Exploring the Research Regarding Energy–Economic Growth Relationship

Cicea, Claudiu; Ciocoiu, Carmen Nadia; Marinescu, Corina

doi:10.3390/en14092661

Cited by 5 publications

(2 citation statements)

References 85 publications

(83 reference statements)

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“…Examples are the industrial structure, the demand saturation, the technical progress, the demographics, and the economic structure [72]. The reason is that energy can determine the economic and social development of countries and the growth of GDP [73]. The choice of GDP was made because it is an appropriate quantitative criterion for energy production.…”

Section: The Theoretical Framework Of the Composite Indexmentioning

confidence: 99%

The dynamics of energy production: a composite index

Karakostas¹

2022

fuen

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Energy is a sector of production of considerable interest. Today's era is particularly dependent on energy. Both continuous technological upgrading and the increase in living standards require ever-greater energy security. Many countries in the world are formulating their policies in order to secure energy resources. Energy security is one of the most important objectives of any country in the international economic system. All countries are trying to secure energy resources whether they are endowed or through trade. However, the main issue that arises is the production of energy. Energy production has a direct and indirect impact on a country's economy. It is therefore essential to properly investigate those factors that determine energy production. What are those factors determining energy production? There are many factors that can determine energy production. This study will attempt to set an analytical framework that can analyze the factors that determine energy production. The methodology applied is the construction of a composite index (CI).

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Section: The Theoretical Framework Of the Composite Indexmentioning

confidence: 99%

The dynamics of energy production: a composite index

Karakostas¹

2022

fuen

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“…The production/consumption of energy and GDP interact with each other, because energy determines the economic and social development of countries, and GDP growth leads to an increase in energy demand [12]. Many studies conducted in recent decades confirm the strong relationship between these two variables [13,14].…”

Section: Introductionmentioning

confidence: 99%

The Relationship between Energy Production and GDP: Evidence from Selected European Economies

et al. 2021

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The aim of this article was to investigate the possible relationship between energy production and GDP growth. This problem is of a crucial importance because as a numerous studies show, it is difficult to give an unambiguous answer to the question of whether there is a relationship between GDP and energy production and what direction it takes if it exists, i.e., whether energy production drives GDP growth or GDP growth drives energy production. The research conducted by the authors used data on hourly power production in MWh/h averaged over a whole day, which were converted into total quarterly production. The data were divided in terms of the type of energy into conventional, renewable, other and total. Next, the correlation coefficient was calculated for proper data sets in order to determine whether there was a correlation between the variables. The main conclusion from the study is the fact that a correlation measured with the Pearson correlation coefficient is not reflected in the data. Changes in power production independent of the source of power do not influence the GDP directly. Naturally, in some countries, the connection between power production and GDP was stronger; however, comparing this to the rest of the researched countries, where correlation was low or even extremely low, it can be seen that the relationship is random. This study should be seen as an introductory one with a perspective of broadening research in terms of causality between variables, which, nowadays, has great application in terms of climate change and sustainable development.

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