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Does Renewable Energy Matter for Economic Growth in Central and Eastern European Countries? Empirical Evidence from Heterogeneous Panel Cointegration Analysis

Author

Listed:
  • Neagu Olimpia

    (“Vasile Goldiș” Western University of Arad)

  • Haiduc Cristian

    (“Vasile Goldiș” Western University of Arad)

  • Anghelina Andrei

    (“Vasile Goldiș” Western University of Arad)

Abstract

The aim of the paper is to provide empirical evidence in support of the relationship between renewable energy consumption and economic growth in eleven Central and Eastern European (CEE) countries over the period 1995-2015 within a multivariate panel data analysis. Based on World Bank data, the panel cointegration analysis reveals that renewable energy consumption and economic growth are positively associated in the long run in CEE countries. The heterogeneous panel causality test indicates a bi-directional causality relationship in support of the feedback hypothesis between economic growth and renewable energy consumption in Central and Eastern European countries.

Suggested Citation

  • Neagu Olimpia & Haiduc Cristian & Anghelina Andrei, 2021. "Does Renewable Energy Matter for Economic Growth in Central and Eastern European Countries? Empirical Evidence from Heterogeneous Panel Cointegration Analysis," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 31(1), pages 34-59, March.
    • Handle: RePEc:vrs:suvges:v:31:y:2021:i:1:p:34-59:n:4
    DOI: 10.2478/sues-2021-0003
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    Citations

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    Cited by:

    1. Musakwa Mercy T. & Odhiambo Nicholas M., 2022. "Energy Consumption and Human Development in South Africa: Empirical Evidence from Disaggregated Data," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 32(2), pages 1-23, June.
    2. Mercy T. Musakwa & Nicholas M. Odhiambo, "undated". "Energy Consumption And Human Development In South Africa: Empirical Evidence From Disaggregated Data," Working Papers AESRI03, African Economic and Social Research Institute (AESRI).
    3. Musakwa, Mercy T & Odhiambo, Nicholas M, 2021. "Energy consumption and human development in South Africa: Empirical evidence from disaggregated data," Working Papers 28233, University of South Africa, Department of Economics.

    More about this item

    Keywords

    renewable energy; economic growth; heterogeneous panel analysis; CEE countries;
    All these keywords.

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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