Dynamics of technological innovation, energy consumption, energy price and economic growth in Denmark
By M. W. Murad, Md. Mahmudul Alam, A. Noman, Ilhan Ozturk. Environmental Progress & Sustainable Energy, 2018
136 citations recorded by the source corpus.
This study investigates the dynamic relationships between technological innovation, consumption of energy, energy price, and economic growth in Denmark during the period from 1970 until 2012, using multivariate setting to examine time‐series data. The analysis employs the autoregressive distributed lag (ARDL) approach to co‐integration to examine both the short and long run dynamics among the variables. Furthermore, the study uses the Granger procedure within the VAR framework to identify causality among the variables. The model used in this study is found to be sound, a diagnosis of the reliability of the model reached by testing normality, functional form, serial correlation, and heteroscedasticity, with stability of the model tested using a cumulative sum and cumulative sum square test, based on recursive regression residuals. The ARDL approach to co‐integration reveals that real GDP growth positively influences energy consumption as well as significantly in both the short run and long run, while energy prices and technological innovation influence energy consumption negatively and significantly. The results ascertain that energy consumption and economic growth are independent of each other, and thus they support a neutral hypothesis for Denmark. Besides, both the technological innovation and energy prices are found to be Granger cause energy consumption. Therefore, the study suggests that Denmark should adopt conservative energy policy using technological innovation and energy prices as instruments to achieve energy security and protect the environment from pollution. © 2018 American Institute of Chemical Engineers Environ Prog, 38: 22–29, 2019
Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment
View Paper: https://www.semanticscholar.org/paper/02adc895ec57df828be6c0876fcc22a0aee51010
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Citations in the corpus
- The role of environmental technology for energy demand and energy efficiency: Evidence from OECD countries (2022, unknown): “Our study joins the strand of recent studies on energy-environment (Lin and Du, 2013; Li and Just 2018; Vujanović et al., 2019; Murad et al., 2019; Bashir et al.,2020; Alola and Kadiri 2021;Shahzad et al. 2021a; Shahzad et al.2021b; Rafique et al. 2021), as these also considered technology and innov”
- Do FinTech trigger renewable energy use? Evidence from OECD countries (2021, methodology): “Besides, since energy price data is not available for all the 21 countries included in the sample and for all years, the Consumer Price Index (CPI) is utilized to proxy energy prices following previous studies within the energy literature [5,22,37,56,57].”