Top PDF The Granger causal relationship between energy consumption and economic growth for eight European countries

The Granger causal relationship between energy consumption and economic growth for eight European countries

The Granger causal relationship between energy consumption and economic growth for eight European countries

This finding suggests a decoupling between energy consumption and economic activity providing support to the argument that after 1970, the relationship between the two variables could have changed. The hypothesis seems to be stronger for most countries while for the cases of Spain and Portugal a coupling between the two variables could still hold even after 1970s given that the two variables continue to rise simultaneously. In fact, in Figure 3 the energy intensities (the ratio of energy consumption to GDP) of all countries after 1970 are presented and it can clearly be seen that while for the majority of them energy intensity declines, suggesting a decoupling between the two variables in the long run, for Spain and more clearly for Portugal the ratio remains relatively stable at the same levels, after 1970. This could be attributed to the relatively latter industrialization that the countries had compared to the more developed economies in northern Europe. In fact, the study by Henriques (2011) on the Portuguese economy has shown that two key outcomes of the later industrialization of the country could be the main reasons for the existing coupled relationship of energy consumption and economic growth after 1970. The first is related with the “subsectoral structural change” that occurred in the country which was relatively different than that of more advanced economies in Europe favoring the immergence of energy intensive industries like chemicals and pulp. However the second and more “concerning” factor, has been the fact the country’s industry after the 1970s was focused more on a low value added production structure. In this sense, “in an time where knowledge was the important factor of production, producing low value- added products could … compromise the decoupling of energy from economic growth” (Henriques, 2011: 256).
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A Review of the Nexus Between Energy consumption and Economic growth in the Brics countries

A Review of the Nexus Between Energy consumption and Economic growth in the Brics countries

Linh and Lin (2014) contribute to the most recent studies that assessed the dynamic relationship between energy consumption and economic growth using multivariate framework by adding the variables foreign direct investments and carbon dioxide emissions. This Vietnam study used data for the period between 1980 and 2010. The co-integration findings show that there is a long term relationship between economic growth, energy consumption, foreign direct investments and carbon dioxide emissions. The Granger-causality results established bidirectional causality between foreign direct investment and income in Vietnam. This implies that an increase in Vietnam’s income has a potential of attracting more capital from overseas.
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Energy Consumption, Economic Growth Relationship and Causal Independence: Evidence from Panel Data Forselected Low Income Countries

Energy Consumption, Economic Growth Relationship and Causal Independence: Evidence from Panel Data Forselected Low Income Countries

This test is carried out to check for the presence of cointegration which is a check for long run relationship between exchange rate, real oil price and real interest rate differential variables. The paper utilise panel cointegration tests due to Pedroni (1998), Kao (1999) and Maddala and Wu (1999). The tests proposed in (Pedroni, 1998) are residual-based tests which allow for heterogeneity among individual members of the panel, including heterogeneity in both the long-run cointegrating vectors and in the dynamics. Two classes of statistics are considered in the context of the Pedroni (1998) test. The panel tests are based on the within dimension approach (i.e. panel cointegration statistics) which includes four statistics: panel v-statistic, panel ñ-statistic, panel PP-statistic, and panel ADF-statistic. These statistics essentially pool the autoregressive coefficients across different countries for the unit root tests on the estimated residuals. These statistics take into account common time factors and heterogeneity across countries. The group tests are based on the between dimension approach (i.e. group mean panel cointegration statistics) which includes three statistics: group ñ-statistic, group PP-statistic, and group ADF-statistic. These statistics are based on averages of the individual autoregressive coefficients associated with the unit root tests of the residuals for each country in the panel. All seven tests are distributed asymptotically as standard normal. Of the seven tests, the panel v-statistic is a one-sided test where large positive values reject the null hypothesis of no cointegration whereas large negative values for the remaining test statistics reject the null hypothesis of no cointegration.
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Analyzing Long-run Relationship between Energy Consumption and Economic Growth in the Kingdom of Bahrain

