scholarly journals Determining the relationship between energy consumption and economic growth in Pakistan

2019 ◽  
Vol 9 (3) ◽  
pp. 322-328
Author(s):  
F. Ali ◽  
Kh. A. Khan ◽  
A. Raza
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Natural Gas ◽  
Electricity Consumption ◽  
Gdp Growth ◽  
Coal Consumption ◽  
Gdp Growth Rate ◽  
Gas Consumption ◽  
Natural Gas Consumption

Energy is substantial for economic development. This study aims to unveil the causal relationship and long-term association between economic growth and energy consumption in Pakistan. The Granger-Causality test finds that; natural gas consumption, electricity consumption and coal consumption have uni-directional causal relationship with economic growth as (GC, EC and CC→GDP), however, GDP growth rate, natural gas consumption and coal consumption unilaterally Granger causes Inflation (GDP, GC and CC→CPI) and lastly coal consumption→natural gas consumption (GC), Electricity consumption (EC)→GC. The ARDL estimations delineate natural gas consumption and oil consumption having a positive and negative association with GDP growth rate may have significant long term impacts respectively on the the economic growth of Pakistan.

scholarly journals Taxation, government spending and economic growth: The case of Bulgaria

2021 ◽  
Vol 7 (3) ◽  
pp. 255-266
Author(s):  
G. Ganchev ◽  
◽  
I. Todorov ◽  
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Tax Revenue ◽  
Gdp Growth ◽  
Real Gdp ◽  
Long Run ◽  
Gdp Growth Rate ◽  
Short Run ◽  
The Impact

The objective of this article is to estimate the impact of three fiscal instruments (direct taxes, indirect taxes, and government expenditure) on Bulgaria’s economic growth. The study employs an autoregressive distributed lag model (ARDL) and Eurostat quarterly seasonally adjusted data for the period 1999–2020. Four control variables (the shares of gross capital formation, household consumption, and exports in GDP as well as the economic growth in the euro area) are included in the model to account for the influence of non-fiscal factors on Bulgaria’s real GDP growth rate. The empirical results indicate a long-run equilibrium relationship between Bulgaria’s economic growth and the independent variables in the ARDL. In the short term, Bulgaria’s real GDP growth rate is affected by its own past values and the previous values of the shares of direct tax revenue, exports, government consumption, and indirect tax revenue in GDP. In the long term, Bulgaria’s economic growth is influenced by its own previous values and the past values of the share of household consumption in GDP and the euro area’s real GDP growth rate. Fiscal instruments can be used to stabilize Bulgaria’s growth in the short run but they are neutral in the long run. The direct tax revenue, government consumption, and indirect tax revenue are highly effective and can be used as tools for invigorating and stabilizing Bulgaria’s economic growth in the short run. However, in the long term, the real GDP growth rate can be hastened only by encouraging domestic demand (final consumption expenditure of households) and promoting exports. This research cannot answer the question of whether flat income taxation stabilizes the economy or not, since it does not separate the impact of tax rate changes from the influence of tax base modifications.

scholarly journals INNOVATION EFFECT THROUGH RESEARCH AND DEVELOPMENT ON ECONOMIC GROWTH IN 35 OECD COUNTRIES

2021 ◽  
Vol 11 (4) ◽  
pp. 159-166
Author(s):  
Maman Ali M. Moustapha ◽  
Qian Yu
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Research And Development ◽  
Regression Model ◽  
Oecd Countries ◽  
Multiple Regression Model ◽  
Gdp Growth ◽  
Real Gdp ◽  
Gdp Growth Rate ◽  
Development Expenditure

This paper analyzes the effect of research and development (R&D) expenditures on economic growth in the Organization of Economic Cooperation and Development (OECD) countries over the period 2000-2016. This study conducts an empirical analysis using a multiple regression model. The main findings confirm that an increase in research and development expenditure by 1% would generate an increase of real GDP growth rate to 2.83 %. The implication emerging from this study is that government and institutions need to increase investment in R&D expenditures to fulfill inclusive economic growth perspective.

scholarly journals Assessing the Fiscal Sustainability of Government Finances in European Countries

2013 ◽  
Vol 52 (1) ◽  
pp. 87-93
Author(s):  
Yuriy Melnykov
Keyword(s):  
Growth Rate ◽  
Time Series ◽  
Interest Rate ◽  
Unit Root ◽  
Statistical Approach ◽  
Fiscal Sustainability ◽  
European Countries ◽  
Gdp Growth ◽  
Gdp Growth Rate

This paper analyses the fiscal sustainability of government finances in the 27 EU countries and Norway using an empirical, statistical approach and ADF tests for a unit root in the time series of the differences between the GDP growth rate and the long-term interest rate, and the primary balance.

