Journal
ENERGY
Volume 116, Issue -, Pages 102-115Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2016.07.126
Keywords
Renewable and non-renewable energy; consumption; Economic growth; Panel cointegration; MENA Net Oil Exporting Countries
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This study explores the economic growth energy consumption nexus for two samples of MENA Net Oil Exporting Countries (NOECs) during the period 1980-2012. Using panel cointegration approach, we found strong evidence for the existence of a long-run relationship between real GDP, renewable and non-renewable energy consumption, real gross fixed capital formation, and the labor force. Moreover, empirical results from the estimation of the panel error correction model indicate evidence of a unidirectional causality running from economic growth to renewable energy consumption in the short-run. In the long-run, the results show evidence of a bidirectional causality for the entire group of MENA NOECs. For the 5 selected MENA NOECs sample, we found strong evidence for bidirectional causality between renewable energy and economic growth. Additionally, our results confirm bidirectional causality between renewable and non-renewable energy consumption with negative and significant coefficient in the short-run indicating substitutability between these two types of energy. Finally, the paper discusses the economic implications of the results and proposes certain policies recommendations. (C) 2016 Published by Elsevier Ltd.
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