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EU: The Effect of Energy Factors on Economic Growth

Author

Listed:
  • Ayaz Aliev

    (Department of Financial Sustainable Development, Plekhanov Russian University of Economics, 117997 Moscow, Russia)

  • Madina Magomadova

    (Department of Finance, Credit and Antitrust Regulation, Kadyrov Chechen State University, 364024 Grozny, Russia)

  • Anna Budkina

    (Department of World Finance, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Mustafa Harputlu

    (Governor of Antakya, Antakya 31000, Turkey)

  • Alagez Yusifova

    (Department of World Finance, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

Abstract

In this article, we investigate the effect of different energy variables on economic growth of several oil-importing EU member states. Three periods from 2000 to 2020 were investigated. Three different types of regression models were constructed via the gretl software. Namely, the OLS, FE, and SE approaches to panel data analysis were investigated. The FE approach was chosen as the final one. The results suggest the importance of the consumption of both oil and renewable energy on economic growth. Crises of certain periods also had a noteworthy effect as well.

Suggested Citation

  • Ayaz Aliev & Madina Magomadova & Anna Budkina & Mustafa Harputlu & Alagez Yusifova, 2023. "EU: The Effect of Energy Factors on Economic Growth," Energies, MDPI, vol. 16(6), pages 1-19, March.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:6:p:2908-:d:1103862
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    1. Rusiadi Rusiadi & Muhammad Hidayat & Dewi Mahrani Rangkuty & Kiki Farida Ferine & Jumadil Saputra, 2024. "The Influence of Natural Resources, Energy Consumption, and Renewable Energy on Economic Growth in ASEAN Region Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 332-338, May.
    2. Aleksandra Leschinskaya & Oksana Kirillova & Maksim Palyanov, 2023. "Assessment of the Formation of the Economic Effect of Cross-Subsidization in the Electric Power Industry," Energies, MDPI, vol. 16(16), pages 1-13, August.

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