energy consumption and economic growth nexus in tanzania an ardl bounds testing approach abstract in this paper we examine the intertemporal causal relationship between energy consumption and economic growth in tanzania during the period of 1971 2006 unlike the majority of the previous studies we employ the newly developed autoregressive distributed lag ardl bounds testing approach by pesaran et al 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 to examine this linkage we also use two proxies of energy consumption namely total energy consumption per capita and electricity consumption per capita the results of the bounds test show that there is a stable long run relationship between each of the proxies of energy consumption and economic growth the results of the causality test on the other hand show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima facie causal flow from electricity consumption to economic growth overall the study finds that energy consumption spurs economic growth in tanzania

co2 emissions energy consumption economic growth and financial development in gcc countries dynamic simultaneous equation models abstract this study investigates the dynamic causal relationships among carbon emissions financial development economic growth and energy consumption for gulf cooperation council gcc countries from 1980 through 2011 annual time series data and an autoregressive distributed lag ardl model are used the main contribution of this paper is that it has investigated the causes of carbon emissions by taking into account the role of financial development and economic growth in gcc countries the results suggest long run and causal relationships among carbon emissions financial development gross domestic product gdp and energy use in all gcc countries except united arab emirates uae moreover there is long run unidirectional causality running from carbon emissions to energy use in the case of saudi arabia uae and qatar furthermore a one way causal relationship from financial development to carbon emissions in the context of uae oman and kuwait is found the evidence suggests that financial systems should take into account environmental aspects in their current operations in these countries the results of this study may be of great importance for policy and decision makers in developing energy policies for gcc countries that contribute to curbing carbon emissions while preserving economic growth

what drives energy consumption in developing countries the experience of selected african countries abstract this study investigates the drivers of energy consumption in sub saharan african countries it applies the bounds testing approach to cointegration to time series data at individual country levels over the period from 1970 to 2011 the study finds that energy consumption is cointegrated with real gdp per capita industrial output imports foreign direct investment credit to private sector urbanization and population furthermore the sign and magnitude of long run estimates vary significantly for a single country and across countries depending on the energy consumption variable used overall the findings confirm the leading role of economic growth industrial output population and urbanization economic growth industrial output and population have positive effects on energy consumption in the majority of countries given the urgent need to address climate change african countries should adopt policies to improve energy efficiency and accelerate transition toward renewable energy the african renewable energy initiative launched at the 21st session of the united nations conference of the parties cop21 is an opportunity for african countries to provide and maintain widespread access to reliable and affordable environmentally cleaner energy to meet the requirements of rapid economic growth and improved living standards

the nexus between financial development and energy consumption in the eu a dynamic panel data analysis abstract the relationship between financial development and energy consumption has newly started to be discussed in energy economics literature this paper investigates this issue in the eu over the period 1990 2011 by using system gmm model no significant relationship is found in the eu27 the empirical results however provide strong evidence of the impact of the financial development on energy consumption in the old members greater financial development leads to an increase in energy consumption regardless of whether financial development stems from banking sector or stock market by contrast we find for the new members that the impact of financial development on energy consumption depends on how financial development is measured using bankindex the impact of financial development displays an inverted u shaped pattern while no significant relationship is detected once it is measured using stockindex

industrialization electricity consumption and co2 emissions in bangladesh this paper investigates the relationship between industrialization electricity consumption and co2 emissions in case of bangladesh using quarter frequency data over the period of 1975 2010 the ar

dynamic relationship between financial development energy consumption trade and greenhouse gas comparison of upper middle income countries from asia europe africa and america the paper explores the nexus between greenhouse gas financial development energy consumption trade and urbanization in 34 upper middle income countries from asia europe africa and america south and north by using panel data from 2001 to 2014 vector error correction model explored different results for different regions such as the causality of greenhouse gas for europe and america financial development for asia trade openness for asia europe and america and urbanization for africa and america the causality of greenhouse gas emission was bi directional with urbanization in america and trade in europe the bi directional causality of trade was observed with financial development in asia and urbanization in africa the generalized method of moment and fully modified ordinary least square explored a direct association of per capita greenhouse gas emission with financial development in europe energy consumption in all panels and renewable energy in africa and america but the relationship of per capita emission was reciprocal with financial development in asia africa and america renewable energy in europe trade in europe africa and america and urbanization in asia europe and america the relationship of variables changes from region to region and country to country a country based reciprocal effect on per capita greenhouse gas was observed for financial development renewable energy trade openness and urbanization for different countries this paper provides an insight to policy makers to re structure the financial system energy usage pattern trade and urbanization in accordance with the cleaning of environment at country and regional level

determinants of energy consumption function in saarc countries balancing the odds abstract the objective of the study is to investigate the multivariate energy consumption function for south asian association for regional cooperation saarc countries namely bangladesh india nepal pakistan and srilanka particularly economic growth gdp relative prices of energy rep foreign direct investment fdi and different financial development indicators i e broad money supply liquid liabilities domestic credit provided by banking sector and domestic credit to private sector over a period of 1975 2011 the results reveal that granger causality running from all other variables to fdi which indicates a strong support for the hypothesis that energy consumption ec gdp rep and fd are important determinants in promoting the fdi both in short and long run in the context of bangladesh the results suggest for india indicate that gdp fdi rep and fd are useful in explaining the movements of ec in the short run similarly the granger causality results indicate that ec gdp rep and fd are the important determinants of fdi in case of nepal rep is the only variable whose movements in the short run determined by movements in the other four variables i e gdp fdi ec and fd however the ec also provide useful information about the variable fd the results of pakistan indicate the causal relationship among fdi and ec which supports the feedback hypothesis in the short and long run similarly both variables i e fdi and gdp supports the feedback hypothesis both in the long run and short run where as fd and ec fd and rep fdi and rep and finally rep and gdp supports the feedback hypothesis in the short run in case of srilanka this study did not find any strong support of the causality among the variables either in the short or long run except unidirectional granger causality running from fd to ec and ec to fdi

financial development and environmental quality in uae cointegration with structural breaks abstract this study extends the recent work of shahbaz et al 2014 by implementing recent unit root tests with multiple structural breaks and regime switching cointegration techniques considering for one and two unknown regime shifts to investigate the relationship between carbon dioxide emissions electricity consumption economic growth financial development trade openness and urbanization for the uae over the period spanning from 1975 to 2011 our results confirm the existence of environmental kuznets curve ekc moreover we find an inverted u shaped relationship between financial development and co2 emissions we also find that electricity consumption urbanization and trade openness contribute to improve environmental quality

energy consumption carbon emissions and economic growth in pakistan dynamic causality analysis abstract this paper explores the presence of dynamic causality between economic growth energy consumption and co2 emissions for pakistan we first test for the presence of bi variate long run relationships between these variables using johansen julius co integration test the robustness of the long run relationship results has been examined using ardl approach to cointegration existence of grangers long run short run and strong causalities has been studied in a vecm framework the short run long run and strong granger causality results indicate the presence of bidirectional causalities between energy consumption economic growth and the co2 emissions implications of the results suggest that government should focus on building resources for ensuring adequate energy supplies in the economy by gradually increasing the share of renewable energy resources in the overall energy mix footprints of denmark norway and germany in europe and mauritius in africa can be followed who have gradually increased energy production from renewable resources over the years furthermore emission abatement activities should be made the central agenda in energy and environmental policies of pakistan for reduction in damages associated with co2 emissions

