Naslov
The impact of energy consumption on economic growth:evidence from post-transition EU countries

Autori
Fatur Šikić, Tanja ; Jugović, Alen ; Perić Hadžić, Ana

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
12th International Conference The Economies of the Balkan and the Eastern European Countries, EBEEC 2020 / - , 2020, 32-33

Skup
12th International Conference Economies of the Balkan and Eastern European Countries (ΕΒΕΕC 2020)

Mjesto i datum
Opatija, Hrvatska, 29.05.2020. - 30.05.2020

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
Energy Consumption, Economic Growth, Post-transition EU Countries

Sažetak
This scientific paper aims to investigate the effects of renewable and non-renewable energy consumption on economic growth. The research covers 11 post-transition EU member states from Central and Eastern Europe (CEE) over the period 1995 to 2018. Authors used Pooled Mean-Group and Mean-Group panel data models which capture causal relationships 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. However, non-renewables are still the dominant source of energy but the changes in the consumption of non-renewable energy have a negative effect on economic growth. The aforementioned results can be explained by the change in the structure of total energy consumption in the post-transition EU countries where during last 15 years energy intensity of the economy and consumption of non-renewable energy sources had been reduced, while consumption of renewable energy has been increased by four times. The economic policies of individual post-transition EU countries must provide incentives to implement energy- efficient industries and increase investment in new energy capacities while diversifying energy sources in order to reduce energy dependence. Although the renewable energy could assist in expanding energy access in the post-transition EU countries, the results indicate that the effects of renewable energy consumption have small effect on real GDP in the long run while in the short term there is no impact. By introducing common energy rules and standards, the EU has achieved good results in developing energy policy, but the formulation process has not yet been completed. The results of the paper show that post-transition EU countries are gradually adapting to EU energy policies and the energy market, but this process is to last much longer than in developed EU countries.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA