Q2. What are the future works mentioned in the paper "Dynamics of electricity consumption, oil price and economic growth: global perspective" ?
The pool mean group test is used to study the short-run and long-run relationships between variables. It is suggested that countries where the growth hypothesis is confirmed find the best alternatives to electricity generation to enhance economic growth.
Q3. What is the simplest way to test the unit root properties of variables?
The presence of cross-sectional dependence directs us toapply the second-generation unit root test to examine the unit root properties of the variables.
Q4. What is the way to test the robustness of the empirical analysis?
The robustness of the empirical analysis is also tested by applying alternative unit root, cointegration and causality approaches.
Q5. What are the tests used to examine the short-run and long-run associations between the variables?
The Fully Modified Ordinary Least Square (FMOLS) andPool Mean Group (PMG) tests have also been applied to scrutinize the short-run and long-runassociations between the variables.
Q6. What countries show a significant positive effect of electricity consumption on economic growth?
Lower-middle income, upper-middle income, East Asia & Pacific, MiddleEast & North Africa and South Asia showa significant positive effect of electricityconsumption on economic growth.
Q7. What is the causality test used in the heterogeneous panel?
The heterogeneous panel causality test originated byDumitrescu and Hurlin (2012) is used to examine the causality relationship betweenelectricity consumption and economic growth in heterogeneous panels.
Q8. What is the effect of oil price on real economic activity?
oil price shocks influence not only exchange rate but also inflation, which in turnaffects real economic activity and, hence, economic growth.
Q9. What is the reason for the ambiguous results of previous studies?
The ignorance of relevant variables in the function of production may be a reason forthe ambiguous results of previous studies in the existing literature (Shahbaz et al. 2016).
Q10. What methods were used to examine the relationship between energy consumption and economics?
Ghali and El-Sakka (2004) collected Canadian data for the period from 1961 to1997 to examine linkages between energy consumption and economics by applying the Johansen-Juselius (1990) and variance decomposition approaches.
Q11. What is the role of oil prices in economic development?
Oil prices are a key component of energy, and their importance in economic development hasbeen recognized by economists, policy makers, businessmen, households, and researchers.
Q12. What is the unidirectional causality between oil price and economic growth?
The unidirectional causality is found from oil price toeconomic growth in the low-income, East Asia &Pacific and North America categories, whileeconomic growth influences oil price in upper-middle income, high income, OECD,European & Central Asian and Sub-Saharan countries.
Q13. What is the effect of the generalized method ofmoments test?
Das et al. (2012)used data from 45 countries from 1971 to 2009 by applying the generalized method ofmoments (system GMMs) test developed by Blundell and Bond (1998) to examine thelinkage between electricity consumption and economic growth.