energy consumption financial development and economic growth in india new evidence from a nonlinear and asymmetric analysis this paper investigates the asymmetric relationship between energy consumption and economic growth by incorporating financial development capital and labour into a production function covering the indian economy from 1960q1 2015q4 the nonlinear autoregressive distributed lag bounds testing approach is applied to examine the asymmetric cointegration between the variables an asymmetric causality test is also employed to examine the causal association between the considered variables the results indicate cointegration between the variables in the presence of asymmetries the asymmetric causality results show that only negative shocks in energy consumption have impacts on economic growth in the same vein only negative shocks in financial development have impacts on economic growth by contrast symmetrically capital formation causes economic growth finally over the study period a neutral effect exists between the labour force and economic growth in india the implications of these results for growth policies in india are also discussed

opening a stock exchange abstract a large body of theoretical and empirical literature has established a positive relationship between levels of stock market development and economic growth however previous empirical work has been based on samples of approximately 40 countries with the most highly developed financial systems since 1950 over 70 countries have opened their first national stock exchanges can such exchanges increase economic growth i present a data set of my construction that describes the exchange openings that occurred between 1960 and 1998 and find that these exchanges have generated increases in growth during their first 5 years of existence although the longer term results are ambiguous

residential electricity demand dynamics in turkey abstract this article provides fresh empirical evidences for the income and price elasticies of the residential energy demand both in the short run and long run for turkey over the period 1968 2005 using the bounds testing procedure to cointegration the computed elasticities of income and price are consistent with the previous studies and as expected the long run elasticities are greater than the short run elasticities an augmented form of granger causality analysis is implemented among residential electricity income price and urbanization in the long run causality runs interactively through the error correction term from income price and urbanization to residential energy but the short run causality tests are inconclusive the parameter stability of the short run as well as long run coefficients in the residential energy demand function are tested the results of these tests display a stable pattern

effects of urbanisation on energy consumption in china as a key issue in china s economic development urbanisation creates increasing pressure on energy supply and the natural environment thus a better understanding of the relationship between urbanisation and energy consumption is necessary for chinese decision makers at various levels to address energy security and sustainable economic and social development this paper empirically investigates the effects of china s urbanisation on residential energy consumption rec and production energy consumption pec through a time series analysis the results show that compared with rural areas urbanisation slows per capita rec growth because of the economy of scale and technological advantages associated with urbanisation but has greater promotional effects on the growth of rec and the improvement of rec structure the economic growth caused by urbanisation most significantly contributes to an increase in pec whereas technological advancement was found to reduce the scale of pec except from 2001 to 2005 finally the structural effect of the energy supply increased rather than decreased china s pec and the effect of industrial structure adjustment on pec was found to be insignificant

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

decomposition analysis of debt s impact on china s energy consumption abstract debt can influence the energy consumption of private sectors and public agencies by changing their fiscal budget constraints from 1996 to 2016 china has had rapid debt growth and become the second largest borrower in the world additionally china has been the largest energy consumer since 2009 the impact of debt growth on its energy consumption however is not much addressed in the literature using an extended lmdi model we investigate the impact of china s debt on its energy consumption from 1996 to 2016 in a new way the results show that 1 among the closed set of debt related factors and other conventional variables studied private debt per capita makes the strongest contribution to china s energy consumption and population has a moderate impact on the growth of energy consumption 2 energy efficiency improvement output efficiency of government debt debt structure adjustment and increased tertiary industry share are mitigating forces of energy consumption these results provide a new holistic perspective for the chinese government to formulate synergistic policies of risk control and pollution control

the short and long run causality relationship among economic growth energy consumption and financial development evidence from south mediterranean countries smcs abstract this study aims at examining the short run and long run causal link between economic growth energy consumption and financial development by using data set of 6 smcs for the 1995 2015 periods the basic testing procedure requires four steps adf and pp unit root tests bound tests for co integration ardl approach and vecm method the results confirm cointegration between the variables it means that the long run relationship exists the short run causal relationships unidirectional exist at least once for each country except egypt the granger causality results for individual countries give mixed results these results urge for the attention of the policy makers in smcs to design a comprehensive energy conservation policy to minimize the consequences of massive energy consumption on economic growth by adding financial development

linking financial development economic growth and energy consumption in pakistan abstract this paper aims at exploring the finance growth energy nexus for pakistan over the 1972 2012 period by employing the system gmm estimation technique the study tries to capture the impact of financial development over energy consumption through economic growth channel and includes energy prices and urbanization in the structural model the study finds positive and significant impact of economic growth and urbanization on energy consumption while the effect of energy prices over energy consumption is significant but negative financial development positively and significantly affects energy consumption through the economic growth channel our analysis is important for policy makers for effective energy demand planning and conservation policies that would ensure sustainable economic development as well as serve as motivation to search alternative energy sources to meet the bourgeoning energy demand in pakistan

the dynamic links between energy consumption economic growth financial development and trade in china fresh evidence from multivariate framework analysis abstract this study investigates the relationship between energy use and economic growth by incorporating financial development international trade and capital as important factors of production function in case of china over the period of 1971 2011 the ardl bounds testing approach to cointegration was applied to examine long run relationship among the series while stationarity properties of the variables was tested by applying structural break test our empirical evidence confirmed long run relationship among the variables the results showed that energy use financial development capital exports imports and international trade have positive impact on economic growth the granger causality analysis revealed that unidirectional causal relationship running from energy use to economic growth financial development and energy use granger cause each other there is bidirectional causality between international trade and energy use the feedback relation exists between financial development and international trade there is also bidirectional causality exists between capital and energy demand financial development and economic growth and international trade and economic growth this paper makes significant contribution in energy economics and opens up new direction for policy makers to explore new and alternative sources of energy which would be helpful in meeting the rising demand of energy due to sustained rate of economic growth

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

the effect of urbanization affluence and trade openness on energy consumption a time series analysis in malaysia abstract this paper investigates the impact of urbanization on energy consumption by applying the stochastic impacts by regression on population affluence and technology stirpat in case of malaysia the study covers the time period of 1970q1 2011q4 the unit root test and the ardl bounds testing approach have been applied to examine integrating properties and long run relationship in the presence of structural breaks our results validated the existence of cointegration and exposed that urbanization is a major contributor in energy consumption affluence raises energy demand capital stock boosts energy consumption trade openness leads to affluence and hence increases energy consumption the causality analysis finds that urbanization granger causes energy consumption the feedback effect is found between energy consumption and affluence and energy consumption and capital the bidirectional causality exists between trade openness and energy consumption

how renewable energy consumption lower global co2 emissions evidence from countries with different income levels significant difference in the emission renewables nexus across countries with different income levels is frequently ignored in previous studies to empirically investigate whether the effect of renewable energy consumption on carbon dioxide co2 emissions differs across countries with different income levels the emission growth renewables nexus for a global panel of 120 countries and four income based subpanels over the period 1995 2015 is examined fully considering the potential cross sectional dependence and slope heterogeneity a series of econometric techniques allowing for cross sectional dependence and slope heterogeneity is utilised cross sectional dependence and slope heterogeneity are confirmed for the global panel as well as for all four subpanels only for the global panel high income subpanel and upper middle income subpanel is the environmental kuznets curve ekc hypothesis valid renewable energy consumption has a negative effect on co2 emissions but its effect is not significant the mitigation effect may be obscured by higher economic growth and increasing non renewable energy consumption the global panel and four subpanels provide mixed directionality of causality among the variables suggesting that for various income based subpanels significant differences exist in the effect of renewable energy consumption on co2 emissions especially highlighting in various direct and indirect influencing paths between renewable energy consumption and co2 emissions

