EU: The Effect of Energy Factors on Economic Growth
- Authors: Kashirin A.D.1
-
Affiliations:
- Financial University under the Government of the Russian Federation
- Issue: Vol 18, No 4 (2022)
- Pages: 169-175
- Section: Articles
- URL: https://journals.eco-vector.com/2541-8025/article/view/531983
- ID: 531983
Cite item
Open Access
Access granted
Abstract
The main aim of this essay is to investigate the effect of select energy-related variables on economic growth of select oil-importing EU member states. The data used covers the period from 2006 to 2020. Three different regression models were constructed via the gretl software. Namely, the OLS, FE and SE approaches to panel data analysis were used. The FE approach, based on comparative tests, was deemed to be the most appropriate one, and thus was used as the final model for final analysis and interpretation of the results. The main findings suggest that oil prices, oil and renewable energy consumption has a significant positive impact on the economic growth of the selected EU countries. The 2020 pandemic also had a noteworthy effect as well. Coal consumption was found to be the least significant factor in this case.
Keywords
Full Text
About the authors
Andrey D. Kashirin
Financial University under the Government of the Russian Federation
Email: kashirinandrew1@gmail.com
Moscow, Russian Federation
References
- Anikina E.A.Competitiveness of various pipeline gas suppliers in the development perspective of the EU countries // Moscow, IMEMO RAS. -2019.
- Bp. Statistical review of world energy -2020. Retrieved from https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
- Burcu, O. Nuclear Energy-Economic Growth Nexus in OECD Countries: A Panel Data Analysis / O. Burcu, A. Ayse // International Journal of Economic Perspectives. -2017 -Volume 11, Issue 1. -P. 138-154.
- Dynan, K. GDP as a Measure of Economic Well-being / K. Dynan, L. Sheiner // In Hutchins Center Working Paper №43. -The Brookings Institution: Washington, DC, USA. -August 2018. -p. 4.
- Pilatowska, M. The Effect of Renewable and Nuclear Energy Consumption on Decoupling Economic Growth from CO2 Emissions in Spain // M. Pilatowska, A. Geise, A. Wlodarczyk.
- Raduzzi, R. (2019). The macroeconomics outcome of oil shocks in the small Eurozone economies.
- Rafindadi, A.A. Impacts of renewable energy consumption on the German economic growth: Evidence from combined cointegration test. -2017.
- Rehman Khan, S.A. Investigating the effects of renewable energy on international trade and environmental quality / S. A. Rehman Khan, Zh.Yu. Belhadi, A. Mardan -2020.
- Rubalkin V.V. The basic models of Sweden economy / V.V.Rybalkin, Moscow: Moskovsky vestnik, 2014. -Source: https://cyberleninka.ru/article/n/osnovy-modeli-shved.
- S. A. Rehman Khan, Zh.Yu. Belhadi, A. Mardani Investigating the effects of renewable energy on international trade and environmental quality.
- Sköld, E. The Relationship Between Unemployment and Oil Price, Oil Price Uncertainty, and Interest Rates in Small Open Economies: A study on Sweden, Norway, Denmark, and Finland. 2020.
- Vazquez, P.V. Estimation of the potential effects of offshore wind on the Spanish economy // P.V. Vazquez, M.C. Sánchez-Carreira. Renewable energy volume 11. 2017.
Supplementary files