Analyzing Long-run Relationship between Energy Consumption and Economic Growth in the Kingdom of Bahrain

has scrutinizes the linkage between energy consumption and output, suggesting that en- ergy consumption and output may be jointly determined and the direction of causality between these two variables needs to be tested. Following the seminal work of Kraft and Kraft (1978), several others including Masih and Masih (1997), Yang (2000), Wolde- Rufael (2009), Apergis and Payne (2009) and Ozturk et al. (2010) have tested the energy consumption and economic growth nexus with a variety of techniques and for different panel of countries. Looking at the region of Gulf Cooporation Council (GCC), Al-Iriani (2006) investigates the causality relationship between gross domestic product (GDP) and energy consumption in the six countries of the Gulf Cooperation Council (GCC). Re- cently developed panel cointegration and causality techniques are used to uncover the direction of energyŰGDP causality in the GCC. Empirical results indicate a unidirec- tional causality running from GDP to energy consumption. Evidence shows no support for the hypothesis that energy consumption is the source of GDP growth in the GCC countries. Such results suggest that energy conservation policies may be adopted with- out much concern about their adverse effects on the growth of GCC economies. In the same context context, Hamdi et al. (2014) explores the relationship between electricity consumption, foreign direct investment, capital and economic growth in the case of the Kingdom of Bahrain. The Cobb-Douglas production is used over the period of 1980 - 2010. Using autoregressive distributed lag (ARDL), a cointegration relationship has been detected among the series. It is found that electricity consumption, foreign direct invest- ment and capital add in economic growth. However, empirical works do not provide any precise answer, and there is still no consensus among economists whether there is a causal relationship or not and if it exists, there is no clear-cut answer about the direction of this causation (Ozturk, 2010). The contradictory results may occur due to the differences in data sets, characteristics of the investigated countries, variables that are included in the studies, and the diversification in using econometric methodologies (Ozturk, 2010).
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Energy consumption and economic growth in Ethiopia: A dynamic causal linkage

Energy consumption and economic growth in Ethiopia: A dynamic causal linkage

In this study, we have explored the causal relationship between energy consumption and economic growth in Ethiopia, during the period from 1971 to 2013. We have employed a multivariate Granger-causality framework that incorporates financial development, investment and trade openness as intermittent variables – in an effort to address the omission-of-variable bias. Based on the newly developed ARDL bounds testing approach to co-integration and the Error-Correction Model-based causality model, our results show that in Ethiopia, there is a distinct unidirectional Granger-causality from economic growth to energy consumption. These results apply, irrespective of whether the estimation is done in the short run or in the long run. We recommend that policy makers in Ethiopia should consider expanding their energy-mix options, in order to cope with the future demand arising from an increase in the real sector growth.
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The Long Run Relationship between Transport Energy Consumption and Transport Infrastructure on Economic Growth in MENA Countries

The Long Run Relationship between Transport Energy Consumption and Transport Infrastructure on Economic Growth in MENA Countries

The impact of transport and communication infrastructure on economic growth is a topic that has attracted considerable attention from researchers, academicians and practitioners in the existing economic literature (Zhou et al. 2002, Esfahani and Ramirez 2003, Pradhan and Bagchi 2013, Kim et al. 2017, Jin and Rafferty 2017). For example, Fernald (1999) affirmed that there is a strong link between investment in transport infrastructure and economic productivity. With data for 29 US industries, the empirical evidence shows that the decline in productivity registered in the United States after 1973 was more important in high-intensity vehicle industries. The results also confirm that these industries benefited disproportionately from investments in road networks. In OECD countries, Roller and Waverman (2001) tested the impact of telecommunications infrastructure on economic growth by applying a micromodel for telecommunication investment with a macro-production function. Their empirical analysis confirmed the presence of a positive causal relationship between telecommunication infrastructure and economic development, i.e., a feedback effect. For countries in Latin America (Guatemala, Honduras, Nicaragua), Escribano and Guasch (2005) indicated that access to the internet increases the productivity of workers from 11% to 15%. Yeaple and Golub (2007) examined the impact of three types of infrastructure (roads, telecommunications, and electricity) on total factor productivity for 18 countries and 10 manufacturing industries over the period of 1979-1997 period. They apply the three-stage least squares (3SLS) estimation strategy and show that roads have the most important impact on productivity in different industries. These results help explain patterns of comparative advantage and international specialization. In addition, Mu and Van de Wall (2007) showed that the extension of rural road networks in Vietnam increases job opportunities by 11% for unskilled workers.
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What is the relationship between energy consumption in a country and its economic growth?

