Journal
QUALITY & QUANTITY
Volume 50, Issue 1, Pages 361-383Publisher
SPRINGER
DOI: 10.1007/s11135-014-0153-1
Keywords
Energy consumption; Economic growth; Carbon emission; Dynamic simultaneous-equations models
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This paper investigates the causal relationship between energy consumption, CO2 emissions and economic growth using dynamic simultaneous-equation panel data models for 58 countries over the period 1990-2012. We also estimate this relationship for three regional panels; namely, Europe and North Asia, Latin America and the Caribbean, and the Middle East, North Africa, and the sub-Sahara African region. Our results indicate that there is a bidirectional causality relationship between energy consumption and economic growth for the four panels, while our results significantly reject the neo-classical assumption that energy is neutral for growth. Similarly, the results support the occurrence of a bidirectional causality relationship between energy consumption and CO2 emissions for the four panels. A unidirectional causality running from CO2 emissions to economic growth for the Latin American and Caribbean, which implies that, the environment degradation has a negative impact on economic growth.
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