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ID103343
Title ProperOil prices, nuclear energy consumption, and economic growth
Other Title Informationnew evidence using a heterogeneous panel analysis
LanguageENG
AuthorLee, Chien-Chiang ;  Chiu, Yi-Bin
Publication2011.
Summary / Abstract (Note)This paper applies panel data analysis to examine the short-run dynamics and long-run equilibrium relationships among nuclear energy consumption, oil prices, oil consumption, and economic growth for developed countries covering the period 1971-2006. The panel cointegration results show that in the long run, oil prices have a positive impact on nuclear energy consumption, suggesting the existence of the substitution relationship between nuclear energy and oil. The long-run elasticity of nuclear energy with respect to real income is approximately 0.89, and real income has a greater impact on nuclear energy than do oil prices in the long run. Furthermore, the panel causality results find evidence of unidirectional causality running from oil prices and economic growth to nuclear energy consumption in the long run, while there is no causality between nuclear energy consumption and economic growth in the short run.
`In' analytical NoteEnergy Policy Vol. 39, No. 4; Apr 2011: p2111-2120
Journal SourceEnergy Policy Vol. 39, No. 4; Apr 2011: p2111-2120
Key WordsNuclear Energy ;  Oil ;  Panel Cointegration ;  Oil Prices ;  Economic Growth