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標題: Energy consumption and economic growth in Asian economies: A more comprehensive analysis using panel data
作者: Lee, C.C.
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
Project: Resource and Energy Economics
期刊/報告no:: Resource and Energy Economics, Volume 30, Issue 1, Page(s) 50-65.
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.
ISSN: 0928-7655
DOI: 10.1016/j.reseneeco.2007.03.003
Appears in Collections:應用經濟學系

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