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The causal dynamics between renewable energy, real GDP, emissions and oil prices: evidence from OECD countries

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  • Nicholas Apergis
  • James E. Payne

Abstract

This study extends the empirical literature on the determinants of renewable energy consumption in the case of 25 OECD countries for the period 1980-2011. Preliminary analysis suggests the presence of cross-sectional dependence within the panel data. As a result, second-generation panel unit root tests of Smith et al . (2004) and Pesaran (2007) are undertaken to find the respective variables that are integrated of order one. Panel cointegration and error correction modelling reveal that a long-run relationship exists between renewable energy consumption per capita, real GDP per capita, carbon dioxide emissions per capita and real oil prices. The long-run elasticity estimates are positive and statistically significant for real GDP per capita, carbon dioxide emissions per capita and real oil prices. The panel error correction model shows that a feedback relationship exists among the variables.

Suggested Citation

  • Nicholas Apergis & James E. Payne, 2014. "The causal dynamics between renewable energy, real GDP, emissions and oil prices: evidence from OECD countries," Applied Economics, Taylor & Francis Journals, vol. 46(36), pages 4519-4525, December.
    • Handle: RePEc:taf:applec:v:46:y:2014:i:36:p:4519-4525
    DOI: 10.1080/00036846.2014.964834
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