Journal
APPLIED ECONOMICS
Volume 47, Issue 28, Pages 2913-2923Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/00036846.2015.1011312
Keywords
renewable energy consumption; growth; carbon emissions; oil prices; trade; panel data; C51; Q01; Q28; Q43; Q51
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We provide a comprehensive and robust analysis of the drivers of renewable energy consumption for a panel of 64 countries, using both the static (Pooled OLS, Panel Fixed and Random Effects) and dynamic (difference and system GMM) panel data estimation approaches. We show that the dynamic panel data model provides more efficient estimators than the static ones and that increases in per capita CO2 emissions and per capita trade with foreign partners mainly drive the changes in per capita renewable energy consumption. We also find limited evidence of oil price effects on renewable energy consumption, which reflects the fact that renewable energy is just a complement and not a perfect substitute of crude oil, at least in the short run.
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