Energy Consumption and Economic Growth: Evidence from Vietnam
DOI:
https://doi.org/10.6000/1929-7092.2019.08.30Keywords:
Energy consumption, renewable and sustainable energy, economic growth, economic development, ARDL, Granger causality.Abstract
The importance of non-renewable, renewable and sustainable energy sources and energy consumption in the economic development strategy of a country is undeniable. The purpose of the paper is to investigate the impacts of energy consumption on the economic growth of Vietnam during the 1980-2014 period. By applying the Autoregressive Distributed Lag (ARDL) model of Pesaran et al. (2001), and the Granger causality test of Toda and Yamamoto (1995), the empirical results provide evidence that electricity consumption has positive impacts on Vietnam's economic growth in both the short run and long run. For public policy prescriptions, the empirical evidence suggests that an exploration of new sources of renewable and sustainable energy is essential for long run economic development.References
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https://doi.org/10.1016/j.eneco.2005.08.003
Lise, W., van Montfort, K. (2007), Energy consumption and GDP in Turkey: Is there a co-integration relationship?, Energy Economics, 29(6), 1166–1178.
https://doi.org/10.1016/j.eneco.2006.08.010
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https://doi.org/10.1016/j.eneco.2010.05.011
Mavrotas, G., Kelly, G. (2001), Old wine in new bottles: Testing causality between savings and growth, Manchester School, 69(1), 97–105.
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Narayan, P.K., Smyth, R. (2005), Electricity consumption, employ-ment and real income in Australia evidence from multivariate Granger causality tests, Energy Policy, 33(9), 1109–1116.
https://doi.org/10.1016/j.enpol.2003.11.010
Odhiambo, N.M. (2009), Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach, Energy Policy, 37(2), 617–622.
https://doi.org/10.1016/j.enpol.2008.09.077
Oh, W., Lee, K. (2004), Causal relationship between energy consumption and GDP revisited: The case of Korea 1970-1999, Energy Economics, 26(1), 51–59.
https://doi.org/10.1016/S0140-9883(03)00030-6
Payne, J.E. (2009), On the dynamics of energy consumption and output in the US, Applied Energy, 86(4), 575–577.
https://doi.org/10.1016/j.apenergy.2008.07.003
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.
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Shahbaz, M., Feridun, M. (2012), Electricity consumption and economic growth empirical evidence from Pakistan, Quality & Quantity, 46(5), 1583–1599.
https://doi.org/10.1007/s11135-011-9468-3
Shahbaz, M., Lean, H.H. (2012), The dynamics of electricity consumption and economic growth: A revisit study of their causality in Pakistan, Energy, 39(1), 146–153.
https://doi.org/10.1016/j.energy.2012.01.048
Shahbaz, M., Tang, C.F., Shahbaz Shabbir, M. (2011), Electricity consumption and economic growth nexus in Portugal using cointegration and causality approaches, Energy Policy, 39(6), 3529–3536.
https://doi.org/10.1016/j.enpol.2011.03.052
Soytas, U., Sari, R. (2009), Energy consumption, economic growth, and carbon emissions: Challenges faced by an EU candidate member, Ecological Economics, 68(6), 1667–1675.
https://doi.org/10.1016/j.ecolecon.2007.06.014
Stern, D.I. (1993), Energy and economic growth in the USA, Energy Economics, 15(2), 137–150.
https://doi.org/10.1016/0140-9883(93)90033-N
Tang, C.F. (2009), Electricity consumption, income, foreign direct investment, and population in Malaysia: New evidence from multivariate framework analysis, Journal of Economic Studies, 36(4), 371–382.
https://doi.org/10.1108/01443580910973583
Toda, H.Y., Yamamoto, T. (1995), Statistical inference in vector autoregressive with possibly integrated processes, Journal of Econometrics, 66(1), 225–250.
https://doi.org/10.1016/0304-4076(94)01616-8
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https://doi.org/10.1016/j.enpol.2011.06.032
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https://doi.org/10.1016/S0140-9883(99)00044-4
Yoo, S.H. (2005), Electricity consumption and economic growth: Evidence from Korea, Energy Policy, 33(12), 1627–1632.
https://doi.org/10.1016/j.enpol.2004.02.002
Yoo, S.H., Kim, Y. (2006), Electricity generation and economic growth in Indonesia, Energy, 31(14), 2554–2563.
