Energy Consumption, Trade Openness and Economic Growth: Empirical Evidence From Nigeria

Akinwale, Yusuf Opeyemi

doi:10.32479/ijeep.11617

Cited by 21 publications

(27 citation statements)

References 22 publications

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“…That means an increase in the consumption of electricity will enhance economic growth via a higher level of production. The empirical results supporting this hypothesis are confirmed by studies such as Murry and Nan (1994), Khan et al (2007), Pradhan (2010), Ahamad and Islam (2011), Das et al (2012), , Wolde-Rufael (2014), Iyke (2015), Acaravcı et al (2015), and He et al (2017), among others.…”

Section: Literature Reviewsupporting

confidence: 58%

Dynamics between Power Consumption and Economic Growth at Aggregated and Disaggregated (Sectoral) Level Using the Frequency Domain Causality

Dash

Jena

Tiwari

et al. 2022

JRFM

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We investigated the Granger causal relationship between the consumption of power both at the aggregate and sectoral level and economic growth in India using the frequency domain approach, which would help policy makers seek the efficient allocation of electricity via proper policy initiatives at different frequencies. We find that at the aggregate level, unidirectional causality runs from the total power consumption to economic growth, starting from the second up to the seventh quarter. In the sectoral context, the results are different. Since there is no causality between industrial power consumption and economic growth; therefore, an energy conservation policy can thus be implemented for the industrial sector. Moreover, since a bidirectional causality exists after 15 quarters for the commercial sector, a short-term policy but not an energy conservation policy could also be initiated for this sector. In the industrial and agricultural sectors, a promotional policy should be initiated because a unidirectional causality exists from sectoral power consumption to economic growth. Therefore, different and sector-specific policies would be more appropriate than a single policy for all power sectors in India in order to orient the efficient utilisation of power towards better economic development.

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Section: Literature Reviewsupporting

confidence: 58%

Dynamics between Power Consumption and Economic Growth at Aggregated and Disaggregated (Sectoral) Level Using the Frequency Domain Causality

Dash

Jena

Tiwari

et al. 2022

JRFM

View full text Add to dashboard Cite

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“…By considering these studies, we feel motivated for taking real effective exchange rate as determinant of exports for Canadian economy. Besides this, the studies by Sami (2011) and Nnaji et al (2013) found unidirectional causal relations running from energy consumption to exports, while Li (2014) and Erkan et al (2010) disclosed a positive impact of energy consumption on exports. We therefore incorporated the role of per capita energy consumption in export function to see how it will impact Canadian export function.…”

Section: Literature Reviewmentioning

confidence: 93%

Investigating Export Determinants: A Time Series Evidence From Canada

2022

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Export is an important macroeconomic factor that can elevate a country’s output performance and raise employment opportunities, in any economy. Any country may expand the number of its allies through exports. Foundation trade theories, like absolute advantage and comparative advantage, suggest that a country should export the product with greater absolute or comparative advantage. This sheds light on allocating the optimal resources for producing low-price products and flouting the idea of specialization among the countries of the world. The present study explores the factors that may influence the export performance of a developed economy like Canada from 1979 to 2019. The study findings provide evidence of the absence of multicollinearity and that the data series for the selected functional form of the study is stationary at mixed order. The results of the ARDL bounds test confirm long-run cointegrating relations between exports and its determinants for Canada. The results further reveal that per capita energy consumption and government final consumption expenditures significantly elevate export performance in both the long and short run, while population size significantly elevates exports performance only in the long run in Canada. Moreover, the findings also expose that real effective exchange rate significantly reduces exports in both the long and short run in Canada: This means that by depreciating Canadian currency, Canadian exports will be boosted. The real interest rate reports a negative but insignificant impact on the Canadian export function in both the long and short run. Finally, the CUSUM and CUSUM Square graphs confirm the stability of the estimated coefficients for the Canadian export function for the selected sample of the study.

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“…According to the study of Le published in 2020, renewable and non-renewable energy use, gross fixed capital formation, government spending, financial development and trade openness all these determinants are positively contributing to the economic growth (Le and Bao, 2020). A regional study of South Africa shows that financial development, trade openness and economic growth are positively correlated with energy consumption (Rafindadi and Ozturk, 2017).…”

Section: Current Dynamics and Future Directions: Cluster Analysismentioning

confidence: 99%

A bibliometric analysis on trade openness and economic growth: current dynamics and future direction

Aggarwal,

Karwasra

2023

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Purpose The purpose of this study is to provide a comprehensive analysis on the economic relationship between trade openness and economic growth and to identify current developments, potential research area and future directions. The emphasis is on the identification of annual growth of publications, country-wise distribution, publication pattern, intellectual structure and cluster analysis of scientific production in this field. Design/methodology/approach This study used evaluative techniques, text mining approach and performance analysis to identify possible patterns and correlation and to measure the impact of authors/citations/scientific production. Further, this study used the bibliometric mapping to represent the structural features of scientific production. This study emphasized on identification of the research hotspots based on occurrence of indexed keywords, productive researchers and journals during 2000–2022. Further, cluster analysis is performed using VOS viewer to analyze the current dynamics and future direction of the association between trade openness and economic growth (Eck and Waltman, 2011). Also, co-citation analysis is used in this study to identify the relations among authors or journals or documents using citation data, whereas the bibliographic coupling/mapping is intended to analyze the citing documents. Similarly, co-word analysis is used to study the article keywords that are mainly used to assess the conceptual structure of a concerning subject. Findings Economic growth is a function of trade openness, and it is important to analyze the relationship between trade openness and economic growth. Trade openness tends to become more liberalized over time, to contribute more to economic growth. Empirical evidence suggested that there exists a strong association between trade openness and economic growth. Further, keyword timeline analysis illustrated that the linkage between trade openness and economic growth is current area of interest among researchers. As per bibliometric analysis, China, Pakistan and Malaysia are the three most prolific countries in the terms of published articles on this theme. However, the most influential publications based on h-index and citation on trade openness–economic growth relationship is produced by Turkey. Based on cluster analysis, this study suggests that researchers are currently working on trade openness–economic growth relationship with other variables such as FDI, financial development, labor force, environment degradation and carbon emission, while in future, researchers could work on variables such as technology and sustainable development. Research limitations/implications There are some limitations of this study. The first limitation is the authors have used Scopus database, leaving the possibility for future research to use Web of Science, Google Scholar or other similar sources. The second limitation is that the authors have used search terms “trade openness “and “economic growth,” although research could be performed using synonyms or even relevant terms in other languages. Practical implications Cluster analysis suggested that researchers are currently working on trade openness–economic growth relationship with other variables such as FDI, financial development, labor force, environment degradation and carbon emission, while in future, researchers could work on variables such as technology and sustainable development. Therefore, this study identified the potential research area in this research domain. Originality/value To confirm the originality of this study, to the best of the authors’ knowledge, this is the first study to combine bibliometric analysis and cluster analysis on trade openness–economic growth relationship. This study makes a comparison with phenomena/processes/events in contemporary economic and social reality in the field of trade openness and economic growth relationship.

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Energy Consumption, Trade Openness and Economic Growth: Empirical Evidence From Nigeria

Cited by 21 publications

References 22 publications

Dynamics between Power Consumption and Economic Growth at Aggregated and Disaggregated (Sectoral) Level Using the Frequency Domain Causality

Dynamics between Power Consumption and Economic Growth at Aggregated and Disaggregated (Sectoral) Level Using the Frequency Domain Causality

Investigating Export Determinants: A Time Series Evidence From Canada

A bibliometric analysis on trade openness and economic growth: current dynamics and future direction

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