화학공학소재연구정보센터
Energy, Vol.116, 102-115, 2016
Impact of renewable and non-renewable energy consumption on economic growth: New evidence from the MENA Net Oil Exporting Countries (NOECs)
This study explores the economic growth energy consumption nexus for two samples of MENA Net Oil Exporting Countries (NOECs) during the period 1980-2012. Using panel cointegration approach, we found strong evidence for the existence of a long-run relationship between real GDP, renewable and non-renewable energy consumption, real gross fixed capital formation, and the labor force. Moreover, empirical results from the estimation of the panel error correction model indicate evidence of a unidirectional causality running from economic growth to renewable energy consumption in the short-run. In the long-run, the results show evidence of a bidirectional causality for the entire group of MENA NOECs. For the 5 selected MENA NOECs sample, we found strong evidence for bidirectional causality between renewable energy and economic growth. Additionally, our results confirm bidirectional causality between renewable and non-renewable energy consumption with negative and significant coefficient in the short-run indicating substitutability between these two types of energy. Finally, the paper discusses the economic implications of the results and proposes certain policies recommendations. (C) 2016 Published by Elsevier Ltd.