Effects of economic policy uncertainty on energy demand: evidence from 72 countries

Y. O. Erzurumlu, Giray Gozgor
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引用次数: 7

Abstract

ABSTRACT This paper examines the effects of economic policy uncertainty on final energy consumption per capita in the panel dataset of 72 countries from 1960 to 2016. Economic policy uncertainty is captured by the World Uncertainty Indices (WUI). We firstly utilize the panel unit root tests with cross-sectional dependence to confirm the stationarity of the series. Secondly, we run various estimation techniques, such as fixed-effects, random-effects, and feasible generalized least squares. The results indicate that income is positively related to energy demand. However, a higher energy price decreases energy consumption, and the WUI is also negatively associated with energy consumption. These findings are robust to exclude the oil-exporter and the Organisation for Economic Co-operation and Development countries from the panel dataset. Finally, the Machado-Santos Silva quantile regression estimations show that the related effects of the income, energy price and the WUI on energy demand are valid at the different quantiles.
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经济政策不确定性对能源需求的影响:来自72个国家的证据
摘要本文在1960-2016年72个国家的面板数据集中考察了经济政策不确定性对人均最终能源消耗的影响。世界不确定性指数反映了经济政策的不确定性。我们首先利用具有截面依赖性的面板单位根检验来确认级数的平稳性。其次,我们运行了各种估计技术,如固定效应、随机效应和可行的广义最小二乘法。结果表明,收入与能源需求呈正相关。然而,较高的能源价格会降低能源消耗,WUI也与能源消耗呈负相关。这些发现有力地将石油出口国和经济合作与发展组织国家排除在面板数据集中。最后,Machado Santos Silva分位数回归估计表明,收入、能源价格和WUI对能源需求的相关影响在不同的分位数上是有效的。
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来源期刊
CiteScore
4.50
自引率
5.00%
发文量
22
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