Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2106280
Energy efficiency, cleaner energy and energy related prices: evidence from dynamic generalised method of moments
Yan Liu
Sažetak
Environmental degradation is one of the main concerns for the countries
across the globe, where energy efficiency (E.N.E.F.) is regarded
as one of the substantial remedial measures. Still, the factors affecting
E.N.E.F. is not extensively explored in the empirical literature. In
this sense, the current study tends to analyse the influencing factors
of E.N.E.F. in case of the G7 economies throughout 1990–2020. Since
this study is dealing with the panel data, therefore, various panel
data specifications are used, which validates the slope heterogeneity,
panel cross-section dependence (C.D.), and the existence of cointegration
between E.N.E.F., economic growth, renewable energy,
energy related inflation, and political risk index (P.R.I.). Due to mixed
integrating order, this study employed Cross-Sectional
Autoregressive Distributed Lag (C.S.-A.R.D.L.) approach, which
reveals that all the variables are significant and positive factors of
E.N.E.F. in both short and long-run. Also, the results reveals the convergence
of model towards the equilibrium with 83.7% speed of
adjustment. To tackle the panel data issues such as slope heterogeneity
and C.D., this study employed Dynamic Common Correlated
Effects–Generalised Method of Moment (D.C.C.E.–G.M.M.), which also
indicates the positive and significance influence of the selected variables
on E.N.E.F. The estimated results are validated by Augmented
Mean Group (A.M.G.) estimator. Moreover, bidirectional causal nexus
is found between E.N.E.F. and regressors (economic growth, renewable
energy, energy related inflation, and P.R.I.). This study also provides
relevant policy measures at the end.
Ključne riječi
energy efficiency; renewable energy; energy related prices; economic growth; political risk; G7
Hrčak ID:
306628
URI
Datum izdavanja:
30.4.2023.
Posjeta: 125 *