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Revisiting Energy Consumption and GDP: Evidence from Dynamic Panel Data Analysis

  • Nayan, Sabri
  • Kadir, Norsiah
  • Ahmad, Mahyudin
  • Abdullah, Mat Saad

In recent years the issues of energy consumption and economic development have become the concern of many parties, particularly policy makers. The empirical outcomes of previous studies examining the relationship between energy consumption and economic growth have been inconclusive and conflicting due to different sample periods, variables used, countries studied and econometric techniques employed. Utilising dynamic panel data GMM-system estimator on datasets of selected 23 countries across 12 years ranging from 2000-2011, this paper shows evidence of uni-directional causality between energy consumption and GDP. In energy consumption model, the GDP is found to significantly determine energy consumption, whereas in the GDP model, energy consumption has however less significant effect on GDP. Energy price and investment are the other important determinants of energy consumption and income, respectively.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48714.

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Date of creation: 30 Jul 2013
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Handle: RePEc:pra:mprapa:48714
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  1. Ouédraogo, Idrissa M., 2010. "Electricity consumption and economic growth in Burkina Faso: A cointegration analysis," Energy Economics, Elsevier, vol. 32(3), pages 524-531, May.
  2. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
  3. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  4. Alonso-Borrego, Cesar & Arellano, Manuel, 1999. "Symmetrically Normalized Instrumental-Variable Estimation Using Panel Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(1), pages 36-49, January.
  5. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  6. Nuno Carlos Leitão & Muhammad Shahbaz, 2013. "Carbon Dioxide Emissions, Urbanization And Globalization: A Dynamic Panel Data," Economic Research Guardian, Weissberg Publishing, vol. 3(1), pages 22-32, June.
  7. Lee, Chien-Chiang & Chang, Chun-Ping, 2007. "Energy consumption and GDP revisited: A panel analysis of developed and developing countries," Energy Economics, Elsevier, vol. 29(6), pages 1206-1223, November.
  8. Huang, Bwo-Nung & Hwang, M.J. & Yang, C.W., 2008. "Causal relationship between energy consumption and GDP growth revisited: A dynamic panel data approach," Ecological Economics, Elsevier, vol. 67(1), pages 41-54, August.
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