Electricity Generation and Real Output in Asia: A Panel Co-Integration Approach
DOI:
https://doi.org/10.26710/reads.v3i1.163Keywords:
Electricity Production, Kao Panel Co-integration test, Labor, FM-OLS, Central Asia, East Asia, South Asia, South East Asia.Abstract
Purpose: The present study concentrates on the relationship of electricity
with real output in Asia. The paper analyzes this connection individually
among all regions of Asia. Some countries are selected from Central Asia,
East Asia, South Asia and South East Asia. Time period of 1990 – 2015 has
been chosen for the analysis. We have considered Solow growth model and
have taken labor and capital as necessary variables for growth. After
confirmation of integration of order as 1 for all variables, Kao Cointegration
test infers presence of long run relationship in all models. FMOLS
suggests that labor and capital are positively significant factors for the
development of real output in all the regions of Asia. Electricity Production
is positively influencing real output in Central Asia, South Asia and South
East Asia; For East Asia, it has been stated as negative. On the basis of
results, study suggests that government should develop more skilled labor,
cheap investment opportunities, efficient and cheap electricity production.
References
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Adom, P. K. (2011). Electricity Consumption-Economic Growth Nexus: The Ghanaian Case. International Journal of Energy Economics and Policy, 1(1), 19 – 31.
Akta?, C. and Yilmaz, V. (2008). Causal Relationship between Electricity Consumption and Economic Growth in Turkey. Zkü Sosyal Bilimler Dergisi, 4(8), 45 – 54.
Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy Economics, 22, 615 - 625
Asteriou, D. (2005). Applied Econometrics: A modern approach using EViews and Microfit, Palgrave Macmilan.
Binh, P. T. (2011). Energy Consumption and Economic Growth in Vietnam: Threshold Cointegration and Causality Analysis. International Journal of Energy Economics and Policy, 1(1), 1 – 17.
Chebbi, H. E. (2009). Long and Short-Run Linkages between Economic Growth, Energy Consumption and CO2 Emissions in Tunisia. Economic Research Forum, Working Paper, 485, 1 – 20.
Chen, B., McCoskey, S. and Kao, C. (1999). Estimation and Inference of a Cointegrated regression in panel data: A Monte Carlo Study. American Journal of Mathematical and Management Sciences, 19, 75 – 114.
Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20, 249 – 272.
Christian, G. (2011). Explaining the (non-) causality between energy and economic growth in the US: A multivariate sectoral analysis. Papers on economics and evolution, 1104, 1 – 29.
Gujarati, D. N. and Porter, D. C. (2009). Basic Econometrics, 5th Edition.
Halkos, G. E. and Tzeremes, N. G. (2011). The effect of Energy Consumption on Countries' Economic Efficiency: a conditional robust non parametric approach. MPRA Paper No. 28692, 1 – 28.
Hirschman, A. O. (1958). The Strategy of Economic Development. New Haven: Yale University Press.
Hirshman A. O. (1958). The Strategy of Economic Development, Westview Press.
Hossain, M. S. and Saeki, C. (2011). Does Electricity Consumption Panel Granger Cause Economic Growth in South Asia? Evidence from Bangladesh, India, Iran, Nepal, Pakistan and Sri-Lanka. European Journal of Social Sciences, 25(3), 316 – 328.
Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53 – 74.
Imran, K. and Siddiqui, M. M. (2010). Energy Consumption and Economic Growth: A Case Study of Three SAARC Countries. European Journal of Social Sciences, 16(2), 206 – 213.
Jhingan, M. L. (2009). The Economics of Development and Planning. 38th Revised and Enlarged Edition.
Jumbe, C. B.L. (2004). Co-integration and Causality between Electricity Consumption and GDP: Empirical Evidence From Malawi. Energy Economics, 26, 61 – 68.
Kao, C. and Chen, B. (1995). On the estimation and inference for Co-integration in panel data when the cross section and time series dimensions are comparable. Manuscrpit, Center for Policy Research, Syracuse University,
Kao, C. and Chiang, M. H. (2000). On the estimation and inference of a co integrated regression in panel data. Advances in Econometrics, 15. 179 – 222.
Kao, C. D. (1999). Spurious Regression and Residual – Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1 – 44.
