by various methods and countries this paper is a meta analysis of 51 studies published in the last two decades with worldwide data since 1949 on the relationship between energy consumption and gdp growth the aim is to systemize some of the factors that cause the variation of results in these studies our results yield evidence that the long run elasticity of gdp growth with respect to energy consumption is not independent of the method employed for cointegration the data type and the inclusion of variables such as the price level or capital in the cointegration equation also 1 increase in capital increases the elasticity of gdp with respect to energy consumption by 0 85

energy conservation policies growth and trade performance evidence of feedback hypothesis in pakistan this study investigates the relationship between energy consumption and trade openness in pakistan by using the annual time series data for the period of 1973 2011 our main results show i the presence of long run link between energy consumption and trade performance ii positive impact of gross domestic product exports and imports on energy consumption iii bidirectional causal relationship between exports and energy consumption and also be tween imports and energy demand and iv bidirectional causality between gross domestic product and energy consumption points to the presence of feedback hypothesis in pakistan we therefore note that energy conservation policies will reduce the trade performance which in turn leads to the decline in economic growth in pakistan the present study may guide policymakers in formulating a conclusive energy and trade policies for sustainable growth for long span of time

renewable energy consumption co2 emissions and oil prices in the g7 countries abstract economic and societal issues related to energy security and global warming is placing greater emphasis on the consumption of renewable energy this paper presents and estimates an empirical model of renewable energy consumption for the g7 countries panel cointegration estimates show that in the long term increases in real gdp per capita and co2 per capita are found to be major drivers behind per capita renewable energy consumption these results are robust across two different panel cointegration estimators oil price increases have a smaller although negative impact on renewable energy consumption deviations from equilibrium are driven mostly by the error correction term as opposed to short term shocks short term deviations from the long term equilibrium take anywhere from between 1 3 years france and 7 3 years japan to correct

simulation for assessing the liberalization of biofuels abstract global biofuel consumption has been growing in recent years as different countries worldwide have been exploring alternatives and complements to gasoline and diesel fuel for transport this is due to a hike in oil prices and their increasing volatility as well as both a high dependence of the transport sector on oil and also because arguably the supply chain of biofuels emits less co2 than that of fossil fuels biofuels have been available around the world for a while with the aid of some government support brazil pioneered this renewable solution for transport from the early 1930s as the country had little access to local fuels while oil and other alternatives became more expensive biofuels are currently widely considered as part of the solution to affordable fuels for transport this paper makes use of a system dynamics model to analyse the current leading policies aiming at increasing the penetration of biofuels in this context and given multiple uncertainties that include technology evolution and fuel prices scenario analysis has been considered for the examination of different extreme though plausible futures simulations under extreme scenarios helped in assessing the possibility of removing incentives that is leaving decisions to an open market and a partial reduction of subsidies this paper concludes that for the case of colombia the potential of biofuels seems promising

oil price agricultural commodity prices and the dollar a panel cointegration and causality analysis abstract this study examines the dynamic relationship between world oil prices and twenty four world agricultural commodity prices accounting for changes in the relative strength of us dollar in a panel setting we employ panel cointegration and granger causality methods for a panel of twenty four agricultural products based on monthly prices ranging from january 1980 to february 2010 the empirical results provide strong evidence on the impact of world oil price changes on agricultural commodity prices contrary to the findings of many studies in the literature that report neutrality of agricultural prices to oil price changes we find strong support for the role of world oil prices on prices of several agricultural commodities the positive impact of a weak dollar on agricultural prices is also confirmed

