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

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

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.

Suggested Citation

  • Acheampong, Alex O. & Boateng, Elliot & Amponsah, Mary & Dzator, Janet, 2021. "Revisiting the economic growth–energy consumption nexus: Does globalization matter?," Energy Economics, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:eneeco:v:102:y:2021:i:c:s0140988321003583
    DOI: 10.1016/j.eneco.2021.105472
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    Keywords

    Globalization; Emerging economies; Energy consumption; Economic growth;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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