Khan, M. A. and Ahmed, U. (----).Energy Demand in Pakistan: A Disaggregate Analysis.
Magazzino, C. (2011). Energy consumption and aggregate income in Italy: cointegration and causality analysis. MPRA Paper No. 28494, 1 – 19.
Mehrara, M. (2007). Energy-GDP relationship for oil-exporting countries: Iran, Kuwait and Saudi Arabia. Organization of the Petroleum Exporting Countries, 1 – 16.
Noor, S. and Siddiqi, M. W. (2010). Energy Consumption and Economic Growth in South Asian Countries: A Co-integrated Panel Analysis. International Journal of Human and Social Sciences, 2(14), 921 – 926.
Payne, J. E. and Taylor, J. P. (2010). Nuclear Energy Consumption and Economic Growth in the U.S.: An Empirical Note. Energy Sources, 5, 301 – 307.
Pedroni, P. (1996). Fully Modified OLS for Heterogeneous Cointegrated panels and the case of purchasing power parity. Working paper, department of economics, Indiana University.
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Phillips, P. C. B. and Moon, H. (1999). Linear Regression Limit theory for Non stationary panel data. Econometrica, 67, 1057 – 1111.
Pradhan, R. P. (2010). Energy Consumption- Growth Nexus in SAARC Countries: Using Cointegration and Error Correction Model. Modern Applied Science, 4(4), 74 – 90.
Qazi, A. Q., Ahmed, K. and Mudassar, M. (2012). Disaggregate Energy Consumption and Industrial Output in Pakistan: An Empirical Analysis. Economics discussion papers, 1 – 15.
Salim, R. A., Rafiq, S. and Hassan, A. F. M. K. (2008). Causality and Dynamics of Energy Consumption and Output: Evidence from Non-OECD Asian Countries. Journal of Economic Development, 33(2), 1 – 26.
Shahbaz, M. and Ozturk, I. (2012). Electricity consumption and economic growth causality revisited: evidence from Turkey. MPRA Paper No. 37637, 1 – 25.
Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70, 65-94.
Soytas, U., Sari, R. and Ozdemir, O. (2001). Energy Consumption and GDP Relation in Turkey: A Cointegration and Vector Error Correction Analysis. Economies and Business in Transition: Facilitating Competitiveness and Change in the Global Environment Proceedings, 838 – 844.
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World Data Bank, World Development Indicators and Global Development Finance, Source: http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=2
Yang, G., Wang, H., Zhou, J. and Liu, X. (2012). Analyzing and Predicting the Economic Growth, Energy Consumption and CO2 Emissions in Shanghai. Energy and Environment Research, 2(2), 83 – 91.
Yap, L. L. I. and Bekhet, H. A. (2016). Modelling the causal linkages among residential electricity consumption, gross domestic product, price of electricity, price of electric appliances, population and foreign direct investment in Malaysia. International Journal of Energy Technology and Policy, 12 (1), 41 – 59.
Ali, H. S., Law, S. H., Yusop, Z. and Chin, L. (2016). Dynamic implication of biomass energy consumption on economic growth in Sub-Saharan Africa: evidence from panel data analysis. GeoJournal, 81, 1 – 10.
Rehman, H. and Bashir, F. (2015). Energy Consumption and Agriculture Sector in Middle Income Developing Countries: A Panel Data Analysis. Pakistan Journal of Social Sciences, 35 (1), 479 – 496.
Chaudhry, I. S., Farooq F. and Nasim, I. (2015). Long run Panel Data Analysis of Energy Consumption and Real GDP of South Asian Economies. Pakistan Journal of Social Sciences, 35 (2), 715 – 727.
Jebran, K. (2014). Causal relationship between electricity consumption and GDP in Pakistan. Journal of Asian Developing Studies, 3(1), 90 – 100.
Muse, B. O. (2014). Energy Consumption and Economic Growth in Nigeria: Correlation or Causality? Journal of Empirical Economics, 3(3), 108 – 120.
Saatci, M. and Dumrul, Y. (2013). The relationship between energy consumption and economic growth: Evidence from a structural break analysis for Turkey. International Journal of Energy Economics and Policy, 3(1), 20 – 29.
Nelson, O., Mukras, M. S. and Siringi, E. M. (2013). Causality between disaggregated energy consumption and Manufacturing Growth in Kenya: An empirical approach. Journal of Economics and Sustainable Development, 4(16), 29 – 36.
