The causal relationship between energy consumption, energy prices and economic growth in Asian developing countries: A replication

In this paper, we first replicate estimates of [6] over a longer period from 1971 to 2015. We then extend the analysis estimating an additional specification in which a categorical variable is included to take into account if the four Asian countries adopted policies in support of the generation of energy from renewable sources. Most of the results of Asafu-Adjaye's analysis hold for Thailand and Philippines even when considering 20 years of additional data. The results for India and Indonesia are quite different from the original work in term of vector of cointegration and Granger-causality relationships. The Indian case is also different from other countries considered when we analyse the effects of the adoption of policies in favour of renewable energy sources. Keywords: Energy consumption, Economic growth, Granger causality, Replication, JEL classifications: C22, Q43, Q48

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