Energy Intensity in the Context of Energy-Growth Nexus considering growth and energy consumption volatility A multicounty Perspective

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Abstract

This study investigates energy growth nexus with a focus on recent trends in falling energy intensity
across the world. The Yamamoto -Kurozumi technique within a cointegration framework is used to
examine both long and short run causal relationships between energy intensity, income and the volatilities of income and energy consumption for 48 countries for the period from 1960 to 2015. The long run estimates show that the income elasticity of energy consumption is significantly less than one for most of the countries included in the sample. These results reconcile with the phenomenon of falling energy intensity in these countries. This implies that increasing income has significantly reduced energy consumption for more than two decades for those countries where significant long run causality has been observed. The other unique findings are the roles of income and energy consumption volatilities on income and energy consumption. The evidence from many countries reveals that increases in income volatility increases the volatility of energy consumption and further significantly reduces the energy use. In addition, the short run dynamic
relationships between energy consumption and income have been observed for almost all countries with no long run significant causality. The rest of findings corresponding to growth, conservation, feedback and neutrality hypotheses of income and energy consumption are in line with the previous literature. Finally, this study sheds light on energy conservation policies related to the efficient use of energy.
Original languageEnglish
Number of pages55
Publication statusPublished - 1 Jul 2019
Event 2019 Econometric Society Australasian Meeting - Perth Convention and Exhibition Centre, Perth, Australia
Duration: 1 Jul 20193 Jul 2019
https://esam2019.org/

Conference

Conference 2019 Econometric Society Australasian Meeting
Abbreviated titleESAM2019
CountryAustralia
CityPerth
Period1/07/193/07/19
Internet address

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Income
Energy consumption
Energy intensity
Energy
Short-run
Causality
Energy conservation
Neutrality
Income elasticity
Cointegration
Energy use
Conservation
Conservation policy

Cite this

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title = "Energy Intensity in the Context of Energy-Growth Nexus considering growth and energy consumption volatility A multicounty Perspective",
abstract = "This study investigates energy growth nexus with a focus on recent trends in falling energy intensityacross the world. The Yamamoto -Kurozumi technique within a cointegration framework is used toexamine both long and short run causal relationships between energy intensity, income and the volatilities of income and energy consumption for 48 countries for the period from 1960 to 2015. The long run estimates show that the income elasticity of energy consumption is significantly less than one for most of the countries included in the sample. These results reconcile with the phenomenon of falling energy intensity in these countries. This implies that increasing income has significantly reduced energy consumption for more than two decades for those countries where significant long run causality has been observed. The other unique findings are the roles of income and energy consumption volatilities on income and energy consumption. The evidence from many countries reveals that increases in income volatility increases the volatility of energy consumption and further significantly reduces the energy use. In addition, the short run dynamic relationships between energy consumption and income have been observed for almost all countries with no long run significant causality. The rest of findings corresponding to growth, conservation, feedback and neutrality hypotheses of income and energy consumption are in line with the previous literature. Finally, this study sheds light on energy conservation policies related to the efficient use of energy.",
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note = "2019 Econometric Society Australasian Meeting , ESAM2019 ; Conference date: 01-07-2019 Through 03-07-2019",
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Energy Intensity in the Context of Energy-Growth Nexus considering growth and energy consumption volatility A multicounty Perspective. / Rajaguru, Gulasekaran; Khan, Safdar Ullah.

2019. 2019 Econometric Society Australasian Meeting , Perth, Australia.

Research output: Contribution to conferencePresentationResearch

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