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Renewable energy consumption and economic growth: Evidence from a panel of OECD countries

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  • Apergis, Nicholas
  • Payne, James E.

Abstract

This study examines the relationship between renewable energy consumption and economic growth for a panel of twenty OECD countries over the period 1985-2005 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. The heterogeneous panel cointegration test reveals a long-run equilibrium relationship between real GDP, renewable energy consumption, real gross fixed capital formation, and the labor force with the respective coefficients positive and statistically significant. The Granger-causality results indicate bidirectional causality between renewable energy consumption and economic growth in both the short- and long-run.

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Bibliographic Info

Article provided by Elsevier in its journal Energy Policy.

Volume (Year): 38 (2010)
Issue (Month): 1 (January)
Pages: 656-660

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Handle: RePEc:eee:enepol:v:38:y:2010:i:1:p:656-660

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Web page: http://www.elsevier.com/locate/enpol

Related research

Keywords: Renewable energy consumption Growth Panel unit root and cointegration tests Granger-causality;

References

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