Exploring the Trade Openness, Energy Consumption and Economic Growth Relationship in Iran by Bayer and Hanck Combined Cointegration and Causality Analysis مقالة

مؤلف: Parsa، Hojat ؛ Sajjadi، Seyyedeh Zahra ؛

Iranian Economic Reveiw Autumn 2017 , Volume 21 - Number 4 التصنيف: العلمية - البحثية/ISC (‎17 صفحة - من 829 إلی 845 )

الکلمات المفتاحية: Economic growth Trade Openness Energy consumption Bayer and Hanck Combined Cointegration Iran

خلاصة:

This paper aims to investigate the direction of causality between economic growth, energy consumption and trade openness in case of Iran for the period 1967–2012. We apply the newly developed combined cointegration test proposed by Bayer and Hanck (2013). Vector Error Correction Model (VECM) is applied to determine the direction of causality between these three variables. The result of Bayer-Hanck cointegration test reveals the existence of cointegration between variables. The causality analysis indicates just a unidirectional causality from energy consumption to trade openness in short run. The long run causality test explores the bidirectional causality between economic growth and energy consumption, and between openness and energy consumption as well as unidirectional Granger causality from openness to economic growth. In addition, we used variance decomposition method and impulse response functions to show the dynamics of these relationships that confirmed low energy efficiency. This paper provides policy makers with insights to design policies for economic growth with a view to energy consumption and trade.

ملخص الجهاز:

829-845 Exploring the T rade Openness, Energy Consumption and Economic Growth Relationship in Iran by Bayer and Hanck Combined Cointegration and Causality Analysis Hojat Parsa *1, Seyyedeh Zahra Sajjadi 2 Received: January 28, 2017 Accep ted: M arch 14, 2017 his paper aims to inves tigate the direction of caus ality between economic growth, energy cons umption and trade opennes s in cas e of Iran for the period 1967–2012. This study, to obtain a better understanding of the dynamic relationship between these three variables, tries to investigate the causal relationship between trade openness, energy consumption and economic growth in one model. Section 2 represents the method and data which were used to study the relationship between economic growth, energy consumption and trade openness in case of Iran. 2. Data and Methodology In this research, to investigate the relationship between economic growth, energy consumption and trade openness in case of Iran, a log- linear model was employed which was proposed by Kyophilavong et al. 3. 3 VECM Grange r Caus ality After proving the existence cointegration relationship between variables, we used the Granger causality test within the VECM framework to provide the causality direction between energy consumption, trade openness and economic growth in both short and long run. 4. Conclusion and Policy Implications This paper investigated the causality relationship between economic growth, energy consumption and trade openness in logarithmic form of the production function in case of Iran.

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