THE IMPACT OF ENERGY CONSUMPTION ON ECONOMIC GROWTH IN DEVELOPED AND POST-TRANSITION COUNTRIES OF EUROPEAN UNION
This paper aims to investigate the impact of renewable and non-renewable energy consumption on economic growth. Analysis was conducted for 16 developed EU member states over the period from 1990 to 2018 and 11 post-transition EU member states over the period from 1995 to 2018. We also compared ob...
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| Format: | Article |
| Language: | deu |
| Published: |
Faculty of Economics University of Rijeka
2020-12-01
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| Series: | Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu |
| Subjects: | |
| Online Access: | https://www.efri.uniri.hr/upload/Zbornik%202_2020/15-Fatur-Sikic-2020-2.pdf |
| Summary: | This paper aims to investigate the impact of renewable and non-renewable energy
consumption on economic growth. Analysis was conducted for 16 developed EU
member states over the period from 1990 to 2018 and 11 post-transition EU
member states over the period from 1995 to 2018. We also compared obtained
results with results for the period until 2014. The pooled mean group (PMG) model
was used to capture dynamic relationship in a short and long run. The empirical
results show that consumption of both energy sources has an impact on economic
growth in the long run in both groups of countries. However, the results differ
between the developed and post-transition EU countries. In developed EU
countries renewable energy consumption has a negative impact on economic
growth, while non-renewable energy consumption has a positive impact. In posttransition EU countries results are opposite, meaning that in these countries there
is a tendency to shift from less efficient and more polluting energy sources to more
efficient energy options which can be a stimulus to economic growth. |
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| ISSN: | 1331-8004 1846-7520 |