Electricity consumption, economic growth, urbanisation and trade nexus: empirical evidence from Iceland

References

• Acaravcı, A., Erdogan, S., & Akalın, G. (2015). the electricity consumption, real income, trade openness and FDI: The empirical evidence from Turkey. International Journal of Energy Economics and Policy, 5(4), 1050–1057.
   Google Scholar
• Acaravci, A., & Ozturk, I. (2010). Electricity consumption-growth nexus: Evidence from panel data for transition countries. Energy Economics, 32(3), 604–608.10.1016/j.eneco.2009.10.016
   Web of Science ®Google Scholar
• Akinlo, A. E. (2008). Energy consumption and economic growth: Evidence from 11 Sub-Sahara African countries. Energy Economics, 30(5), 2391–2400.10.1016/j.eneco.2008.01.008
   Web of Science ®Google Scholar
• Al-Mulali, U. (2012). Factors affecting CO2 emission in the Middle East: A panel data analysis. Energy, 44(1), 564–569.10.1016/j.energy.2012.05.045
   Web of Science ®Google Scholar
• Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: Time series evidence from Asian developing countries. Energy Economics, 22(6), 615–625.10.1016/S0140-9883(00)00050-5
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., & Chomsisengphet, S. (2002). Stability of M2 demand functions in industrial countries. Applied Economics, 34, 2075–2083.10.1080/00036840210128744
   Web of Science ®Google Scholar
• Bento, J. P. C., & Moutinho, V. (2016). CO 2 emissions, non-renewable and renewable electricity production, economic growth, and international trade in Italy. Renewable and Sustainable Energy Reviews, 55, 142–155.10.1016/j.rser.2015.10.151
   Web of Science ®Google Scholar
• Brown, R. L., Durbin, J., & Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society. Series B (Methodological), 149–192.
   Web of Science ®Google Scholar
• Dickey, D. A., & Fuller, W. A. (1979). Distributions of the Estimators for Autoregressive Time Series with a Unit Root. Journal of American Statistical Association, 74(366a), 427–481.
   Google Scholar
• Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 1057–1072.10.2307/1912517
   Web of Science ®Google Scholar
• Dunkerley, J. (1982). Estimation of energy demand: The developing countries. The Energy Journal, 3(2), 79–99.
   Google Scholar
• Ebohon, O. J. (1996). Energy, economic growth and causality in developing countries: A case study of Tanzania and Nigeria. Energy Policy, 24(5), 447–453.10.1016/0301-4215(96)00027-4
   Web of Science ®Google Scholar
• Enders, W. (1995). Applied econometric time series. New York, NY: John Wiley & Sons Inc.
   Google Scholar
• Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276.10.2307/1913236
   Web of Science ®Google Scholar
• Ewing, B. T., Sari, R., & Soytas, U. (2007). Disaggregate energy consumption and industrial output in the United States. Energy Policy, 35(2), 1274–1281.10.1016/j.enpol.2006.03.012
   Web of Science ®Google Scholar
• Faisal, F., Türsoy, T., & Reşatoğlu, N. G. (2016). Energy consumption, electricity, and GDP causality; the case of Russia, 1990-2011. Procedia Economics and Finance, 39, 653–659.10.1016/S2212-5671(16)30312-4
   Google Scholar
• Faisal, F., Türsoy, T., & Reşatoğlu, N. G. (2017). Is there any causality between financial development, energy consumption and economic growth in Pakistan? Evidence from ARDL bounds testing approach and vector error correction model. International Journal of Ecological Economics and Statistics, 38(2), 33–48.
   Google Scholar
• Fatai, K., Oxley, L., & Scrimgeour, F. G. (2004). Modelling the causal relationship between energy consumption and GDP in New Zealand, Australia, India, Indonesia, The Philippines and Thailand. Mathematics and Computers in Simulation, 64(3), 431–445.10.1016/S0378-4754(03)00109-5
   Web of Science ®Google Scholar
• Ferguson, R., Wilkinson, W., & Hill, R. (2000). Electricity use and economic development. Energy Policy, 28(13), 923–934.10.1016/S0301-4215(00)00081-1
   Web of Science ®Google Scholar
• Gam, I., & Rejeb, J. B. (2012). How can we assess the relation between equipment, price and electricity demand in Tunisia? International Journal of Energy Economics and Policy, 2(3), 159.
   Google Scholar
• Halicioglu, F. (2007). Residential electricity demand dynamics in Turkey. Energy Economics, 29(2), 199–210.10.1016/j.eneco.2006.11.007
   Web of Science ®Google Scholar
• IEA (International Energy Agency). (2002). Energy and poverty. In World Energy Outlook, 2002. Paris: IEA.
   Google Scholar
• Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration – With applications to the demand for money. Oxford Bulletin of Economics and statistics, 52(2), 169–210.
