Josheski, Dushko and Magdinceva Sopova, Marija and Sovreski, Zlatko (2014) Energy consumption, economic development and prices: Time series evidence in CESEE countries. Comparative Political Economy: Regulation eJournal.
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Abstract
This paper estimates the causal relationships between energy consumption and income for Albania, Bosnia
and Herzegovina, Serbia, and Macedonia (CESEE - Central, Eastern and Southeastern Europe countries), using
cointegration and error-correction modelling techniques. The results indicate that energy consumption, income
and prices are second order cointegrated, except for Albania where there exist only one cointegration
relationship. In the error correction mechanism on the long run the results show that for the selected countries in
the cointegration relationship only inflation does seems to enter significantly in the equation. On a short run also
only inflation seems to affect energy consumption, while energy consumption seems to affect income on short
run, but only in Albania. This study supports the view that energy and income are neutral. This means that in
these countries there is scope for energy conservation measures without severe impact on their economic
growth.
| Item Type: | Article |
|---|---|
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Tourism and Business Logistics |
| Depositing User: | Dusko Josevski |
| Date Deposited: | 07 Apr 2014 07:48 |
| Last Modified: | 07 Apr 2014 07:48 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/9704 |
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