Oil-Growth Nexus in Oil Producing Countries: Macro Panel Evidence

José Alberto Fuinhas; António Cardoso Marques; Alcino Pinto Couto

Makale detayları

Oil-Growth Nexus in Oil Producing Countries: Macro Panel Evidence

Yazarlar:

José Alberto Fuinhas | António Cardoso Marques | Alcino Pinto Couto

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Energy Economics and Policy 2015 Vol.5 Issue 1, pp.148-163

Belge Tipi:

Makale

Yayın Tarihi:

2/2015

Belge Dili:

Türkçe

Document ID (Org No.):

2000816577

Sıklık:

İki Aylık

eISSN:

2146-4553

Özet:

 

The oil consumption-economic growth nexus is examined in a panel of oil producing countries over a long time span (1965-2012). Both, the ratio of oil production to primary energy consumption, i.e. oil self-sufficiency, and the persistence of the second structural oil shock were controlled for. The phenomenon of cross-sectional dependence that is present in the panel confirms that these countries share common spatial patterns, unobserved common factors, or both. The cointegration/long memory relationships as well as the panel data estimators’ appropriateness are analysed and discussed. A dynamic Driscoll-Kraay estimator, with fixed effects, was shown to be adequate to cope with the phenomena of heteroskedasticity, contemporaneous correlation, first order autocorrelation and cross-sectional dependence present in the panel. The results are consistent with the growth hypothesis, i.e. that oil consumption proves be a driver of economic growth. The second structural oil break (1979), reveals the long-lasting positive effect exerted by oil consumption on growth. The ratio of oil production to primary energy consumption has exerted a positive impact on growth. Thus, policymakers should take into account the benefits of promoting oil self-sufficiency, by reinforcing the use of endogenous resources.

Makale detayları

Oil-Growth Nexus in Oil Producing Countries: Macro Panel Evidence

Yazarlar: José Alberto Fuinhas | António Cardoso Marques | Alcino Pinto Couto

Yayıncı: İlhan ÖZTÜRK

Dergi: International Journal of Energy Economics and Policy 2015 Vol.5 Issue 1, pp.148-163

Belge Tipi: Makale

Yayın Tarihi: 2/2015

Belge Dili: Türkçe

Document ID (Org No.): 2000816577

Sıklık: İki Aylık

eISSN: 2146-4553

Sayı

Yazarlar:

José Alberto Fuinhas | António Cardoso Marques | Alcino Pinto Couto

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Energy Economics and Policy 2015 Vol.5 Issue 1, pp.148-163

Belge Tipi:

Makale

Yayın Tarihi:

2/2015

Belge Dili:

Türkçe

Document ID (Org No.):

2000816577

Sıklık:

İki Aylık

eISSN:

2146-4553