Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/45556
標題: Energy consumption and economic growth in Asian economies: A more comprehensive analysis using panel data
作者: Lee, C.C.
李建強
Chang, C.P.
關鍵字: energy consumption
GDP
Asian economies
panel cointegration
panel
causality
unit-root tests
multivariate cointegration analysis
finite-sample
properties
developing-countries
causal relationship
electricity
consumption
heterogeneous panels
temporal causality
empirical-evidence
error-correction
期刊/報告no:: Resource and Energy Economics, Volume 30, Issue 1, Page(s) 50-65.
摘要: This paper applies the most recently developed panel unit root, heterogeneous panel cointearation and panel-based error correction models to re-investigate co-movement and the causal relationship between energy consumption and real GDP within a multivariate framework that includes capital stock and labor input for 16 Asian countries during the 1971-2002 period. It employs the production side model (aggregate production function). The empirical results fully support a positive long-run cointegrated relationship between real GDP and energy consumption when the heterogeneous country effect is taken into account. It is found that although economic growth and energy consumption lack short-run causality, there is long-run unidirectional causality running from energy consumption to economic growth. This means that reducing energy consumption does not adversely affect GDP in the short-run but would in the long-run; thus, these countries should adopt a more vigorous energy policy. Furthermore, we broaden the investigation by dividing the sample countries into two cross-regional Groups, namely the APEC and ASEAN groups, and even more important results and implications emerge. (c) 2007 Elsevier B.V. All rights reserved.
URI: http://hdl.handle.net/11455/45556
ISSN: 0928-7655
文章連結: http://dx.doi.org/10.1016/j.reseneeco.2007.03.003
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