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Panel Granger causality between oil consumption and GDP: Evidence from the BRICS countries

Author

Listed:
  • Tsangyao Chang

    (Department of Finance, Feng Chia University, Taichung, Taiwan)

  • Olorato Gadinabokao

    (Department of Economics, University of Pretoria)

  • Rangan Gupta

    (Department of Economics, University of Pretoria)

  • Roula Inglesi-Lotz

    (Department of Economics, University of Pretoria)

  • Pervan Kanniah

    (Department of Economics, University of Pretoria)

  • Beatrice D. Simo-Kengne

    (Department of Economics, University of Pretoria)

Abstract

This paper examines the causal relationship between oil consumption and economic growth in the BRICS countries using annual data from 1985 to 2011. We employ a bootstrap panel causality approach based on meta-analysis in heterogeneous mixed panels which accounts for both cross sectional dependence and heterogeneity across countries. Empirical results provide evidence of no causal relationship between the two variables, hence vindicating the neutrality hypothesis for the panel of BRICS countries. Consistent with the individual country results, this finding suggests that energy policy geared towards a reduction in oil consumption might not have a significant impact on economic growth, as neither oil consumption nor economic growth is not sensitive to each other.

Suggested Citation

  • Tsangyao Chang & Olorato Gadinabokao & Rangan Gupta & Roula Inglesi-Lotz & Pervan Kanniah & Beatrice D. Simo-Kengne, 2013. "Panel Granger causality between oil consumption and GDP: Evidence from the BRICS countries," Working Papers 201371, University of Pretoria, Department of Economics.
    • Handle: RePEc:pre:wpaper:201371
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    Cited by:

    1. Avazbek Sadikov & Nargiza Kasimova & Arletta Isaeva & Anastas Khachaturov & Raufhon Salahodjaev, 2020. "Pollution, Energy and Growth: Evidence from Post-Communist Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 656-661.
    2. Uktam Umurzakov & Bakhodir Mirzaev & Raufhon Salahodjaev & Arletta Isaeva & Shakhnoza Tosheva, 2020. "Energy Consumption and Economic Growth: Evidence from Post-Communist Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 59-65.

    More about this item

    Keywords

    Oil Consumption; Economic Growth; Dependency and Heterogeneity; Panel Causality;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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