Naslov
Revisiting the Energy Consumption-Growth Nexus for Croatia: New Evidence from a Multivariate Framework Analysis

Autori
Vlahinić, Nela ; Jakovac, Pavle

Izvornik
Contemporary Economics (2084-0845) 8 (2014), 4; 435-452

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
economic growth ; energy consumption ; ARDL ; Croatia

Sažetak
This paper applies the most recently developed autoregressive distributed lag (ARDL) co- integration procedure to re-investigate co- integration and the causal relationship between energy consumption and real GDP within a multivariate framework that includes capital stock and labor input for Croatia during the 1952–2011 period. The empirical results fully support a positive long-run co-integrated relationship between production inputs and real GDP and the important role of energy in economic growth. It is found that a unidirectional causality runs from total final energy consumption to real GDP in the long run and that a bidirectional causality in the short run, which means that energy is a necessary requirement for economic growth. Additionally, the reduction in energy consumption could adversely affect GDP in the short and long run. Therefore, Croatia should adopt a more vigorous economic policy aimed toward increasing investments in installed energy capacities and reforming the economic structure towards re- industrialization and more energy-efficient industries.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

Napomena
Ovaj rad je sufinancirala Hrvatska zaklada za znanost projektom IP-2013-11-2203 te Sveučilište u Rijeci potporom istraživanjima br. 13.02.1.3.05.

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