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Impact of energy consumption on economic growth and potential of renewable fuels
Torkhani, Marouan ; Janda, Karel (advisor) ; Havránek, Tomáš (referee)
This master thesis aims to examine the relationship between energy consumption and economic growth and between energy consumption and greenhouse emissions for the EU countries, using a panel time series data from 1996 to 2012 within a multivariate framework for 26 EU countries. The energies are composed from oil consumption, natural gas consumptions, and renewable energies including the biomass as a distinct part. To do that, Unit Root Tests, cointegration test, Pairwise Granger causality tests, and Error Correction Model are employed to find out the type of the causal relationship. The main results to denote are that, there is in the short run, a positive unidirectional causal relationship running from oil consumption to economic growth. We can as well denote a positive bidirectional causal relationship between renewable energies and economic growth and between greenhouse emissions and economic growth. However, there is an unexpected negative bidirectional causal relationship between biomass consumption and gas consumption. From the greenhouse emissions perspective, we can see in the short run, a negative bidirectional causal relationship between greenhouse emissions and renewable energies, and a positive unidirectional causal relationship running from both oil consumption and biomass consumption...
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