Analysis of the Relationship between Electricity Consumption and Economic Growth in OPEC Member Countries: Bootstrap Panel Causality Test Approach

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KESHAVARZIYAN MARYAM; Tabatabaienasab Zohreh

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Journal: ENERGY ECONOMICS REVIEW Year:2021 | Volume:17 | Issue:69 Page(s): 1-21

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Information Journal Paper

Title

Analysis of the Relationship between Electricity Consumption and Economic Growth in OPEC Member Countries: Bootstrap Panel Causality Test Approach

Author(s)

KESHAVARZIYAN MARYAM | Tabatabaienasab Zohreh | Issue Writer Certificate

Keywords

Electricity ConsumptionQ2

Economic GrowthQ2

Bootstrap Panel Causality TestQ1

OPEC CountriesQ1

Abstract

The purpose of this article is to examine the relationship between Electricity Consumption and Economic Growth in 13 OPEC member countries for the period 1980 to 2018. For this purpose we use the Bootstrap Panel Causality Test proposed by Konya (2006). This test can be useful in assessing the degree of dependence on electricity among OPEC members. It is noted that when a country's economy is dependent on electricity, environmental policies to save energy can negatively affect Economic Growth. Therefore, understanding the causal relationship between electricity use and Economic Growth can have important policy implications. The results of the Bootstrap causality test in this study show that the feedback hypothesis is confirmed for Iran, Ecuador, UAE, Saudi Arabia, Nigeria, Qatar and Kuwait. There is also evidence of the conservation hypothesis in Iraq, Algeria, Libya and Venezuela. In Angola and Congo, however, there is no link between Electricity Consumption and Economic Growth, and the neutral hypothesis is valid in these countries. Thus, in most OPEC Countries, environmental policies that limit the growth of Electricity Consumption may have a negative impact on Economic Growth. Therefore, it is necessary for these countries to increase electricity production from renewable sources.

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APA: Copy

KESHAVARZIYAN, MARYAM, & Tabatabaienasab, Zohreh. (2021). Analysis of the Relationship between Electricity Consumption and Economic Growth in OPEC Member Countries: Bootstrap Panel Causality Test Approach. ENERGY ECONOMICS REVIEW, 17(69 ), 1-21. SID. https://sid.ir/paper/411043/en

Vancouver: Copy

KESHAVARZIYAN MARYAM, Tabatabaienasab Zohreh. Analysis of the Relationship between Electricity Consumption and Economic Growth in OPEC Member Countries: Bootstrap Panel Causality Test Approach. ENERGY ECONOMICS REVIEW[Internet]. 2021;17(69 ):1-21. Available from: https://sid.ir/paper/411043/en

IEEE: Copy

MARYAM KESHAVARZIYAN, and Zohreh Tabatabaienasab, “Analysis of the Relationship between Electricity Consumption and Economic Growth in OPEC Member Countries: Bootstrap Panel Causality Test Approach,” ENERGY ECONOMICS REVIEW, vol. 17, no. 69 , pp. 1–21, 2021, [Online]. Available: https://sid.ir/paper/411043/en

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