the link between renewable energy production and gross domestic product in africa a comparative study between 1980 and 2008 abstract renewable energy re projects are arguably one of the most important strategies that can be used in the mitigation of climate change impacts at the same time re technologies can generate clean energy and potentially boost the economy of the african continent it is thus not surprising that recent studies have investigated the relationship between re and economic growth in some african countries however the limitation of these reductionist analytical frameworks is that they can conceal the true regional picture in terms of the link between investments in re technologies and gross domestic product gdp this holistic analysis is important in order to inform regional policies on climate change the article uses statistical analytic techniques to examine the correlation between re production and economic growth across different blocks of the african continent between 1980 and 2008 the analysis is between geographical blocks e g southern africa western africa etc and between oil and non oil producing blocks generally speaking while there exists a similar pattern in all the studied blocks in terms of mean standard deviation and correlation between re and gdp a few exceptions can be found for instance the rise in re gdp correlation from 1992 1993 onwards was conspicuously higher in north africa and oil producing countries compared to all the other blocks similarly southern africa was the only block where the correlation between re and gdp was negative throughout the period under review except 1988 1989 and 1997 when it was positive

energy diversity and development in economic systems an empirical analysis abstract as economic systems develop over time they tend to become more complex with more structure and greater throughputs assuming favorable conditions energy use increases as more economic sectors develop and more channels for flow are opened economic diversity as measured by the number of economic sectors using energy and the equatability of flows between them generally increases as diversity increases the efficiency of generating outputs with a given amount of energy also increases development capacity the product of system energy throughput and diversity of flows is a measure of the potential system output and is calculated for selected countries capacity changes over time are shown to relate to changes in economic output in selected countries two distinct development strategies become evident one which promotes energy use and one which emphasizes diversity and the sustainability of each is examined while most countries utilize a mix of the two developing countries generally rely more on increasing energy use to increase output while developed countries tend to become more diverse as a means of increasing outputs sustainability is enhanced by strategies which promote diversity and resource use efficiency in economic systems

energy and output dynamics in bangladesh the relationship between energy consumption and output is still ambiguous in the existing literature the economy of bangladesh having spectacular output growth and rising energy demand as well as energy efficiency in recent decades can be an ideal case for examining energy output dynamics we find that while fluctuations in energy consumption do not affect output fluctuations movements in output inversely affect movements in energy use the results of granger causality tests in this respect are consistent with those of innovative accounting that includes variance decompositions and impulse responses autoregressive distributed lag models also suggest a role of output in bangladesh s energy use hence the findings of this study have policy implications for other developing nations where measures for energy conservation and efficiency can be relevant in policymaking

are oil and gas stocks from the australian market riskier than coal and uranium stocks dependence risk analysis and portfolio optimization abstract this article models the dependence risk and resource allocation characteristics of two 20 stock coal uranium and oil gas sector portfolios from the australian market in the context of the global financial crisis of 2008 2009 the modeling framework implemented consists of pair vine copulas and linear and nonlinear portfolio optimization methods with respect to five risk measures the paper s objectives are to find out if the oil and gas stocks are riskier than the coal and uranium stocks to identify the optimization method and risk measure that produce the best risk return trade off to recognize the stocks in which the optimal weight allocations converge on average and to acknowledge the vine copula model that best accounts for the overall dependence of the energy portfolios the research findings indicate that the oil stocks have higher dependence risk than the coal uranium and gas stocks in financial crisis periods the higher risk of the oil stocks is confirmed by the larger concentration of symmetric and asymmetric dependence they have in the negative tail the canonical vine c vine copula model is observed to better capture the overall dependence of the energy portfolios the combination of a pair c vine copula and nonlinear portfolio optimization produces the highest return relative to risk the optimal weight allocations converge on average in some stocks

co2 emissions energy consumption and economic growth in china a panel data analysis this paper examines the causal relationships between carbon dioxide emissions energy consumption and real economic output using panel cointegration and panel vector error correction modeling techniques based on the panel data for 28 provinces in china over the period 1995 2007 our empirical results show that co2 emissions energy consumption and economic growth have appeared to be cointegrated moreover there exists bidirectional causality between co2 emissions and energy consumption and also between energy consumption and economic growth it has also been found that energy consumption and economic growth are the long run causes for co2 emissions and co2 emissions and economic growth are the long run causes for energy consumption the results indicate that china s co2 emissions will not decrease in a long period of time and reducing co2 emissions may handicap china s economic growth to some degree some policy implications of the empirical results have finally been proposed