Kusuma, D. B. W. and Muqorrobin, M. (2013). The relationship between energy consumption and economic growth. Trikonomika, 12(2), 103 – 112.
Jakovac, P. (2013). Empirical analysis on economic growth and energy consumption relationship in Croatia. Ekonomska Istrazivanja Economic Research, 26(4), 21 – 42.
Abdulnasser, H. J. and Manuchehr, I. (2005). Energy Consumption and Economic Growth in Sweden: A Leveraged Bootstrap Approach, (1965-2000). International Journal of Applied Econometrics and Quantitative Studies, 2(4), 87 – 98.
Adom, P. K. (2011). Electricity Consumption-Economic Growth Nexus: The Ghanaian Case. International Journal of Energy Economics and Policy, 1(1), 19 – 31.
Akta?, C. and Yilmaz, V. (2008). Causal Relationship between Electricity Consumption and Economic Growth in Turkey. Zkü Sosyal Bilimler Dergisi, 4(8), 45 – 54.
Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy Economics, 22, 615 - 625
Asteriou, D. (2005). Applied Econometrics: A modern approach using EViews and Microfit, Palgrave Macmilan.
Binh, P. T. (2011). Energy Consumption and Economic Growth in Vietnam: Threshold Cointegration and Causality Analysis. International Journal of Energy Economics and Policy, 1(1), 1 – 17.
Chebbi, H. E. (2009). Long and Short-Run Linkages between Economic Growth, Energy Consumption and CO2 Emissions in Tunisia. Economic Research Forum, Working Paper, 485, 1 – 20.
Chen, B., McCoskey, S. and Kao, C. (1999). Estimation and Inference of a Cointegrated regression in panel data: A Monte Carlo Study. American Journal of Mathematical and Management Sciences, 19, 75 – 114.
Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20, 249 – 272.
Christian, G. (2011). Explaining the (non-) causality between energy and economic growth in the US: A multivariate sectoral analysis. Papers on economics and evolution, 1104, 1 – 29.
Gujarati, D. N. and Porter, D. C. (2009). Basic Econometrics, 5th Edition.
Halkos, G. E. and Tzeremes, N. G. (2011). The effect of Energy Consumption on Countries' Economic Efficiency: a conditional robust non parametric approach. MPRA Paper No. 28692, 1 – 28.
Hirschman, A. O. (1958). The Strategy of Economic Development. New Haven: Yale University Press.
Hirshman A. O. (1958). The Strategy of Economic Development, Westview Press.
Hossain, M. S. and Saeki, C. (2011). Does Electricity Consumption Panel Granger Cause Economic Growth in South Asia? Evidence from Bangladesh, India, Iran, Nepal, Pakistan and Sri-Lanka. European Journal of Social Sciences, 25(3), 316 – 328.
Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53 – 74.
Imran, K. and Siddiqui, M. M. (2010). Energy Consumption and Economic Growth: A Case Study of Three SAARC Countries. European Journal of Social Sciences, 16(2), 206 – 213.
Jhingan, M. L. (2009). The Economics of Development and Planning. 38th Revised and Enlarged Edition.
Jumbe, C. B.L. (2004). Co-integration and Causality between Electricity Consumption and GDP: Empirical Evidence From Malawi. Energy Economics, 26, 61 – 68.
Kao, C. and Chen, B. (1995). On the estimation and inference for Co-integration in panel data when the cross section and time series dimensions are comparable. Manuscrpit, Center for Policy Research, Syracuse University,
Kao, C. and Chiang, M. H. (2000). On the estimation and inference of a co integrated regression in panel data. Advances in Econometrics, 15. 179 – 222.
Kao, C. D. (1999). Spurious Regression and Residual – Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1 – 44.
Khan, M. A. and Ahmed, U. (----).Energy Demand in Pakistan: A Disaggregate Analysis.
Magazzino, C. (2011). Energy consumption and aggregate income in Italy: cointegration and causality analysis. MPRA Paper No. 28494, 1 – 19.
Mehrara, M. (2007). Energy-GDP relationship for oil-exporting countries: Iran, Kuwait and Saudi Arabia. Organization of the Petroleum Exporting Countries, 1 – 16.
