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Showing papers on "Real gross domestic product published in 2021"


Journal ArticleDOI
TL;DR: In this article, the impact of biomass energy consumption, fossil fuel energy consumption and economic growth on CO2 emissions in the transportation sector of the USA was investigated using the Spectral Breitung-Candelon causality test.

209 citations


Journal ArticleDOI
TL;DR: In this article, the role of global supply chains in the impact of the Covid-19 pandemic on GDP growth using a multi-sector quantitative framework implemented on 64 countries.

165 citations


Journal ArticleDOI
TL;DR: In this paper, the authors explored the coal rent-energy and environment nexus in the emerging industrialized seven (E7) economies and found that a 1% increase in GDP growth increases pollution emission by 0.400% while for coal rent, an increase in coal consumption dampens environmental quality by 0.,088% as reported by the panel regression.

120 citations


Journal ArticleDOI
TL;DR: In this paper, the role of economic policy uncertainty in the energy-growth-emissions nexus for 32 countries in Sub-Saharan Africa over the period from 1996 to 2014 was investigated.

119 citations


Journal ArticleDOI
TL;DR: In this paper, the traditional Environmental Kuznets Curve (EKC) model is assessed by adopting a One-step System Generalized Method of Moment (Sys GMM) on data for 26 EU member states over the period from 1995 to 2018.

119 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigated the dynamic interdependence between CO2 emissions, real gross domestic product (GDP), renewable and non-renewable energy generation, urbanization, and export quality for both the top ten renewable energy and top ten economic complexity index (ECI) countries.

116 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examined the influence of five major factors affecting renewable energy consumption and provided some recommendations for ASEAN+3 economies that can help them promote strategies that support renewable energy projects that maintain the economic and environmental sustainability.

115 citations


Journal ArticleDOI
TL;DR: In this article, the authors explored the relationship between electricity consumption (EC), electricity price (EP), and real GDP at various sectors and general levels from the period 1970-2018 in Pakistan by using the Johansen Co-integration test and Vector Error Correction Model (VECM).

111 citations


Journal ArticleDOI
TL;DR: In this paper, the existence of the environmental Kuznets curve (EKC) theory (i.e., the inverse U-shape connection between real GDP per capita and per capita carbon dioxide emissions) in the sample of 11 developing countries was evaluated.
Abstract: Since developing countries experience economic and environmental sustainability challenges, it is desirable digging into the linkages between economic and environmental parameters. The purpose of this work is to evaluate the existence of the environmental Kuznets curve (EKC) theory (i.e., the inverse U-shape connection between real GDP per capita and per capita carbon dioxide emissions) in the sample of 11 developing countries. By using balanced annual panel data in the period between 1992 and 2014 and two alternative estimation techniques, we explored the potential inverted U-shaped linkage between carbon dioxide emissions and real GDP per capita in the sample of interest. For analysis purposes, Pedroni and Westerlund co-integration techniques are employed. Then, fully modified ordinary least squares, pooled mean group methods are applied for long-run parameter estimations. And, the Dumitrescu-Hurlin causality approach is employed for causal directions. Firstly, this work’s findings provide the supportive evidence to the inverse U-shaped linkage in the long-run, indicating that an increase in real GDP per capita and electricity consumption tends to mitigate long-run carbon dioxide emissions in the developing countries, for the whole sample. Secondly, the country-specific findings suggested the presence of EKC theory for Brazil, China, India, Malaysia, the Russian Federation, Thailand, and Turkey. It implicated that these countries are on the path of attaining environmental sustainability in the long-run. However, Mexico, Philippines, Indonesia, and South Africa failed to lend credence to the EKC theory. It manifested that these countries need to design strategies directed to reduce carbon dioxide emissions from economic activity and electricity generation through efficiency improvement or promotion of renewables. Finally, bidirectional causal links are observed among all the variables of interest. The findings suggest that country-specific targeted action plans should be implemented to ensure the environmental sustainability in the developing world.

102 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated the influence of financial development on renewable energy consumption in the U.S. from 1975Q1 to 2019Q4, using the nonlinear autoregressive distributed lags (NARDL) model.

