CO2 emissions,energy consumption and economic growth in the ASEAN-5 countries: A cross-sectional dependence approach |
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| Affiliation: | 1. Graduate Business School, College of Graduate Studies, Universiti Tenaga Nasional, Malaysia;2. Department of Finance & Economics, College of Business Management and Accounting, Universiti Tenaga Nasional (UNITEN), Campus Sultan Haji Ahmad Shah, Pahang, Malaysia;1. Department of Economics, Gaziantep University, Gaziantep, Turkey;2. Department of Environmental Sciences, Faculty of Science and Engineering, Macquarie University, NSW 2109, Australia;1. School of Business Administration, China University of Petroleum-Beijing, Beijing 102249, China;2. Department of Agricultural, Food and Resource Economics, Rutgers, The State University of New Jersey, NJ 08901, USA;3. Department of Finance, China Sports Lottery Technology Group, Beijing 10002, China;4. China State Key Laboratory of Heavy Oil Processing, China University of Petroleum-Beijing, Beijing 102249, China;5. School of Management and Economics, Beijing Institute of Technology, Beijing 100081, China |
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| Abstract: | We re-examine the relationship between CO2 emissions, energy consumption (EC) and economic growth (GDP) for the five main Association of Southeast Asian Nations (ASEAN-5) countries over the period 1980–2016. Our main contention is that the findings in previous studies that have examined the relationship between CO2, EC and GDP in the ASEAN-5 are biased because they fail to account for cross-sectional dependence (CD). We show that conventional tests applied to our dataset suggest a misleading conclusion about the Environmental Kuznets Curve (EKC) and Granger causal relationship between CO2, EC and GDP in the presence of CD. When we apply a new panel test of Granger non-causality that addresses CD and heterogeneity, we find considerable heterogeneity. We find unidirectional Granger causality running from GDP to CO2 for Malaysia, the Philippines, Singapore and Thailand; unidirectional causality running from GDP to EC in Indonesia, Malaysia and Thailand; unidirectional causality running from EC to GDP in Singapore and bidirectional causality between GDP and EC in the Philippines. We also find support for the EKC hypothesis for the ASEAN-5 countries. |
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