Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/68759
標題: Energy-income causality in OECD countries revisited: The key role of capital stock
作者: Lee, C.C.
Chang, C.P.
Chen, P.F.
關鍵字: energy consumption
income
capital stock
panel cointegration
panel
causality
unit-root tests
multivariate cointegration analysis
finite-sample
properties
economic-growth
panel-data
electricity consumption
heterogeneous panels
error-correction
gdp
impact
期刊/報告no:: Energy Economics, Volume 30, Issue 5, Page(s) 2359-2373.
摘要: This paper applies a recent advance in panel analysis to estimate the panel cointegration and panel vector error correction models for a set of 22 OECD countries using annual data covering the period 1960-2001. We investigate the relationship between energy consumption and income using an aggregate production Function and controlling for the capital stock, as well as by exploring the dynamic directions of the causality among these three variables. We firstly obtain solid and convincing evidence of a fairly strong long-run equilibrium relationship among them. Secondly, it is found that the capital stock is much more productive than energy consumption. Third, it is observed that neglecting the impact of the capital stock on income tends to overestimate the effect of energy consumption. Finally, the panel causality test shows bi-directional causal linkages exist among energy consumption, the capital stock and economic growth. Overall, the findings reveal that the capital stock plays a critical role in realizing the dynamic relationship between energy and income. (C) 2008 Elsevier B.V. All rights reserved.
URI: http://hdl.handle.net/11455/68759
ISSN: 0140-9883
文章連結: http://dx.doi.org/10.1016/j.eneco.2008.01.005
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