What is the relationship between energy consumption in a country and its economic growth?

Energy can be divided into two categories: renewable energy and non-renewable energy. The need to reduce greenhouse gas in the environment can lead to an increase in renewable energy, in order to let the use of fossil energy decline. Another issue is that to maintain sustainable growth, the need for so-called ‘green’ energy is higher than for lower growth countries (Maji & Sulaiman, 2019). Decoupling energy consumption from economic growth is necessary to increase energy efficiency (Moreau & Vuille, 2018). By doing so, the relationship of energy use on growth needs to attenuate. Decreasing energy consumption is one part of the necessary plan to reduce emissions and reducing our impact on climate change (Friedlander, 2009). However, Shahbaz et al. (2017) conclude from previous research that one causal relationship between economic growth and energy consumption has not been defined.
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Energy Consumption and Economic Growth Revisited in African Countries

Energy Consumption and Economic Growth Revisited in African Countries

Unfortunately, most of these studies relied upon limited time series data, usually 30 to 35 observations, which reduces the power and size properties of conventional unit root and cointegration tests. Furthermore, they did not take into account the endogeneity of regressors in panel methods. 3 Recent studies emerged to confront these problems using a dynamic panel data approach, Dynamic Ordinary Least Square (DOLS) and Fully Modified OLS (FMOLS) estimators. For example, Lee (2005) employed panel cointegration and panel error correction models to investigate the causal relationship between energy consumption and GDP in 18 developing countries during the period 1975 to 2001. He found a unidirectional causality in both the short and long-run between energy consumption and GDP. Applying the same approach for 6 countries of the Gulf Cooperation Council (GCC), Al-Iriani (2006), found a unidirectional causality running from GDP to energy consumption. Mahadevan and Asafu- Adjaye (2007) re-examined energy consumption and GDP growth relationship in a panel error correction model, using data on 20 net energy importers and exporters and taking into account prices. As mentioned above, this is because prices responses have been argued to have a crucial role in affecting income and energy consumption directly. They show that among the energy exporters, there is bidirectional causality between economic growth and energy consumption in the developed countries in both the short and long-run, while in the developing countries, energy consumption stimulates growth only in the short-run.
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The Causality Relationship Between Energy Consumption and Economic Growth: The Case of Turkey

The Causality Relationship Between Energy Consumption and Economic Growth: The Case of Turkey

The literature on Granger causality has grown considerably, following his seminal work in 1969, slowly during the first years and more rapidly in recent years. Granger causality test suggests which variables in the models have significant impacts on the future values of each of the variables in the system. Among recent applied studies, a significant amount of work has been devoted to addressing the above mentioned question of causality between energy consumption and economic growth. This paper studies the time series properties of energy consumption and GDP and reexamines the causality relationship between the two series in the top 10 emerging markets excluding China due to lack of data and G-7 countries 1 . Soytas and Sarı (2003) show that there is a bi-directional causality in Argentina, causality running from GDP to energy consumption in Italy and Korea, and from energy consumption to GDP in Turkey, France, Germany and Japan.
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On the causal dynamics between economic growth, renewable energy consumption, CO2 emissions and trade openness: Fresh evidence from BRICS countries

On the causal dynamics between economic growth, renewable energy consumption, CO2 emissions and trade openness: Fresh evidence from BRICS countries

Considering first the country-specific studies, Ocal and Aslan (2013) examine the causal relationship between renewable energy use and economic growth in Turkey over the period 1990-2010. Using the ARDL approach and Toda-Yamamoto causality tests, the authors found that there exists a unidirectional causality running from economic growth to renewable energy consumption, supporting therefore the conservation hypothesis. Using the same causality tests, Menyah and Wolde-Rufael (2010) test the hypothesis that nuclear energy consumption and renewable energy consumption reduce CO2 emissions in the US during 1960-2007. Among others, they find that economic growth and CO2 emissions Granger cause renewable energy consumption with no feedback. Yildirim et al. (2012) apply the Toda-Yamamoto procedure and bootstrap-corrected causality test on the US data. Biomass energy consumption, hydropower energy consumption and biomass-wood-derived energy consumption are used along with the total renewable energy consumption, while employment and gross capital formation are used as control variables. Empirical evidence reports a unidirectional causality running from biomass energy consumption to economic growth while the neutrality hypothesis is supported between economic growth and all of the other renewable energy kinds as well as the total renewable energy consumption.
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The Relationship Between Energy Consumption and Economic Growth: Evidence From Azerbaijan

