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Energy-growth hypothesis: testing non-linearity by considering production function approach for Spanish economy
Muhammad Shahid Hassan1, Haider Mahmood2, Saba Yousaf3
1Department of Economics and Quantitative Methods, Dr. Hassan Murad School of Management (HSM), University of Management and Technology, Lahore, Pakistan. shahid.hassan@umt.edu.pk.
Environmental Science and Pollution Research International
|September 30, 2022
Summary
Energy consumption has an inverted-U-shaped effect on economic growth, meaning it
Area of Science:
- Economics
- Environmental Economics
- Econometrics
Background:
- Economic growth is a primary concern for both developing and developed economies.
- Energy utilization and exports are identified as crucial drivers for boosting production activities.
- Beyond traditional factors like labor and capital, exports and energy consumption are vital inputs for economic acceleration.
Purpose of the Study:
- To investigate the linear impact of exports on economic growth.
- To examine the non-linear effect of energy consumption on economic growth.
- To analyze these relationships within the Spanish economy using a production function approach.
Main Methods:
- Utilized a production function approach for economic analysis.
- Employed bounds testing methodology for time-series analysis.
- Analyzed data for the Spanish economy spanning from 1980 to 2019.
Main Results:
- Confirmed an inverted-U-shaped effect of energy consumption on economic growth.
- Found that exports, labor force, and capital formation significantly accelerate economic growth in Spain.
- Diagnostic tests validated the consistency of the findings.
Conclusions:
- Energy consumption should be managed to remain below a specific threshold to ensure positive economic growth.
- Exceeding this energy consumption threshold can become detrimental to economic growth.
- Policy advisors should consider export promotion as a strategy to enhance economic growth in Spain due to its role in expanding production.
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