| Oil consumption and economic growth: The caseof Brazil |
|---|
|
학술지명 Taylor & Francis
저자 최효연
발표일 2016-10-24
|
|
This study attemps to look into the causal relationship between oil consumptionand economic growth in Brazil where oil consumption and realgross domestic product (GDP) have been rapidly increased in recent years.To this end, the study employs annual data covering the period 1965?2010.Tests for unit roots, co-integration, and Granger-causality based on theerror-correction models are presented. The overall results support theexistence of bi-directional causality between oil consumption and economicgrowth in Brazil. This means that an increase in oil consumption directlyaffects economic growth. Thus, in order not to make an adverse effect oneconomic growth, Brazil should endeavor to overcome the constraints onoil consumption. Moreover, it appears that economic growth induces oilconsumption. |
