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CO2 emissions, energy consumption and economic growth: Evidence from the Trans-Pacific Partnership

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Vo, Duc Hong and Nguyen, Ha Minh and Vo, Anh The and McAleer, Michael (2019) CO2 emissions, energy consumption and economic growth: Evidence from the Trans-Pacific Partnership. [ Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE); nº 08, 2019, ISSN: 2341-2356 ]

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Abstract

The paper investigates the role of consumption of both renewable and sustainable energy, as well as alternative and nuclear energy, in mitigating the effects of carbon dioxide (CO2) emissions, based on the Environmental Kuznets Curve (EKC). The papers introduces a novel variable to capture trade openness, which appears to be a crucial factor in inter-regional co-operation and development, in order to evaluate its effect on the environment, The empirical analysis is based on a sample of nine signatories to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for the period 1971-2014, which is based on data availability. The empirical analysis is based on several time series econometric methods, such as the cointegration test, two long run estimators, namely the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods, as well as the Granger causality test. There are several noteworthy empirical findings: it is possible to confirm the U-shaped EKC hypothesis for six countries, namely Australia, Canada, Chile, New Zealand, Peru and Vietnam; there is no evidence of the EKC for Mexico; a reverse-shaped EKC is observed for Japan and Malaysia, there are long run relationships among the variables, the adoption of either renewable energy, or alternative energy and nuclear energy, mitigates CO2 emissions, trade openness leads to more beneficial than harmful impacts in the long run, the Granger causality tests show more bi-directional-relationships between the variables in the long run, and the Granger causality tests show more uni-directional-relationships between the variables in the short run.


Item Type:Working Paper or Technical Report
Uncontrolled Keywords:Renewable and sustainable energy, Alternative energy, Nuclear energy, Carbon emissions, CPTPP, EKC hypothesis, DOLS, FMOLS, Granger causality, VECM.
Subjects:Social sciences > Economics > Econometrics
JEL:C12, C52, Q42, Q43
Series Name:Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE)
Volume:2019
Number:08
ID Code:54742
Deposited On:26 Mar 2019 10:30
Last Modified:28 Mar 2019 11:12

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