Energy Consumption and Growth in Romania: Evidence from a Panel Error Correction Model

Nicholas Apergisu and Dan Dănuleţiu
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Nicholas Apergisu: Department of Banking and Financial Management University of Piraeus, Greece

International Journal of Energy Economics and Policy, 2012, vol. 2, issue 4, 348-356

Abstract: This study examines the relationship between energy consumption and economic growth for the economy of Romania over the period 2000-2011 within a multivariate framework. A cointegration and error correction model is employed to infer the causal relationship. Cointegration test reveals a long-run equilibrium relationship between real GDP, energy consumption, the labor force, and real gross fixed capital formation with the respective coefficients positive and statistically significant. The Granger-causality results indicate both short-run and long-run causality from energy consumption to economic growth which supports the growth hypothesis.

Keywords: Energy consumption; Growth; Cointegration tests; Granger-causality (search for similar items in EconPapers)
JEL-codes: C23 Q43 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (30)

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