Sustainable consumption and green development

This thesis aims to contribute empirically the importance of renewable energy to economic growth. Renewable energy brings environmental sustainability but its influence on economic growth remains highly controversial. This thesis contributes to the literature of renewable energy and economic growth...

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Main Author: Wong, Siang Leng
Other Authors: Chang Youngho
Format: Theses and Dissertations
Language:English
Published: 2014
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-589072020-03-20T19:14:04Z Sustainable consumption and green development Wong, Siang Leng Chang Youngho Chia Wai Mun School of Humanities and Social Sciences DRNTU::Social sciences::Economic theory::Macroeconomics This thesis aims to contribute empirically the importance of renewable energy to economic growth. Renewable energy brings environmental sustainability but its influence on economic growth remains highly controversial. This thesis contributes to the literature of renewable energy and economic growth through the discussions of three related and yet distinct issues: (i) What is the contribution of renewable energy consumption and R&D to economic growth? (ii) How different types of energy consumption and energy R&D respond towards changes in economic growth and oil prices? (iii) Is there any causal relationship between energy consumption and energy R&D? Chapter 1 provides an overview of the literature and the motivation of this thesis. The relationship between energy and economic growth is discussed. A central puzzle in energy economics is to deal with the relationship between energy consumption and economic growth and recently, studies have begun to explore the importance of renewable energy consumption in promoting economic growth but neglected the influence of energy R&D on economic growth. Chapter 2 of this thesis hence fills this gap and examines the relationship between both energy consumption and energy R&D with economic growth. Using the Fully-Modified Ordinary Least Squares (FMOLS) estimator and a Dynamic Ordinary Least Squares (DOLS) estimator, this chapter finds that while capital stock and fossil fuels are the key factors driving economic growth, both renewable energy consumption and renewable energy R&D have the potential to promote real output, especially amongst the countries without oil reserves. While Chapter 2 examines the renewable energy and economic growth nexus, Chapter 3 studies the short-run and long-run elasticities of various energy consumption and energy R&D to change in oil prices and income. Using the Nerlove Partial Adjustment Model (NPAM), this chapter finds that economic growth is the main factor to promote cleaner forms of energy consumption, from coal to oil, gas and renewable energy. Energy consumption and energy R&D could have potential bilateral causality and Chapter 4 goes a step further in the examination of the factors which promote energy consumption or energy R&D by also examining the dynamic relationship between energy consumption and energy R&D, which is found missing in literature. As gas consumption becomes more important and climatic policies could also play a role in influencing energy consumption or R&D, gas prices and time dummies are included in the regressions. To facilitate the shift towards renewable energy-based economies, this chapter shows that countries could implement policies such as subsidies for renewable energy R&D and removal of subsidies for fossil fuel-related R&D. Chapter 5 summarizes the key findings of this thesis and explores the potential of future extension.​ DOCTOR OF PHILOSOPHY (HSS) 2014-04-11T04:56:58Z 2014-04-11T04:56:58Z 2014 2014 Thesis Wong, S. L. (2014). Sustainable consumption and green development. Doctoral thesis, Nanyang Technological University, Singapore. 10356/58907 10.32657/10356/58907 en 118 p. application/pdf
institution Nanyang Technological University
building NTU Library
country Singapore
collection DR-NTU
language English
topic DRNTU::Social sciences::Economic theory::Macroeconomics
spellingShingle DRNTU::Social sciences::Economic theory::Macroeconomics
Wong, Siang Leng
Sustainable consumption and green development
description This thesis aims to contribute empirically the importance of renewable energy to economic growth. Renewable energy brings environmental sustainability but its influence on economic growth remains highly controversial. This thesis contributes to the literature of renewable energy and economic growth through the discussions of three related and yet distinct issues: (i) What is the contribution of renewable energy consumption and R&D to economic growth? (ii) How different types of energy consumption and energy R&D respond towards changes in economic growth and oil prices? (iii) Is there any causal relationship between energy consumption and energy R&D? Chapter 1 provides an overview of the literature and the motivation of this thesis. The relationship between energy and economic growth is discussed. A central puzzle in energy economics is to deal with the relationship between energy consumption and economic growth and recently, studies have begun to explore the importance of renewable energy consumption in promoting economic growth but neglected the influence of energy R&D on economic growth. Chapter 2 of this thesis hence fills this gap and examines the relationship between both energy consumption and energy R&D with economic growth. Using the Fully-Modified Ordinary Least Squares (FMOLS) estimator and a Dynamic Ordinary Least Squares (DOLS) estimator, this chapter finds that while capital stock and fossil fuels are the key factors driving economic growth, both renewable energy consumption and renewable energy R&D have the potential to promote real output, especially amongst the countries without oil reserves. While Chapter 2 examines the renewable energy and economic growth nexus, Chapter 3 studies the short-run and long-run elasticities of various energy consumption and energy R&D to change in oil prices and income. Using the Nerlove Partial Adjustment Model (NPAM), this chapter finds that economic growth is the main factor to promote cleaner forms of energy consumption, from coal to oil, gas and renewable energy. Energy consumption and energy R&D could have potential bilateral causality and Chapter 4 goes a step further in the examination of the factors which promote energy consumption or energy R&D by also examining the dynamic relationship between energy consumption and energy R&D, which is found missing in literature. As gas consumption becomes more important and climatic policies could also play a role in influencing energy consumption or R&D, gas prices and time dummies are included in the regressions. To facilitate the shift towards renewable energy-based economies, this chapter shows that countries could implement policies such as subsidies for renewable energy R&D and removal of subsidies for fossil fuel-related R&D. Chapter 5 summarizes the key findings of this thesis and explores the potential of future extension.​
author2 Chang Youngho
author_facet Chang Youngho
Wong, Siang Leng
format Theses and Dissertations
author Wong, Siang Leng
author_sort Wong, Siang Leng
title Sustainable consumption and green development
title_short Sustainable consumption and green development
title_full Sustainable consumption and green development
title_fullStr Sustainable consumption and green development
title_full_unstemmed Sustainable consumption and green development
title_sort sustainable consumption and green development
publishDate 2014
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