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Panel Granger causality between oil consumption and GDP: Evidence from the BRICS countries

Tsangyao Chang (), Olorato Gadinabokao (), Rangan Gupta (), Roula Inglesi-Lotz (), Pervan Kanniah () and Beatrice Desiree Simo-Kengne
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Olorato Gadinabokao: Department of Economics, University of Pretoria
Pervan Kanniah: Department of Economics, University of Pretoria

No 201371, Working Papers from University of Pretoria, Department of Economics

Abstract: This paper examines the causal relationship between oil consumption and economic growth in the BRICS countries using annual data from 1985 to 2011. We employ a bootstrap panel causality approach based on meta-analysis in heterogeneous mixed panels which accounts for both cross sectional dependence and heterogeneity across countries. Empirical results provide evidence of no causal relationship between the two variables, hence vindicating the neutrality hypothesis for the panel of BRICS countries. Consistent with the individual country results, this finding suggests that energy policy geared towards a reduction in oil consumption might not have a significant impact on economic growth, as neither oil consumption nor economic growth is not sensitive to each other.

Keywords: Oil Consumption; Economic Growth; Dependency and Heterogeneity; Panel Causality (search for similar items in EconPapers)
JEL-codes: C32 C33 Q43 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2013-11
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Journal Article: Panel Granger causality between oil consumption and GDP: evidence from BRICS countries (2015) Downloads
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