The relationship between energy demand and real GDP growth rate: The role of price asymmetries and spatial externalities within 34 countries across the globe

Fotis, Panagiotis; Karkalakos, Sotiris; Asteriou, Dimitrios

doi:10.1016/j.eneco.2017.05.027

Cited by 60 publications

(21 citation statements)

References 76 publications

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“…Ajmi, Hammoudeh, Nguyen, and Sato (2015) Table A2 in the appendix presents the main research regarding the effect of energy efficient indicators and growth on environmental pollutants at the country level within the EU. 7 Mukherjee and Chakraborty (2013) (Table 1) (see Fotis, Karkalakos, & Asteriou, 2017). For other countries pollution increases in the initial stages of growth and continues to increase as growth increases.…”

Section: Literature Reviewmentioning

confidence: 99%

“…It captures changes in production and consumption patterns, which affect the impact of potential real GDP growth rate on the environment, and comprises a measure of the economic activity. We use the percentage ratio of real GDP growth rate rather than other measures of income utilized in previous literature (such as income in physical units) since it allows comparisons of the dynamics of economic development both over time and between economies of different sizes, and the computed volume changes are imposed on the level of a reference year and therefore development rate is not inflated by price movements (Table ) (see Fotis, Karkalakos, & Asteriou, ).…”

Section: Data and Sample Statisticsmentioning

confidence: 99%

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Sustainable development, environmental policy and renewable energy use: A dynamic panel data approach

Fotis¹,

Polemis

2018

Sustainable Development

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The aim of this paper is to cast light on the relationship between sustainable development environmental policy and renewable energy use. We utilize a dynamic GMM approach over a panel of 34 European Union (EU) countries spanning the period 2005-2013. Our findings reveal a positive monotonic relationship between development and pollution. Energy saving positively affects environmental degradation, while energy intensity increases air pollution. Our findings imply important policy implications to policy makers toward sustainability. Despite the fact that the Europe "20-20-20" climate and energy package strategy seems to be achieved, the recently adopted Energy Roadmap 2050 must be updated on regular basis in order to be effectively implemented and monitored by government officials and firms' stakeholders. Therefore, we argue that EU countries must increase the use of new technology and renewable energy capacity in order to align environmental policies towards more efficient energy use and sustainable development among the EU periphery.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Data and Sample Statisticsmentioning

confidence: 99%

Sustainable development, environmental policy and renewable energy use: A dynamic panel data approach

Fotis¹,

Polemis

2018

Sustainable Development

Self Cite

View full text Add to dashboard Cite

show abstract

“…Our study adopted the real GDP per capita calculated in consistent 2011 US Dollar as a measure for real income. GDP data is available from the World Bank, which gives GDP per capita based on purchasing power parity [36].…”

Section: Real Gdp Per Capitamentioning

confidence: 99%

Export Diversification and Ecological Footprint: A Comparative Study on EKC Theory among Korea, Japan, and China

et al. 2018

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This study examines the Environmental Kuznets Curve (EKC) hypothesis by adopting a country’s ecological footprint as an indicator of environmental degradation in three East Asian countries: Japan, Korea, and China. During the development process, countries intend to balance between stabilizing export demand and maintaining sustainable economic improvement in the context of deteriorating global warming and climate change. The Environmental Kuznets Curve (henceforth, EKC) was originally developed to estimate the correlation between environment condition and economic development. In this paper, we started from the EKC model and adopted an Error Correction Methodology (henceforth, ECM) to estimate the EKC relationships in Japan, Korea (two developed countries), and China (a developing country) over the period of 1990 to 2013. Besides this, instead of only using Gross Domestic Product (henceforth, GDP), two subdivisions of trade diversification—export product diversification and export market diversification—are introduced as proxy variables for economic development in rectification of the EKC. The results demonstrate that both Korea and Japan satisfy the EKC theory by demonstrating an inverted U-shaped relationship between economic development and ecological footprint, while analysis based on data from China does not display the same tendency. For both export product diversification and market diversification, the more diversified the country’s export is, the bigger its ecological footprint. The policy implications of this econometric outcome are also discussed.

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“…Therefore, numerous research papers have analyzed the relationship between economy and energy, with valuable results [3]. Most of the existing literature focused on two variables: energy consumption and economic growth [4][5][6][7][8]. Some of the studies focused on energy consumption and industrial structure change [9], while others looked at economic growth and the energy structure [10].…”

Section: Literature Reviewmentioning

confidence: 99%

Projections and Recommendations for Energy Structure and Industrial Structure Development in China through 2030: A System Dynamics Model

et al. 2019

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In this research, we established a System Dynamics Model named “E&I-SD” to study the development of the energy structure and industrial structure in China from 2000 to 2030 using Vensim Simulation Software based on energy economy theory, system science theory and coordinated development theory. We used Direct Structure Test, Structure-oriented Behavior Test, and Behavior Pattern Test to ensure the optimal operation of the system. The model’s results showed that the indicators of total energy consumption, total added value of GDP after regulation, energy consumption per capita, and GDP per capita were on the rise in China, but emissions per unit of energy showed a downward trend. Separately, the model predicted average annual growth rates in China through 2030. Based on these findings, we proposed important policies for China’s sustainable development. Firstly, short- and long-term policy measures should be implemented to replace fossil fuels with clean energy. Secondly, the utilization efficiency of raw coal should be appraised future. The planning should provide for steady development and improvement of the primary, secondary, and tertiary sectors. Thirdly, the mid- and long-term plans for development and management of various industrial sectors and the corresponding energy consumption should be based on technological trends. Finally, a market-oriented pricing mechanism for energy should be established in China as soon as possible.

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The relationship between energy demand and real GDP growth rate: The role of price asymmetries and spatial externalities within 34 countries across the globe

Cited by 60 publications

References 76 publications

Sustainable development, environmental policy and renewable energy use: A dynamic panel data approach

Sustainable development, environmental policy and renewable energy use: A dynamic panel data approach

Export Diversification and Ecological Footprint: A Comparative Study on EKC Theory among Korea, Japan, and China

Projections and Recommendations for Energy Structure and Industrial Structure Development in China through 2030: A System Dynamics Model

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