China proposed that non-fossil energy consumption account for 20% in total energy consumption. EU increased the target of renewable energy consumption share from 27% to 35% in 2030.Energy transformation and increasing...China proposed that non-fossil energy consumption account for 20% in total energy consumption. EU increased the target of renewable energy consumption share from 27% to 35% in 2030.Energy transformation and increasing renewable energy consumption are important energy strategies for all countries at present. Then, is the impact of renewable energy consumption on economic growth positive or negative? Are there any differences in the direction or magnitude of the impact among countries or regions, and what are the determinants behind them? We apply panel threshold effect model to test threshold effects of renewable energy consumption on economic growth of EU. Empirical result shows: first, the impact of renewable energy consumption on economic growth is negative. Second, renewable energy consumption has significant threshold effects on economic growth. Third, now, energy consumption intensity and GDP per capita of most EU members are in the appropriate threshold regimes. In contrast, more and more EU members are in the high-subsidy group. Fourth, the average annual growth rates of renewable energy consumption showed no significant difference between high-subsidy and lowsubsidy countries from 1990 to 2014. Therefore, subsidy with high economic cost is not the onlyeffective means to increase renewable energy consumption.展开更多
Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 t...Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked.展开更多
基金supported by Foundation item:European Union Erasmus+Jean Monnet Project[grant number:564792-EPP-1-2015-1-CN-EPPJMO-CHAIR]National Natural Science Foundation of China[grant number:71603191]
文摘China proposed that non-fossil energy consumption account for 20% in total energy consumption. EU increased the target of renewable energy consumption share from 27% to 35% in 2030.Energy transformation and increasing renewable energy consumption are important energy strategies for all countries at present. Then, is the impact of renewable energy consumption on economic growth positive or negative? Are there any differences in the direction or magnitude of the impact among countries or regions, and what are the determinants behind them? We apply panel threshold effect model to test threshold effects of renewable energy consumption on economic growth of EU. Empirical result shows: first, the impact of renewable energy consumption on economic growth is negative. Second, renewable energy consumption has significant threshold effects on economic growth. Third, now, energy consumption intensity and GDP per capita of most EU members are in the appropriate threshold regimes. In contrast, more and more EU members are in the high-subsidy group. Fourth, the average annual growth rates of renewable energy consumption showed no significant difference between high-subsidy and lowsubsidy countries from 1990 to 2014. Therefore, subsidy with high economic cost is not the onlyeffective means to increase renewable energy consumption.
基金Key Project of the Social Sciences Foundation of China(Grant No.15ZDA014)Foundation for High-level Talents in Higher Education of Guangdong(Pearl River Scholar 1414003)Doctoral Start-Up Project of the National Natural Science Foundation of Guangdong(2014A030310079)
文摘Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked.