how urbanization affects co2 emissions in malaysia the application of stirpat model we investigate the impact of urbanization on co2 emissions by applying the stochastic impacts by regression on population affluence and technology stirpat in the case of malaysia over the period of 1970q1 2011q4 empirically after testing the integrating properties of the variables using the unit root test we applied the bayer hanck combined cointegration approach to examine the cointegration relationship between the variables further we tested the robustness of the long run relationship in the presence of structural breaks using ardl bounds testing approach the causal relationship between the variables is investigated by applying the vecm granger causality test our results validate the existence of cointegration in the presence of structural breaks the empirical results exposed that economic growth is a major contributor to co2 emissions besides energy consumption raises emissions intensity and capital stock boosts energy consumption trade openness leads affluence and hence increases co2 emissions more importantly we find that the relationship between urbanization and co2 emissions is u shaped i e urbanization initially reduces co2 emissions but after a threshold level it increases co2 emissions the causality analysis suggests that the urbanization granger causes co2 emissions

energy consumption and economic growth revisited does the size of unrecorded economy matter abstract we analyze the long run relationship between energy consumption and real gross domestic product gdp in turkey taking into account the size of unrecorded economy since in developing countries mainly due to the unrecorded economic activities the official gdp is not measured correctly the investigation of the linkage between energy consumption and official gdp may not give reliable results in this study empirical results for the case of turkey over the period 1970 2005 suggest that there is a long run equilibrium relationship between the officially calculated gdp and energy consumption besides using the error correction modeling technique we find out that unidirectional causality runs from official gdp to energy in both short and long runs however when we take into account unrecorded economy we detect neither cointegration nor causality between energy consumption and true gdp these empirical findings imply that first energy conservation policies can be implemented in order to reduce greenhouse gas emissions without any adverse effect on the recorded economic activities second the production function in the unrecorded economy is not stable furthermore economic policies to combat unrecorded economy may not serve as a complement to energy conservation policies

energy consumption carbon emissions and economic growth in saudi arabia an aggregate and disaggregate analysis the objective of this study is to examine the relationship among economic growth carbon emissions and energy consumption at the aggregate and disaggregate levels for the aggregate energy consumption model we use total energy consumption per capita and co2 emissions per capita based on the total energy consumption for the disaggregate analysis we used oil gas and electricity consumption models along with their respective co2 emissions the long term income elasticities of carbon emissions in three of the four models are positive and higher than their estimated short term income elasticities these results suggest that carbon emissions increase with the increase in per capita income which supports the belief that there is a monotonically increasing relationship between per capita carbon emissions and per capita income for the aggregate model and for the oil and electricity consumption models the long and short term income elasticities of carbon emissions are negative for the gas consumption model this result indicates that if the saudi arabian economy switched from oil to gas consumption then an increase in per capita income would reduce carbon emissions the results also suggest that electricity is less polluting than other sources of energy

mapping the evolution of energy growth nexus synergies and trade offs the study explores the intellectual structure development and evolution of energy crisis and economic growth research through bibliometric analysis of research articles on energy growth nexus from 2000 to 2017 by using citespace where gephi is used to analyse the authors collaboration the analysis incorporates 27 152 references cited by 344 authors in 1165 articles and from 330 journals the results of study quantitatively present the most cited articles authors countries institutions and intellectual structure with data visualization in the knowledge domain of energy growth nexus the study categorizes the major research areas in energy growth nexus research as carbon dioxide emission electricity consumption heterogeneous panel real income renewable energy and financial development the study discusses emerging trends which provide the future research fronts and intellectual development within the framework of energy growth nexus

optimal taxation without state contingent debt in an economy studied by lucas and stokey tax rates inherit the serial correlation structure of government expenditures belying barro s earlier result that taxes should be a random walk for any stochastic process of government expenditures to recover a version of barro s random walk tax smoothing outcome we modify lucas and stokey s economy to permit only risk free debt having only risk free debt confronts the ramsey planner with additional constraints on equilibrium allocations beyond one imposed by lucas and stokey s assumption of complete markets the ramsey outcome blends features of barro s model with lucas and stokey s in our model the contemporaneous effects of exogenous government expenditures on the government deficit and taxes resemble those in lucas and stokey s model but incomplete markets put a near unit root component into government debt and taxes an outcome like barro s however we show that without ad hoc limits on the government s asset holdings outcomes can diverge in importa

the impact of polycentric development on regional gap of energy efficiency a chinese provincial perspective abstract a reasonable distribution of urban systems is essential for optimizing spatial energy allocation and the quality of economic growth for china this study discusses the impact of the polycentric development on the regional gap of energy efficiency rgee i e difference in energy efficiency levels among cities in the same region in the chinese provincial context by employing a novel method using nighttime lighting data from defense meteorological satellite program s operational linescan system dmsp ols to measure the spatial structure of provinces and stochastic frontier approach sfa to evaluate the total factor energy efficiency our results firstly show that the polycentric development has a narrowing effect on the rgee second they show that the more government intervention can narrow the rgee of a province but being more open having more foreign direct investment fdi and using more coal can widen the rgee of that province meanwhile the level of regional urbanization is shown to have no influence on rgee third they show that the polycentric development has a negative effect on the energy efficiency of large cities but a positive effect on that of small and medium size cities which accordingly narrows the rgee the conclusions of this study not only reveal insights for policies that aim to reduce the rgee but also provide an empirical basis for future urban development strategies in the chinese provincial context

does financial development mitigate carbon emissions evidence from heterogeneous financial economies abstract in this paper we investigate the impact of financial market development on carbon emission intensity taking into account the various stages of financial development among countries utilising the instrumental variable generalised method of moment approach and a comprehensive panel dataset of a total of 83 countries over the period 1980 2015 we show that the overall financial market development and its sub measures such as financial market depth and efficiency reduce carbon emission intensity in the developed and emerging financial economies however an opposing effect is found in the frontier financial economies for standalone financial economies the results show that the overall financial market development and its sub indicators have no direct impact on carbon emission intensity finally the non linear and the moderating effects of financial market development on carbon emission intensity differ across countries at different stages of financial development the policy implications are also discussed

urbanization energy consumption and emissions in the indian context a review abstract as the world s fastest growing major economy and home to nearly one fifth of the worlds population india a vibrant democracy is in the midst of a profound transformation and rapid urbanization urbanization improves the quality of life of people while promoting economic growth however it also increases energy consumption and is capable of generating an energy crisis urbanization has a significant impact on carbon dioxide co2 emissions as well this paper empirically investigates the temporal dynamic and causal relationships between urbanization energy consumption and emissions the study also aims to understand the urbanization process in india in terms of the level and tempo of urbanization and the urban growth morphology by utilizing the census data of 1901 2011 the rise in energy consumption and resulting emissions in the context of rapid urbanization is also reviewed to address these problems the study recommends a series of measures and a set of strategies that include energy intensity and emission intensity reduction measures through continuous monitoring information feedback systems introduction of industrial energy quota management incentives for energy efficient facilities shutting down of inefficient facilities and setting up of smart residential buildings reduction of distribution and transmission losses by investing in smart grids is also highly recommended

