Threshold effect of the economic growth rate on the renewable energy development from a change in energy price: Evidence from OECD countries
This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We sho...
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| Published in | Energy policy Vol. 37; no. 12; pp. 5796 - 5802 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Kidlington
Elsevier Ltd
01.12.2009
Elsevier Elsevier Science Ltd |
| Series | Energy Policy |
| Subjects | |
| Online Access | Get full text |
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| Abstract | This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. |
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| AbstractList | This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. All rights reserved, Elsevier This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. [PUBLICATION ABSTRACT] |
| Author | Lee, Ming-Chih Chang, Ting-Huan Huang, Chien-Ming |
| Author_xml | – sequence: 1 givenname: Ting-Huan surname: Chang fullname: Chang, Ting-Huan organization: Energy and Environment Research Laboratories, Industrial Technology Research Institute, Hsinchu County 310, Taiwan – sequence: 2 givenname: Chien-Ming surname: Huang fullname: Huang, Chien-Ming email: 896530069@s96.tku.edu.tw organization: Department of Banking and Finance, Tamkang University, Taipei County 251, Taiwan – sequence: 3 givenname: Ming-Chih surname: Lee fullname: Lee, Ming-Chih organization: Department of Banking and Finance, Tamkang University, Taipei County 251, Taiwan |
| BackLink | http://econpapers.repec.org/article/eeeenepol/v_3a37_3ay_3a2009_3ai_3a12_3ap_3a5796-5802.htm$$DView record in RePEc |
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| SubjectTerms | Alternative energy Consumer Price Index Consumption Correlation analysis Developing countries Economic development Economic growth Energy prices GDP Gross Domestic Product Household economics LDCs OECD Regression analysis Renewable energy Renewable energy Economic growth Threshold effect Renewable energy sources Renewable resources Studies Threshold effect |
| Title | Threshold effect of the economic growth rate on the renewable energy development from a change in energy price: Evidence from OECD countries |
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