TY - JOUR
T1 - Impacto del uso de energía y formación bruta de capital en el crecimiento económico. Un análisis de datos de panel en 73 países agrupados por nivel de ingreso y producción de petróleo
AU - Salazar-Núñez, Héctor F.
AU - Venegas-Martínez, Francisco
N1 - Funding Information:
En este estudio se utilizan series de tiempo con frecuencia anual, entre 1990 y 2013, de 73 países que fueron clasificados de acuerdo con su nivel de in-greso (medio bajo, medio alto y alto) por el Banco Mundial. El grupo de países con ingresos altos está conformado por Alemania, Australia, Austria, Bélgica, Canadá, Chile, Chipre, Dinamarca, España, los Estados Unidos, Finlandia, Francia, Grecia, Hong Kong, Islandia, Irlanda, Italia, Japón, Co-rea del Sur, Luxemburgo, Países Bajos, Nueva Zelanda, Noruega, Portugal, Reino Unido, Singapur, Suecia, Suiza, Trinidad y Tobago y Uruguay. Los países que integran el grupo de ingresos medio altos son: Argelia, Argentina, Botsuana, Brasil, Bulgaria, China, Costa Rica, Cuba, Ecuador, Gabón, Irán, Irak, Jordán, Malasia, México, Panamá, Perú, República de Mauricio, República Dominicana, Sudáfrica, Tailandia y Venezuela. Por último, los países del grupo de ingresos medio bajos son: Bangladés, Bolivia, Camerún, Congo, Egipto, Filipinas, El Salvador, Honduras, India, Indonesia, Kenia, Marruecos, Nicaragua, Nigeria, Paquistán, Sri Lanka, Sudán, República de Tayikistán, Túnez, Ucrania, Uzbekistán y Vietnam. Las variables de estudio son a precios constantes de 2010, el PIB está en dólares, el UEN está en toneladas equivalentes de petróleo en términos per cápita y la FBC fijo en dólares. Los datos fueron obtenidos del Banco Mundial (en la sección de indicado-res de desarrollo mundial) y fueron transformados por medio de logaritmos naturales para homogeneizarlos.
PY - 2018/4/1
Y1 - 2018/4/1
N2 - Introduction: This paper examines the relationship between energy use (ENU) and gross capital formation (GCF) with the gross domestic product (GDP) growth rate in 73 countries. Countries are grouped according to the World Bank classification on income: high (30 countries), medium high (21 countries) and medium low (22 countries). Countries with a low income level are excluded due to insufficient data. The reason why the GCF is included is to study how it influences jointly with the ENU in the GDP growth since the GCF considers machinery and capital goods that require energy. Methods: Unit root and cointegration tests of panel data are performed, as well as estimates of fully modified ordinary least squares and dynamic ordinary least squares of data panel. Results: The empirical findings are that GDP growth is explained by ENU and GCF in the short and long run, except for the medium-high income group in which in the short run the ENU is not significant while the GCF is. Also, in all groups, in the long run, the GCF is explained by both GDP growth and ENU. It is highlighted that in all groups, in the short run, there is no causal relationship between ENU and GCF. Surprisingly, economies with high and low income have similar results. Finally, economic growth has an unidirectional relationship toward UEN and BCF, while in the long run there is no relation. In contrast, for non-oil-producing countries, in the short and long term, GDP growth has an bidirectional relationship with GCF. However, in the short run only the ENU is explained by economic growth. Conclusions: The various short and long-term relationships between ENU, GCF and economic growth that were empirically obtained provide substantial elements to energy policy designers of 73 countries.
AB - Introduction: This paper examines the relationship between energy use (ENU) and gross capital formation (GCF) with the gross domestic product (GDP) growth rate in 73 countries. Countries are grouped according to the World Bank classification on income: high (30 countries), medium high (21 countries) and medium low (22 countries). Countries with a low income level are excluded due to insufficient data. The reason why the GCF is included is to study how it influences jointly with the ENU in the GDP growth since the GCF considers machinery and capital goods that require energy. Methods: Unit root and cointegration tests of panel data are performed, as well as estimates of fully modified ordinary least squares and dynamic ordinary least squares of data panel. Results: The empirical findings are that GDP growth is explained by ENU and GCF in the short and long run, except for the medium-high income group in which in the short run the ENU is not significant while the GCF is. Also, in all groups, in the long run, the GCF is explained by both GDP growth and ENU. It is highlighted that in all groups, in the short run, there is no causal relationship between ENU and GCF. Surprisingly, economies with high and low income have similar results. Finally, economic growth has an unidirectional relationship toward UEN and BCF, while in the long run there is no relation. In contrast, for non-oil-producing countries, in the short and long term, GDP growth has an bidirectional relationship with GCF. However, in the short run only the ENU is explained by economic growth. Conclusions: The various short and long-term relationships between ENU, GCF and economic growth that were empirically obtained provide substantial elements to energy policy designers of 73 countries.
KW - Economic growth
KW - Energy use
KW - Gross capital formation
KW - Oil producing countries
KW - Time series analysis with panel data
UR - http://www.scopus.com/inward/record.url?scp=85045999715&partnerID=8YFLogxK
U2 - 10.20430/ete.v85i338.342
DO - 10.20430/ete.v85i338.342
M3 - Artículo
SN - 0041-3011
VL - 85
SP - 341
EP - 364
JO - Trimestre Economico
JF - Trimestre Economico
IS - 338
ER -