Oil consumption and economic growth: Evidence from Pakistan

Waleed, Ahmad; Akhtar, Adeel; Pasha, Ahmad Tisman

doi:10.1080/15567249.2017.1354100

Cited by 12 publications

(10 citation statements)

References 12 publications

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“…More so, this assertion is confirmed in high-income economies by Karhan (2019) and Ekeocha et al (2020). Thus, this work follows the methodology of Waleed et al (2018), Tzeremes (2018), Mohammed (2018), Karhan (2019), Ekeocha et al (2020) and Nyoni and Phiri (2018).…”

Section: Introductionsupporting

confidence: 54%

“…Cointegration is done with Johansen and Juselius (1990) and ARDL bounds approach by Pesaran et al (2001), while causality tests are done with the Granger test and Toda-Yamamoto procedure. It is important here to recall that energy consumption-growth nexus based on bivariate models are still relevant for low and middle-income economies as underlined by Waleed et al (2018) and Tzeremes (2018). More so, this assertion is confirmed in high-income economies by Karhan (2019) and Ekeocha et al (2020).…”

Section: Introductionmentioning

confidence: 74%

“…It should be noted that bivariate models are still widely used and decision-makers worldwide continue to rely on them in designing policies, which have proven in more than one case to be effective. Recent works show that causality studies based on the three-step bivariate models between energy consumption and economic growth are still relevant for many economies be they high or middle such as Pakistan (Waleed et al , 2018), Nigeria (Ekeocha et al , 2020), Angola (Mohammed, 2018), South Africa (Nyoni and Phiri, 2018), European Union’s countries (Karhan, 2019) and even the USA (Tzeremes, 2018) and more so for low-economy countries like Cameroon.…”

Section: Literature Reviewmentioning

confidence: 99%

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LPG consumption and economic growth, 1975-2016: evidence from Cameroon

Tamba

2020

IJESM

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Purpose This paper aims to examine the causal relationship between liquefied petroleum gas consumption and economic growth in Cameroon over the period from 1975 to 2016. Design/methodology/approach The methodology of this study is based on the unit root, cointegration and causality tests. Cointegration is performed with both Johansen and autoregressive distributed lag bounds approach, while causality is done with the Granger test based on the error correction model (ECM) and Toda-Yamamoto procedure. Findings The cointegration methods confirm the existence of a level relationship, whereas the causal tests of the ECM reveal the existence of a short-run unidirectional causal relationship ranging from liquefied petroleum gas (LPG) consumption to economic growth and a bidirectional causal relationship between long-term and high-causality variables. With the Toda-Yamamoto procedure, unidirectional causality is found to run from economic growth to liquefied petroleum gas consumption. Research limitations/implications These findings imply that an increase in liquefied petroleum gas consumption leads to an increase in economic growth. As a result, supporting energy efficiency policies that aim to reduce liquefied petroleum gas consumption is not an option for Cameroon. Given that LPG consumption shares are still low in Cameroon, the government ought, thus, to increase LPG subsidization, vulgarize and favor policies aimed at encouraging LPG consumption to increase LPG deposits nationwide. This would help increase LPG consumption and consequently could increase economic growth in Cameroon. Originality/value LPG is a fossil fuel and is the less GHG emitter and it is considered as a modern source of energy for cooking in Cameroon households. It scarcity calls on energy policymakers to question the influence LPG consumption could have on economic growth in the short- and long-run. Thus, this paper could contribute to solving the issue of deforestation in Cameroon, especially in the Sahel zone; through the substitution of firewood consumption by LPG consumption in households.

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Section: Introductionsupporting

confidence: 54%

Section: Introductionmentioning

confidence: 74%

Section: Literature Reviewmentioning

confidence: 99%

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LPG consumption and economic growth, 1975-2016: evidence from Cameroon

Tamba

2020

IJESM

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“…Recently, Waleed et al (2018) supported the existence of bidirectional causality between oil consumption and economic growth in Pakistan, which means that an increase in oil consumption influence economic growth. Moreover, Al-Maamary et al (2017) demonstrate that the increase in oil and shale gas production will affect the GCC countries, especially kingdom of Saudi Arabia (KSA), the largest oil exporter in the GCC.…”

Section: Oil Pricementioning

confidence: 96%

Non-Financial Determinants and economic fluctuations – evidence from Yemen

Mohammed

2019

IJOES

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Purpose This paper aims to examine, by way of an analytical research review, the reasons for the fluctuations in the economic growth of the country of Yemen during the period from 2000 to 2014. The authors are trying to generate the answers to the following questions: Has tourism, oil price, politically instability improved? What is the impact of tourism, oil price and politically instability on economic growth before and after turbulence time? We have found that very low number of papers have written about the topic. Yemen, as a developing country, has been under the influence of an turbulence time. The term “turbulence time” refers to the series of independent uprisings that occurred in 2010 across the Arab world. There is a lack of understanding concerning the economic growth status in the existing literature during this period. Design/methodology/approach The authors use vector error-correction model to examine the impact of candidate variables .This review and analysis could provide an additional understanding in terms of the factors contributing to economic growth in Yemen; particularly before and after the turbulence time. Findings Despite oil prices having appreciated and the unemployment rate having improved, particularly after the Arab Spring, political instability has dominated the scope of determinants for economic growth in Yemen. To address the objective of this study. Originality/value This paper provides an additional reference about the economic status of Yemen.

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“…However, increasing oil consumption has very pronounced detrimental impact on the fiscal and current account balances of oil importing countries, including Thailand. Waleed et al (2018) empirically took the oil consumption data of Pakistan from 1965 to 2015 to investigate its influence on the GDP growth. For estimating the results, the study used Granger Causality test based on the error correction model (ECM).…”

Section: Crude Oil Consumption and Economic Growthmentioning

confidence: 99%

Shaping Economic Growth of Thailand Through Crude Oil Dynamics: Role of Its Exploration, Consumption and Prices

Srimarut¹,

Sittisom²

2020

IJEEP

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The exploration, consumption and prices of crude oil are very important aspects for the enhancement of the economy of any country. Therefore in order to check the impact of these three aspects of crude oil on economic growth of the country, this study has been conducted by the author. Data collection process has been done in Thailand and 26 years data has been accumulated for analysis purpose. Unit root test, co-integration test and VAR model estimation are the most important tests that have been employed in this particular study. The results of all these tests have been discussed in the study in detail. The impacts of exploration, consumption and prices of crude oil as well as population growth and energy consumption have been found to be significant in regard to economic growth. Various theoretical, practical and policy making benefits of these results have been identified and explored by the author all of which point towards the enhancement of economic growth. In addition, the limitations found in the study along with some recommendations have also been described so that the future researchers may consider them and work on them in order to overcome these limitations.

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Oil consumption and economic growth: Evidence from Pakistan

Cited by 12 publications

References 12 publications

LPG consumption and economic growth, 1975-2016: evidence from Cameroon

LPG consumption and economic growth, 1975-2016: evidence from Cameroon

Non-Financial Determinants and economic fluctuations – evidence from Yemen

Shaping Economic Growth of Thailand Through Crude Oil Dynamics: Role of Its Exploration, Consumption and Prices

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