Dynamics of technological innovation, energy consumption, energy price and economic growth in Denmark

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dc.authoridAlam, Mahmudul -- 0000-0002-7360-1259; Ozturk, Ilhan -- 0000-0002-6521-0901; Murad, Md. Wahid -- 0000-0002-2486-2081
dc.contributor.authorMurad, Md. Wahid
dc.contributor.authorAlam, Md. Mahmudul
dc.contributor.authorNoman, Abu Hanifa Md.
dc.contributor.authorÖztürk, İlhan
dc.date.accessioned12.07.201910:50:10
dc.date.accessioned2019-07-12T15:27:50Z
dc.date.available12.07.201910:50:10
dc.date.available2019-07-12T15:27:50Z
dc.date.issued2019
dc.departmentMeslek Yüksekokuluen_US
dc.descriptionWOS: 000455504600004en_US
dc.description.abstractThis study investigates the dynamic relationships between technological innovation, consumption of energy, energy price, and economic growth in Denmark during the period from 1970 until 2012, using multivariate setting to examine time-series data. The analysis employs the autoregressive distributed lag (ARDL) approach to co-integration to examine both the short and long run dynamics among the variables. Furthermore, the study uses the Granger procedure within the VAR framework to identify causality among the variables. The model used in this study is found to be sound, a diagnosis of the reliability of the model reached by testing normality, functional form, serial correlation, and heteroscedasticity, with stability of the model tested using a cumulative sum and cumulative sum square test, based on recursive regression residuals. The ARDL approach to co-integration reveals that real GDP growth positively influences energy consumption as well as significantly in both the short run and long run, while energy prices and technological innovation influence energy consumption negatively and significantly. The results ascertain that energy consumption and economic growth are independent of each other, and thus they support a neutral hypothesis for Denmark. Besides, both the technological innovation and energy prices are found to be Granger cause energy consumption. Therefore, the study suggests that Denmark should adopt conservative energy policy using technological innovation and energy prices as instruments to achieve energy security and protect the environment from pollution.en_US
dc.identifier.doi10.1002/ep.12905
dc.identifier.endpage29en_US
dc.identifier.issn1944-7442
dc.identifier.issn1944-7450
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-85059893896
dc.identifier.scopusqualityQ2
dc.identifier.startpage22en_US
dc.identifier.urihttps://doi.org/10.1002/ep.12905
dc.identifier.urihttps://hdl.handle.net/20.500.12507/488
dc.identifier.volume38en_US
dc.identifier.wosWOS:000455504600004
dc.identifier.wosqualityQ3
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherWILEYen_US
dc.relation.ispartofEnvıronmental Progress & Sustaınable Energy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectTechnological innovationen_US
dc.subjectEnergy Priceen_US
dc.subjectEnergy Consumptionen_US
dc.subjectEconomic Growthen_US
dc.subjectDenmarken_US
dc.titleDynamics of technological innovation, energy consumption, energy price and economic growth in Denmark
dc.typeArticle

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