Noor, S. and Siddiqi, M. W. (2010). Energy Consumption and Economic Growth in South Asian Countries: A Co-integrated Panel Analysis. International Journal of Human and Social Sciences, 2(14), 921 – 926.
Payne, J. E. and Taylor, J. P. (2010). Nuclear Energy Consumption and Economic Growth in the U.S.: An Empirical Note. Energy Sources, 5, 301 – 307.
Pedroni, P. (1996). Fully Modified OLS for Heterogeneous Cointegrated panels and the case of purchasing power parity. Working paper, department of economics, Indiana University.
Phillips, P. C. B. and Hansen, B. E. (1990). Statistical Inference in Instrumental variables regression with I(1) processes. Review of Economic Studies, 57, 99 – 125.
Phillips, P. C. B. and Moon, H. (1999). Linear Regression Limit theory for Non stationary panel data. Econometrica, 67, 1057 – 1111.
Pradhan, R. P. (2010). Energy Consumption- Growth Nexus in SAARC Countries: Using Cointegration and Error Correction Model. Modern Applied Science, 4(4), 74 – 90.
Qazi, A. Q., Ahmed, K. and Mudassar, M. (2012). Disaggregate Energy Consumption and Industrial Output in Pakistan: An Empirical Analysis. Economics discussion papers, 1 – 15.
Salim, R. A., Rafiq, S. and Hassan, A. F. M. K. (2008). Causality and Dynamics of Energy Consumption and Output: Evidence from Non-OECD Asian Countries. Journal of Economic Development, 33(2), 1 – 26.
Shahbaz, M. and Ozturk, I. (2012). Electricity consumption and economic growth causality revisited: evidence from Turkey. MPRA Paper No. 37637, 1 – 25.
Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70, 65-94.
Soytas, U., Sari, R. and Ozdemir, O. (2001). Energy Consumption and GDP Relation in Turkey: A Cointegration and Vector Error Correction Analysis. Economies and Business in Transition: Facilitating Competitiveness and Change in the Global Environment Proceedings, 838 – 844.
Stern, D. I. and Cleveland, C. J. (2004). Energy and Economic Growth. Rensselaer working paper in economics, 1 – 41.
World Data Bank, World Development Indicators and Global Development Finance, Source: http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=2
Yang, G., Wang, H., Zhou, J. and Liu, X. (2012). Analyzing and Predicting the Economic Growth, Energy Consumption and CO2 Emissions in Shanghai. Energy and Environment Research, 2(2), 83 – 91.
Yap, L. L. I. and Bekhet, H. A. (2016). Modelling the causal linkages among residential electricity consumption, gross domestic product, price of electricity, price of electric appliances, population and foreign direct investment in Malaysia. International Journal of Energy Technology and Policy, 12 (1), 41 – 59.
Ali, H. S., Law, S. H., Yusop, Z. and Chin, L. (2016). Dynamic implication of biomass energy consumption on economic growth in Sub-Saharan Africa: evidence from panel data analysis. GeoJournal, 81, 1 – 10.
Rehman, H. and Bashir, F. (2015). Energy Consumption and Agriculture Sector in Middle Income Developing Countries: A Panel Data Analysis. Pakistan Journal of Social Sciences, 35 (1), 479 – 496.
Chaudhry, I. S., Farooq F. and Nasim, I. (2015). Long run Panel Data Analysis of Energy Consumption and Real GDP of South Asian Economies. Pakistan Journal of Social Sciences, 35 (2), 715 – 727.
Jebran, K. (2014). Causal relationship between electricity consumption and GDP in Pakistan. Journal of Asian Developing Studies, 3(1), 90 – 100.
Muse, B. O. (2014). Energy Consumption and Economic Growth in Nigeria: Correlation or Causality? Journal of Empirical Economics, 3(3), 108 – 120.
Saatci, M. and Dumrul, Y. (2013). The relationship between energy consumption and economic growth: Evidence from a structural break analysis for Turkey. International Journal of Energy Economics and Policy, 3(1), 20 – 29.
Nelson, O., Mukras, M. S. and Siringi, E. M. (2013). Causality between disaggregated energy consumption and Manufacturing Growth in Kenya: An empirical approach. Journal of Economics and Sustainable Development, 4(16), 29 – 36.