   Web of Science ®Google Scholar
• Kasman, A., & Duman, Y. S. (2015). CO2 emissions, economic growth, energy consumption, trade and urbanization in new EU member and candidate countries: A panel data analysis. Economic Modelling, 44, 97–103.10.1016/j.econmod.2014.10.022
   Web of Science ®Google Scholar
• Keho, Y. (2016). What drives energy consumption in developing countries? The experience of selected African countries. Energy Policy, 91, 233–246.10.1016/j.enpol.2016.01.010
   Web of Science ®Google Scholar
• Khraief, N., Shahbaz, M., Mallick, H., & Loganathan, N. (2016). Estimation of electricity demand function for Algeria: Revisit of time series analysis. Renewable and Sustainable Energy Reviews. Online. doi:10.1016/j.rser.2016.11.106
   Web of Science ®Google Scholar
• Kwiatkowski, D., Phillips, P. C., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1–3), 159–178.10.1016/0304-4076(92)90104-Y
   Web of Science ®Google Scholar
• Lee, C. C. (2006). The causality relationship between energy consumption and GDP in G-11 countries revisited. Energy Policy, 34(9), 1086–1093.10.1016/j.enpol.2005.04.023
   Web of Science ®Google Scholar
• Lee, C. C., & Chang, C. P. (2008). Energy consumption and economic growth in Asian economies: A more comprehensive analysis using panel data. Resource and Energy Economics, 30(1), 50–65.10.1016/j.reseneeco.2007.03.003
   Web of Science ®Google Scholar
• Lenzen, M., Wier, M., Cohen, C., Hayami, H., Pachauri, S., & Schaeffer, R. (2006). A comparative multivariate analysis of household energy requirements in Australia, Brazil, Denmark, India and Japan. Energy, 31(2), 181–207.
   Web of Science ®Google Scholar
• Liddle, B. (2013). The energy, economic growth, urbanization nexus across development: Evidence from heterogeneous panel estimates robust to cross-sectional dependence. The Energy Journal, 34, 223–244.
   Web of Science ®Google Scholar
• Liddle, B., & Lung, S. (2014). Might electricity consumption cause urbanization instead? Evidence from heterogeneous panel long-run causality tests. Global Environmental Change, 24, 42–51.10.1016/j.gloenvcha.2013.11.013
   Web of Science ®Google Scholar
• Liddle, B., & Messinis, G. (2015). Which comes first–urbanization or economic growth? Evidence from heterogeneous panel causality tests. Applied Economics Letters, 22(5), 349–355.10.1080/13504851.2014.943877
   Web of Science ®Google Scholar
• Lin, B., & Liu, C. (2016). Why is electricity consumption inconsistent with economic growth in China? Energy Policy, 88, 310–316.10.1016/j.enpol.2015.10.031
   Web of Science ®Google Scholar
• Lin, B., Omoju, O. E., & Okonkwo, J. U. (2016). Factors influencing renewable electricity consumption in China. Renewable and Sustainable Energy Reviews, 55, 687–696.10.1016/j.rser.2015.11.003
   Web of Science ®Google Scholar
• Liu, Y., & Xie, Y. (2013). Asymmetric adjustment of the dynamic relationship between energy intensity and urbanization in China. Energy Economics, 36, 43–54.10.1016/j.eneco.2012.12.003
   Web of Science ®Google Scholar
• Marques, A. C., Fuinhas, J. A., & Menegaki, A. N. (2016a). Renewable vs non-renewable electricity and the industrial production nexus: Evidence from an ARDL bounds test approach for Greece. Renewable Energy, 96, 645–655.10.1016/j.renene.2016.05.033
   Web of Science ®Google Scholar
• Marques, A. C., Fuinhas, J. A., & Nunes, A. R. (2016b). Electricity generation mix and economic growth: What role is being played by nuclear sources and carbon dioxide emissions in France? Energy Policy, 92, 7–19.10.1016/j.enpol.2016.01.027
   Web of Science ®Google Scholar
• Narayan, P. K., & Smyth, R. (2005). Electricity consumption, employment and real income in Australia evidence from multivariate Granger causality tests. Energy policy, 33(9), 1109–1116.10.1016/j.enpol.2003.11.010
   Web of Science ®Google Scholar
• Narayan, P. K., & Smyth, R. (2009). Multivariate Granger causality between electricity consumption, exports and GDP: Evidence from a panel of Middle Eastern countries. Energy Policy, 37(1), 229–236.10.1016/j.enpol.2008.08.020
   Web of Science ®Google Scholar
• Odhiambo, N. M. (2009a). Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach. Energy Policy, 37(2), 617–622.10.1016/j.enpol.2008.09.077
   Web of Science ®Google Scholar
• Odhiambo, N. M. (2009b). Electricity consumption and economic growth in South Africa: A trivariate causality test. Energy Economics, 31(5), 635–640.10.1016/j.eneco.2009.01.005
   Web of Science ®Google Scholar
• Ozatac, N., Gokmenoglu, K. K., & Taspinar, N. (2017). Testing the EKC hypothesis by considering trade openness, urbanization, and financial development: the case of Turkey. Environmental Science and Pollution Research, 24(20), 16690–16701.
