Oil Consumption and Economic Growth Interdependence in Small European Countries

3区经济学 Q1 Economics, Econometrics and Finance

Economic Research-Ekonomska Istrazivanja Pub Date : 2011-01-01 DOI:10.1080/1331677X.2011.11517465

Saš Žiković, Nela Vlahinić-Dizdarević

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引用次数: 21

Abstract

Abstract The paper examines the existence and the direction of causality between the oil consumption and the economic growth in small European countries over the period 1980–2007 for the developed countries and 1993-2007 for the transition countries. Our findings show that small European states can be divided into two groups. The first group is characterized by the causality running from real GDP to oil consumption and is composed of the most developed European countries and a number of transition countries. In the former case, the direction of causality is a consequence of a highly developed post-industrial society with a strong tertiary sector. In the case of transition economies the direction of causality can be related to deindustrialization process and transition depression that resulted in a sharp industrial decline and decreased industrial oil demand. The second group is characterized by the causality running from oil consumption to economic growth, in which case the state should employ additional resources in subsidizing oil prices and securing long term and stable oil sources for its economy. In such countries the reduction of oil consumption because of different reasons (external prices shocks, increased taxes on oil and its derivatives, restrictive ecological laws regarding CO2 emission) could lead to a fall in economic growth.

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欧洲小国的石油消费和经济增长相互依赖

摘要本文考察了1980-2007年发达国家和1993-2007年转型国家的石油消费与经济增长之间的因果关系的存在和方向。我们的研究结果表明，欧洲小国可以分为两类。第一类的特点是从实际国内总产值到石油消费的因果关系，由最发达的欧洲国家和一些转型国家组成。在前一种情况下，因果关系的方向是高度发达的后工业社会和强大的第三产业的结果。就转型经济体而言，因果关系的方向可能与去工业化进程和转型萧条有关，后者导致工业急剧衰退和工业石油需求减少。第二组的特点是从石油消费到经济增长的因果关系，在这种情况下，国家应该利用额外的资源来补贴石油价格，并为其经济确保长期稳定的石油来源。在这些国家，由于不同原因(外部价格冲击、对石油及其衍生物增税、有关二氧化碳排放的限制性生态法律)而减少石油消费可能导致经济增长下降。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Research-Ekonomska Istrazivanja ECONOMICS-

CiteScore

7.10

自引率

0.00%

发文量

351

审稿时长

45 weeks

期刊介绍： Economic Research-Ekonomska Istraživanja publishes rigorous scientific papers which make a significant contribution to any field of economics – theoretical, applied or empirical – with special attention given to experiences of the transition from socialism to market economies in Eastern Europe. New research on regional development in other geographical areas is welcomed, particularly papers addressing theoretical and empirical issues in economics for countries in transition and former transitional economies. The journal encourages submissions that explore broad economic topics that can contribute to the development of economics as a discipline, discussing important economic issues both from an orthodox or heterodox point of view.