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    Determinants of energy demand in African frontier market economies: An empirical investigation
    (Pergamon-Elsevıer Scıence ltd., 2018) Paramati, Sudharshan Reddy; Bhattacharya, Mita; Öztürk, İlhan; Zakari, Abdulrasheed
    Since the turn of the twenty-first century, the economic performance of Africa has been remarkable. We identify the key factors driving energy consumption from seven frontier market economies in Africa. More specifically, the role of economic, financial, and trade integrations are explored as the source of overall energy demand. First, we establish cross-sectional dependence and heterogeneity across countries. Second, the long-run elasticities of energy consumption reflect the key role of stock market indicators, along with industrialisation and trade openness while foreign direct investment (FDI) inflows have a reducing effect. In this respect, the long-run energy elasticities on individual countries show a considerable variation. Finally, the heterogeneous panel non-causality test confirms that the energy consumption has a feedback relationship with stock market indicators and industrialisation. Our findings reflect that the environmental planning should comprise development in financial and trade sectors in boosting economic growth and increasing energy demand for these countries
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    The effect of renewable energy consumption on economic growth: Evidence from top 38 countries
    (ELSEVIER SCI LTD, 2016) Bhattacharya, Mita; Paramati, Sudharshan Reddy; Öztürk, İlhan; Bhattacharya, Sankar
    This research aims to investigate the effects of renewable energy consumption on the economic growth of major renewable energy consuming countries in the world. Using the Renewable Energy Country Attractiveness Index developed by the Ernst & Young Global Limited, we choose 38 top renewable energy consuming countries to explain the growth process between 1991 and 2012. With panel estimation techniques, our findings establish cross-sectional dependence and heterogeneity across the countries. We confirm the evidence of long-run dynamics between economic growth, and traditional and energy-related inputs. Findings from long-run output elasticities indicate that renewable energy consumption has a significant positive impact on the economic output for 57% of our selected countries. For robustness, we also carried out time-series analyses of long-run output elasticities. Our findings suggest that governments, energy planners, international cooperation agencies and associated bodies must act together in increasing renewable energy investment for low carbon growth in most of these economies