Aluminum Consumption and Economic Growth: Evidence from Rich Countries |
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| Authors: | Vishal Chandr Jaunky |
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| Institution: | (1) Centre for Energy Policy and Economics, ETH Zurich, Zurichbergstrasse 18, 8032 Zurich, Switzerland |
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| Abstract: | The article attempts to test the aluminum consumption–economic growth nexus for 20 rich economies for the period 1970–2009.
Various panel data unit root and cointegration tests are applied. The series are found to be integrated of order one and cointegrated,
especially after controlling for cross-sectional dependence. Moreover, the Blundell–Bond system generalized methods-of-moments
is employed to conduct a panel causality test in a vector error-correction mechanism setting. Unidirectional causality running
from aluminum consumption to real GDP is uncovered in the short-run, while real GDP is found to Granger-cause aluminum consumption
in the long-run. Moreover, a 1% increase in real GDP generates an increase of 0.44% in aluminum consumption in the long-run
for the whole panel. |
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| Keywords: | |
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