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Erscheinungsjahr: 
2014
Quellenangabe: 
[Journal:] Contemporary Economics [ISSN:] 2084-0845 [Volume:] 8 [Issue:] 4 [Publisher:] Vizja Press & IT [Place:] Warsaw [Year:] 2014 [Pages:] 435-452
Verlag: 
Vizja Press & IT, Warsaw
Zusammenfassung: 
This paper applies the most recently developed autoregressive distributed lag (ARDL) co-integration procedure to re-investigate co-integration and the causal relationship between energy consumption and real GDP within a multivariate framework that includes capital stock and labor input for Croatia during the 1952 - 2011 period. The empirical results fully support a positive long-run co-integrated relationship between production inputs and real GDP and the important role of energy in economic growth. It is found that a unidirectional causality runs from total final energy consumption to real GDP in the long run and that a bidirectional causality in the short run, which means that energy is a necessary requirement for economic growth. Additionally, the reduction in energy consumption could adversely affect GDP in the short and long run. Therefore, Croatia should adopt a more vigorous economic policy aimed toward increasing investments in installed energy capacities and reforming the economic structure towards re-industrialization and more energy-efficient industries.
Schlagwörter: 
economic growth
energy consumption
ARDL
Croatia
JEL: 
Q43
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