Natural gas consumption and economic growth: A panel investigation of 67 countries |
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| Authors: | Nicholas Apergis James E. Payne |
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| Affiliation: | 1. Department of Banking and Financial Management, University of Piraeus, Karaoli and Dimitriou 80, Piraeus, ATTIKI 18534, Greece;2. College of Arts and Sciences, Illinois State University, Normal, IL 61790-4100, USA |
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| Abstract: | This study examines the relationship between natural gas consumption and economic growth for a panel of 67 countries within a multivariate framework over the period 1992–2005. Pedroni’s 24 and 26 heterogeneous panel cointegration test reveals there is a long-run equilibrium relationship between real GDP, natural gas consumption, real gross fixed capital formation, and the labor force. The results of the panel vector error correction model reveal bidirectional causality between natural gas consumption and economic growth in both the short- and long-run. |
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| Keywords: | Natural gas consumption Growth Panel Granger-causality |
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