95 citations


Journal ArticleDOI
01 Jan 2021
TL;DR: In this paper, the authors proposed that formalized and proper assurance of electricity needs and demands at a reasonable price can boost the local industry's confidence and attract foreign investors, however, a strong governance structure should be extended to the public sector to ensure policies that priorities the distribution of energy to businesses for development.
Abstract: Electricity usage plays a vital role in raising the massive growth in the economy; also, the industrial sector is the key factor of overall energy demand closely related to the economy. The study aims to contribute in two ways. First, the Vector Error Correction Model (VECM) estimates electricity consumption in Pakistan during 1970-2018 to find the relationship between electricity consumption, price, and real gross domestic product. Second, decomposing the overall impact of an unexpected shock on each variableos Dynamic Variance Decomposition Technique applied. The empirical analysis shows that the factors are co-integrated. The results also indicate the long-run relationship between electricity consumption, price, and real gross domestic product in the industrial sector. Further, the VECM analysis responses are also confirmed by the variance decomposition method. The findings confirm the potential of the industrial sector. We propose that formalized and proper assurance of electricity needs and demands at a reasonable price can boost the local industry's confidence and attract foreign investors. However, a strong governance structure should be extended to the public sector to ensure policies that priorities the distribution of energy to businesses for development.

Journal ArticleDOI
TL;DR: In this article, the authors revisited the renewable energy-economic growth nexus in seven European countries for the 34-year period of 1985-2018 and found that long-run causality is found to flow from all three explanatory variables to renewable energy consumption.

Journal ArticleDOI
TL;DR: In this paper, a wide range of proxy indicators of economic and economic policy uncertainty from Spain were gathered and constructed, and the relative merits of different types of measures based on (i) the volatility of financial markets, (ii) economic analysts' disagreement, and (iii) economic policy uncertainties were distinguished.
Abstract: We provide additional evidence on the relationship between uncertainty and economic activity. For this purpose, we gather and construct a wide range of proxy indicators of economic and economic policy uncertainty from Spain. We distinguish between the relative merits of different types of measures based on (i) the volatility of financial markets; (ii) economic analysts’ disagreement; and (iii) economic policy uncertainty. We show that the first and the third block of measures are the most relevant to grasp the negative effects of unexpected changes in uncertainty on aggregate economic developments, as measured by real GDP. In addition, we find that economic policy uncertainty and financial uncertainty shocks produce visible negative effects on private consumption. The negative responses on capital goods investments are initially bigger in magnitude but vanish more quickly.

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the impact of tourism develop, renewable energy and real GDP on CO2 emissions for G20 economies during the period of 1995-2015, and concluded that tourism development can be driving force for CO 2 emissions reduction.

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the EKC hypothesis for US states with a new methodology that unifies two seemingly different but strongly interrelated hypotheses (models), namely the Armey curve (AC) and traditional EKC models, into one single composite model.
Abstract: This study reinvestigates the EKC hypothesis for US states with a new methodology that differs from all previous empirical studies using traditional EKC models. To this aim, this methodology, for the first time, unifies two seemingly different but strongly interrelated hypotheses (models), namely the Armey curve (AC) and traditional EKC models, into one single composite model. The rationale for creating this composite model is twofold. First, the functional propositions of these two hypotheses are depicted with inverted U-shaped curves. Second, they also have economically interrelated-causal relationships. This means that rising government spending (through the AC hypothesis) increases real GDP per capita (RGDPPC) and, consequently, increases in RGDPPC (through the EKC hypothesis) increase CO2 emissions. The composite model created may also allow US state policymakers to determine a single maximum spending level that will maximize or minimize CO2 emissions. Empirical findings indicate that the composite model is capable of testing the EKC hypothesis for 7 US states. Additionally, for 7 US states, maximum spending level was calculated to be around 15% of their RGDPPCs. Hence, with this calculated spending level, policymakers of these states may be able to determine-adjust their golden spending levels so as not to cause environmental degradation and declines in GDP.

Journal ArticleDOI
Zhiguang Song1
TL;DR: In this paper, a test is conducted on the non-linear relationship between economy and environment, which are represented as real GDP (Gross Domestic Product) per capita and carbon emissions per capita, respectively.

Journal ArticleDOI
26 Feb 2021
TL;DR: In this paper, the authors conducted an empirical analysis on the long-standing relationship between CO2 emissions and income while controlling energy consumption, trade openness, and urbanization, and revealed that a breakthrough, in terms of policymaking and energy innovation under China's specific socioeconomic and political circumstances, are required for future decades.
Abstract: China is the largest CO2 emitter in the world, and it shared 28% of the global CO2 emissions in 2017. According to the Paris Agreement, it is estimated that China’s CO2 emissions will reach its peak by 2030. However, whether or not the CO2 emissions in China will rise again from its peak is still unknown. If the emission level continues to increase, the Chinese policymakers might have to introduce a severe CO2 reduction policy. The aim of this paper is to conduct an empirical analysis on the long-standing relationship between CO2 emissions and income while controlling energy consumption, trade openness, and urbanization. The autoregressive distributed lag (ARDL) model and the bounds test were adopted in evaluating the validity of the Environmental Kuznets Curve (EKC) hypothesis. The quantile regression was also used as an inference approach. The study reveals two major findings: first, instead of the conventional U-shaped EKC hypothesis, there is the N-shaped relationship between CO2 emissions and real gross domestic product (GDP) per capita in the long run. Second, a positive effect of energy consumption and a negative effect of urbanization on CO2 emissions, in the long run, are also estimated. Quantitatively, if energy consumption rises by 1%, then CO2 emissions will increase by 0.9% in the long run. Therefore, the findings suggest that a breakthrough, in terms of policymaking and energy innovation under China’s specific socioeconomic and political circumstances, are required for future decades.

