A Panel Dynamic Analysis on Energy Consumption, Energy Prices and Economic Growth in Next 11 Countries


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Authors

  • Jannatul Ferdaus MSS Research Student, Department of Economics, Comilla University, Cumilla-3506, Bangladesh
  • Bismark Kusi Appiah PhD. Candidate, School of Economics, Shandong University, Jinan-250100, P. R. China.
  • Shapan Chandra Majumder Associate Professor, Department of Economics, Comilla University, Comilla-3506, Bangladesh
  • Anouba Acha Arnaud Martial PhD Candidate in Business Administration, School of Business, Hohai University, P. R. China

Abstract

This study empirically examines the impacts of energy consumption and energy prices on economic growth for three data sets of panel groups of Next 11 countries within a multivariate panel framework over the period 1990-2013. For the entire panel group of Next 11 countries, it is obtained from the results of panel Autoregressive Distributed Lag estimation approach that, energy consumption has a positive and energy prices have a negative impact on economic growth, both in the long-run and short-run; and a unidirectional causal linkage between economic growth and energy consumption is confirmed by the results of panel causality tests. For the 6 of Next 11 net oil-importing countries panel group, it is found from panel Dynamic Ordinary Least Squares method that, economic growth is negatively influenced by both energy consumption and energy prices. The results of panel Autoregressive Distributed Lag estimation approach for the 5 of Next 11 net oil-exporting countries panel group portrays that, in the long-run, energy consumption negatively affects economic growth and energy prices positively influence economic growth, while in the short-run, economic growth is negatively affected by both energy consumption and energy prices.Keywords: Energy Consumption; Energy Prices; Economic Growth; Next 11 CountriesJEL Classifications: C33; C51; Q4; Q43DOI: https://doi.org/10.32479/ijeep.9880

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Author Biographies

Jannatul Ferdaus, MSS Research Student, Department of Economics, Comilla University, Cumilla-3506, Bangladesh

MSS Thesis Student, Department of Economics, Comilla University, Cumilla-3506, Bangladesh

Bismark Kusi Appiah, PhD. Candidate, School of Economics, Shandong University, Jinan-250100, P. R. China.

PhD. Candidate in Economics, School of Economics, Shandong University, 27 Shanda Nanlu, Jinan-250100, P. R. China.

Shapan Chandra Majumder, Associate Professor, Department of Economics, Comilla University, Comilla-3506, Bangladesh

Associate Professor, Department of Economics, Comilla University, Comilla-3506, Bangladesh

Anouba Acha Arnaud Martial, PhD Candidate in Business Administration, School of Business, Hohai University, P. R. China

PhD Candidate in Business Administration, School of Business, Hohai University, P. R. China

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Published

2020-10-10

How to Cite

Ferdaus, J., Appiah, B. K., Majumder, S. C., & Martial, A. A. A. (2020). A Panel Dynamic Analysis on Energy Consumption, Energy Prices and Economic Growth in Next 11 Countries. International Journal of Energy Economics and Policy, 10(6), 87–99. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/9880

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