Revisiting the economic growth–energy consumption nexus: Does globalization matter?

Alex O. Acheampong, Elliot Boateng*, Mary Amponsah, Janet Dzator

*Corresponding author for this work

Research output: Contribution to journalArticleResearchpeer-review

19 Citations (Scopus)

Abstract

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.

Original languageEnglish
Article number105472
JournalEnergy Economics
Volume102
Early online date22 Jul 2021
DOIs
Publication statusPublished - Oct 2021
Externally publishedYes

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