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https://doi.org/10.1016/0140-9883(84)90015-X
Yu, E.S.H., Jin, J.C. (1992), Cointegration tests of energy consumption, income, and employment, Resources and Energy, 14(3), 259–266.
https://doi.org/10.1016/0165-0572(92)90010-E
Zachariadis, T., Pashourtidou, N. (2007), An empirical analysis of electricity consumption in Cyprus, Energy Economics, 29(2), 183–198.
https://doi.org/10.1016/j.eneco.2006.05.002
Zamani, M. (2007), Energy consumption and economic activities in Iran, Energy Economics, 29(6), 1135–1140.
https://doi.org/10.1016/j.eneco.2006.04.008
https://doi.org/10.1108/20425941311313100
Abosedra, S., Dah, A., Ghosh, S. (2009), Electricity consumption and economic growth, the case of Lebanon, Applied Energy, 86(4), 429–432.
https://doi.org/10.1016/j.apenergy.2008.06.011
Akinlo, A.E. (2009), Electricity consumption and economic growth in Nigeria: Evidence from cointegration and co-feature analysis, Journal of Policy Modeling, 31(5), 681–693.
https://doi.org/10.1016/j.jpolmod.2009.03.004
Altinay, G., Karagol, E. (2004), Structural break, unit root, and the causality between energy consumption and GDP in Turkey, Energy Economics, 26(6), 985–994.
https://doi.org/10.1016/j.eneco.2004.07.001
Ang, J.B. (2007), CO2 emissions, energy consumption, and output in France, Energy Policy, 35(10), 4772–4778.
https://doi.org/10.1016/j.enpol.2007.03.032
Apergis, N., Payne, J. E. (2009), Energy consumption and economic growth in Central America: Evidence from a panel cointegration and error correction model, Energy Economics, 31(2), 211–216.
https://doi.org/10.1016/j.eneco.2008.09.002
Apergis, N., Payne, J.E. (2010), Energy consumption and growth in South America: Evidence from a panel error correction model, Energy Economics, 32(6), 1421–1426.
https://doi.org/10.1016/j.eneco.2010.04.006
Arrow, K. (1962), The economic implication of learning-by-doing, Review of Economic Studies, 29(1). 155–173.
https://doi.org/10.2307/2295952
Bartleet, M., Gounder, R. (2010), Energy consumption and economic growth in New Zealand: Results of trivariate and multivariate models, Energy Policy, 38(7), 3508–3517.
https://doi.org/10.1016/j.enpol.2010.02.025
Belloumi, M. (2009), Energy consumption and GDP in Tunisia: Cointegration and causality analysis, Energy Policy, 37(7), 2745–2753.
https://doi.org/10.1016/j.enpol.2009.03.027
Bowden, N., Payne, J.E. (2009), The causal relationship between U.S. energy consumption and real output: A disaggregated analysis, Journal of Policy Modeling, 31(2), 180–188.
https://doi.org/10.1016/j.jpolmod.2008.09.001
Canh, L.Q. (2011), Electricity consumption and economic growth in VietNam: A cointegration and causality analysis, Journal of Economics and Development, 13(3), 24–36.
Chandran, V.G.R., Sharma, S., Madhavan, K. (2010), Electricity consumption-growth nexus: The case of Malaysia, Energy Policy, 38(1), 606–612.
https://doi.org/10.1016/j.enpol.2009.10.013
Cheng, B.S., Lai, T.W. (1997), An investigation of co-integration and causality between energy consumption and economic activity in Taiwan, Energy Economics, 19(4), 435–444.
https://doi.org/10.1016/S0140-9883(97)01023-2
Dagher, L., Yacoubian, T. (2012), The causal relationship between energy consumption and economic growth in Lebanon, Energy Policy, 50, 795–801.
https://doi.org/10.1016/j.enpol.2012.08.034
Dickey, D.A., Fuller, W.A. (1981), Likelihood ratio statistics for autoregressive time series with a unit root, Econometrica, 49, 1057–1072.
https://doi.org/10.2307/1912517
Engle, R.F. Granger, C.W.J. (1987), Co-integration and error correction: Representation, estimation and testing, Econometrica, 55, 251–276.
https://doi.org/10.2307/1913236
Erdal, G., Erdal, H., Esengün, K. (2008), The causality between energy consumption and economic growth in Turkey, Energy Policy, 36(10), 3838–3842.
https://doi.org/10.1016/j.enpol.2008.07.012
Halicioglu, F. (2007), Residential electricity demand dynamics in Turkey, Energy Economics, 29(2), 199–210.
https://doi.org/10.1016/j.eneco.2006.11.007
Ho, C.Y., Siu, K.W. (2007), A dynamic equilibrium of electricity consumption and GDP in Hong Kong: An empirical investigation, Energy Policy, 35(4), 2507–2513.
https://doi.org/10.1016/j.enpol.2006.09.018
Hu, J.L., Lin, C.H. (2008), Disaggregated energy consumption and GDP in Taiwan: A threshold co-integration analysis, Energy Economics, 30(5), 2342–2358.
