The Relationship between the Oil Consumption and Economic Growth: An Application of Panel Cointegration Theory
In this paper, we consider the application of recent results on the estimation and inference in panel cointegration to the study of the relationship between the oil consumption and economic growth. Applying the panel unit root t-bar test by IPS, we have concluded that the panel data is generated by panel unit root process, furthermore, this paper estimates the model with FMOLS and tests panel cointegration among two panel variables which describe the model with LM test proposed by Pedroni. The results shows that there is a panel cointegration relationship among the two panel variables, which suggests that these two variables tend to move together in the long run, and PECM indicates a significant short run adjustment from the panel cointegration, which implies the existence of the panel cointegration again. The conclusions and their implication in this paper can be taken as reference evidence for making long-run energy strategy and short-run energy policies of China.
Oil Consumption Panel Unit Root Test Panel Co-integration
WANG Li
School of Management, Changchun Institute of Technology, Changchun, P.R.China, 130012
国际会议
2008年国际应用统计学术研讨会(2008 International Institute of Applied Statistics Studies)
烟台
英文
1-9
2008-08-14（万方平台首次上网日期，不代表论文的发表时间）