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Energy as a driver of growth in oil exporting countries?

Olivier Damette and Majda Seghir ()

Energy Economics, 2013, vol. 37, issue C, 193-199

Abstract: This paper is a contribution to the on-going debate over whether there is a relationship between energy consumption and economic growth. Although the oil exporting countries are among the most energy-intensive economies in the world, little attention has been paid to the features of their energy consumption. Therefore, this study empirically investigates the two variables dynamic relationship in 12 oil exporting countries from 1990 to 2010. Using recently developed panel econometric techniques, the present paper accounts for cross-section dependence and structural breaks when analysing the energy-income nexus. The results of this study indicate that there exists a long-run equilibrium relationship between energy consumption and economic growth. Furthermore, the empirical evidence of a dynamic panel error-correction model reveals a short-run unidirectional causality from energy consumption to economic growth, whereas in the long-run, it is the economic process that determines the energy consumption trend.

Keywords: Energy-income nexus; Panel cointegration; Oil exporting countries (search for similar items in EconPapers)
JEL-codes: C01 C33 Q43 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1016/j.eneco.2012.12.011

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Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant

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