 Energy consumption, energy R&D and real GDP in OECD countries with and without oil reservesSiang Leng Wong, Youngho Chang () and Wai-Mun Chia Energy Economics, 2013, vol. 40, issue C, 51-60 Abstract: The objective of the study is to shed light on the contributions of energy consumption and energy R&D on economic growth. We examine two sets of causal relationship between (1) capital stock, energy consumption and real GDP and (2) capital stock, energy R&D and real GDP using panel-based fully-modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) for 20 OECD countries over the period of 1980–2010. Since different countries may respond differently to energy consumption and energy R&D, the sample is further divided into two groups: OECD countries with oil reserves and without oil reserves. Similarly, energy consumption and energy R&D are also further divided into fossil fuel energy and renewable energy. The results show that the role of energy R&D should not be overlooked and fossil fuel R&D is found to drive economic growth more than fossil fuel consumption. The findings also show that while capital stock and fossil fuels are the key factors driving economic growth, renewable energy promotes real output, specifically in the countries without oil reserves. Keywords: Renewable energy; Fossil fuels; GDP per labor (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:40:y:2013:i:c:p:51-60 DOI: 10.1016/j.eneco.2013.05.024 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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