A Dynamic Equilibrium of Electricity Consumption and GDP in Hong Kong: An Empirical Investigation
Public debates on electricity policy in Hong Kong focus on the regulation regime but sel- dom discuss the macroeconomic impact. In this paper, we use the novel dataset on electricity consumption and report the following ?ndings: (1) there is a long run equilibrium relationship between real GDP and electricity consumption, (2) a one-way causal e¤ect exists from electric- ity consumption to real GDP, (3) a signi?cant adjustment process occurs when equilibrium is interrupted, (4) there exists possible structural change in the relationship between electricity consumption and economic activities in 1990s.
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|Date of creation:||Sep 2006|
|Date of revision:|
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