financial development and economic growth convergence or divergence abstract this study tests for convergence in financial development and economic growth by incorporating the interaction between the real and financial sectors into an otherwise traditional test for convergence the results show strong evidence for conditional convergence middle and high income countries conditionally converge to parallel growth paths not only in per capita gdp but also in financial development the mutually reinforcing relationship between financial development and economic growth is stronger in the early stage of economic development and this relationship diminishes as sustained economic growth gets under way as such low income countries with a relatively well developed financial sector are more likely to catch up to their middle and high income counterparts and those with a relatively under developed financial sector are more likely to be trapped in poverty this finding explains the observed great divergence between poor and rich countries another finding is that while human capital is more important to growth in the early stage of economic development economic freedom becomes more important in the later stage

financial development environmental quality trade and economic growth what causes what in mena countries this paper examines the relationship between financial development co2 emissions trade and economic growth using simultaneous equation panel data models for a panel of 12 mena countries over the period 1990 2011 our results indicate that there is evidence of bidirectional causality between co2 emissions and economic growth economic growth and trade openness are interrelated i e bidirectional causality feedback hypothesis is validated between trade openness and financial development neutrality hypothesis is identified between co2 emissions and financial development unidirectional causality running from financial development to economic growth and from trade openness to co2 emissions is identified our empirical results also verified the existence of environmental kuznets curve these empirical insights are of particular interest to policymakers as they help build sound economic policies to sustain economic development and to improve the environmental quality

impacts of urbanization and industrialization on energy consumption co2 emissions does the level of development matter urbanization and industrialization have significant impacts on energy consumption and co2 emissions but their relationship varies at different stages of economic development taking cognizance of heterogeneity and the ratchet effect this paper adopts the stochastic impacts by regression on population affluence and technology stirpat framework as a starting point and re estimates the relationship using different panel date models the main results are obtained by dynamic panel threshold regression models which divide a balanced panel dataset of 73 countries over the period of 1971 2010 into four groups according to their annual income levels the key results are 1 in the low income group urbanization decreases energy consumption but increases co2 emissions 2 in the middle low income and high income groups industrialization decreases energy consumption but increases co2 emissions while urbanization significantly increases both energy consumption and co2 emissions 3 for the middle high income group urbanization does not significantly affect energy consumption but does hinder the growth of emissions while industrialization was found to have an insignificant impact on energy consumption and co2 emissions 4 from the population perspective it produces positive effects on energy consumption and also increases emissions except for the high income group these novel methodology and findings reveal that different development strategies of urbanization and industrialization should be pursued depending on the levels of income in a bid to conserve energy and reduce emissions

the impact of energy consumption and co2 emission on the economic and financial development in 19 selected countries abstract this study investigated the impact of energy consumption on the economic and financial development in 19 countries these countries were selected due to the fact that the financial development indicators contribute an important share to their total gdp the panel model was employed taking the period of 1980 to 2008 the results show that energy consumption enables these countries to achieve high economic and financial development however the high development that these countries have achieved in the late three decades increased the co 2 emission it is important that these countries should reduce the level of pollution through utilizing energy protection policies such as rationing energy consumption and controlling carbon dioxide emissions or increasing the share of clean energy of their total energy consumption

re investigating the electricity consumption and economic growth nexus in portugal in the previous decades a number of studies have been conducted to analyse the causal relationship between electricity consumption and economic growth in the portuguese economy however the evidence remains controversial because the previous studies do not provide clear causality evidence this might be attributed to the omitted variables bias because most previous studies only focus on the relationship between electricity consumption and economic growth in a bi variate model this paper attempts to re investigate the relationship between electricity consumption and economic growth in portugal using a multivariate model based on the bounds testing approach to cointegration and the granger causality test within the vector error correction model vecm our empirical results confirm the presence of cointegration among the variables moreover there is evidence of bi directional causality between electricity consumption and economic growth in the short and long run this suggests that energy is an important source of economic growth in portugal therefore energy conservation policies should not be implemented because it would deteriorate the process of economic growth and development of the portuguese economy

capital market liberalization economic growth and instability summary this paper reviews briefly the arguments for capital market liberalization and identifies their theoretical and empirical weaknesses this provides the foundations for the argument for intervention in short term capital flows the paper concludes with a brief discussion of the various ways in which such interventions may be implemented 2000 elsevier science ltd all rights reserved

does energy efficiency affect financial performance evidence from chinese energy intensive firms energy intensive firms are confronted with increasing pressure to improve energy efficiency and reduce energy consumption this paper explores the relationship between the energy efficiency and financial performance of a sample of firms in china based on a panel dataset for the period 2010 2014 six financial indicators representing the benefits of different stakeholders are used in the analysis our empirical results show that energy efficiency is positively related to return on equity return on assets return on investment return on invested capital and return on sales but has no significant relationship with tobin s q in addition we examine the interaction effect between energy intensity and firm growth and find that firm growth helps to enhance the positive relationship between energy intensity and financial performance our findings provide incentive for firms to be proactive in their efforts towards energy conservation and emissions reduction

the impact of financial development on energy consumption in emerging economies abstract financial development is often cited as a very important driver of economic growth in emerging economies and it is thus likely that financial development affects energy demand this study uses generalized method of moments estimation techniques to examine the impact of financial development on energy consumption in a sample of emerging countries several different measures of financial development are examined using a panel data set on 22 emerging countries covering the period 1990 2006 the empirical results show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using stock market variables like stock market capitalization to gdp stock market value traded to gdp and stock market turnover the implications of these results for energy policy are discussed

carbon emission energy consumption trade openness and financial development in pakistan a revisit the paper empirically examines the cointegrating relationship between carbon emissions energy consumption trade openness and financial development in pakistan using ardl bounds test for cointegration procedure annual time series data is used for the period 1971 2011 the results reveal an inverted u shaped relationship between carbon emission and energy consumption with a maximum threshold value of energy consumption per capita 640 kg of oil equivalent currently the economy is operating below this level and therefore it is expected that carbon emission will continue to rise gradually over some time until the threshold level is reached the lower than threshold level of energy consumption implies that scale and composition effects dominate the technology effect in terms of energy use further the long run results indicate that one percent increase in trade openness and financial development will increase carbon emission by 0 247 and 0 165 respectively the short run elasticities are 0 122 and 0 087 for trade openness and financial development respectively the granger causality results indicate a unidirectional causality from energy consumption trade openness and financial development to carbon emission and a bi directional causality between energy consumption and financial development in line with the results and given the growing focus on climate change effects in pakistan the paper discusses some policy issues for consideration and highlights the need to interpret elasticities with caution

the saving and investment nexus for china evidence from cointegration tests the saving and investment nexus as postulated by feldstein and horioka fh 1980 is revisited the saving investment correlation for china is estimated over the periods 1952 1998 and 1952 1994 the latter culminating in a period of fixed exchange rate regime amongst the key results it is found that saving and investment are correlated for china for both the period of the fixed exchange rate and the entire sample period with high saving investment correlation the results suggest that the chinese economy is in conformity with the fh hypothesis this is a valid outcome for in china capital mobility was fairly restricted over the 1952 1994 period as indicated by the relatively low foreign direct investment

