Energy and economic growth in G20 countries: Panel cointegration analysis

Aynur Pala

Economics and Business Letters, 2020, vol. 9, issue 2, 56-72

Abstract: Rising economic performance has enlarged energy demand, carbon emissions and global warming. Policymakers need to avoid global warming. Therefore, energy-growth nexus is important. This paper empirically investigates the relationship between energy consumption and economic growth for a panel of G20 countries over the period 1990-2016. For this purpose, the paper considers the panel cointegration and panel vector error correction model. Panel cointegration test set out a long-run equilibrium relationship. Long-run relationship is estimated using a Fully Modified OLS (FMOLS) and Dynamic OLS (DOLS). The results show that causality run from energy consumption to GDP. It is indicates that “growth hypothesis†is valid for G20 countries.

Date: 2020
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