Electricity Consumption
The pioneer study investigating the relationship between energy consumption and economic growth is by Kraft and Kraft (1978). Subsequently, scholars specifically concentrated on the relationship between electricity consumption and economic growth. Despite the fact that there is no agreement on flow of causality between electricity consumption and economic growth among scholars, the debate on causality between electricity consumption and economic growth can be summarized by four distinct hypotheses.
The growth hypothesis also known as, electricity consumption-led growth, affirms unidirectional causality running from electricity consumption to economic growth. Hence, a decrease in electricity consumption causes a decrease in real GDP. On the
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The results inferred that electricity consumption leads to economic growth. In a similar study, Altinay and Karagol (2005) used the Dolado-Lütkepohl causality analysis to investigate the relationship between electricity consumption and economic growth of Turkey for the period 1950-2000. The findings revealed unidirectional causality from electricity consumption to economic growth thus implying that electricity consumption was a leading indicator of the economic growth of …show more content…
Indonesia, Malaysia, Singapore, and Thailand during the period from 1971 to 2002. The causality tests indicated a strong short-run bidirectional causality relationship between electricity consumption and economic growth for Malaysia and Singapore. For Indonesia and Thailand causality run unidirectional from economic growth to electricity consumption.
Chen et al. (2007) re-investigated the relationship between electricity consumption and economic growth for 10 industrialized and low income countries of Asian region (China, Hong Kong, Indonesia, India, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). The authors used panel causality tests based on the error correction model over the period 1971–2001. According to the findings, causality between electricity consumption and economic growth in the long run was bidirectional whereas in the short run, causality flowed unidirectional from economic growth seems to
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