energy consumption and economic growth relationship evidence from panel data for low and middle income countries abstract this paper uses the panel data of energy consumption ec and economic growth gdp for 51 countries from 1971 to 2005 these countries are divided into three groups low income group lower middle income group and upper middle income group countries firstly a relationship between energy consumption and economic growth is investigated by employing pedroni 1999 panel cointegration method secondly panel causality test is applied to investigate the way of causality between the energy consumption and economic growth finally we test whether there is a strong or weak relationship between these variables by using pedroni 2001 method the empirical results of this study are as follows i energy consumption and gdp are cointegrated for all three income group countries ii the panel causality test results reveal that there is long run granger causality running from gdp to ec for low income countries and there is bidirectional causality between ec and gdp for middle income countries iii the estimated cointegration factor is not close to 1 in other words no strong relation is found between energy consumption and economic growth for all income groups considered in this study the findings of this study have important policy implications and it shows that this issue still deserves further attention in future research

financial development and energy consumption evidence from a heterogeneous panel of asian countries abstract this paper examined relationships between financial development and energy consumption in asia for the period of 1980 2012 for the purpose of the empirical analysis it performed the heterogeneous panel causality test suggested by dumitrescu and hurlin 1 the findings of the panel cointegration test indicated that there was a long run equilibrium relationship between finance and energy consumption in the region moreover the heterogeneous panel causality test detected a unidirectional causality from energy consumption to financial development but not vice versa these results indicate that an expansion of energy usage could be a driving force behind financial development in asia

the impact of electricity supply on economic growth in sri lanka abstract yang energy econ 22 2000 309 has found a bi directional causal relationship between gross domestic product and electricity consumption in taiwan roc this study applies yang s model to examine the impact of electricity supply on economic growth in sri lanka morimoto and hope an extended cba model of hydro projects in sri lanka 2001 have found that the expected increase in economic output due to increased electricity supply parameter eo plays a crucial role in their cost benefit analysis model this study shows that the application of yang s regression analysis is one possible approach to estimate a better range for the parameter eo the estimated figure is that an extra output of rs 88 000 137 000 us1120 1740 for every 1 mw h increase in electricity supply

exploring the depth of energy penetration in economic advancement perspective of bangladesh abstract developing countries consume a tiny share of world commercial energy this tempts policymakers in developing countries to sort out ways to increase commercial energy demand so that their invaluable resources are best utilized country like bangladesh may fall in trap if quickly declining and immensely valuable energy is wasted in unsustainable growth this urges for better use of its scarce resources for sustainable growth in this paper we aim to identify how energy consumption in bangladesh is related to various growth indicators like national income financial development industrialization and urbanization in the long run in search of a right path for sustainable development in this study we try to assess the relationship among energy consumption financial development economic growth industrialization and urbanization from 1980 to 2010 a number of cointegration techniques are employed to examine whether there is a long run relationship besides these we also employed augmented granger causality test to examine the causality if presents this study finds that financial development economic growth industrialization and urbanization have positive impact on energy consumption in short run but industrialization has no impact in the long run our causality test ensures that the above mentioned variables granger cause energy consumption for sustainable growth industrialization should be given priority as future consumption of energy in industrial sector will be greater than any other sector this future demand can only be fulfilled by injecting more and more renewable energy through solar wind and other technology as nonrenewable energy are declining quickly

does financial agglomeration promote the increase of energy efficiency in china abstract whether financial agglomeration is conducive to the improvement of energy efficiency is of great significance for china to better follow the path of energy conservation and emission reduction and green sustainable development based on the balanced panel data of 285 cities in china from 2005 to 2017 this paper analyzes the impact of financial agglomeration on energy efficiency theoretical analysis shows that financial agglomeration can influence energy efficiency through scale economy effect innovation driving effect information spillover effect and structural adjustment effect dynamic spatial econometric results show that from a national perspective financial agglomeration has a positive impact on energy efficiency however from the perspective of different regions and different city sizes it is found that financial agglomeration can have different effects on energy efficiency financial agglomeration has a significant positive impact on energy efficiency in eastern and central regions megacities and big cities financial agglomeration has a significant negative impact on energy efficiency in western china and has no significant effect on energy efficiency in medium sized and small cities finally based on the conclusions of the study specific proposals for financial agglomeration to improve energy efficiency are proposed

how does financial development affect energy consumption evidence from 21 transitional countries abstract financial development significantly impacts energy consumption this paper uses cross country panel data from 21 transitional countries for the period 2006 2015 while considering different financial development indicators and nonlinear relationships between financial development and energy consumption this is done by selecting five financial development indicators to measure financial development and testing linear and nonlinear relationships between financial development and energy consumption it found the following first there are no significant linear relationships between financial development and energy consumption financial development does have significant nonlinear impacts on energy consumption in transitional countries with estimated nonlinear parameters that are significant second financial development affects energy consumption in transitional countries in differing ways financial intermediation development positively affected energy consumption in all the countries studied stock markets development led decreased energy consumption in china and poland financial openness development reduced energy use except in georgia and the kygyz republic

the role of renewable energy to validate dynamic interaction between co2 emissions and gdp toward sustainable development in malaysia abstract closing the gap between economy activity and environmental quality is one of the solutions for reaching sustainable development in malaysia to do so the cubic polynomial functional form of ekc is utilized by accommodating renewable energy into the base of the ekc model and validating its hypothesis between co 2 emissions and gdp growth for the 1971 2015 period the f bounds vecm granger causality cusum and cusumsq tests are utilized the estimated results consistently show that the inverted n shaped ekc hypothesis holds in malaysia ceteris paribus the co 2 emissions will be declined when the gdp reach rm2841 9 billion in 2030 which is beyond the sample period the renewable energy has a negative significant effect on co 2 emissions and the direction of causality is running from co 2 emissions to renewable energy also the gdp growth will be the remedy for environmental pollution problems and that renewable energy is one of important elements to be considered for improving environmental quality a tighter and concentrated environmental policy is needed to direct the environment economic growth nexus toward a downward trend consequently these results may help malaysian policymakers to establish an energy policy that guarantees a balance between economic growth and environmental prosperity

environmental kuznets curve in an open economy a bounds testing and causality analysis for tunisia the environmental kuznets curve hypothesis posits that in the early stages of economic growth environmental degradation and pollution increase however as a nation reaches a certain level of incom

a multivariate cointegration analysis of the role of energy in the us macroeconomy abstract this paper extends my previous analysis of the causal relationship of gdp and energy use in the usa in the post war period a majority of the relevant variables are integrated justifying a cointegration analysis the results show that cointegration does occur and that energy input cannot be excluded from the cointegration space the results are plausible in terms of macroeconomic dynamics the results are similar to my previous granger causality results and contradict claims in the literature based on bivariate models that there is no cointegration between energy and output

energy consumption and gdp in tunisia cointegration and causality analysis abstract in this paper the johansen cointegration technique is used to examine the causal relationship between per capita energy consumption pcec and per capita gross domestic product pcgdp for tunisia during the 1971 2004 period in order to test for granger causality in the presence of cointegration among the variables a vector error correction model vecm is used instead of a vector autoregressive var model our estimation results indicate that the pcgdp and pcec for tunisia are related by one cointegrating vector and that there is a long run bi directional causal relationship between the two series and a short run unidirectional causality from energy to gross domestic product gdp the source of causation in the long run is found to be the error correction terms in both directions hence an important policy implication resulting from this analysis is that energy can be considered as a limiting factor to gdp growth in tunisia conclusions for tunisia may also be relevant for a number of countries that have to go through a similar development path of increasing pressure on already scarce energy resources

effects of financial development indicators on energy consumption and co2 emission of european east asian and oceania countries the financial crisis is considered a major economic issue and energy consumption and pollution are believed to be one of the most important environmental concerns in the new millennium the review on investigation of the nexus among energy consumption gdp growth financial development and co2 emission has shown no definitive conclusion apart from that the effects of financial development on energy consumption are not yet understood properly thus this article investigates the effects of financial indicator shocks i e credit market and stock market shocks on energy consumption and carbon dioxide co2 emissions and vice versa panel vector auto regression pvar models were employed to investigate the relationships in 13 european and 12 east asia and oceania countries from 1989 to 2011 findings emphasize the important role of co2 emission and energy consumption on explaining each other s deviation with only the degree of effect differing although energy consumption and co2 emission shocks on financial indicators such as private sector credit is not very pronounced in both groups of countries but the strength of energy consumption shock on stock return rate in european countries is greater than east asian and oceania countries conversely shocks to stock return rate influence energy consumption especially in long horizon in case of east asia and oceania countries