   PubMed Web of Science ®Google Scholar
• Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy Policy, 38(1), 340–349.10.1016/j.enpol.2009.09.024
   Web of Science ®Google Scholar
• Ozturk, I., & Acaravci, A. (2011). Electricity consumption and real GDP causality nexus: Evidence from ARDL bounds testing approach for 11 MENA countries. Applied Energy, 88(8), 2885–2892.10.1016/j.apenergy.2011.01.065
   Web of Science ®Google Scholar
• Parshall, L., Gurney, K., Hammer, S. A., Mendoza, D., Zhou, Y., & Geethakumar, S. (2010). Modeling energy consumption and CO 2 emissions at the urban scale: Methodological challenges and insights from the United States. Energy Policy, 38(9), 4765–4782.10.1016/j.enpol.2009.07.006
   Web of Science ®Google Scholar
• Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.10.1002/(ISSN)1099-1255
   Web of Science ®Google Scholar
• Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335–346.10.1093/biomet/75.2.335
   Web of Science ®Google Scholar
• Poumanyvong, P., & Kaneko, S. (2010). Does urbanization lead to less energy use and lower CO 2 emissions? A cross-country analysis. Ecological Economics, 70(2), 434–444.10.1016/j.ecolecon.2010.09.029
   Web of Science ®Google Scholar
• Rafindadi, A. A., & Ozturk, I. (2015). Natural gas consumption and economic growth nexus: Is the 10th Malaysian plan attainable within the limits of its resource? Renewable and Sustainable Energy Reviews, 49, 1221–1232.10.1016/j.rser.2015.05.007
   Web of Science ®Google Scholar
• Rosenberg, N. (1998). The role of electricity in industrial development. The Energy Journal, 7–24.
   Web of Science ®Google Scholar
• Salim, R. A., & Shafiei, S. (2014). Urbanization and renewable and non-renewable energy consumption in OECD countries: An empirical analysis. Economic Modelling, 38, 581–591.10.1016/j.econmod.2014.02.008
   Web of Science ®Google Scholar
• Sbia, R., Shahbaz, M., & Ozturk, I. (2017). Economic growth, financial development, urbanisation and electricity consumption nexus in UAE. Economic Research-Ekonomska istraživanja, 30(1), 527–549.10.1080/1331677X.2017.1305792
   Web of Science ®Google Scholar
• Shahbaz, M. (2012). Does trade openness affect long run growth? Cointegration, causality and forecast error variance decomposition tests for Pakistan. Economic Modelling, 29(6), 2325–2339.10.1016/j.econmod.2012.07.015
   Web of Science ®Google Scholar
• Shahbaz, M., & Lean, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy policy, 40, 473–479.10.1016/j.enpol.2011.10.050
   Web of Science ®Google Scholar
• Shahbaz, M., Sbia, R., Hamdi, H., & Ozturk, I. (2014). Economic growth, electricity consumption, urbanization and environmental degradation relationship in the United Arab Emirates. Ecological Indicators, 45, 622–631.10.1016/j.ecolind.2014.05.022
   Web of Science ®Google Scholar
• Shiu, A., & Lam, P. L. (2004). Electricity consumption and economic growth in China. Energy Policy, 32(1), 47–54.10.1016/S0301-4215(02)00250-1
   Web of Science ®Google Scholar
• Solarin, S. A., & Shahbaz, M. (2013). Trivariate causality between economic growth, urbanisation and electricity consumption in Angola: Cointegration and causality analysis. Energy Policy, 60, 876–884.10.1016/j.enpol.2013.05.058
   Web of Science ®Google Scholar
• Soytas, U., & Sari, R. (2003). Energy consumption and GDP: Causality relationship in G-7 countries and emerging markets. Energy Economics, 25(1), 33–37.10.1016/S0140-9883(02)00009-9
   Web of Science ®Google Scholar
• Stern, D. I. (2000). A multivariate cointegration analysis of the role of energy in the US macroeconomy. Energy Economics, 22(2), 267–283.10.1016/S0140-9883(99)00028-6
   Web of Science ®Google Scholar
• Templet, P. H. (1999). Energy, diversity and development in economic systems; an empirical analysis. Ecological Economics, 30(2), 223–233.10.1016/S0921-8009(98)00085-8
   Web of Science ®Google Scholar
• Tursoy, T., & Faisal, F. (2016). Causality between stock price and GDP in Turkey: An ARDL Bounds Testing Approach. Romanian Statistical Review, 64(4), 3–19.
   Google Scholar
• Türsoy, T. (2017). Causality between stock prices and exchange rates in Turkey: Empirical evidence from the ARDL bounds test and a combined cointegration approach. International Journal of Financial Studies, 5(1), 8.
   Web of Science ®Google Scholar
• Twerefou, D. K., Akoena, S. K., Agyire-Tettey, F. K., & Mawutor, G. (2007). Energy consumption and economic growth: Evidence from Ghana.
   Google Scholar
• World Bank. (2017). World Development Indicators. Retrieved from http://www.worldbank.org
   Google Scholar
• Zhao, Y., & Wang, S. (2015). The relationship between urbanization, economic growth and energy consumption in China: An econometric perspective analysis. Sustainability, 7(5), 5609–5627.10.3390/su7055609
   Web of Science ®Google Scholar