Revisiting the economic growth–energy consumption nexus: Does globalization matter?

Alex Acheampong, Elliot Boateng, Mary Amponsah and Janet Dzator

Energy Economics, 2021, vol. 102, issue C

Abstract: This study revisits the economic growth–energy consumption thesis by investigating the impact of economic, social, and political globalization on the economic growth–energy consumption nexus in a panel of 23 emerging economies for the period 1970–2015. The results that emanate from an instrumental variable generalized method of moment model suggest the following: (i) Energy consumption and economic growth are interdependent. (ii) Economic and political globalization retard economic growth, while social globalization increases economic growth. (iii) Economic, social and political globalization have an inverted U-shaped relationship with economic growth. (iv) Economic, social and political globalization interact with energy consumption to retard economic growth. (v) Economic, social and political globalization do not affect energy consumption. (vi) Economic, social and political globalization have a U-shaped relationship with energy consumption. (vii) Economic and social globalization condition economic growth to increase energy consumption, while political globalization moderates the impact of economic growth to reduce energy consumption. The policy implications of these findings for emerging economies are discussed.

Keywords: Globalization; Emerging economies; Energy consumption; Economic growth (search for similar items in EconPapers)
JEL-codes: C33 F60 O44 Q43 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (44)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:102:y:2021:i:c:s0140988321003583

DOI: 10.1016/j.eneco.2021.105472

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