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

internalizing co2 emissions via central banks financials evidence from the world researchers and policy makers have suggested tools to mitigate co2 emissions worldwide however there appears to be uncertainty in terms of policy effectiveness the objective of this paper is to develop an innovatively effective co2 internalizing mechanism worldwide which builds on currency in circulation as its core operational tool the study is based on a large sample of countries findings show that urbanization electric power consumption and trade positively impact on co2 emissions no evidence is found in favour of the environmental kuznets curve while the use of renewable energy reduces the level of co2 emissions the paper proposes a central bank carbon dioxide emissions internalizing fund which rests on quantitative and qualitative tools to ensure a truly effective mechanism in co2 emissions abatement quantitatively this implies the use of a direct tax on currency in circulation and a conversion penalty in the fund qualitatively there is the need to establish a global institution which would ensure that funds flow to the most polluting sectors in each country in view of unleashing the strongest decline in co2 emissions

causality between trade openness and energy consumption what causes what in high middle and low income countries abstract this paper explores the relationship between trade openness and energy consumption using data of 91 high middle and low income countries the study covers the period of 1980 2010 we have applied panel cointegration to examine long run relationship between the variables the direction of causal relationship between trade openness is investigated by applying homogenous non causality homogenous causality and heterogeneous causality tests our variables are integrated at i 1 confirmed by time series and panel unit root tests and cointegration is found between trade openness and energy consumption the relationship between trade openness and energy consumption is inverted u shaped in high income countries but u shaped in middle and low income countries the homogenous and non homogenous causality analysis reveals the bidirectional causality between trade openness and energy consumption this paper opens up new insights for policy makers to design a comprehensive economic trade and policies for sustainable economic growth in long run following heterogeneous causality findings

electricity consumption and economic growth in india abstract this paper tries to examine the granger causality between electricity consumption per capita and gross domestic product gdp per capita for india using annual data covering the period 1950 51 to 1996 97 phillips perron tests reveal that both the series after logarithmic transformation are non stationary and individually integrated of order one this study finds the absence of long run equilibrium relationship among the variables but there exists unidirectional granger causality running from economic growth to electricity consumption without any feedback effect so electricity conservation policies can be initiated without deteriorating economic side effects

multi criteria model for sustainable development using goal programming applied to the united arab emirates abstract sustainable development requires implementing suitable policies integrating several competing objectives on economic environmental energy and social criteria multi criteria decision analysis mcda using goal programming is a popular and widely used technique to study decision problems in the face of multiple conflicting objectives mcda assists policy makers by providing clarity in choosing between alternatives for strategic planning and investments in this paper we propose a weighted goal programming model that integrates efficient allocation of resources to simultaneously achieve sustainability related goals on gdp growth electricity consumption and ghg emissions we validate the model with application to key economic sectors of the united arab emirates to achieve sustainable development goals by the year 2030 the model solution provides a quantitative justification and a basis for comparison in planning future energy requirements and an indispensable requirement to include renewable sources to satisfy long term energy requirements

exploring the relationship between urbanization energy consumption and co2 emission in mena countries abstract this study explored the relationship between urbanization energy consumption and co2 emission in the mena countries the panel model was utilized taking the period 1980 2009 into consideration pedroni cointegration test results showed that urbanization energy consumption and co2 emission were cointegrated the dynamic ols results also showed that there was a long run bi directional positive relationship between urbanization energy consumption and co2 emission however the significance of the long run relationship between urbanization energy consumption and co2 emission varied across the countries based on their level of income and development moreover long and short run bi directional causal relationships were found between the variables based on the granger causality test results from the results of this study it is important for the urban planners and policy makers in the mena countries to slow the rapid increase in urbanization the level of energy consumption and co2 emission in the mena countries increased more than double thus slowing down the urbanization level can help reduce the level of pollution and energy consumption in addition the increased energy efficiency implementation of energy savings projects energy conservation and energy infrastructure outsourcing reduce the level of pollution produced by urban areas

bank and nonbank financial intermediation conglomerates trade credit arrangements and banks are all instances of financial intermediation however these institutions differ significantly in the extent to which the projects financed absorb aggregate intermediary risk in whether or not intermediation is carried out by a financial specialist in the type of projects they fund and in the type of claims they issue to investors the paper develops a simple unified model that both accounts for the continued coexistence of these different forms of intermediation and explains why they differ specific applications to conglomerate firms trade credit and banking are discussed conglomerates trade credit arrangements and banks are all instances of financial intermediation in each case the conglomerate headquarters supplier bank obtains funds by selling financial securities while in turn providing funds in exchange for a claim on project cash flows 1 however in spite of the fundamental similarity between these forms of financial intermediation important differences exist between them in particular

energy demand and stock market development in oecd countries a panel data analysis abstract this paper investigates the impact of stock market developments on oil and electricity demand of oecd member countries we conduct different panel data methodologies and use annual data ranging from 1996 to 2011 the overall findings substantiate that income real prices size of the stock market and liquidity are important determinants for both oil and electricity demand we also compute long run elasticity coefficients by using a simple partial adjustment model pam and find that the long run elasticity coefficients are larger than the short run parameters moreover our results show that the demand for oil and electricity is inelastic with respect to both own real price and real income over the short run and the long run from a policy making perspective the findings suggest that potential policy tools to reduce energy consumption may not be useful as the demand for energy is inelastic with respect to energy prices our results also manifest that although stock market deepening variables do not have a large effect on energy use as energy price and economic growth have market size and liquidity significantly affect energy consumption therefore energy demand estimations based on solely energy price and income may be inaccurate when some stock market development indicators are excluded the empirical findings of this paper provide further insights for policy makers energy companies and energy economists in terms of demand management policies and pricing decisions

global estimates of energy growth nexus application of seemingly unrelated regressions as the world struggles to emerge from a global recession and financial crisis countries are looking for solutions to improve domestic economic performance and put people back to work global energy demand and prices have been resilient during the recession leading policy makers in countries with the potential to produce energy to look to that sector as a potential engine for economic growth the objective of this study is to undertake an empirical study on linkages among energy consumption economic growth fdi relative price and financial development i e broad money supply m2 in low income middle income high income non oecd high income oecd south africa middle east and north africa mena and the aggregate data of the world over a period of 1975 2011 data is analyzed by the im pesaran shin ips test of unit root to find out the order of integration the long run relationship is investigated through the pedroni 37 test of panel cointegration at last the seemingly unrelated regression sur method is used for estimation of the impact of growth factors on energy consumption in these regions the results reveal that each variable seem to have a unit root at level so we could investigate cointegration of the series at level on the basis of pedroni test we can bring to a close that series are cointegrated the results of seemingly unrelated regression sur suggests that gdp per capita has a positive impact on energy consumption in low income middle income south africa mena and aggregate data of the world however in high income oecd and non oecd regions there is no significant relationship been found in both regions fdi plays a pivotal role in increasing energy demand in middle income high income oecd and non oecd region which implies that whatever other benefits may accrue from fdi it should not be expected to generate sufficient energy in south africa mena and the world directly fdi enhancement policies should be supplemented to stimulate growth in those regions broad money supply exerts positive impact on energy demand in low income middle income high income non oecd and mena regions finally relative prices has either a positive impact i e middle income region and or a negative impact on energy consumption i e low income high income oecd and mena region the results conclude that lower energy prices reduce input costs for nearly all goods and services in the regions thus making them more affordable