The Relationship Between Energy Consumption and Economic Growth: Evidence From Azerbaijan

1, if we focus on papers studying the relationship in the case of Azerbaijan, namely Apergis and Payne (2009), Bildirici and Kayıkçı (2012), Tang and Abosedra (2014), Senturk and Sataf (2015) and Hasanov et al. (2017) employed the panel estimation methods, which might not take into account the country specific features of the relationship. Only Kalyoncu et al. (2013) used time series data for individual countries, but they used relatively old data set, namely the study employed 1995-2009 interval. Hasanov et al. (2017) devoted to the energy-growth nexus in the oil exporting countries, including Azerbaijan, is a valuable study with the wide literature review and estimating the relationship for the mentioned countries. However, the study makes use of conventional Granger causality not Toda- Yamamoto approach. Taking into account the fact that there is not individual study investigating the energy use-income relationship in the case of Azerbaijan, the objective of the current paper is analyzing the relationship employing Azerbaijani data. We chose Azerbaijan as a representative for the similar countries. It can be seen representative for different country cases from different aspects. First, it is an oil- reach developing country, second, Azerbaijan is one of the former Soviet Union countries. From this perspective, the results of the study might be useful for the above mentioned economies.
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Relationship of Energy Consumption and Economic Growth in Pakistan

Relationship of Energy Consumption and Economic Growth in Pakistan

Shahbaz et al (2016), analyzed emissions of carbon dioxide, economic development and energy use for the next eleven nations. The researcher collected the data of 11 countries annually from 1972 to 2013 for the study. For the current analysis the author used VAR model and Granger causality test. Which indicate that economic growth available at the minimal cost of environment, and suggest for policy maker to attain sustainable economic growth while maintaining long run environment quality. Brini, Amara, and Jemmali (2017), worked on the links of international trade, renewable energy consumption and economic development of Tunisia. The investigator used the data from the year of 1980 to 2011 and applied granger causality test and ARDL bounds approach which disclosed that in short run there is two-way association in international trade and renewable consumption of energy. In long run result indicated the negative effect amid economic growth and energy use from renewable sources. Bakirtas and Akpolat (2018), explored the bond amongst urbanization, energy use and economic development in the markets of new emergent nations which includes India, Malaysia, Indonesia, Mexico, Colombia, and, Kenya, on time series data over the years 1971 to 2014 for the study by applying Dumitrescu-Hurlin panel granger causality test to discover joint interconnection impact from the two series. The study concluded that due to bivariate analysis, relationship from economic development to energy usage, relation of urbanization to consumption of energy and the economic development lies panel granger causality and according to trivariate analysis from energy use and relation from urbanization to economic development and from the relation of economic growing and urbanization to energy usage and the relation of energy use to economic development to urbanization lies the panel granger causality.
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Causal Links Between Trade And Economic Growth Evidence From Turkey And European Union Countries

Causal Links Between Trade And Economic Growth Evidence From Turkey And European Union Countries

Within such an environment before describing and implementing the multivariate models’ investigation, the study also finds it necessary to give some introduction information regarding the foreign trade accounts of Turkey as well as the composition of the trade flows. While Turkey is observed to be a final good exporter, its composition of imports is different. Within this framework, decomposition of exports and imports should be investigated differently. When we observe the historical path of exports, results remark that industrial products has an average share of 84% for the post 1980 period, which represents the start of the liberalized era for Turkey. Moreover most recent statistics underline that EU has the highest share in the export targets of the country. Figures underline that in 2008 60% of total exports are to the Euro area. More interesting is the path of the composition of import volumes. While final remark regarding the causal relationship between imports and growth seems to be an empirical matter of fact, import led growth models remark the significance of intermediate and investment goods in the import composition whereas, growth led import understanding underlines the consumption goods share in the overall environment. Table 1 illustrates the historical developments in the composition of import volumes of Turkey for the post 1980 period. Findings indicate that for the post 1980 liberalization era, while composition of exports change slightly, import decomposition seems to realize a relatively stable path.
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An Investigation of the Relationship between the Biomass Energy Consumption, Economic Growth and Oil Prices

