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ID: 113432

Granger non-causality tests between (non)renewable energy consu: the (ir)relevance of structural breaks ? / Vaona, Andrea

Vaona, Andrea	Journal Article
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Publication

2012.

Summary/Abstract

The present paper considers an Italian dataset with an annual frequency from 1861 to 2000. It implements Granger non-causality tests between energy consumption and output contrasting methods allowing for structural change with those imposing parameter stability throughout the sample. Though some econometric details can differ, results have clear policy implications. Energy conservation policies hasten an underlying tendency of the economy towards a more efficient use of fossil fuels. The abandonment of traditional energy carriers was a positive change. The challenge for renewable energy is to diversify among different sources and to overcome possible social acceptance problems.

Key Words

Granger Causality ; (non)Renewable Energy ; Real GDP

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ID: 121324

Regional spillover effects of renewable energy generation in It / Magnani, Natalia; Vaona, Andrea

Vaona, Andrea	Journal Article
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Publication

2013.

Summary/Abstract

In a multivariate setting, we document that renewable energy generation has a positive impact on economic growth at the regional level in Italy. We do so by adopting panel data unit-root and cointegration tests as well as Granger non-causality tests relying on the system GMM estimator. Our results are interpreted in three ways. Renewable energy generation alleviates balance-of-payments constraints and reduces the exposure of a regional economy to the volatility of the price of fossil fuels and to negative environmental and health externalities deriving from non-renewable energy generation. Therefore, our evidence supports policies promoting renewable energy generation. In an appendix we show that our results are robust to the adoption of alternative econometric methods and definitions for our energy variable. They are also stable over time.

Key Words

Economic Growth ; Renewable Energy Generation ; Panel Data Methods

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