conditional dependence structure between oil prices and exchange rates a copula garch approach abstract we study the conditional dependence structure between crude oil prices and u s dollar exchange rates using a copula garch approach various copula functions of the elliptical archimedean and quadratic families are used to model the underlying dependence structure in both bearish and bullish market phases over the 2000 2011 period we find evidence of significant and symmetric dependence for almost all the oil exchange rate pairs considered the rise in the price of oil is found to be associated with the depreciation of the dollar moreover we show that student t copulas best capture the extreme dependence and that taking the extreme comovement into account leads to improve the accuracy of var forecasts our main results remain unchanged when considering alternative garch type specifications and the crisis period but are sensitive to the use of raw returns

do urbanization income and trade affect electricity consumption across chinese provinces abstract the aim of this paper is to investigate the short and long run links among urbanization output gross domestic product gdp trade openness and electricity consumption in china using a rich dataset at the provincial level the short run granger causality analysis discloses a unidirectional causal relationship running from electricity to output and weak feedback effects between trade and urbanization the long run granger causality analysis shows output urbanization and trade trigger electricity consumption whereas trade urbanization and electricity cause output the group mean and lambda pearson causality tests reveal a large heterogeneity in the long run effects which suggests there is no one size fits all policy and each region should formulate a differentiated urbanization growth strategy based on its own characteristics to control electricity utilization

energy consumption real income and temporal causality results from a multi country study based on cointegration and error correction modelling techniques abstract unlike previous studies on the causal relationship between energy consumption and economic growth this paper illustrates how the finding of cointegration i e long term equilibrium relationship between these variables may be used in testing granger causality based on the most recent johansen s multivariate cointegration tests preceded by various unit root or non stationarity tests we test for cointegration between total energy consumption and real income of six asian economies india pakistan malaysia singapore indonesia and the philippines non rejection of cointegration between variables rules out granger non causality and imples at least one way of granger causality either unidirectional or bidirectionial secondly by using a dynamic vector error correction model we then analyse the direction of granger causation and hence the within sample granger exogeneity or endogeneity of each of the variables thirdly the relative strength of the causality is gauged through the dynamic variance decomposition technique by decomposing the total impact of an unanticipated shock to each of the variables beyond the sample period into proportions attributable to shocks in the other variables including its own in the bivariate system results based on these tools of methodology indicate that while all pair wise relationships shared common univariate integrational properties only relationships for three countries india pakistan and indonesia were cointegrated for these countries temporal causality results were mixed with unidirectional causality from energy to income for india exactly the reverse for indonesia and mutual causality for pakistan the vdcs were not inconsistent with these results and provided us with an additional insight as to the relatively more dominant direction of causation in pakistan simple bivariate vector autoregressive models for the three non cointegrated systems did not indicate any direction of causality significantly in either direction

a re examination of the relationship between electricity consumption and economic growth in malaysia abstract the purpose of this study is to re investigate the relationship between electricity consumption and economic growth in malaysia from 1972 1 to 2003 4 this study adopted the newly developed ecm based f test kanioura a turner p 2005 critical values for an f test for cointegration in the multivariate model applied economics 37 3 265 270 for cointegration to examine the presence of long run equilibrium relationship through the autoregressive distributed lag ardl model the empirical evidence suggests that electricity consumption and economic growth are not cointegrated in malaysia however the standard granger s test and mwald test suggest that electricity consumption and economic growth in malaysia granger causes each other this finding provides policymakers with a better understanding of electricity consumption and allows them to formulate electricity consumption policy to support the economic development and to enhance the productivity of capital labour and other factors of production for future economic growth in malaysia

financial development and energy consumption is the mena region different abstract this paper examines the relationship between financial development and energy consumption estimations in the major mena countries algeria bahrain egypt iran iraq israel jordan kuwait lebanon libya morocco oman qatar saudi arabia syria tunisia united arab emirates and yemen over the period 1996 to 2014 we consider the energy use in kg of oil equivalent per capita as a dependent variable that reflects the cross country energy consumption we measure the level of financial development in the mena countries by considering banking indicators extending the model of sadorsky 2011 we estimate both linear and non linear dynamic panel model we use new robust econometrics to take into account heterogeneity and nonlinearity and we control the estimation results for the period of the global financial crisis the results of the study report a positive and statistically significant relationship between the intermediation capacity of the banking system as well as its size and energy consumption the findings also confirm a non linear and inverted u shaped relationship between financial development and energy demand for the mena region this implies that initially energy demand increases with financial development and then at a turning point of financial development it declines the policy implications of these results are discussed

co movement of major energy agricultural and food commodity price returns a time series assessment abstract using monthly data between 1970 and 2013 we provide a comprehensive analysis of the extent of co movement measured by correlation coefficients among the nominal price returns of 11 major energy agricultural and food commodities we study the degree and the time evolution of unconditional and conditional correlations using a uniform spacings estimation and testing approach multivariate dynamic conditional correlation models and a rolling regression procedure we find that 1 the price returns of energy and agricultural commodities are highly correlated 2 the overall level of co movement among commodities increased in recent years especially between energy and agricultural commodities and in particular in the cases of maize and soybean oil which are important inputs in the production of biofuels and 3 the stock market volatility is positively associated with the co movement of price returns across markets especially after 2007

the electricity consumption versus economic growth of the polish economy abstract the aim of this contribution is an investigation of causal interdependences between electricity consumption and gdp in poland our research was conducted for total electricity consumption as well as for the industrial consumption of electricity in order to reflect the causality between gdp and electricity consumption properly we performed our investigations in a three dimensional framework with employment chosen as an additional variable we used reliable quarterly data from the period q1 2000 q4 2009 in order to check the stability of the causalities the investigations were performed on two samples a full sample and a pre crisis i e q1 2000 q3 2008 subsample we applied both traditional methods and some recently developed econometric tools we found feedback between total electricity consumption and gdp as well as between total electricity consumption and employment we also found unidirectional causality running from industrial electricity consumption to employment and no direct causal links between industrial electricity consumption and gdp in addition all these findings were in general not seriously affected by the financial and economic crises of 2008 a significant exception is the causal effect of industrial electricity consumption on employment which was more pronounced after the crisis of 2008

dynamics of electricity consumption oil price and economic growth global perspective this study uses the data from 157 countries from 1960 to 2014 to analyze the relationship between economic growth electricity consumption oil prices capital and labor the economic growth of developing countries with industrial infrastructure has a more significant association with electricity consumption than oil prices we use oil prices and electricity consumption jointly to study highly predictive observations for economic growth the data are categorized by income oecd and regional levels the panel cointegration long run parameter estimation and pool mean group tests are used to analyze the cointegration and short run and long run relationships between the variables the empirical results indicate the presence of cointegration between the variables the presence of feedback effects between electricity consumption and economic growth oil prices and economic growth is valid these findings confirm that in spite of the oil prices developing countries rely heavily on electricity consumption for economic growth in the short run growth and feedback effects suggest that more vigorous electricity policies should be implemented to attain sustainable economic growth for the long term

the dependence structure across oil wheat and corn a wavelet based copula approach using implied volatility indexes abstract this paper examines the dependence structure between three commodities implied volatility indexes oil wheat and corn during bear normal and bull markets and at different scales for this purpose we combine wavelet and copula methods to analyse the changes of the tail dependence at different scales or investment horizons the results support evidence of time varying asymmetric tail dependence between the pair of cereals as well as between oil and the two cereals at different time horizons short term horizon medium term horizon and long term horizon suggesting that the dependence structure is sensitive to time horizons these results have important implications for the analysis of portfolio risk management

