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標題: Energy consumption and GDP revisited: A panel analysis of developed and developing countries
作者: Lee, C.C.
Chang, C.P.
關鍵字: energy consumption;real GDP;multiple structural breaks;panel VARs;impulse response functions;unit-root tests;oil price shocks;causal relationship;structural;breaks;vector autoregressions;economic-growth;level shifts;great;crash;per-capita;hypothesis
Project: Energy Economics
期刊/報告no:: Energy Economics, Volume 29, Issue 6, Page(s) 1206-1223.
This paper applies a new panel data stationarity testing procedure, first developed by Carrion-i-Silvestre et al. [2005, Econometrics Journal 8, 159-175], with panel VARs that employ the generalized method of moment techniques in order to re-investigate the dynamic interactions between energy consumption per capita (LEC) and real GDP per capita (LRY) in 22 developed and 18 developing countries. When multiple breaks in the series are taken into account, there is convincing evidence of panel stationarity for LEC and LRY in both groups. The energy crises evidently had a substantive impact on both LEC and LRY in all sample countries. Furthermore, our panel VARs attest to bidirectional causality between LEC and LRY in developed countries, but there is unidirectional causality from LRY to LEC in developing countries. Finally, from the orthogonalized impulse response functions, all of the variables in the panel VARs have a positive effect on each other, but their impact is greater and more persistent in developing countries. Some important policy implications do emerge. (c) 2007 Elsevier B.V. All rights reserved.
ISSN: 0140-9883
DOI: 10.1016/j.eneco.2007.01.001
Appears in Collections:應用經濟學系

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