Kusuma, D. B. W. and Muqorrobin, M. (2013). The relationship between energy consumption and economic growth. Trikonomika, 12(2), 103 – 112.
Jakovac, P. (2013). Empirical analysis on economic growth and energy consumption relationship in Croatia. Ekonomska Istrazivanja Economic Research, 26(4), 21 – 42.
Abdulnasser, H. J. and Manuchehr, I. (2005). Energy Consumption and Economic Growth in Sweden: A Leveraged Bootstrap Approach, (1965-2000). International Journal of Applied Econometrics and Quantitative Studies, 2(4), 87 – 98.
Adom, P. K. (2011). Electricity Consumption-Economic Growth Nexus: The Ghanaian Case. International Journal of Energy Economics and Policy, 1(1), 19 – 31.
Akta?, C. and Yilmaz, V. (2008). Causal Relationship between Electricity Consumption and Economic Growth in Turkey. Zkü Sosyal Bilimler Dergisi, 4(8), 45 – 54.
Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy Economics, 22, 615 - 625
Asteriou, D. (2005). Applied Econometrics: A modern approach using EViews and Microfit, Palgrave Macmilan.
Binh, P. T. (2011). Energy Consumption and Economic Growth in Vietnam: Threshold Cointegration and Causality Analysis. International Journal of Energy Economics and Policy, 1(1), 1 – 17.
Chebbi, H. E. (2009). Long and Short-Run Linkages between Economic Growth, Energy Consumption and CO2 Emissions in Tunisia. Economic Research Forum, Working Paper, 485, 1 – 20.
Chen, B., McCoskey, S. and Kao, C. (1999). Estimation and Inference of a Cointegrated regression in panel data: A Monte Carlo Study. American Journal of Mathematical and Management Sciences, 19, 75 – 114.
Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20, 249 – 272.
Christian, G. (2011). Explaining the (non-) causality between energy and economic growth in the US: A multivariate sectoral analysis. Papers on economics and evolution, 1104, 1 – 29.
Gujarati, D. N. and Porter, D. C. (2009). Basic Econometrics, 5th Edition.
Halkos, G. E. and Tzeremes, N. G. (2011). The effect of Energy Consumption on Countries' Economic Efficiency: a conditional robust non parametric approach. MPRA Paper No. 28692, 1 – 28.
Hirschman, A. O. (1958). The Strategy of Economic Development. New Haven: Yale University Press.
Hirshman A. O. (1958). The Strategy of Economic Development, Westview Press.
Hossain, M. S. and Saeki, C. (2011). Does Electricity Consumption Panel Granger Cause Economic Growth in South Asia? Evidence from Bangladesh, India, Iran, Nepal, Pakistan and Sri-Lanka. European Journal of Social Sciences, 25(3), 316 – 328.
Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53 – 74.
Imran, K. and Siddiqui, M. M. (2010). Energy Consumption and Economic Growth: A Case Study of Three SAARC Countries. European Journal of Social Sciences, 16(2), 206 – 213.
Jhingan, M. L. (2009). The Economics of Development and Planning. 38th Revised and Enlarged Edition.
Jumbe, C. B.L. (2004). Co-integration and Causality between Electricity Consumption and GDP: Empirical Evidence From Malawi. Energy Economics, 26, 61 – 68.
Kao, C. and Chen, B. (1995). On the estimation and inference for Co-integration in panel data when the cross section and time series dimensions are comparable. Manuscrpit, Center for Policy Research, Syracuse University,
Kao, C. and Chiang, M. H. (2000). On the estimation and inference of a co integrated regression in panel data. Advances in Econometrics, 15. 179 – 222.
Kao, C. D. (1999). Spurious Regression and Residual – Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1 – 44.
Khan, M. A. and Ahmed, U. (----).Energy Demand in Pakistan: A Disaggregate Analysis.
Magazzino, C. (2011). Energy consumption and aggregate income in Italy: cointegration and causality analysis. MPRA Paper No. 28494, 1 – 19.
Mehrara, M. (2007). Energy-GDP relationship for oil-exporting countries: Iran, Kuwait and Saudi Arabia. Organization of the Petroleum Exporting Countries, 1 – 16.
