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THREE ESSAYS ON THE ENERGY AND ENVIRONMENT ECONOMICS CROSS COUNTRIES ANALYSIS
|關鍵字:||Energy demand;能源需求;Energy price;CO2;能源價格;二氧化碳||出版社:||應用經濟學系所||引用:||References Abosedra, S., Baghestani, H., 1989. New evidence on the causal relationship between U.S. energy consumption and gross national product. Journal of Energy Development 14, 285-292. Al-Iriani, M.A., 2006. Energy-GDP relationship revisited: an example from GCC countries using panel causality. Energy Policy 34 (5), 3342-3350. Asafu-Adjaye, J., 2000. The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy Economics 22, 615-625. Atkinson, J., Manning, N., 1995. A survey of international energy elasticities. Chapter 3 in Global Warming and Energy Demand, edited by Terry Barker, et al. London: Routledge 11 New Fetter Lane. Bai, J., Ng, S., 2002. Determining the number of factors in approximate factor models. Econometrica 70, 191-221. Baltagi, B.H., 1998. Econometrics. Springer-Verlag, New York, pp. 3-6. 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This dissertation is composed of three essays on the energy and environment Economics. The first essay applies panel unit root, panel cointegration and panel causality techniques to examine the total energy demand functions of 25 selected OECD countries during the 1978-2004 period. The results indicate that total energy demand is income and price inelastic. Based on the panel causality tests, there are reciprocal causal relationships among income, energy price and total energy consumption. The results for the panel as a whole suggest that the demand for energy in the OECD countries is being driven largely by strong economic growth, while consumers are largely insensitive to price changes.
In the second essay, we test the efficient market hypothesis using total energy price and disaggregated energy prices for OECD countries over the period 1978-2006. For that purpose, we employ a panel stationarity test which incorporates multiple shifts in level and slope, thereby controlling for cross-sectional dependence through bootstrap methods. The results show that once multiple endogenous breaks are allowed for and appropriate critical values are used, the series appear to be I(0). That is, real energy prices are stationary processes, inconsistent with the efficient market hypothesis. Consequently, it shows the presence of profitable arbitrage opportunities among energy prices.
The third essay investigates the stationary of CO2 and real GDP per capita for seven regional panel sets covering the 1971-2003 period. We apply the panel seemingly unrelated regressions augmented Dickey-Fuller test developed by Breuer et al. (2001, 2002). The panel SURADF unit root tests account for the presence of cross-country correlations in the data. Besides, the parameters in the panel specification vary across countries. More importantly, panel SURADF tests allow us to identify how many and which members of the panel contain a unit root. Overall, the empirical results illustrate that these countries are a mixture of I(0) and I(1) process and the commonly used panel root tests could lead to misleading inferences and the conduct of cointegration analysis perhaps is not appropriate.
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