THE RELATIONSHIP BETWEEN ELECTRICITY CONSUMPTION AND ECONOMIC GROWTH IN OECD COUNTRIES: PANEL COINTEGRATION ANALYSIS UNDER CROSS-SECTIONAL DEPENDENCE (VZŤAH MEDZI SPOTREBOU ELEKTRICKEJ ENERGIE A HOSPODÁRSKYM RASTOM V ŠTÁTOCH OECD: PANELOVÁ KOINTEGRAČNÁ ANALÝZA SO ZOHĽADNENÍM PRIEREZOVEJ ZÁVISLOSTI)

Tuba Baskonus Direkci () and Tuncer Govdeli ()
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Tuba Baskonus Direkci: Faculty of Economics and Administrative Sciences, University of Gaziantep
Tuncer Govdeli: Faculty of Economics and Administrative Sciences, University of Gaziantep

Medzinarodne vztahy (Journal of International Relations), 2015, vol. 13, issue 4, 382-398

Abstract: In the present study, the relationship between electricity consumption and economic growth in 28 OECD countries for the period between 1980 and 2012 was investigated. Under cross-section dependence, electricity consumption and economic growth data were analyzed using second generation CADF and CIPS unit root tests and found to be stationary at first differences. Therefore, the cointegration relationship between the series was examined by using Durbin-Hausman test developed by Westerlund (2008). According to the empirical results, electricity consumption has a positive effect on the economic growth. (Predkladaná štúdia skúma vzťah medzi spotrebou elektrickej energie a hospodárskym rastom v 28 štátoch OECD v období 1980-2012. Pri zohľadnení prierezovej závislosti sa na analýzu údajov o spotrebe elektrickej energie a hospodárskom raste používajú testy jednotkového koreňa druhej generácie CADF a CIDS, pričom ich prvé diferencie sú stacionárne. Preto sa v ďalšom texte použil Westermanom (2008) vyvinutý Durbinov-Hausmanov test na preskúmanie kointegračného vzťahu medzi štatistickými radmi. Empirické výsledky poukazujú na fakt, že spotreba elektrickej energie má pozitívny vplyv na hospodársky rast.)

Keywords: electricity consumption; economic growth; cross-section dependence; panel unit roots; panel cointegration (search for similar items in EconPapers)
JEL-codes: C33 Q40 (search for similar items in EconPapers)
Date: 2015
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