Noor, S. and Siddiqi, M. W. (2010). Energy Consumption and Economic Growth in South Asian Countries: A Co-integrated Panel Analysis. International Journal of Human and Social Sciences, 2(14), 921 – 926.
Payne, J. E. and Taylor, J. P. (2010). Nuclear Energy Consumption and Economic Growth in the U.S.: An Empirical Note. Energy Sources, 5, 301 – 307.
Pedroni, P. (1996). Fully Modified OLS for Heterogeneous Cointegrated panels and the case of purchasing power parity. Working paper, department of economics, Indiana University.
Phillips, P. C. B. and Hansen, B. E. (1990). Statistical Inference in Instrumental variables regression with I(1) processes. Review of Economic Studies, 57, 99 – 125.
Phillips, P. C. B. and Moon, H. (1999). Linear Regression Limit theory for Non stationary panel data. Econometrica, 67, 1057 – 1111.
Pradhan, R. P. (2010). Energy Consumption- Growth Nexus in SAARC Countries: Using Cointegration and Error Correction Model. Modern Applied Science, 4(4), 74 – 90.
Qazi, A. Q., Ahmed, K. and Mudassar, M. (2012). Disaggregate Energy Consumption and Industrial Output in Pakistan: An Empirical Analysis. Economics discussion papers, 1 – 15.
Salim, R. A., Rafiq, S. and Hassan, A. F. M. K. (2008). Causality and Dynamics of Energy Consumption and Output: Evidence from Non-OECD Asian Countries. Journal of Economic Development, 33(2), 1 – 26.
Shahbaz, M. and Ozturk, I. (2012). Electricity consumption and economic growth causality revisited: evidence from Turkey. MPRA Paper No. 37637, 1 – 25.
Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70, 65-94.
Soytas, U., Sari, R. and Ozdemir, O. (2001). Energy Consumption and GDP Relation in Turkey: A Cointegration and Vector Error Correction Analysis. Economies and Business in Transition: Facilitating Competitiveness and Change in the Global Environment Proceedings, 838 – 844.
Stern, D. I. and Cleveland, C. J. (2004). Energy and Economic Growth. Rensselaer working paper in economics, 1 – 41.
World Data Bank, World Development Indicators and Global Development Finance, Source: http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=2
Yang, G., Wang, H., Zhou, J. and Liu, X. (2012). Analyzing and Predicting the Economic Growth, Energy Consumption and CO2 Emissions in Shanghai. Energy and Environment Research, 2(2), 83 – 91.
Yap, L. L. I. and Bekhet, H. A. (2016). Modelling the causal linkages among residential electricity consumption, gross domestic product, price of electricity, price of electric appliances, population and foreign direct investment in Malaysia. International Journal of Energy Technology and Policy, 12 (1), 41 – 59.
Ali, H. S., Law, S. H., Yusop, Z. and Chin, L. (2016). Dynamic implication of biomass energy consumption on economic growth in Sub-Saharan Africa: evidence from panel data analysis. GeoJournal, 81, 1 – 10.
Rehman, H. and Bashir, F. (2015). Energy Consumption and Agriculture Sector in Middle Income Developing Countries: A Panel Data Analysis. Pakistan Journal of Social Sciences, 35 (1), 479 – 496.
Chaudhry, I. S., Farooq F. and Nasim, I. (2015). Long run Panel Data Analysis of Energy Consumption and Real GDP of South Asian Economies. Pakistan Journal of Social Sciences, 35 (2), 715 – 727.
Jebran, K. (2014). Causal relationship between electricity consumption and GDP in Pakistan. Journal of Asian Developing Studies, 3(1), 90 – 100.
Muse, B. O. (2014). Energy Consumption and Economic Growth in Nigeria: Correlation or Causality? Journal of Empirical Economics, 3(3), 108 – 120.
Saatci, M. and Dumrul, Y. (2013). The relationship between energy consumption and economic growth: Evidence from a structural break analysis for Turkey. International Journal of Energy Economics and Policy, 3(1), 20 – 29.
Nelson, O., Mukras, M. S. and Siringi, E. M. (2013). Causality between disaggregated energy consumption and Manufacturing Growth in Kenya: An empirical approach. Journal of Economics and Sustainable Development, 4(16), 29 – 36.