energy economic growth and causality in developing countries a case study of tanzania and nigeria the debate about the precise role of energy in economic development remains contentious existing empirical studies have produced varying results some have argued the complementarity between energy and other factors of production and others have indicated that energy can be substituted for other factors of production commonly these studies have focused primarily on the developed countries one explanation being that supply constraints and price rigidities render any study on factor substitutions in developing countries meaningless however the functional relationship between energy consumption and income in developing countries is constantly investigated with the use of regression techniques while such techniques are useful in empirical analysis no mechanism exists for indicating causal directions between variables this limits the scope for policy analysis and prescription the need to identify causal direction between energy consumption and income growth in developing countries is overwhelming apart from providing further insights into the role of energy in economic development it provides policy analysts with a clearer understanding of the likely impact of energy supply constraints on economic growth this article examines the causal directions between energy consumption and economic growth proxied by gdp and gnp for nigeria and tanzania the results show a simultaneous causal relationship between energy and economic growth for both countries the implication being that unless energy supply constraints are eased economic growth and development will remain elusive to these countries given similar economic characteristics and profiling the same energy scenario for other developing countries our finding supports the view that energy plays a key role in economic development

natural resources education and economic development economic growth since 1965 has varied inversely with the share of natural capital in national wealth across countries four main channels of transmission from abundant natural resources to stunted economic development are discussed a the dutch disease b rent seeking c overconfidence and d neglect of education public expenditure on education relative to national income expected years of schooling for girls and gross secondary school enrolment are all shown to be inversely related to the share of natural capital in national wealth across countries natural capital appears to crowd out human capital thereby slowing down the pace of economic development

energy consumption and economic growth for selected oecd countries further evidence from the granger causality test in the frequency domain abstract this paper aims to reexamine the causal relationship between energy consumption and economic growth for 20 oecd countries to that end we employ a granger causality test in the frequency domain which allows us to distinguish short temporary and long run permanent causality the empirical results could be summarized as following first in terms of causality running from gdp to energy consumption there is a temporary relationship for australia austria canada italy japan mexico the netherlands portugal the uk the usa and a permanent relationship for austria belgium denmark germany italy japan the netherlands norway and the usa second in terms of causality running from energy consumption to gdp there is a temporary relationship for austria denmark italy the netherlands norway and portugal and a permanent relationship for belgium finland greece italy japan and portugal the main implication of our finding is that the energy policies should take into consideration not only the causality direction between economic growth and energy consumption but also whether it is temporal or permanent and furthermore authorities must design policy actions accordingly

energy consumption and growth in south america evidence from a panel error correction model abstract this study examines the relationship between energy consumption and economic growth for a panel of nine south american countries over the period 1980 2005 within a multivariate framework given the relatively short span of the time series data a panel cointegration and error correction model is employed to infer the causal relationship pedroni s heterogeneous panel cointegration test reveals a long run equilibrium relationship between real gdp energy consumption the labor force and real gross fixed capital formation with the respective coefficients positive and statistically significant the granger causality results indicate both short run and long run causality from energy consumption to economic growth which supports the growth hypothesis

electricity consumption growth nexus the case of malaysia abstract the goal of this paper is to model the relationship between electricity consumption and real gross domestic product gdp for malaysia in a bivariate and multivariate framework we use time series data for the period 1971 2003 and apply the bounds testing approach to search for a long run relationship our results reveal that electricity consumption real gdp and price share a long run relationship the results of the autoregressive distributed lag ardl estimates of long run elasticity of electricity consumption on gdp are found to be around 0 7 and statistically significant finally in the short run the results of the causality test show that there is a unidirectional causal flow from electricity consumption to economic growth in malaysia from these findings we conclude that malaysia is an energy dependent country leading us to draw some policy implications this paper adds support and validity thus reducing the policy makers concern on the ambiguity of the electricity and growth nexus in malaysia