An Investigation of the Relationship between the Biomass Energy Consumption, Economic Growth and Oil Prices

To investigate the causality between biomass energy consumption (BMC), real GDP (Y) and oil prices (OP) for 10 countries, the paper employed the ARDL approach of cointegration developed by Pesaran (1997) and Pesaran and Shin (1999) 7 . Recently, ARDL has become popular due to the low power and other problems associated with Johansen(1988), Engle-Granger (1987) and Johansen and Juselius (1990). The ARDL cointegration approach has numerous advantages over other cointegration methods. First, the ARDL procedure can be applied if the regressors are I(1) and/or I(0), while the Johansen cointegration techniques require that all variables in the system be of equal order of integration. The ARDL can be applied irrespective of whether underlying regressors are purely I(0), purely I(1) or mutually cointegrated and therefore do not need unit root pre-testing. Second, while the Johansen cointegration techniques require large data samples for validity, the ARDL procedure is a statistically more effective in determining the cointegration relationship in small samples. Third, the ARDL procedure allows the variables to have different optimal lags. Finally, the ARDL procedure employs only a single reduced form equation, while the other cointegration procedures estimate the long-run relationship within a context of system equations.
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The Relationship Between Energy Consumption  and Economic Growth

The Relationship Between Energy Consumption and Economic Growth

The results of the granger causality tests of this research are in line with findings by Erol and Yu (1987), Yu and Jin (1992), and Masih and Masih (1996), who obtained similar results on other countries as well as Malaysia case. The granger causality tests conducted above indicate only the existence of causality. They do not, however, provide any indication on how important is the causal impact that energy has on output formation. For example, when there is a shock to energy supply, it would also be interesting to gauge by how much this shock will affect the output formation. In addition, it is very important to know how long the effect of such a shock will last. In order to provide such explanation, we decompose the variance of the forecast-error of output into proportions attributable to innovations in variable energy in the system including its own. Impulse response analysis is taken into account to further capture temporal responses of a variable to its own innovation and innovations in other variables in the system. The function can observe whether the response of observable variables is temporal or persistent in nature.
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Energy Consumption and Economic Growth Modelling in SADC Countries: An Application of the VAR Granger Causality

Energy Consumption and Economic Growth Modelling in SADC Countries: An Application of the VAR Granger Causality

The economic growth and energy consumption nexus was previously investigated by numerous research studies. From these previous research studies, four hypotheses regarding this nexus can be found in the empirical literature that dealt with this topic. These include the conservation hypothesis, the growth hypothesis, the neutrality hypothesis and the feedback hypothesis. In the first place, the conservation hypothesis claims that the changes in energy consumption originate from the changes in the level of economic activity. Secondly, the growth hypothesis is based on unidirectional causality running from energy consumption to economic growth. Further, the growth hypothesis assumes that there are countries where the increase of energy consumption is a significant component of economic development. Next, the feedback hypothesis assumes that there are countries with bi-directional causal relationships between economic growth and energy consumption. Finally, the neutrality hypothesis states that there are countries in which energy consumption does not depend on economic growth and vice versa. In this article, the author investigates the nexus between energy consumption and economic growth in 10 Southern Africa Development community (SADC) countries. The author applied the Granger’s causality analysis, which allows for the investigation of the existence and direction of influence between energy consumption and economic growth. The article makes a significant contribution to existing literature because the investigation focuses on SADC countries, which as far as the author knows, have rarely been studied collectively by the previous studies. In addition, these countries have not been studied collectively using the methodology that is used in this study.
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A causal relationship between energy consumption and economic growth in Nepal

