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Revisiting the Energy-Growth nexus with debt channel. A wavelet time-frequency analysis for a panel of Eurozone-OECD countries

Author

Listed:
  • Mohamed Awada

    (CRESEM - Centre de Recherche sur les Sociétés et Environnements en Méditerranées - UPVD - Université de Perpignan Via Domitia)

  • Roman Mestre

    (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier)

Abstract

In this paper, continuous wavelet decompositions regarding the notions of coherence and phase are used to analyze the time-frequency dynamics of the existing relationships between energy supply and economic growth for a group of European countries. The objective is to identify both the intensity and the direction of the relationship over time and across frequencies. We also study the existence of a debt channel implying an indirect relationship between energy and growth. Our results show the complexity of the energy supply-growth relationship composed by direct effect at the short run and indirect effects through debt channel at the mid and long run. The countries with the highest debt/GDP ratio are more subject to such direct and indirect effects than others where only short run direct effect is noted.

Suggested Citation

  • Mohamed Awada & Roman Mestre, 2023. "Revisiting the Energy-Growth nexus with debt channel. A wavelet time-frequency analysis for a panel of Eurozone-OECD countries," Post-Print hal-05097857, HAL.
    • Handle: RePEc:hal:journl:hal-05097857
    DOI: 10.3934/DSFE.2023008
    Note: View the original document on HAL open archive server: https://hal.science/hal-05097857v1
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