EU: The Effect of Energy Factors on Economic Growth

Ayaz Aliev (), Madina Magomadova, Anna Budkina, Mustafa Harputlu and Alagez Yusifova
Additional contact information
Ayaz Aliev: Department of Financial Sustainable Development, Plekhanov Russian University of Economics, 117997 Moscow, Russia
Madina Magomadova: Department of Finance, Credit and Antitrust Regulation, Kadyrov Chechen State University, 364024 Grozny, Russia
Anna Budkina: Department of World Finance, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia
Mustafa Harputlu: Governor of Antakya, Antakya 31000, Turkey
Alagez Yusifova: Department of World Finance, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia

Energies, 2023, vol. 16, issue 6, 1-19

Abstract: In this article, we investigate the effect of different energy variables on economic growth of several oil-importing EU member states. Three periods from 2000 to 2020 were investigated. Three different types of regression models were constructed via the gretl software. Namely, the OLS, FE, and SE approaches to panel data analysis were investigated. The FE approach was chosen as the final one. The results suggest the importance of the consumption of both oil and renewable energy on economic growth. Crises of certain periods also had a noteworthy effect as well.

Keywords: European Union; oil; renewable energy; coal; economic growth; gross domestic product; ordinary least squares; fixed effect; selection effect; econometrics; gretl software (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.mdpi.com/1996-1073/16/6/2908/pdf (application/pdf)
https://www.mdpi.com/1996-1073/16/6/2908/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:16:y:2023:i:6:p:2908-:d:1103862

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().