Journal ArticleDOI
TL;DR: In this paper, the short and long-run impact of foreign direct investment, electricity consumption, and real GDP on ecological footprints in the context of environmental Kuznets and Pollution is estimated.
Abstract: This paper estimates the short and long-run impact of foreign direct investment, electricity consumption, and real GDP on ecological footprints in the context of environmental Kuznets and Pollution...

Journal ArticleDOI
TL;DR: In this article, the consequences of probabilistic projections of local sea-level changes under different emissions scenarios under an intermediate greenhouse gas concentration trajectory, permanent coastal inundation is projected to reduce global real GDP by an average of 1.9% in present value terms, with welfare declining by 024% as people move to places with less attractive amenities.
Abstract: Sea-level rise and ensuing permanent coastal inundation will cause spatial shifts in population and economic activity over the next 200 years Using a highly spatially disaggregated, dynamic model of the world economy that accounts for the dynamics of migration, trade, and innovation, this paper estimates the consequences of probabilistic projections of local sea-level changes under different emissions scenarios Under an intermediate greenhouse gas concentration trajectory, permanent flooding is projected to reduce global real GDP by an average of 019% in present value terms, with welfare declining by 024% as people move to places with less attractive amenities By the year 2200 a projected 146% of world population will be displaced Losses in many coastal localities are more than an order of magnitude larger, with some low-lying urban areas particularly hard hit When ignoring the dynamic economic adaptation of investment and migration to flooding, the loss in real GDP in 2200 increases from 011% to 45% This shows the importance of including dynamic adaptation in future loss models

Journal ArticleDOI
TL;DR: In this article, the impact of a uniform carbon tax at US$15 applying to the world regions are compared to the case that non-CO2 emissions are additionally subject to the tax.

Journal ArticleDOI
TL;DR: In this article, the relation between real GDP, CO2 emissions, renewable and non-renewable energy consumption, tourism development and labor force for France and Germany is quantified.

Journal ArticleDOI
TL;DR: In this article, the authors used satellite-recorded nighttime lights in a measurement error model framework to estimate the relationship between nighttime light growth and national accounts growth, as well as the nonparametric distribution of errors in both measures, and obtained three key results: (i) the elasticity of nighttime lights to GDP is about 1.3; (ii) national accounts GDP growth measures are less precise for low and middle income countries, and nighttime lights can play a big role in improving such measures; and (iii) their new measure of GDP growth, based on the optimal combination

Journal ArticleDOI
TL;DR: In this article, the authors investigated the dynamic short-term and long-term relationships among real GDP per capita, energy consumption, urbanization, and carbon dioxide emissions within the framework of the environmental Kuznets curve (EKC) hypothesis for Southeastern Europe (SEE) from 1997 to 2014.
Abstract: This paper investigates the dynamic short-term and long-term relationships among real GDP per capita, energy consumption, urbanization, and carbon dioxide emissions within the framework of the environmental Kuznets curve (EKC) hypothesis for Southeastern Europe (SEE) from 1997 to 2014. The evidence highlights an inverted U-shaped nexus between real GDP per capita and carbon dioxide emissions (i.e., the EKC hypothesis is verified in the long-run in the sample as a whole). The short-run estimates provide evidence of inverted U-shaped EKC only for Greece and Moldova. Two-way causal relationship between urbanization and pollutant emission was also established in the short-run, as well as one-way causality flowing from real GDP per capita to pollutant emission. The coefficients with the real GDP per capita and energy consumption are negative and statistically significant in the long-term. These findings indicate the existence of an error correction mechanism that drives the observed variables back to their equilibrium. Moreover, the findings show that the consistent increase in energy consumption has not reduced environmental pressures.

Journal ArticleDOI
TL;DR: In this paper, the long-run equilibrium association and dynamic causality among environmental quality, trade policy, and population growth in Brazil is empirically estimated, and a stable long run relationship is established in the estimated model.

