Causality Relationship between Energy Consumption, Economic Growth and Prices: using Panel Data OPEC Member Countries

اقتصاد پولی مالی

Article 10, Volume 20, Issue 5, April 2013, Pages 233-255   

Document Type: علمی

DOI: 10.22067/pm.v20i5.34048

Authors

Mohammad Daneshnia; Ali Sotudeh; Azam Ghezelbash;

Abstract

Always economic growth is one of the most important indicates for economic development. Thus, more production is important and effective way to achieve economic development. In The other hand energy production is considered as the one of the inputs. This study, examines the causality relationship between energy consumption, economic growth and price among OPEC member countries.
This study uses annual data over the period 1978-2008 by using panel data technique.
Results Our show that a two-way Causality relationship are between the variables as energy consumption and economic growth in the long run ,while the one-way causality relationship is from economic growth to price increase. As well as two-way causality relationship are between the variables energy consumption, economic growth and prices in the short term.

Keywords

Economic Growth; Energy Consumption; Panel Data; causality; OPEC member countries