Kusuma, D. B. W. and Muqorrobin, M. (2013). The relationship between energy consumption and economic growth. Trikonomika, 12(2), 103 – 112.
Jakovac, P. (2013). Empirical analysis on economic growth and energy consumption relationship in Croatia. Ekonomska Istrazivanja Economic Research, 26(4), 21 – 42.
Abdulnasser, H. J. and Manuchehr, I. (2005). Energy Consumption and Economic Growth in Sweden: A Leveraged Bootstrap Approach, (1965-2000). International Journal of Applied Econometrics and Quantitative Studies, 2(4), 87 – 98.
Adom, P. K. (2011). Electricity Consumption-Economic Growth Nexus: The Ghanaian Case. International Journal of Energy Economics and Policy, 1(1), 19 – 31.
Akta?, C. and Yilmaz, V. (2008). Causal Relationship between Electricity Consumption and Economic Growth in Turkey. Zkü Sosyal Bilimler Dergisi, 4(8), 45 – 54.
Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy Economics, 22, 615 - 625
Asteriou, D. (2005). Applied Econometrics: A modern approach using EViews and Microfit, Palgrave Macmilan.
Binh, P. T. (2011). Energy Consumption and Economic Growth in Vietnam: Threshold Cointegration and Causality Analysis. International Journal of Energy Economics and Policy, 1(1), 1 – 17.
Chebbi, H. E. (2009). Long and Short-Run Linkages between Economic Growth, Energy Consumption and CO2 Emissions in Tunisia. Economic Research Forum, Working Paper, 485, 1 – 20.
Chen, B., McCoskey, S. and Kao, C. (1999). Estimation and Inference of a Cointegrated regression in panel data: A Monte Carlo Study. American Journal of Mathematical and Management Sciences, 19, 75 – 114.
Choi, I. (2001). Unit root tests for panel data. Journal of International Money and Finance, 20, 249 – 272.
Christian, G. (2011). Explaining the (non-) causality between energy and economic growth in the US: A multivariate sectoral analysis. Papers on economics and evolution, 1104, 1 – 29.
Gujarati, D. N. and Porter, D. C. (2009). Basic Econometrics, 5th Edition.
Halkos, G. E. and Tzeremes, N. G. (2011). The effect of Energy Consumption on Countries' Economic Efficiency: a conditional robust non parametric approach. MPRA Paper No. 28692, 1 – 28.
Hirschman, A. O. (1958). The Strategy of Economic Development. New Haven: Yale University Press.
Hirshman A. O. (1958). The Strategy of Economic Development, Westview Press.
Hossain, M. S. and Saeki, C. (2011). Does Electricity Consumption Panel Granger Cause Economic Growth in South Asia? Evidence from Bangladesh, India, Iran, Nepal, Pakistan and Sri-Lanka. European Journal of Social Sciences, 25(3), 316 – 328.
Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53 – 74.
Imran, K. and Siddiqui, M. M. (2010). Energy Consumption and Economic Growth: A Case Study of Three SAARC Countries. European Journal of Social Sciences, 16(2), 206 – 213.
Jhingan, M. L. (2009). The Economics of Development and Planning. 38th Revised and Enlarged Edition.
Jumbe, C. B.L. (2004). Co-integration and Causality between Electricity Consumption and GDP: Empirical Evidence From Malawi. Energy Economics, 26, 61 – 68.
Kao, C. and Chen, B. (1995). On the estimation and inference for Co-integration in panel data when the cross section and time series dimensions are comparable. Manuscrpit, Center for Policy Research, Syracuse University,
Kao, C. and Chiang, M. H. (2000). On the estimation and inference of a co integrated regression in panel data. Advances in Econometrics, 15. 179 – 222.
Kao, C. D. (1999). Spurious Regression and Residual – Based Tests for Cointegration in Panel Data. Journal of Econometrics, 90, 1 – 44.
Khan, M. A. and Ahmed, U. (----).Energy Demand in Pakistan: A Disaggregate Analysis.
Magazzino, C. (2011). Energy consumption and aggregate income in Italy: cointegration and causality analysis. MPRA Paper No. 28494, 1 – 19.
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Mehrara, M. (2007). Energy-GDP relationship for oil-exporting countries: Iran, Kuwait and Saudi Arabia. Organization of the Petroleum Exporting Countries, 1 – 16.