evolution of the world crude oil market integration a graph theory analysis this paper investigates the evolution of the world crude oil market and the pricing power for major oil producing and oil consuming countries using graph theory a minimal spanning tree for the world crude oil market is constructed and some empirical results are given the integration of the world crude oil market is verified furthermore the world crude oil market is characterised as a geographical and organisational structure the crude oil markets of adjacent countries or regions tend to link together while opec is well integrated we also found that the links in the south and north american region and the african region are relatively stable the crude oil markets in the u s angola and saudi arabia take up the core with a higher betweenness centrality and lower farness whereas the markets in the east and southeast asian countries are on the fringe finally the degree of globalisation for the world crude oil market is becoming further entrenched verified by a decreasing normalised tree length hence its systemic risk may increase due to the future uncertainty of world politics

contemporaneous interactions among fuel biofuel and agricultural commodities abstract this study examines the contemporaneous interactions among energy oil and ethanol and agricultural commodities corn soybean and wheat in the united states during the period 1 june 2006 to 22 january 2016 since traditional var analysis is not able to capture the contemporaneous interactions among these commodities we employ a structural var analysis in combination with the identification through heteroskedasticity approach the empirical results indicate that i the contemporaneous interactions are important asymmetric and have implications for impulse response functions ii crude oil has a unidirectional contemporaneous impact on the agricultural commodities and the agricultural commodities corn and soybean mostly used in the biofuel production have a unidirectional contemporaneous impact on ethanol and finally iii these contemporaneous relations depend on the price level of crude oil in that there are stronger effects from crude oil agricultural commodities to agricultural commodities ethanol in high crude oil price states

co integration and causality testing of the energy gdp relationship a cross country study in this paper the energy gdp relationship in per capita terms is analysed for a sample of 16 countries over the time period 1950 51 to 1984 85 co integration theory is first used to test whether a long run equilibrium relation exists between the two variables after co integration has been established causality measures are constructed to quantify various types of feedback between energy and gdp for each country it is then examined whether the causality measures are longitudinally related to certain basic economic indicators of the countries in the sample

energy consumption carbon dioxide emissions and economic growth the case of saudi arabia abstract this paper investigates the dynamic causal relationships between energy consumption energy price and economic activity in saudi arabia based on a demand side approach we use a johansen multivariate cointegration approach and incorporate co 2 emissions as a control variable the results indicate that there exists at least a long run relationship between energy consumption energy price carbon dioxide emissions and economic growth furthermore a long run unidirectional causality stands from energy consumption to economic growth and co 2 emissions bidirectional causality between carbon dioxide emissions and economic growth and a long run unidirectional causality runs from energy price to economic growth and co 2 emissions in the short run there is unidirectional causality running from co 2 emissions to energy consumption and economic output and from energy price to co 2 emissions even though the energy led growth hypothesis is valid the share of energy consumption in explaining economic growth is minimal energy price is the most important factor in explaining economic growth hence policies aimed at reducing energy consumption and controlling for co 2 emissions may not reduce significantly saudi s economic growth investing in the use of renewable energy sources like solar and wind power is an urgent necessity to control for fossil fuel consumption and co 2 emissions

dynamic spillovers among major energy and cereal commodity prices abstract over the past decade the sharp increases in the prices of oil and agricultural commodities have raised serious concerns about the heightened volatility of these markets and the possible negative interactions between them this article deals with the dynamic return and volatility spillovers across international energy and cereal commodity markets it also examines the impacts of three types of opec news announcements on the volatility spillovers and persistence in these markets for this purpose we make use of the var bekk garch and var dcc garch models for the daily spot prices of eight major commodities including wti oil europe brent oil gasoline heating oil barley corn sorghum and wheat our results provide evidence of significant linkages between these energy and cereal markets moreover the opec news announcements are found to exert influence on the oil markets as well as on the oil cereal relationships finally we show that the persistence of volatility decreases increases for the crude oil and heating oil gasoline returns after accounting for the opec announcements in these multivariate garch models however the results are more mixed for the cereal markets overall our results can be used to improve the risk adjusted performance by having more diversified portfolios and also serve to hedge the oil risk more effectively