https://doi.org/10.1016/j.eneco.2007.11.007
Ibrahiem, D.M. (2015), Renewable electricity consumption, foreign direct investment and economic growth in Egypt: An ARDL approach, Procedia Economics and Finance, 30(2015), 313–323.
https://doi.org/10.1016/S2212-5671(15)01299-X
IEA (2017), International Energy Agency. Link http://www.iea.org/statistics/
Ighodaro, C.A.U. (2010), Co?integration and causality relationship between energy consumption and economic growth: Further empirical evidence for Nigeria, Journal of Business Economics and Management, 11(1), 97–111.
https://doi.org/10.3846/jbem.202010.05
Jobert, T., Karanfil, F. (2007), Sectoral energy consumption by source and economic growth in Turkey, Energy Policy, 35(11), 5447–5456.
https://doi.org/10.1016/j.enpol.2007.05.008
Jumbe, C.B.L. (2004), Cointegration and causality between electricity consumption and GDP: Empirical evidence from Malawi, Energy Economics, 26(1), 61–68.
https://doi.org/10.1016/S0140-9883(03)00058-6
Kraft, J., Kraft, A. (1978), On the relationship between energy and GNP, Journal of Energy and Development, 3(2), 401–403.
Lee, C.C., Chang, C.P. (2005), Structural breaks, energy consumption, and economic growth revisited: Evidence from Taiwan, Energy Economics, 27(6), 857–872.
https://doi.org/10.1016/j.eneco.2005.08.003
Lise, W., van Montfort, K. (2007), Energy consumption and GDP in Turkey: Is there a co-integration relationship?, Energy Economics, 29(6), 1166–1178.
https://doi.org/10.1016/j.eneco.2006.08.010
Long, P.D., Ngoc, B.H., My, D.T.H. (2018), The relationship between foreign direct investment, electricity consumption and economic growth in Vietnam, International Journal of Energy Economics and Policy, 8(3), 267–274.
Lorde, T., Waithe, K., Francis, B. (2010), The importance of electrical energy for economic growth in Barbados, Energy Economics, 32(6), 1411–1420.
https://doi.org/10.1016/j.eneco.2010.05.011
Mavrotas, G., Kelly, G. (2001), Old wine in new bottles: Testing causality between savings and growth, Manchester School, 69(1), 97–105.
https://doi.org/10.1111/1467-9957.69.s1.6
Narayan, P.K., Smyth, R. (2005), Electricity consumption, employ-ment and real income in Australia evidence from multivariate Granger causality tests, Energy Policy, 33(9), 1109–1116.
https://doi.org/10.1016/j.enpol.2003.11.010
Odhiambo, N.M. (2009), Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach, Energy Policy, 37(2), 617–622.
https://doi.org/10.1016/j.enpol.2008.09.077
Oh, W., Lee, K. (2004), Causal relationship between energy consumption and GDP revisited: The case of Korea 1970-1999, Energy Economics, 26(1), 51–59.
https://doi.org/10.1016/S0140-9883(03)00030-6
Payne, J.E. (2009), On the dynamics of energy consumption and output in the US, Applied Energy, 86(4), 575–577.
https://doi.org/10.1016/j.apenergy.2008.07.003
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.
https://doi.org/10.1002/jae.616
Phillips, P.C.B., Perron, P. (1988), Testing for a unit root in time series regression, Biomètrika, 75(2), 335–346.
https://doi.org/10.1093/biomet/75.2.335
Quyet, N., Khanh, Q.V. (2014), The relationship between economic growth and electricity consumption nexus in Vietnam, Journal of Science of Ho Chi Minh City Open University, 5(38), 66–78.
Ramcharran, H. (1990), Electricity consumption and economic growth in Jamaica, Energy Economics, 12(1), 65–70.
https://doi.org/10.1016/0140-9883(90)90009-5
Romer, P.M. (1990), Endogenous technological change, Journal of Political Economy, 98 (5, Part 2), 71–102.
https://doi.org/10.1086/261725
Rostow, W. (1990), The Stages of Economic Growth: A Non-Communist Manifesto, Cambridge University Press (Third Edition).
https://doi.org/10.1017/CBO9780511625824
Salahuddin, M., Alam, K., Ozturk, I., Sohag, K. (2018), The effects of electricity consumption, economic growth, financial development and foreign direct investment on CO2 emissions in Kuwait, Renewable and Sustainable Energy Reviews, 81(2), 2002–2010.
https://doi.org/10.1016/j.rser.2017.06.009
Samuelson, P.A. (1948), Economics: An Introductoty Analysis, McGraw-Hill.
