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Contribution Of Renewable Energy And Human Development To Economic Growth In Newly Industrialised Countries

Author

Listed:
  • Fatih Akın

    (ERZINCAN BINALI YILDIRIM UNIVERSITY)

  • Selin Dinçer

    (KIRIKKALE UNIVERSITESI)

Abstract

In this study, the impact of renewable energy and HDI level on economic growth in newly industrialised countries (NICs) (Brazil, China, India, Indonesia, Malaysia, Mexico, Philippines, South Africa, Thailand, Turkiye) in the period 1990-2022 is examined with the Augmented Mean Group (AMG) estimator and Juodis, Karavias & Sarafidis (JKS, 2021) Granger causality analysis. The results of the LM Bootstrap Panel Cointegration test reveal that there is a long-run relationship between renewable energy, the HDI, and economic growth variables. Panel AMG estimation results show that renewable energy and HDI levels have a positive and significant effect on economic growth across the panel. The results by countries show that renewable energy has a significant and positive effect on economic growth in China, India, Indonesia, and Turkiye. In addition, the HDI level has a positive and statistically significant effect on growth in all countries except South Africa. The JKS Granger causality test results reveal that there is bidirectional causality between HDI and economic growth and between HDI and renewable energy. In addition, unidirectional causality was found from economic growth to renewable energy. The findings emphasise that renewable energy and HDI play an important role in economic growth in NIC countries.

Suggested Citation

  • Fatih Akın & Selin Dinçer, 2025. "Contribution Of Renewable Energy And Human Development To Economic Growth In Newly Industrialised Countries," Ekonomi Maliye Isletme Dergisi, Adil AKINCI, vol. 8(1), pages 46-61, June.
    • Handle: RePEc:gnx:emid43:2025-8-1-1689871
    DOI: 10.46737/emid.1689871
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    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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