Energy consumption and economic growth: New insights into the cointegration relationship
Energy consumption and economic growth: New insights into the cointegration relationship
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DOI：
10.1016/j.eneco.2011.02.005
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发表时间：
2011-09-01
期刊：
影响因子：
12.8
通讯作者：
Dreger, Christian
中科院分区：
文献类型：
--
作者：
Belke, Ansgar;Dobnik, Frauke;Dreger, Christian
本文考察了1981年至2007年25个经合组织国家的能源消费与包括能源价格在内的真实的GDP之间的长期关系。使用主成分分析法区分共同因素和特殊成分，可以区分国际和国家一级的发展作为长期关系的驱动因素。事实上，基本变量的共同组成部分之间的协整表明，国际发展主导了能源消费与真实的国内生产总值之间的长期关系。此外，研究结果表明，能源消费是价格无弹性的。因果关系检验表明，能源消费和经济增长之间存在双向因果关系。(C)2011 Elsevier B.V.保留所有权利。
This paper examines the long-run relationship between energy consumption and real GDP, including energy prices, for 25 OECD countries from 1981 to 2007. The distinction between common factors and idiosyncratic components using principal component analysis allows to distinguish between developments on an international and a national level as drivers of the long-run relationship. Indeed, cointegration between the common components of the underlying variables indicates that international developments dominate the long-run relationship between energy consumption and real GDP. Furthermore, the results suggest that energy consumption is price-inelastic. Causality tests indicate the presence of a bi-directional causal relationship between energy consumption and economic growth. (C) 2011 Elsevier B.V. All rights reserved.