Analyzing causality and cointegration of macroeconomics and energy-related factors of Nordic and SEE European countries
Abstract
Discrepancies between several South-Eastern European (SEE) countries and Nordic countries are investigated in this paper using an econometric analysis. Its aim is to examine the relationship between CO2 emissions, GDP per capita, urban population (URB) and electricity production from Renewable Energy Sources (RES) – EPREN, excluding hydroelectric for the two groups of EU countries located in the North and S-E of Europe. The data covers a period from 1990 to 2022, providing a comprehensive view over three decades. The relationship between the four variables is determined by various causality and cointegration tests. We check the unit root tests and conclude that the analyzed time series are stationary at first difference. Further, we estimate two models: Fully Modified and Dynamic Ordinary Least Squares and study causality and cointegration between variables. The results show that CO2 emissions are impacted by GDP, URB and EPREN for both regions. Testing causality, for SEE and Nordic countries, the bidirectional and causalities do exist.
Keyword : FMOLS and DOLS, macroeconomics, greenhouse gases, renewables, fossil fuels, energy-related factors
How to Cite
Georgescu, I. A., Oprea, S.-V., & Bâra, A. (2024). Analyzing causality and cointegration of macroeconomics and energy-related factors of Nordic and SEE European countries. Journal of Business Economics and Management, 25(3), 494–515. https://doi.org/10.3846/jbem.2024.21677
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Hatmanu, M., Cautisanu, C., & Iacobuta, A. O. (2022). On the relationships between CO2 emissions and their determinants in Romania and Bulgaria. An ARDL approach. Applied Economics, 54(22), 2582–2595. https://doi.org/10.1080/00036846.2021.1998328
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Kleanthis, N., Stavrakas, V., Ceglarz, A., Süsser, D., Schibline, A., Lilliestam, J., & Flamos, A. (2022). Eliciting knowledge from stakeholders to identify critical issues of the transition to climate neutrality in Greece, the Nordic Region, and the European Union. Energy Research and Social Science, 93, Article 102836. https://doi.org/10.1016/j.erss.2022.102836
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Mitić, P., Fedajev, A., Radulescu, M., & Rehman, A. (2023). The relationship between CO2 emissions, economic growth, available energy, and employment in SEE countries. Environmental Science and Pollution Research, 30, 16140–16155. https://doi.org/10.1007/s11356-022-23356-3
Narayan, P. K., & Smyth, R. (2007). A panel cointegration analysis of the demand for oil in the Middle East. Energy Policy, 35(12), 6258–6265. https://doi.org/10.1016/j.enpol.2007.07.011
Ndoricimpa, A. (2014). Heterogeneous panel causality between exports and growth in COMESA countries. The Journal of Developing Areas, 48(4), 349–361. https://doi.org/10.1353/jda.2014.0074
Nycander, E., Söder, L., Olauson, J., & Eriksson, R. (2020). Curtailment analysis for the Nordic power system considering transmission capacity, inertia limits and generation flexibility. Renewable Energy, 152, 942–960. https://doi.org/10.1016/j.renene.2020.01.059
Onofrei, M., Vatamanu, A. F., & Cigu, E. (2022). The relationship between economic growth and CO2 emissions in EU countries: A cointegration analysis. Frontiers in Environmental Science, 10, Article 934885. https://doi.org/10.3389/fenvs.2022.934885
Ozarisoy, B., & Altan, H. (2021). Developing an evidence-based energy-policy framework to assess robust energy-performance evaluation and certification schemes in the South-eastern Mediterranean countries. Energy for Sustainable Development, 64, 65–102. https://doi.org/10.1016/j.esd.2021.08.001
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Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(S1), 653–670. https://doi.org/10.1111/1468-0084.61.s1.14
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Pedroni, P. (2001). Purchasing power parity tests in cointegrated panels. Review of Economics and Statistics, 83(4), 727–731. https://doi.org/10.1162/003465301753237803
Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597–625. https://doi.org/10.1017/S0266466604203073
Popescu, M. F., Constantin, M., & Chiripuci, B. C. (2022). Transition to a sustainable energy production and consumption model – mapping the patterns of success. Journal of Business Economics and Management, 23(4), 915–936. https://doi.org/10.3846/jbem.2022.17022
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