An Empirical Study on the Relationship Between Energy Transformation and Economic Growth – Based on Ramsey Model
Based on Ramsey Model
DOI:
https://doi.org/10.13052/spee1048-5236.4327Keywords:
Energy transformation, economic growth, Ramsey model, saddle pathAbstract
The study analyzed the interactive relationship between energy transformation and economic growth through the Ramsey model. The energy factor was introduced as an independent factor into the Ramsey model and an application improvement design was carried out. From a micro perspective, the impact of energy and economic factors on net output was analyzed. The research results indicate that the estimated coefficients of fossil energy output elasticity, labor output elasticity, capital output elasticity, and renewable energy output elasticity are 0.740602, 0.708407, 0.454672, and 0.304065, respectively. In addition, the significance tests were all below 0.05, indicating significance. Meanwhile, the elasticity of capital output and labor output complement each other; The output elasticity of fossil fuels and renewable energy are also complementary to each other. In a complementary relationship, the downward trend of one element is often accompanied by the upward trend of another element. This study sorts out the interactive relationship between energy transformation and economic growth, pointing out the direction for the future development of China’s energy economy.
Downloads
References
Can E. Energy transformation without using filter on high resistive load. Engineering Review: Međunarodni časopis namijenjen publiciranju originalnih istraživanja s aspekta analize konstrukcija, materijala i novih tehnologija u području strojarstva, brodogradnje, temeljnih tehničkih znanosti, elektrotehnike, računarstva i građevinarstva, 2020, 40(1): 39–47.
Tsyganenko A A, Kompaniets T N, Novikov R G, Oleg S Pestsov. Resonance laser-induced processes and energy transformations in adsorbed layers. Current Opinion in Chemical Engineering, 2019, 24: 69–78.
Tai Y, Ju F, Han X. Investigation of the kinetic energy transformation pattern of gangue particles in a buffer system. Powder Technology, 2019, 344: 926–936.
Bougie J, Gangopadhyaya A. Conservation laws and energy transformations in a class of common physics problems. American Journal of Physics, 2019, 87(11): 868–874.
Chen G, Liang Z, Dong Y. Analysis and reflection on the marketization construction of electric power with Chinese characteristics based on energy transformation. Proceedings of the CSEE, 2020, 40(2): 369–379.
Karintseva O, Kharchenko M, Boon E K. Environmental determinants of energy-efficient transformation of national economies for sustainable development. International Journal of Global Energy Issues, 2021, 43(2–3): 262–274.
Li Z G, Cheng H, Gu T Y. Research on dynamic relationship between natural gas consumption and economic growth in China. Structural Change and Economic Dynamics, 2019, 49: 334–339.
Zheng J, Mi Z, Coffman D M, Yuli Shan, Dabo Guan, Shouyang Wang. The slowdown in China’s carbon emissions growth in the new phase of economic development. One Earth, 2019, 1(2): 240–253.
Yao S, Zhang S, Zhang X. Renewable energy, carbon emission and economic growth: A revised environmental Kuznets Curve perspective. Journal of Cleaner Production, 2019, 235: 1338–1352.
Li Y, Jiang Y, Dong C. Electricity cross-subsidies in China: Social equity, reverse Ramsey pricing, and welfare analysis. Economic Analysis and Policy, 2023, 77: 403–417.
Nævdal E. New Insights from The Canonical Ramsey–Cass–Koopmans Growth Model. Macroeconomic Dynamics, 2021, 25(6): 1569–1577.
Morooka C. Discretion Rather Than Rules: Ramsey Policy as the Unique Outcome. Theoretical Economics Letters, 2020, 10(6): 1199–1204.
Nakamura T. On the long-run wealth distribution in a simple Ramsey model with heterogeneous households. Economic Modelling, 2020, 84:177–180.
Gielen D, Boshell F, Saygin D, Morgan D. Bazilian, Nicholas Wagner, Nicholas Wagner. The role of renewable energy in the global energy transformation. Energy strategy reviews, 2019, 24: 38–50.
Wang Y, Yu L, Zhu W, Xiaohan Zhou, Ying Chen, Wenchao Peng. Promotion of the performance of nitrogen-doped graphene by secondary heteroatoms doping in energy transformation and storage. Ionics, 2019, 25: 3499–3522.
Wang E Z, Lee C C. The impact of clean energy consumption on economic growth in China: is environmental regulation a curse or a blessing? International Review of Economics & Finance, 2022, 77: 39–58.
Fan W, Hao Y. An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China. Renewable energy, 2020, 146: 598–609.
Ahmad M, Zhao Z Y, Li H. Revealing stylized empirical interactions among construction sector, urbanization, energy consumption, economic growth and CO2
emissions in China. Science of the Total Environment, 2019, 657: 1085–1098.
Voumik L C, Mimi M B, Raihan A. Nexus between urbanization, industrialization, natural resources rent, and anthropogenic carbon emissions in South Asia: CS-ARDL approach[J]. Anthropocene Science, 2023, 2(1): 48–61.
Voumik L C, Rahman M H, Nafi S M, Hossain M A. Modelling sustainable non-renewable and renewable energy based on the EKC hypothesis for Africa’s ten most popular tourist destinations[J]. Sustainability, 2023, 15(5): 4029.
Voumik L C, Ridwan M. Impact of FDI, industrialization, and education on the environment in Argentina: ARDL approach. Heliyon, e12872[J]. 2023.
Voumik L C, Hossain M S, Islam M A, et al. Power generation sources and carbon dioxide emissions in brics countries: static and dynamic panel regression[J]. Strategic Planning for Energy and the Environment, 2022: 401–424.
Polcyn J, Voumik L C, Ridwan M, Ray S, Vovk V. Evaluating the influences of health expenditure, energy consumption, and environmental pollution on life expectancy in Asia[J]. International Journal of Environmental Research and Public Health, 2023, 20(5): 4000.
Voumik L C, Rahman M, