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An Antidote to the Resource Curse: The Blessing of Renewable Energy

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  • Angeliki N. Menegaki

    (Organismos Georgikon Asfaliseon, Regional Branch of Eastern Macedonia & Thrace, 69100, Komotini, Greece)

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    Abstract

    This paper empirically examines the validity of the resource curse in Europe and it is the first time renewable energy is inserted in this research context. The study uses panel data with a variety of explanatory variable proxies for investment, openness, rule of law, resource endowments and human capital. It employs a single equation fixed effects model with heteroskedasticity robust covariance and a simultaneous two equation model where renewable energy enters the structural equation as an endogenous variable. The resource curse is confirmed only for crude oil and resource productivity in the single equation model while renewable energy has a positive relationship to growth. In the simultaneous two equation model, countries with high oil production and emissions also have a higher production of renewable energies.

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    Bibliographic Info

    Article provided by Econjournals in its journal International Journal of Energy Economics and Policy.

    Volume (Year): 3 (2013)
    Issue (Month): 4 ()
    Pages: 321 - 332

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    Handle: RePEc:eco:journ2:2013-04-17

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    Web page: http://www.econjournals.com

    Related research

    Keywords: Natural resource curse; economic growth; renewable energy; Europe; fixed effects model;

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    1. Menegaki, Angeliki N., 2011. "Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis," Energy Economics, Elsevier, vol. 33(2), pages 257-263, March.
    2. Alberto Alesina & Reza Baqir & William Easterly, 1998. "Redistributive Public Employment," NBER Working Papers 6746, National Bureau of Economic Research, Inc.
    3. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May.
    4. Kolstad, Ivar & Wiig, Arne, 2009. "It's the rents, stupid! The political economy of the resource curse," Energy Policy, Elsevier, vol. 37(12), pages 5317-5325, December.
    5. Menegaki, Angeliki N., 2012. "A social marketing mix for renewable energy in Europe based on consumer stated preference surveys," Renewable Energy, Elsevier, vol. 39(1), pages 30-39.
    6. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2004. "Institutions and the Resource Curse," DEGIT Conference Papers c009_012, DEGIT, Dynamics, Economic Growth, and International Trade.
    7. Anne D. Boschini & Jan Pettersson & Jesper Roine, 2006. "Resource curse or not: A question of appropriability," DEGIT Conference Papers c011_050, DEGIT, Dynamics, Economic Growth, and International Trade.
    8. Robinson, James A & Torvik, Ragnar & Verdier, Thierry, 2002. "Political Foundations of the Resource Curse," CEPR Discussion Papers 3422, C.E.P.R. Discussion Papers.
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    14. Frederick van der Ploeg & Steven Poelhekke, 2009. "The pungent smell of Red Herrings; Subsoil assets, rents, volatility and the resource curse," DNB Working Papers 233, Netherlands Central Bank, Research Department.
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    16. Jørgen Juel Andersen & Silje Aslaksen, 2006. "Constitutions and the resource curse," Working Paper Series 7506, Department of Economics, Norwegian University of Science and Technology.
    17. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
    18. Severin Borenstein, 2012. "The Private and Public Economics of Renewable Electricity Generation," Journal of Economic Perspectives, American Economic Association, vol. 26(1), pages 67-92, Winter.
    19. Auty, Richard M., 2001. "The political economy of resource-driven growth," European Economic Review, Elsevier, vol. 45(4-6), pages 839-846, May.
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