June 2014
Revista Romana de Economie;2014, p154
Academic Journal
The purpose of this article is to investigate the causality relationship between renewable energy consumption and economic growth on long run and short run in the North European countries in the period 1990-2010. Pedroni (2000) test reveals that there is a long run relationship between our variables and Hausman (1978) test shows that we should apply fixed effects model. The results for causality test show that there is a unidirectional relationship in short run between economic growth and renewable energy consumption (energy is the cause of GDP), between GDP and capital formation and also between GDP and labor force there are a bidirectional relationship. Therefore, these countries can replace this energy instead of oil for decreasing the dependence on abroad.


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