does opening a stock exchange increase economic growth we examine the connection between the creation of stock exchanges and economic growth with a new set of data on economic growth that spans a longer time period than generally available we find that economic growth increases relative to the rest of the world after a stock exchange opens our evidence indicates that increased growth of productivity is the primary way that a stock exchange increases the growth rate of output rather than an increase in the growth rate of physical capital we also find that financial deepening is rapid before the creation of a stock exchange and slower subsequently

the impacts of tourism energy consumption and political instability on economic growth in the mena countries using panel data of 24 countries in the middle east and north african mena region from 2001 to 2009 the purpose of this study is to examine the impacts of tourism energy consumption and political instability on economic growth within the neoclassical growth framework to address the objective of this study we utilise both the static panel data approach as well as the dynamic generalised method of moments gmm estimator to examine the impact of candidate variables our results show that energy consumption and tourism significantly contribute to the economic growth of countries in the mena region hence our study lends some support to the existence of the tourism led growth and energy led growth hypotheses in the region in line with our expectation our estimation results also reveal that political instability impedes the process of economic growth and development in the mena region therefore macroeconomic policies to promote expansion in tourism and energy consumption will directly stimulate economic growth additionally efforts to help the region overcome its history of political instability would attract more international tourist arrivals and further invigorate economic growth

on the nexus of financial development economic growth and energy consumption in china new perspective from a gmm panel var approach abstract this paper studies the endogenous relationships among financial development energy consumption and economic growth in china by applying a gmm panel var approach with a panel data of 30 chinese provinces over the period 1996q1 2015q4 financial development is measured by six individual indicators and by a comprehensive indicator obtained through the pca method we also account for regional heterogeneity by dividing our sample into three regions eastern region central region and western region we underline our findings in three aspects first financial development measured by most individual indicators m2 credit revenue of the insurance industry and stock market value and the comprehensive one has a significantly negative impact on economic growth second energy consumption can significantly contribute to economic growth in all regions while no feedback effect is found except in the western region this result is further supported by the granger causality tests last financial development in the sense of m2 credit stock turnover and the comprehensive indicator can significantly lessen energy consumption in all regions but this inhibitory effect is found to be largest in the western region followed by the eastern region and be smallest in the central region the granger causality tests confirm further the existence of heterogeneity across regions a bidirectional granger causality between the two variables is found in the eastern region a unidirectional granger causality running from energy consumption to financial development is identified in the central region and no significant causal relationship shows up in the western region our findings provide valuable policy implications for china heading for a green economic growth

the economics of development a survey i the subject our definition of the subject will be the use of economic analysis to understand the economies of poor or developing countries this includes in particular how standards of living in the population are determined and how they change over time and further how policy can or should be used in the influence of these processes the definition contains in principle much or most of analytical methods in economics insofar as they can be put to use in the examination of the issues of interest this is as it should be but it poses a problem for a survey in a journal a comprehensive treatment is infeasible so we shall follow a different route the survey will focus on what i take to be the major themes and approaches which characterise the productive aspects of the subject there is therefore no pretence at being exhaustive the purpose is rather to highlight some of the advances many of these have been of real substance there are a number of possible purposes for a survey and it is important to be clear at the outset for whom it is intended what it is and what it is not this survey is addressed to economists and students of economics who know the tools of their trade but not necessarily how they have been applied to and fashioned for the analysis of the economics of developing countries it is a description of the ways in which problems can be productively formulated and approached in terms of examples chosen for their intrinsic importance and interest the vastness of the subject means that we have to be highly selective it does not seek to provide a summary evaluation of the current view of the appropriate response to immediate policy questions it is not a history of thought nor a research manifesto nor an attempt to adjudicate or settle the major debates where they arise naturally from the major purpose some judgements on these subjects will be offered but they do not themselves constitute the primary intent of this survey there are three lines of enquiry or sets of questions which have i suggest been distinctive of the most fruitful work in development economics they will

regime switching effect of financial development on energy intensity evidence from markov switching vector error correction model abstract studies that deal with financial development and energy intensity usually show the single effect of one variable on another or the causality running between them during the whole sample period but this study is an attempt to explore the regime switching effect of financial development on energy intensity in different periods within the sample using yearly data from 1972 to 2017 in case of bangladesh a markov switching vector error correction model is applied to carry out the study and the results reveal a two regime switching nature of the effect of financial development on energy intensity financial development plays a stimulating role in regime 1 where it plays an inhibiting role in regime 2 to influence energy intensity the duration of regime 1 is longer than that of regime 2 specifying that the promoting effect of financial development on energy intensity is more enduring than the inhibiting effect in bangladesh the results have important policy implications to formulate energy policy and to maintain a balance between financial development and energy intensity in bangladesh and other emerging nations

estimating the environment kuznets curve hypothesis evidence from latin america and the caribbean countries this study explores the effect of economic growth gdp renewable energy consumption re and financial development fd on co2 emission co2 in latin america and caribbean countries to achieve this goal a panel co2 model was built over the period 1980 2010 the kao cointegration test results revealed that the variables are cointegrated the fully modified ols fmols results indicated an inverted u shape relationship between co2 and gdp thus confirming the environmental kuznets curve hypothesis furthermore fmols results also revealed that fd can improve environmental quality by its negative long run effect on co2 however re has no long run effect on co2 indicating that the re does not contribute to co2 reduction the vecm granger causality results revealed feedback causality between gdp re fd and co2 in both short and long run additionally granger causality results also revealed that re gdp and fd can be a good solution to reduce environmental damage since they have a causal effect on co2 this study shows the investigated countries should increase their banking loans on green energy energy efficiency and energy saving projects to reduce environmental damage in addition the above recommendation can increase the contribution of renewable energy in reducing environmental damage

does financial development increase energy consumption the role of industrialization and urbanization in tunisia this paper assesses the relationship among energy consumption financial development economic growth industrialization and urbanization in tunisia from 1971 to 2008 the autoregressive distributed lag bounds testing approach to cointegration and granger causality tests is employed for the analysis the result confirms the existence of long run relationship among energy consumption economic growth financial development industrialization and urbanization in tunisia long run bidirectional causalities are found between financial development and energy consumption financial development and industrialization and industrialization and energy consumption hence sound and developed financial system that can attract investors boost the stock market and improve the efficiency of economic activities should be encouraged in the country nevertheless promoting industrialization and urbanization can never be left out from the process of development we add light to policy makers with the role of financial development industrialization and urbanization in the process of economic development