Noor, S. and Siddiqi, M. W. (2010). Energy Consumption and Economic Growth in South Asian Countries: A Co-integrated Panel Analysis. International Journal of Human and Social Sciences, 2(14), 921 – 926.
Payne, J. E. and Taylor, J. P. (2010). Nuclear Energy Consumption and Economic Growth in the U.S.: An Empirical Note. Energy Sources, 5, 301 – 307.
Pedroni, P. (1996). Fully Modified OLS for Heterogeneous Cointegrated panels and the case of purchasing power parity. Working paper, department of economics, Indiana University.
Phillips, P. C. B. and Hansen, B. E. (1990). Statistical Inference in Instrumental variables regression with I(1) processes. Review of Economic Studies, 57, 99 – 125.
Phillips, P. C. B. and Moon, H. (1999). Linear Regression Limit theory for Non stationary panel data. Econometrica, 67, 1057 – 1111.
Pradhan, R. P. (2010). Energy Consumption- Growth Nexus in SAARC Countries: Using Cointegration and Error Correction Model. Modern Applied Science, 4(4), 74 – 90.
Qazi, A. Q., Ahmed, K. and Mudassar, M. (2012). Disaggregate Energy Consumption and Industrial Output in Pakistan: An Empirical Analysis. Economics discussion papers, 1 – 15.
Salim, R. A., Rafiq, S. and Hassan, A. F. M. K. (2008). Causality and Dynamics of Energy Consumption and Output: Evidence from Non-OECD Asian Countries. Journal of Economic Development, 33(2), 1 – 26.
Shahbaz, M. and Ozturk, I. (2012). Electricity consumption and economic growth causality revisited: evidence from Turkey. MPRA Paper No. 37637, 1 – 25.
Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70, 65-94.
Soytas, U., Sari, R. and Ozdemir, O. (2001). Energy Consumption and GDP Relation in Turkey: A Cointegration and Vector Error Correction Analysis. Economies and Business in Transition: Facilitating Competitiveness and Change in the Global Environment Proceedings, 838 – 844.
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World Data Bank, World Development Indicators and Global Development Finance, Source: http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=2
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Yap, L. L. I. and Bekhet, H. A. (2016). Modelling the causal linkages among residential electricity consumption, gross domestic product, price of electricity, price of electric appliances, population and foreign direct investment in Malaysia. International Journal of Energy Technology and Policy, 12 (1), 41 – 59.
Ali, H. S., Law, S. H., Yusop, Z. and Chin, L. (2016). Dynamic implication of biomass energy consumption on economic growth in Sub-Saharan Africa: evidence from panel data analysis. GeoJournal, 81, 1 – 10.
Rehman, H. and Bashir, F. (2015). Energy Consumption and Agriculture Sector in Middle Income Developing Countries: A Panel Data Analysis. Pakistan Journal of Social Sciences, 35 (1), 479 – 496.
Chaudhry, I. S., Farooq F. and Nasim, I. (2015). Long run Panel Data Analysis of Energy Consumption and Real GDP of South Asian Economies. Pakistan Journal of Social Sciences, 35 (2), 715 – 727.
Jebran, K. (2014). Causal relationship between electricity consumption and GDP in Pakistan. Journal of Asian Developing Studies, 3(1), 90 – 100.
Muse, B. O. (2014). Energy Consumption and Economic Growth in Nigeria: Correlation or Causality? Journal of Empirical Economics, 3(3), 108 – 120.
Saatci, M. and Dumrul, Y. (2013). The relationship between energy consumption and economic growth: Evidence from a structural break analysis for Turkey. International Journal of Energy Economics and Policy, 3(1), 20 – 29.
Nelson, O., Mukras, M. S. and Siringi, E. M. (2013). Causality between disaggregated energy consumption and Manufacturing Growth in Kenya: An empirical approach. Journal of Economics and Sustainable Development, 4(16), 29 – 36.
Kusuma, D. B. W. and Muqorrobin, M. (2013). The relationship between energy consumption and economic growth. Trikonomika, 12(2), 103 – 112.
Jakovac, P. (2013). Empirical analysis on economic growth and energy consumption relationship in Croatia. Ekonomska Istrazivanja Economic Research, 26(4), 21 – 42.
