Journal
ENERGY ECONOMICS
Volume 69, Issue -, Pages 128-139Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.eneco.2017.11.007
Keywords
Energy efficiency; Energy intensity; Economic growth; Panel cointegration; Granger causality; Vector autoregressions
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Funding
- Trade and Competitiveness Multi-Donor Trust Fund at the World Bank [P150882]
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We examine the causal relationship between energy efficiency and economic growth based on panel data for 56 high- and middle-income economies from 1978 to 2012. Using a panel vector autoregression approach, we find evidence of a long-run Granger causality from economic growth to lower energy intensity for all economies. We also find evidence of long-run bidirectional causality between lower energy intensity and higher economic growth for middle-income economies. This finding suggests that beyond climate benefits, middle-income economies may also earn an extra growth dividend from energy efficiency measures. (C) 2017 Published by Elsevier B.V.
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