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

energy consumption in china and underlying factors in a changing landscape empirical evidence since the reform period abstract in recent decades the phenomenal growth in the chinese economy has created increasing energy consumption this is the first study analysing energy consumption in china considering economic social and political dimensions of globalisation along with the effects from trade and financial sectors the time period covers the full trajectory since the start of economic reform until recent times in this respect we use the konjunkturforschungsstelle kof globalisation index to explore the dynamic link between economic growth financial development trade and various dimensions of globalisation and energy consumption modern time series econometric techniques are used in establishing stationarity long run dynamics and causality of the series the findings suggest that globalisation decreases energy consumption in the short run but increases it in the long run however the effect of financial development on energy consumption in china is opposite to the globalisation effect on energy consumption granger causality reveals a feedback effect between economic globalisation and financial development globalisation in china can only reduce energy consumption if china develops its financial sector to a greater extent in future china should invest in its financial sector and low carbon energy alternatives to achieve sustainable development prevention of energy shortfalls and cleaner environment would assist in bridging the gap both from social and political aspects to ensure china benefits significantly with high economic growth in this asian century

applied econometrics and implications for energy economics research abstract developments in applied econometrics particularly with regard to unit root tests and cointegration tests have motivated a rich empirical literature on energy economics over the last decade this study reviews recent developments in time series econometrics applications in the energy economics literature we first consider the literature on the integration properties of energy variables we begin with a discussion of the implications of whether energy variables contain a unit root and proceed to examine how results differ according to the specific unit root or stationarity test employed we then proceed to examine recent developments in the literature on cointegration granger causality and long run estimates between disaggregated energy consumption and economic growth we review both single country and panel studies and pay particular attention to studies which have expanded the literature through adding variables such as financial development and trade in addition to energy consumption to the augmented production function as well as studies which have extended the literature through examining disaggregated energy consumption by type in each case we highlight best practice in the literature point to limitations in the literature including econometric modeling challenges and suggest recommendations for future research a key message of our survey is that the profession needs to guard against overload of research in these areas as most applied studies are no longer adding anything more to what is already known

electricity consumption and economic growth evidence from turkey abstract this study investigates the causal relationship between electricity consumption and real gdp in turkey during the period of 1950 2000 both of the series were found to be a stationary process around a structural break by the zivot and andrews test thus two different methodologies have been employed to test the granger non causality the dolado lutkepohl test using the vars in levels and the standard granger causality test using the detrended data both tests have yielded a strong evidence for unidirectional causality running from the electricity consumption to the income this implies that the supply of electricity is vitally important to meet the growing electricity consumption hence to sustain the economic growth in turkey

how many times again will we examine the energy income nexus using a limited range of traditional econometric tools during the last three decades following closely the developments in econometric theory energy and environmental economists have empirically examined the energy income nexus for different countries and time periods however today in spite of the growing interest in this area the state of knowledge is still controversial and unsettled this viewpoint paper attempts to highlight some of the issues related to the existing literature on the long run relationship and causality between energy consumption and economic growth in particular it discusses how it is difficult to make policy recommendations on the basis of inconsistent and conflicting results in the published literature on the subject in order to do so the paper first illustrates the increasing trend in the number of studies published in this area providing also a brief comparison of the conventional methods used to estimate the energy income nexus it then deals with new directions and different viewpoints on the same issue

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

oil curse and finance growth nexus in malaysia the role of investment abstract we empirically examine the existence of an oil curse in the finance growth nexus in malaysia we provide new insights into the oil curse phenomenon in malaysia that challenges the conventional argument that malaysia is a counter example of an oil curse country we do not find any significant evidence of direct effects of financial development on tfp however there are direct and positive effects on the level of investment due to financial development and oil dependence while we do not find statistical evidence of a direct negative impact of oil rent on economic growth our results reveal that the symptoms of an oil curse exist specifically we find that oil rent has a weak indirect impact on the finance growth nexus through the quantitative channel or investment quantity the policy implications of our findings are that the financial sector should be more involved in productive investment activities that can strengthen its role in economic growth and that policymakers should reduce dependence on oil and promote economic diversification

energy consumption and economic growth in new zealand results of trivariate and multivariate models abstract this study examines the energy consumption growth nexus in new zealand causal linkages between energy and macroeconomic variables are investigated using trivariate demand side and multivariate production models long run and short run relationships are estimated for the period 1960 2004 the estimated results of demand model reveal a long run relationship between energy consumption real gdp and energy prices the short run results indicate that real gdp granger causes energy consumption without feedback consistent with the proposition that energy demand is a derived demand energy prices are found to be significant for energy consumption outcomes production model results indicate a long run relationship between real gdp energy consumption and employment the granger causality is found from real gdp to energy consumption providing additional evidence to support the neoclassical proposition that energy consumption in new zealand is fundamentally driven by economic activities inclusion of capital in the multivariate production model shows short run causality from capital to energy consumption also changes in real gdp and employment have significant predictive power for changes in real capital

energy consumption and economic growth the experience of african countries revisited abstract the aim of this paper is to re examine the causal relationship between energy consumption and economic growth for seventeen african countries in a multivariate framework by including labor and capital as additional variables we apply the variance decomposition analysis due to pesaran and shin pesaran m h and shin y generalised impulse response analysis in linear multivariate models economics letters 1998 58 17 29 to evaluate how important is the causal impact of energy consumption on economic growth relative to labor and capital the results of our multivariate modified granger causality analysis due to toda and yamamoto toda h y and yamamoto t statistical inference in vector autoregressions with possibly integrated process journal of econometrics 1995 66 225 250 tend to reject the neutrality hypothesis for the energy income relationship in fifteen out of the seventeen countries in contrast results of our variance decomposition analyses show that in eleven out of the seventeen countries energy is no more than a contributing factor to output growth and not an important one when compared to capital and labor labor and capital are the most important factors in output growth in fifteen out of the seventeen countries however these results should be interpreted with care as they may not be sufficiently robust enough to support the inference that energy consumption plays a minor role in the economic growth of african countries

china s future energy mix and emissions reduction potential a scenario analysis incorporating technological learning curves abstract this paper examines the impacts of co 2 emission reduction targets and carbon taxes on the structure of power generation in china a model is developed to minimize the total electricity generation cost and select the optimal energy technology and resource mix for china the model contributes to existing work by utilizing the learning curve concept which manifests as diminishing costs of production and includes constraints for minimum energy generation and also an emissions cap the result shows that the introduction of the co 2 emission reduction targets and carbon taxes both shift energy production technologies away from high carbon content fossil fuels towards low carbon content fossil based and renewable energies co 2 emission reduction targets turn out to be more effective in the early years while carbon taxes become more effective in the later periods perhaps unsurprisingly all options result in a net increase in total production costs in addition some scenario analyses are conducted to consider the possible roles of shale gas and improved carbon capture and storage technologies showing the general conclusions to be robust

the role of globalization on the recent evolution of energy demand in india implications for sustainable development using annual data for the period 1971 2012 this study explores the relationship between globalization and energy consumption for india by endogenizing economic growth financial development and urbanization the cointegration test proposed by bayer hanck 2013 is applied to estimate the long run and short run relationships among the variables after confirming the existence of cointegration the overall results from the estimation of an ardl energy demand function reveal that in the long run the acceleration of globalization measured in three dimensions economic social and overall globalization leads to a decline in energy demand in india furthermore while financial development is negatively related to energy consumption economic growth and urbanization are the key factors leading to increased energy demand in the long run these results have policy implications for the sustainable development of india in particular globalization and financial development provide a win win situation for india to increase its economic growth in the long run and become more environmentally sustainable