Energy consumption and economic growth: Evidence from nonlinear...
In this paper, we examine nonlinear interrelationship between energy consumption and output level for a panel of G7 countries. For this purpose, we propose a nonlinear cointegration test in heterogeneous panels for testing the presence of a cointegrating relationship that follows a globally stationary exponential smooth transition (ESTR) process, and apply our test for investigating long-run relationship between energy use and economic growth in the case of the G7 countries. Our results suggest the presence of a long-run relationship between these two variables whereas adjustment to the equilibrium is inherently nonlinear. After establishing long-run relationship between energy consumption and output, we estimate a Panel Smooth...
Дата выхода: сентябрь 2014
