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Energy prices, growth, and the channels in between: theory and evidence

Abstract:

The paper develops a theoretical model with different channels through which energy affects economic growth. The conditions for a crowding out of capital accumulation by intensive energy use are derived. In the empirical part, estimations using a system with five simultaneous equations for a sample of 37 developed countries with five-year average panel data over the period 1975-2004 are presented. It is shown that in the long run rising energy prices are not a threat to development. On the c...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
OxCarre Papers
Publication date:
2010-02-24
Paper number:
34
Keywords:
Pubs id:
1143945
Local pid:
pubs:1143945
Deposit date:
2020-12-15

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