scholarly journals Renewable Energy Development as a Driver of Economic Growth: Evidence from Multivariate Panel Data Analysis

2019 ◽  
Vol 11 (8) ◽  
pp. 2418 ◽  
Author(s):  
Nadia Singh ◽  
Richard Nyuur ◽  
Ben Richmond
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Renewable Energy ◽  
Energy Production ◽  
Developing Economies ◽  
Panel Data Analysis ◽  
Least Square ◽  
Renewable Energy Production ◽  
The Future ◽  
The Impact

Renewable energy is being increasingly touted as the “fuel of the future,” which will help to reconcile the prerogatives of high economic growth and an economically friendly development trajectory. This paper seeks to examine relationships between renewable energy production and economic growth and the differential impact on both developed and developing economies. We employed the Fully Modified Ordinary Least Square (FMOLS) regression model to a sample of 20 developed and developing countries for the period 1995–2016. Our key empirical findings reveal that renewable energy production is associated with a positive and statistically significant impact on economic growth in both developed and developing countries for the period 1995–2016. Our results also show that the impact of renewable energy production on economic growth is higher in developing economies, as compared to developed economies. In developed countries, an increase in renewable energy production leads to a 0.07 per cent rise in output, compared to only 0.05 per cent rise in output for developing countries. These findings have important implications for policymakers and reveal that renewable energy production can offer an environmentally sustainable means of economic growth in the future.

scholarly journals How do Globalization, Technological Change and Employment Impact Economic Growth in Developing Countries? Evidence from Panel Data Analysis

2018 ◽  
Vol 1 (1) ◽  
pp. 39-49
Author(s):  
Fatima Saleem ◽  
Fatima Farooq ◽  
Imran Sharif Chaudhry ◽  
Noreen Safdar
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Developing Economies ◽  
Panel Data Analysis ◽  
Trade Openness ◽  
Causality Analysis ◽  
Causality Test ◽  
Panel Ardl ◽  
Long Run ◽  
The Impact

This study aims at exploring the impact of globalization, technology and employment on economic growth of developing economies. This study also observed the long-run, short-run and causality relationships between globalization, technological innovations, employment, and economic growth for 20 selected developing countries covering the data for period of 1991 to 2017.  Since stationary of variables is examined through ADF tests, Levin-Lin-Chu test, and IM-Pesaran-Shin test and resulted with mixed order of integration, Panel ARDL estimation techniques are employed to measure the long run effects of these variables on growth of selected economies. Dumitrescu-Hurlin panel Granger Causality test was applied for causality analysis. All variables have strong positive and significant relationship with growth. This study concluded that knowledge and research-based education have a key role in promoting long-run growth as evident from the ‘New growth theory’ of Romer. On the basis of these results, it is suggested that knowledge and research-based education should be promoted and export-oriented policies should also be encouraged to attain benefits of trade openness and globalization for accelerating economic growth on sustainable basis.

scholarly journals Impact of Capital Inflows on Economic Growth of Developing Countries

2015 ◽  
Vol 1 (7) ◽  
pp. 7-21
Author(s):  
Chigbu Ezeji E ◽  
Ubah Chijindu Promise ◽  
Chigbu Uzoamaka S
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Developing Economies ◽  
Positive Impact ◽  
Unit Root Test ◽  
Least Square Method ◽  
Least Square ◽  
Capital Inflows ◽  
Long Run ◽  
The Impact

This study examines the impact of capital inflows on economic growth of developing economies; the case of Nigeria, Ghana and India from 1986-2012. This is necessitated by the doubts being raised as whether the huge inflows of foreign capital in developing economies over the years have transmitted to real economic growth. Augmented Dickey Fuller unit root test was employed to evaluate the stationarity of the data, while Johansen Co-integration was used to estimate the long-run equilibrium relationship among the variables. The casual relationship was tested using Granger Causality, and Ordinary Least Square method was used to estimate the model. The findings reveals that capital inflows have significant impact on the economic growth of the three countries. In Nigeria and Ghana, foreign direct and portfolio investment as well as foreign borrowings have significant and positive impact on economic growth. Workers’ remittances significantly and positively related to the economic growth of the three countries. The enabling environment should be created in the developing countries to encourage more inflow of foreign investments and workers remittances. This will help in closing the savings-investment gap and encourage economic growth in these countries. The study signifies that capital inflows is indispensable in closing the savings-investment gap required for economic growth of developing countries.

