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The Relationship between Renewable Energy Consumption and Economic Growth——A Comparison between OECD Countries and China
Author(s): 
Pages: 27-34
Year: Issue:  10
Journal: Xi'an Finance

Keyword:  Renewable Energy ConsumptionEconomic GrowthCointegrationGranger Causality;
Abstract: The paper compares the relationship between renewable energy consumption and economic growth of OECD countries with China. Based on panel cointegration test, VEC model, VAR model and Granger causality test, the paper empirically analyzes the relationship between renewable energy consumption and economic growth of OECD countries and that of China. The results show that there exists a long-term stable cointegration relationship between renewable energy consumption and economic growth in both OECD countries and China. At the same time, there is the long-term mutual Granger causality between renewable energy consumption and economic growth in OECD countries, while in short term there is no Granger causality. But for China, the economic growth is the one-way Granger reason of renewable energy consumption both in long term and short term, and renewable energy consumption is not the Granger reason of economic growth in long term. But if only based on VAR model lagging two periods, renewable energy consumption is the Granger reason of economic growth. At last, according to the comparison results, the paper puts forward some advices on the development of China’s renewable energy industry.
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