A causal relationship between energy consumption and economic growth in Nepal

Yang (2000), using updated data from 1954-1997 for Taiwan Province of China, investigated the causal relationship between GDP and the aggregate categories of energy consumption, including coal, natural gas and electricity. He found bidirectional causality between total energy consumption and GDP. Pachauri (1977) found that there was a strong correlation between economic development and energy consumption in India. Stern (2000), in a study of the United States economy, found in a multivariate dynamic analysis that energy not only Granger causes GDP, it is also significant in explaining GDP. He also found co-integration in a relationship between the factors (GDP, capital, labour and energy). Ghali and El-Sakka (2004) conducted a study on the causality between energy consumption and economic growth in Canada. They found that the short-run dynamics of variables indicate that Granger’s causality between output growth and energy use was bidirectional.
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The Dynamic Causal Links between Energy Consumption, Trade Openness and Economic Growth: Time Series Evidence from Upper Middle Income Countries

The Dynamic Causal Links between Energy Consumption, Trade Openness and Economic Growth: Time Series Evidence from Upper Middle Income Countries

Regarding the qualitative data analysis, interviewee P2 states that: “Employees have the space to give ideas which can be incorporated in advancing the working environment, their ideas are welcomed to us as managers.” However, when the final decision is taken about implementing or not an innovative idea, interviewees with consensus indicate that it is the management, which has the last word, and staff has no direct authority in decision-making. Concerning the evaluation and experimenting of innovative ideas, interviewee P4 states as follows: “We lack on financial resources to experiment new ideas, although when funds exist, we foremost participate actively in testing new ideas.” Concerning citizen participation in designing or planning new or improved services, interviewee P3 states: “Citizens have the tools to proclaim their concerns and give recommendations, however, these recommendations are rarely incorporated in the decision making process.” Thus, when analyzing the information given from the eight interviewees in total, findings indicate that it is the management which takes the final decision and the staff is not motivated or incorporated in the decision making process. Another consensus among the interviewees was about the incorporation of recommendations coming from citizens, which recommendations are rarely taken in consideration.
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Assessment of Causality Relationship between Renewable Energy Consumption and Economic Growth in Lithuania

Assessment of Causality Relationship between Renewable Energy Consumption and Economic Growth in Lithuania

A valid contribution to the topic of the relationship between renewable energy consumption and real GDP was done by Apergis & Payne (2010a; 2010b; 2011) too. Scientists had analyzed the statistical data of various groups of countries those level of economic development was very different. They used heterogeneous panel co- integration and Granger causality tests to reveal the relationship between renewable energy consumption and real GDP in short- and long-run. The results of the tests for different groups of countries were very similar. The results of the heterogeneous panel co-integration test showed that a long-run equilibrium relationship between renewable energy consumption and real GDP existed in 20 OECD countries during 1985-2005 (Apergis & Payne, 2010a), 15 Eurasia (including Lithuania) countries during 1992-2007 (Apergis & Payne, 2010b), 6 Central America countries during 1980-2006 (Apergis & Payne, 2011). However, the elasticity coefficients for renewable energy consumption with respect to real GDP were different. It was calculated that a 1% increase in renewable energy consumption increased real GDP in OECD countries by 0.76%, in Central America countries by 0.244%, in Eurasia countries by 0.195% when Russia is included in the analysis and only by 0.074% when Russia is excluded. The results of Granger causality test supplemented the results of performed heterogeneous panel co-integration test in two ways. Firstly, Granger-causality test affirmed that bi- directional causality between two variables existed both in short- and long-run. Secondly, the results indicated that renewable energy consumption might affect real GDP through its positive impact on real gross fixed capital formation. Later Apergis et al. (2010c) expanded the scope of research in a way they investigated the causality relationships between four variables, i.e. between CO 2
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Causal Relationship between Government Revenue Growth and Economic Growth in Ethiopia

Causal Relationship between Government Revenue Growth and Economic Growth in Ethiopia

Economic growth is one of the most important determinants of economic welfare. The global economic crisis that broke out in 2008 has reawakened interest in fiscal policy as an instrument for longer-term growth and development. The term fiscal policy has conventionally been associated with the use of government revenue, especially taxation and public expenditure to influence the level of economic activities. The implementation of fiscal policy is essentially routed through government’s budget. Fiscal policy deals with government deliberate actions in spending money and levying taxes with a view to influencing macro-economic variables in a desired direction. This includes sustainable economic growth, high employment creation and low inflation. Thus, fiscal policy aims at stabilizing the economy, Increases in government spending or a reduction in taxes tend to pull the economy out of a recession; while reduced spending or increased taxes slow down a boom ( Ruba, 2014).
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