Natural gas consumption and economic growth: evidence from selected natural gas vehicle markets in Europe
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Accepted version
Date
2018-12-10
Authors
Fadiran, Gideon
Adebusuyi, Adebisi T.
Fadiran, David
Journal Title
Journal ISSN
Volume Title
Publisher
Elsevier
Published Version
Abstract
In this study, the relationship between natural gas consumption (NGC) and economic growth is examined. Twelve (12) countries in Europe are considered, 10 of which make up the top natural gas vehicle (NGV) markets in Europe. The study considers four main variables in this exercise, namely; gross fixed capital formation, labour force, trade openness, and real GDP. It makes use of panel cointegration analysis and long-run vector error correction model analysis in assessing both the short-run and the long-run relationship dynamics between NGC and economic growth. The results show that a long-run impact of NGC on economic growth does indeed exist. In the short run, however, this does not seem to be the case. The results also suggest the existence of the growth hypothesis in Austria, Bulgaria and Switzerland, while the United Kingdom (UK) and Italy support the conservation hypothesis.
Description
Keywords
Natural gas consumption , Economic growth , Panel data analysis , Natural gas vehicle markets
Citation
Fadiran, G., Adebusuyi, A. T. and Fadiran, D. (2019) 'Natural gas consumption and economic growth: Evidence from selected natural gas vehicle markets in Europe', Energy, 169, pp. 467-477. doi: 10.1016/j.energy.2018.12.040