scholarly journals Investigating the Dynamic Impact of CO2 Emissions and Economic Growth on Renewable Energy Production: Evidence from FMOLS and DOLS Tests

Processes ◽  
2019 ◽  
Vol 7 (8) ◽  
pp. 496 ◽  
Author(s):  
Khan ◽  
Panigrahi ◽  
Almuniri ◽  
Soomro ◽  
Mirjat ◽  
...  
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Co2 Emissions ◽  
Energy Production ◽  
Clean Energy ◽  
The Philippines ◽  
Least Square ◽  
Ordinary Least Square ◽  
Renewable Energy Production ◽  
Asean Countries

Understanding the dynamic nexus between CO2 emissions and economic growth in the sustainable environment helps the economies in developing resources and formulating apposite energy policies. In the recent past, various studies have explored the nexus between CO2 emissions and economic growth. This study, however, investigates the nexus between renewable energy production, CO2 emissions, and economic growth over the period from 1995 to 2016 for seven Association of Southeast Asian Nations (ASEAN) countries. Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) methodologies were used to estimate the long- and short-run relationships. The panel results revealed that renewable energy production has a significant long term effect on CO2 emissions for Vietnam (t = −2.990), Thailand (t = −2.505), and Indonesia (t = −2.515), and economic growth impact for Malaysia (t = 2.050), Thailand (t = −2.001), and the Philippines (t = −2.710). It is, therefore, vital that the ASEAN countries implement policies and strategies that ensure energy saving and continuous economic growth without forsaking the environment. This study, as such, recommends that ASEAN countries should take measures to decrease the reliance on fossil fuels for achieving these objectives. Future research should consider the principles of circular economy and clean energy development mechanisms integrated with renewable energy technologies.

scholarly journals Socio-economic Factors Influencing the Development of Renewable Energy Production Sector in Poland

2021 ◽  
Vol 24 (1) ◽  
pp. 38-54
Author(s):  
Tadeusz A. Grzeszczyk ◽  
Waldemar Izdebski ◽  
Michał Izdebski ◽  
Tadeusz Waściński
Keyword(s):  
Renewable Energy ◽  
Energy Production ◽  
Hard Coal ◽  
Economic Factors ◽  
Eu Law ◽  
Factors Influencing ◽  
Level Ii ◽  
Renewable Energy Production ◽  
The Impact ◽  
Socio Economic Factors

Poland is not one of the leaders in the use of renewable energy sources (RES), and most energy is still produced using hard coal and lignite. Therefore, there are noteworthy emissions of air pollution (including ashes and greenhouse gases), and the Polish energy sector is characterized by a substantial degree of carbonization, which, as a result, threatens to expressively increase the costs of electricity production, leading to financial penalties imposed by the EU. The aim of this paper is to analyze socio-economic factors influencing the development of the RES sector in Poland. According to this aim, expert research was carried out, in which the factors influencing development potential of RES were assessed at two levels (level II – 5 factors, level III – 15 factors) according to the factor tree analysis. Based on the analysis of the level II factors, it can be concluded that the development of the RES sector in Poland will depend to a decisive extent on factors such as: EU decisions and Polish legislation affecting the development of the RES sector in Poland, prices and availability of conventional energy carriers. Other two factors – regional policy on ecology and ecological awareness in Poland – have so far little impact on the development of this sector in the state. The analysis of the level III factors shows that the greatest impact on the development of the RES sector in Poland is the influence of European lobbying of manufacturers of machinery and equipment for renewable energy production on EU law, the impact of Polish lobbying of conventional energy producers on Polish law in the production of renewable energy and the influence of European lobbying of renewable energy producers into EU law.

