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Open AccessJournal ArticleDOI

Dynamics of Electricity Consumption, Oil Price and Economic Growth: Global Perspective

TLDR
In this article, the authors used the data from 157 countries from 1960 to 2014 to analyze the relationship between economic growth, electricity consumption, oil prices, capital, and labor, and found that the economic growth of developing countries with industrial infrastructure has a more significant association with electricity consumption than oil prices.
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This article is published in Energy Policy.The article was published on 2017-09-01 and is currently open access. It has received 163 citations till now. The article focuses on the topics: Consumption (economics) & Cointegration.

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From nonrenewable to renewable energy and its impact on economic growth: The role of research & development expenditures in Asia-Pacific Economic Cooperation countries

TL;DR: In this paper, the authors investigated the long-term output elasticities between renewable energy consumption and non-renewable energy consumption in Asia-pacific economic cooperation (APEC) countries.
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Energy consumption and economic growth: New evidence from the OECD countries

TL;DR: In this article, the authors introduced a growth model that considers the indicator of economic complexity as a measure of capabilities for exporting the high value-added (sophisticated) products.
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How renewable energy consumption lower global CO2 emissions? Evidence from countries with different income levels

TL;DR: In this article, 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.
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Renewable energy, oil prices, and economic activity: A Granger-causality in quantiles analysis

TL;DR: In this paper, the causal relationship between renewable energy consumption, oil prices, and economic activity in the United States from July 1989 to July 2016, considering all quantiles of the distribution was analyzed.
References
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Journal ArticleDOI

Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.

TL;DR: In this article, the generalized method of moments (GMM) estimator optimally exploits all the linear moment restrictions that follow from the assumption of no serial correlation in the errors, in an equation which contains individual effects, lagged dependent variables and no strictly exogenous variables.
Journal ArticleDOI

A Contribution to the Theory of Economic Growth

TL;DR: In this paper, a model of long run growth is proposed and examples of possible growth patterns are given. But the model does not consider the long run of the economy and does not take into account the characteristics of interest and wage rates.
Report SeriesDOI

Initial conditions and moment restrictions in dynamic panel data models

TL;DR: In this paper, two alternative linear estimators that are designed to improve the properties of the standard first-differenced GMM estimator are presented. But both estimators require restrictions on the initial conditions process.
Journal ArticleDOI

Investigating Causal Relations by Econometric Models and Cross-Spectral Methods

TL;DR: In this article, the cross spectrum between two variables can be decomposed into two parts, each relating to a single causal arm of a feedback situation, and measures of causal lag and causal strength can then be constructed.
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Another look at the instrumental variable estimation of error-components models

TL;DR: In this paper, a framework for efficient IV estimators of random effects models with information in levels which can accommodate predetermined variables is presented. But the authors do not consider models with predetermined variables that have constant correlation with the effects.
Related Papers (5)
Frequently Asked Questions (13)
Q1. What have the authors contributed in "Dynamics of electricity consumption, oil price and economic growth: global perspective" ?

In this paper, the authors investigated the relationship between electricity consumption and economic growth in 157 developing countries for the period from 1960 to 2014. 

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. 

The presence of cross-sectional dependence directs us toapply the second-generation unit root test to examine the unit root properties of the variables. 

The robustness of the empirical analysis is also tested by applying alternative unit root, cointegration and causality approaches. 

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. 

Lower-middle income, upper-middle income, East Asia & Pacific, MiddleEast & North Africa and South Asia showa significant positive effect of electricityconsumption on economic growth. 

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. 

oil price shocks influence not only exchange rate but also inflation, which in turnaffects real economic activity and, hence, economic growth. 

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). 

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. 

Oil prices are a key component of energy, and their importance in economic development hasbeen recognized by economists, policy makers, businessmen, households, and researchers. 

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. 

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.