Sari, R., Ewing, B.T., Soytas, U. (2008), The relationship between disaggregate energy consumption and industrial production in the United States: An ARDL approach, Energy Economics, 30(5), 2302–2313.
https://doi.org/10.1016/j.eneco.2007.10.002
Shahbaz, M., Feridun, M. (2012), Electricity consumption and economic growth empirical evidence from Pakistan, Quality & Quantity, 46(5), 1583–1599.
https://doi.org/10.1007/s11135-011-9468-3
Shahbaz, M., Lean, H.H. (2012), The dynamics of electricity consumption and economic growth: A revisit study of their causality in Pakistan, Energy, 39(1), 146–153.
https://doi.org/10.1016/j.energy.2012.01.048
Shahbaz, M., Tang, C.F., Shahbaz Shabbir, M. (2011), Electricity consumption and economic growth nexus in Portugal using cointegration and causality approaches, Energy Policy, 39(6), 3529–3536.
https://doi.org/10.1016/j.enpol.2011.03.052
Soytas, U., Sari, R. (2009), Energy consumption, economic growth, and carbon emissions: Challenges faced by an EU candidate member, Ecological Economics, 68(6), 1667–1675.
https://doi.org/10.1016/j.ecolecon.2007.06.014
Stern, D.I. (1993), Energy and economic growth in the USA, Energy Economics, 15(2), 137–150.
https://doi.org/10.1016/0140-9883(93)90033-N
Tang, C.F. (2009), Electricity consumption, income, foreign direct investment, and population in Malaysia: New evidence from multivariate framework analysis, Journal of Economic Studies, 36(4), 371–382.
https://doi.org/10.1108/01443580910973583
Toda, H.Y., Yamamoto, T. (1995), Statistical inference in vector autoregressive with possibly integrated processes, Journal of Econometrics, 66(1), 225–250.
https://doi.org/10.1016/0304-4076(94)01616-8
UNCTAD (2017), United Nations Conference on Trade and Development. Link http://unctadstat.unctad.org/wds/ TableViewer/tableView.aspx?ReportId=96740
Wang, Y., Wang, Y., Zhou, J., Zhu, X., Lu, G. (2011), Energy consumption and economic growth in China: A multivariate causality test, Energy Policy, 39(7), 4399–4406.
https://doi.org/10.1016/j.enpol.2011.04.063
Wang, S.S., Zhou, D.Q., Zhou, P., Wang, Q.W. (2011), CO2 emissions, energy consumption and economic growth in China: A panel data analysis. Energy Policy, 39, 4870–4875.
https://doi.org/10.1016/j.enpol.2011.06.032
Yang, H.Y. (2000), A note on the causal relationship between energy and GDP in Taiwan, Energy Economics, 22(3), 309–317.
https://doi.org/10.1016/S0140-9883(99)00044-4
Yoo, S.H. (2005), Electricity consumption and economic growth: Evidence from Korea, Energy Policy, 33(12), 1627–1632.
https://doi.org/10.1016/j.enpol.2004.02.002
Yoo, S.H., Kim, Y. (2006), Electricity generation and economic growth in Indonesia, Energy, 31(14), 2554–2563.
https://doi.org/10.1016/j.energy.2005.11.018
Yu, E.S.H., Hwang, B.K. (1984), The relationship between energy and GNP. Further results, Energy Economics, 6(3), 186–190.
https://doi.org/10.1016/0140-9883(84)90015-X
Yu, E.S.H., Jin, J.C. (1992), Cointegration tests of energy consumption, income, and employment, Resources and Energy, 14(3), 259–266.
https://doi.org/10.1016/0165-0572(92)90010-E
Zachariadis, T., Pashourtidou, N. (2007), An empirical analysis of electricity consumption in Cyprus, Energy Economics, 29(2), 183–198.
https://doi.org/10.1016/j.eneco.2006.05.002
Zamani, M. (2007), Energy consumption and economic activities in Iran, Energy Economics, 29(6), 1135–1140.
https://doi.org/10.1016/j.eneco.2006.04.008
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Published
2019-07-02
How to Cite
Nguyen, H. M., Bui, N. H., Vo, D. H., & McAleer, M. (2019). Energy Consumption and Economic Growth: Evidence from Vietnam. Journal of Reviews on Global Economics, 8, 350–361. https://doi.org/10.6000/1929-7092.2019.08.30
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- Authors are permitted and encouraged to post links to their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work
Policy for Journals / Manuscript with Paid Access
Authors who publish with this journal agree to the following terms:
- Publisher retain copyright .
- Authors are permitted and encouraged to post links to their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work .
