Differences on the Relationship between Energy Consumption and Economic Growth in Developed Countries and Newly Industrialized Countries

Abstract:

Based on the statistics of the energy consumption and economic growth of the OECD countries and BRICs from the year 1986 to the year 2009, this paper applied Panel Data Econometrics Method to process and analyze those statistics and found that(1) in the long term, the energy consumption and economic growth of OECD countries and BRICs don’t maintain a long-standing equilibrium relationship.(2) in the short term, OECD countries have a one-direction causal relationship from their economic growth to energy consumption while the BRICs have just the opposite, a one-direction of causal relationship from energy consumption to economic growth. The research founding indicates that developed countries represented by OECD should strictly implement policies concerning energy saving and emission reduction and shoulder duties of providing fund and technological aid;the emerging industrialized countries represented by the BRICs should implement policies concerning energy saving and emission reduction phase by phase,step by step and also assume the reasonable task of saving energy and reducing carbon dioxid

• Periodical: Advanced Materials Research (Volumes 524-527)
• Pages: 2415-2419
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.524-527.2415
• Online since: May 2012
• Authors: Jie Zhang, Yu Tian Qin, Zhi Yuan Zhang
• Keywords: BRICS, Economic Growth, Energy Consumption (EC), OECD Countries

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