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the impact of energy use and economic policy uncertainties on the environment using the pooled mean group-autoregressive distributed lag methodology (PMG-ARDL) and Dumitrescu and Hurlin causality test on 22 countries between 1985 and 2017.
Abstract: In this paper, we investigate the impact of energy use and economic policy uncertainties on the environment. To achieve this objective, we use the pooled mean group-autoregressive distributed lag methodology (PMG-ARDL) and Dumitrescu and Hurlin causality test on 22 Organisation for Economic Co-operation and Development (OECD) countries between 1985 and 2017. The PMG-ARDL estimation shows that energy use and economic policy uncertainties have a positive relationship with carbon dioxide emission (CO2) emission, while a negative relationship is confirmed between renewable and CO2 emissions in the long run. The short-run estimation shows a positive relationship between energy use, real gross domestic product, and per capita on CO2 emissions. The Dumitrescu and Hurlin causality results highlight a unidirectional running from real GDP and GDP per capita square to CO2 emissions. Furthermore, one-way causality exists between CO2 emissions to economic policy uncertainties. These results have policy implications on the macroeconomy which are discussed in detail in the concluding section.

Journal ArticleDOI
TL;DR: While there was a bidirectional causality between energy use and pollutant, these results suggest policy implication for the G7 countries which indicates that stakeholders should give much attention to technological know-how and energy mix particularly biomass energy which is environmentally friendly as well as more paradigm shift to renewables.
Abstract: The debate on ecological matters that relate to the biomass emissions nexus has gained prominence and different scholars have suggested various forms of policy directions to tackle the menace. This study seeks to contribute to this subject by examining the impact of biomass energy use on carbon dioxide pollution in the G7 economies context. Thus, to this end, we employed energy usage and GDP measured as economic growth which adds factors that can influence pollution for annual time-frequency between1995 and 2016 for the case of G7 economies. The present study adds to the extant literature by the adoption of the novel econometric techniques such as the panel cross-section augment ARDL and common correlated estimate mean group (CCEMG) to evaluate the impact of biomass energy on pollutants. The empirical results from all the techniques show that biomass energy consumption significantly and negatively correlates to CO2 emissions meaning that it helps to reduce pollution in the long run. On the other hand, there is a significant positive relationship between energy use and pollutants implying that the primary energy use is not favorable for environmental sustainability over the sampled period. Finally, the results proved that GDP increases CO2 emissions in the long run with respect to the G7 context. Thus, validating the growth-induced pollution hypothesis in G7 blocs. On causality relationship, we observe a unidirectional causal relationship between these variables: biomass and pollutants, pollutants and output, biomass and output, biomass and energy use, and output and energy use. While there was a bidirectional causality between energy use and pollutant, these results suggest policy implication for the G7 countries which indicates that stakeholders should give much attention to technological know-how and energy mix particularly biomass energy which is environmentally friendly as well as more paradigm shift to renewables.

Journal ArticleDOI
01 Jun 2021-Energy
TL;DR: In this paper, the authors used the Autoregressive Distributed Lag (ARDL), the Error Correction Model (ECM), and ECM-Granger Causality to investigate the short and long-run environmental impact of renewable power and the transportation sectors in Iran over 1971 to 2015.

Journal ArticleDOI
TL;DR: The authors developed a technique to exploit forecast error variance decompositions to evaluate the macroeconomic connectedness embedded in any multi-country macroeconomic model with an approximate vector autoregressive (VAR) representation.

Journal ArticleDOI
01 May 2021-Heliyon
TL;DR: In this paper, the authors investigate an empirical insight into the actual nature of tourism-economic growth in Tanzania by applying the Granger causality and Wald test methods where annual time series data on international tourism receipt, real Gross Domestic Product, and real effective exchange rate over the period 1989-2018 are used.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the nonlinear impact of real GDP per capita on financial development in a panel of 125 countries and found that the relationship between real GDP and financial development depends on the levels of GDP and inflation rate.
Abstract: This paper examines the nonlinear impact of real GDP per capita on financial development in a panel of 125 countries. It also determines the moderating effect of inflation on the impact of GDP on financial development. It employs the dynamic panel system generalized method of moments (GMM) and the dynamic common correlated effects (CCE) to do both panel and country‐specific analysis, as well as control for cross‐sectional dependence, heterogeneity and endogeneity. This study shows that GDP has a positive impact on financial development in the entire panel. However, when we split the panel into different income groups, we find a positive impact in the high‐ and middle‐income groups while the impact is insignificant in the low income group. Although we find no evidence of a nonlinear impact of GDP on financial development in the panel, the country‐specific analysis reveals a significant nonlinear relationship between GDP and financial development in 73 countries. We also show that inflation adversely moderates the positive impact of GDP on financial development in middle‐income countries. This study implies that the relationship between GDP and financial development depends on the levels of GDP and inflation rate. We recommend some policy options based on the findings.