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Hydrocarbon exploitation and macroeconomic performance: a structural var approach for Basilicata1

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  • Floriana Florestano

Abstract

The impact of the energy sector on the economy is large. Energy in all its forms (fuel, gas, minerals etc) is a crucial input of production and also of growth. This explains why it is important to analyze the relationship between macroeconomic performance (of a country, region, area) and energy. And this is even more relevant for countries rich of natural resources. Italy is the 4th hydrocarbon producer in Europe (after Norway, UK and Denmark) and more than 70% of oil its oil production comes from Basilicata, one of its smallest regions. Thus, the main aim of this work is to study the relationship between hydrocarbon extraction and GDP, employment and value added in construction in Basilicata. Overall, we obtain consistent empirical results independently of the methodologies adopted. The analysis showed that there is a very weak evidence that hydrocarbon exploitation has produced growth in Basilicata.

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  • Floriana Florestano, 2013. "Hydrocarbon exploitation and macroeconomic performance: a structural var approach for Basilicata1," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2013(1), pages 147-174.
    • Handle: RePEc:fan:efeefe:v:html10.3280/efe2013-001008
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    1. Viccaro, Mauro & Rocchi, Benedetto & Cozzi, Mario & Severino, Marino, 2015. "The socioeconomic impact derived from the oil royalty allocation on regional development," 2015 Fourth Congress, June 11-12, 2015, Ancona, Italy 207861, Italian Association of Agricultural and Applied Economics (AIEAA).

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    More about this item

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • E0 - Macroeconomics and Monetary Economics - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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