Biofuel energy consumption-economic growth relationship: an empirical investigation of Brazil
Dosyalar
Tarih
2016
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
WILEY-BLACKWELL
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
This study investigates the influence of biofuel energy consumption on Brazil's economic growth during the period 1980-2012 by employing the Autoregressive Distributed Lag (ARDL) approach and the vector error correction model (VECM) Granger causality. The results revealed two structural breaks during the early 1980s due to the Latin American debt crisis as well as the early 2000s due to the worries related to the increasing global spreads. Moreover, it was found that economic growth, biofuel energy consumption, capital, urbanization, and globalization are co-integrated. Additionally, it was found that biofuel energy consumption, capital, urbanization, and globalization increase Brazil's economic growth in the short run and in the long run. However, the two structural breaks have a significant negative influence on economic growth. The vector error correction model Granger causality revealed a feedback causal relationship between all the variables (with the exception of capital). However, a unidirectional causality was concluded from capital to economic growth, biofuel energy consumption, urbanization, and globalization. From the results of this study, a number of policy implications were provided.
Açıklama
WOS: 000387076800016
Anahtar Kelimeler
Biofuel Energy Consumption, Brazil Economic Growth, ARDL Approach, VECM Granger Causality
Kaynak
Bıofuels Bıoproducts & Bıorefınıng-Bıofpr
WoS Q Değeri
Q1
Scopus Q Değeri
Q2
Cilt
10
Sayı
6
