Articlegold2018

Renewable Energy and Economic Growth: Evidence from European Countries

Stamatiοs Ntanos · Michalis Skordoulis · Grigorios L. Kyriakopoulos · Garyfallos Arabatzis · Miltiadis S. Chalikias · Spyros Galatsidas +2 more

348 citations0/0 files storedSustainability

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Energy, Environment, Economic Growth Renewable energy and sustainable power systems Energy and Environmental Sustainability

Abstract

This paper aims at examining the relationship between energy consumption deriving from renewable energy sources, and countries’ economic growth expressed as GDP per capita concerning 25 European countries. The used dataset involves European countries’ data for the period from 2007 to 2016. The statistical analysis is based on descriptive statistics, cluster analysis, and autoregressive distributed lag (ARDL), and reveals that all variables are related; this suggests a correlation between the dependent variable of GDP and the independents of renewable energy sources (RES) and Non-RES energy consumption, gross fixed capital formation, and labor force in the long-run. Furthermore, the results show that there is a higher correlation between RES’ consumption and the economic growth of countries of higher GDP than with those of lower GDP. The obtained results are consistent with other papers reviewed in this study.

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References

2001Bounds testing approaches to the analysis of level relationships 2005The saving and investment nexus for China: evidence from cointegration tests 2015The effect of renewable energy consumption on economic growth: Evidence from top 38 countries 2009Renewable energy consumption and income in emerging economies 2011Renewable and non-renewable energy consumption-growth nexus: Evidence from a panel error correction model 2015The impact of renewable energy consumption to economic growth: A panel data application 2014Renewable energy consumption – Economic growth nexus for China 2014Fossil & renewable energy consumption, GHGs (greenhouse gases) and economic growth: Evidence from a panel of EU (European Union) countries

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