Applying the Fama and French three-factor model to analyze risk/reward in the Spanish REITs: an ARDL approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zhenyu Su ◽  
Paloma Taltavull
Keyword(s):  
Growth Rate ◽  
Factor Model ◽  
Explanatory Power ◽  
Gdp Growth ◽  
Size Factor ◽  
Content Type ◽  
Gdp Growth Rate ◽  
Fama And French ◽  
Three Factor

Purpose This paper aims to analyse the risk and excess returns of the Spanish real estate investment trusts (S-REITs) using various methods, though focusing primarily on the Fama-French three-factor (FF3) model, over the period from 2007Q3 to 2017Q2. Design/methodology/approach The autoregressive distributed lag model is used for the empirical analysis to test long-term stable relationships between variables. Findings The findings indicate that the FF3 model is suitable for the S-REITs market, better explaining the S-REITs’ returns variation than the traditional single-index capital asset pricing model (CAPM) and the Carhart four-factor model. The empirical evidence is reasonably consistent with the FF3 model; the values for the market, size and value are highly statistically significant over the analysis period, with 68.7% variation in S-REITs’ returns explained by the model. In the long run, the market factor has less explanatory power than the size and value factors; the positive long-term multiplier of the size factor indicates that small S-REIT companies have higher returns, along with higher risk, while the negative multiplier of the value indicator suggests that S-REITs portfolios prefer to allocate growth REITs with low book-to-market ratios. The empirical findings from a modified FF3 model, which additionally incorporates Spain’s gross domestic product (GDP) growth rate, two consumer price index (CPI) macro-factors and three dummy variables, indicates that GDP growth rate and CPI also affect S-REITs’ yields, while investment funds with capital calls have a small influence on S-REITs’ returns. Practical implications The regression results of the standard and extended FF3 model can help researchers understand S-REITs’ risk and return through a general stock pattern. Potential investors are given more information to consider the new Spanish investment vehicle before making a decision. Originality/value The paper uses standard techniques but applies them for the first time to the S-REIT market.

Scenario Prediction of China’s Natural Gas Consumption and Carbon Emissions in the Next Ten Years

2021 ◽  
Vol 16 (3) ◽  
pp. 569-587
Author(s):  
Chunzi Wang ◽  
◽  
Mingxiong Zhu ◽  
Keyword(s):  
Economic Growth ◽  
Natural Gas ◽  
Emission Reduction ◽  
Carbon Emission ◽  
Gas Production ◽  
High Rate ◽  
Carbon Emission Reduction ◽  
Gas Consumption ◽  
Natural Gas Consumption ◽  
Low Rate

Based on Johansen Cointegration Test, this paper sheds light on the long-run equilibrium relationship between natural gas consumption, gas production, and GDP in China. Three different natural gas demand scenarios of low, medium and high rates in the next ten years are considered, and a Neural Network Autoregression Model is used to predict the future carbon dioxide emission. We conclude: (1) In all three scenarios, the growth rates of natural gas consumption are all higher than those of natural gas production, while the gap between demand and domestic supply will gradually turn broader and China will largely rely on imports ; (2) In the scenario of low-rate economic growth, natural gas consumption will grow slowly, and it will be difficult to realize the carbon emission reduction targets by 2030 due to low-rate substitution of natural gas for coal; (3) If medium-rate to high-rate economic growth sustains, coupled with rapid increase in natural gas consumption and production, China’s Carbon Emission Reduction Targets for 2030 can be achieved with high-rate substitution of natural gas for coal.

scholarly journals Study of the Modified Logistic Model of Chinese Electricity Consumption Based on the Change of the GDP Growth Rate under the Economic New Normal

2019 ◽  
Vol 2019 ◽  
pp. 1-13
Author(s):  
Xin Cui ◽  
Wenhui Zhao
Keyword(s):  
Growth Rate ◽  
Global Economy ◽  
Logistic Model ◽  
Driving Forces ◽  
Electricity Consumption ◽  
Gdp Growth ◽  
New Normal ◽  
Gdp Growth Rate ◽  
The Future ◽  
Industry Layout

In the context of the new normal, the global economy is entering a deep adjustment period, and the driving forces of development are also constantly changing. As a result, China’s economy has also entered a “new normal” phase in which it is growing in a manageable and relatively balanced manner. In addition, the new normal characteristics of the power industry’s development in China are also very significant, and they affect the adaptability of traditional power forecasting methods. By analyzing the new characteristics of China’s economic development and the changing electricity demand in recent years, this paper quantitatively studied the effect of the national economy on the consumption of electricity. Meanwhile, a modified logistic model based on the change of the gross domestic product (GDP) growth rate is constructed to make a reasonable prediction of the future power consumption in China. Subsequently, by calculating the elasticity of electricity consumption in the future, it is found that the coefficient decreases each year, which indicates that electricity consumption in China is following a new trend. Based on the research results, this paper proposes rational suggestions for China’s power development, and they are expected to provide references for the power planning and power industry layout in China.

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