scholarly journals The Impact of Real Exchange Rate Undervaluation on Economic Growth: Evidence from Panel Cointegration Approach

2020 ◽  
Author(s):  
Mehdi Seraj ◽  
Cagay Coskuner ◽  
Seyi Saint Akadiri ◽  
Negar Bahadori
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Real Exchange Rate ◽  
Developing Economies ◽  
Panel Cointegration ◽  
Least Square ◽  
Ordinary Least Square ◽  
Developed Economies ◽  
Periodic Data ◽  
The Impact

Abstract This study revisited Dani Rodrik (2008) work on real exchange rate undervaluation and economic growth by using the Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS). This research, to the best of authors' knowledge, is the first to use FMOLS and DOLS approach to empirically evaluate Rodrik work on the real exchange rate and economic growth using a Panel periodic data (six sets of five years) of 82 countries throughout 1990 to 2018. We used the Balassa Samuelson method to estimate the predicted real exchange rate and real exchange rate undervaluation. Finally, the study is in support of Rodrik conclusion that, real exchange undervaluation has a significant impact on the economic growth of the developing economies and statistically insignificant in the developed economies.

Energy Policy Issues in Turkey

2017 ◽  
Vol 6 (3) ◽  
pp. 50-65
Author(s):  
Dilek Temiz Dinç ◽  
Aytaç Gökmen ◽  
Zehra Burçin Kanık
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Energy Production ◽  
Fossil Fuels ◽  
Renewable Energy Resources ◽  
Causality Test ◽  
Long Run ◽  
Renewable Energy Production ◽  
Short Run ◽  
The Republic

Energy is the source of development of the mankind and an indispensable input for economic growth. Currently, most of the energy consumed in the world is composed of fossil fuels which are not environmentally friendly and reliable since their prices are volatile and their supply compels importing countries dependent on energy exporting countries. Thus, a good remedy to reduce fossil fuel dependency is to utilize more renewable energy resources. Renewable resources can be replenished quickly, are almost infinite and would lead a country to sustainable development. The Republic of Turkey is a net importer of energy. The diversification of energy sources and supply security is of great importance for it. Thus, the objective of this study is to analyze the relationship between renewable energy production and economic growth in Turkey by using Johansen Cointegration Test, Vector Error Correction Model (VECM), Granger Causality Test and the Augmented Dickey-Fuller Test (ADF). Consequently, both long run and short run a casualty running from GDP growth to renewable energy production is determined in the study.

scholarly journals A Comparative Analysis of Sunshine Duration Effects in terms of Renewable Energy Production Rates on The LEED BD + C Projects in Turkey

Energies ◽  
2019 ◽  
Vol 12 (6) ◽  
pp. 1116 ◽  
Author(s):  
Aynur Kazaz ◽  
Seyda Adiguzel Istil
Keyword(s):  
Global Warming ◽  
Renewable Energy ◽  
Construction Projects ◽  
Energy Production ◽  
Sunshine Duration ◽  
Electricity Consumption ◽  
Production Rates ◽  
Certification System ◽  
Renewable Energy Production ◽  
The Impact

Global warming has been on the agenda over the past few years. Solutions to global warming and energy efficiency problems have brought with them the need for green building market. Leadership in Energy and Environmental Design (LEED) is a certification system regulating the compliance of green buildings to certain standards and is essential for construction projects focusing on sustainability and innovation. This study investigates the effects of sunshine duration on construction projects reducing annual electricity consumption and increasing renewable energy production. In this study, the effects of sunshine duration times on construction projects are located in different cities in Turkey which has gained point from LEED BD+C (NC) (LEED, Building Design + Construction: New Construction) certificate were analyzed with the help of getting the impact of annual electricity consumption and renewable energy production rates. It was our aim that the results will be used for construction projects in compliance with the “Energy and Atmosphere” category of the LEED BD+C certification system.

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