Energy prices and economic growth in Pakistan: A macro-econometric analysis

doi:10.1016/j.rser.2015.10.051

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	Energy prices and economic growth in Pakistan: A macro-econometric analysis
	Arshad, Ameena 1; Zakaria, Muhammad 1; Xi Junyang 2
刊名	RENEWABLE & SUSTAINABLE ENERGY REVIEWS
	2016-03
卷号	55 页码:25-33
关键词	Energy prices Economic growth Pakistan
ISSN号	1364-0321
DOI	10.1016/j.rser.2015.10.051
英文摘要	The paper empirically examines the impact of energy prices on economic growth in Pakistan using various channel variables. For this purpose, a macroeconometric model is estimated using GMM estimation technique using quarterly data for the period 1991-2011. The results indicate that the overall effect of energy prices on growth is negative, confirming results from existing empirical literature for Pakistan. However, our methodology allows us to go beyond previous research and describe what drives this overall result. We find evidence that high energy price decreases real interest rate, investment and stock prices. It also decreases the real value of local currency. High energy price puts pressure on government expenditures and increases unemployment in the country. The results reveal that energy price positively affects output growth through its impact on real interest rate and government consumption, while it negatively affects output growth through investment, stock prices, real exchange rate and unemployment. The results show that most of the effect of energy price on economic growth is captured by stock prices, real exchange rate, government consumption and unemployment. In turn, real interest rate and investment captures a small effect of energy price on economic growth. The study highlights that to improve economic growth policy makers in Pakistan should design appropriate policies to control energy prices and to plan energy conservative policies that will motivate to explore alternative energy sources to meet high energy demand in Pakistan. (C) 2015 Elsevier Ltd. All rights reserved.
WOS研究方向	Science & Technology - Other Topics ; Energy & Fuels
语种	英语
出版者	PERGAMON-ELSEVIER SCIENCE LTD
WOS记录号	WOS:000368959200003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1343]
专题	上海财经大学
通讯作者	Zakaria, Muhammad
作者单位	1.COMSATS Inst Informat Technol, Islamabad, Pakistan; 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China
推荐引用方式 GB/T 7714	Arshad, Ameena,Zakaria, Muhammad,Xi Junyang. Energy prices and economic growth in Pakistan: A macro-econometric analysis[J]. RENEWABLE & SUSTAINABLE ENERGY REVIEWS,2016,55:25-33.
APA	Arshad, Ameena,Zakaria, Muhammad,&Xi Junyang.(2016).Energy prices and economic growth in Pakistan: A macro-econometric analysis.RENEWABLE & SUSTAINABLE ENERGY REVIEWS,55,25-33.
MLA	Arshad, Ameena,et al."Energy prices and economic growth in Pakistan: A macro-econometric analysis".RENEWABLE & SUSTAINABLE ENERGY REVIEWS 55(2016):25-33.