TY - JOUR
T1 - Revisiting the economic growth–energy consumption nexus: Does globalization matter?
AU - Acheampong, Alex O.
AU - Boateng, Elliot
AU - Amponsah, Mary
AU - Dzator, Janet
N1 - Funding Information:
The authors are grateful to the College of Human and Social Futures, the University of Newcastle for their financial support. The authors sincerely thank Richard S. J. Tol (Editor-in-Chief) and Perry Sadorsky (Handling Editor) for their time and support. We are also grateful to the anonymous reviewer for the valuable comments that help to improve the quality of this paper. Nevertheless, the authors are responsible for all remaining errors.
Publisher Copyright:
© 2021 Elsevier B.V.
PY - 2021/10
Y1 - 2021/10
N2 - This study revisits the economic growth–energy consumption thesis by investigating the impact of economic, social, and political globalization on the economic growth–energy consumption nexus in a panel of 23 emerging economies for the period 1970–2015. The results that emanate from an instrumental variable generalized method of moment model suggest the following: (i) Energy consumption and economic growth are interdependent. (ii) Economic and political globalization retard economic growth, while social globalization increases economic growth. (iii) Economic, social and political globalization have an inverted U-shaped relationship with economic growth. (iv) Economic, social and political globalization interact with energy consumption to retard economic growth. (v) Economic, social and political globalization do not affect energy consumption. (vi) Economic, social and political globalization have a U-shaped relationship with energy consumption. (vii) Economic and social globalization condition economic growth to increase energy consumption, while political globalization moderates the impact of economic growth to reduce energy consumption. The policy implications of these findings for emerging economies are discussed.
AB - This study revisits the economic growth–energy consumption thesis by investigating the impact of economic, social, and political globalization on the economic growth–energy consumption nexus in a panel of 23 emerging economies for the period 1970–2015. The results that emanate from an instrumental variable generalized method of moment model suggest the following: (i) Energy consumption and economic growth are interdependent. (ii) Economic and political globalization retard economic growth, while social globalization increases economic growth. (iii) Economic, social and political globalization have an inverted U-shaped relationship with economic growth. (iv) Economic, social and political globalization interact with energy consumption to retard economic growth. (v) Economic, social and political globalization do not affect energy consumption. (vi) Economic, social and political globalization have a U-shaped relationship with energy consumption. (vii) Economic and social globalization condition economic growth to increase energy consumption, while political globalization moderates the impact of economic growth to reduce energy consumption. The policy implications of these findings for emerging economies are discussed.
UR - http://www.scopus.com/inward/record.url?scp=85111551509&partnerID=8YFLogxK
U2 - 10.1016/j.eneco.2021.105472
DO - 10.1016/j.eneco.2021.105472
M3 - Article
AN - SCOPUS:85111551509
SN - 0140-9883
VL - 102
JO - Energy Economics
JF - Energy Economics
M1 - 105472
ER -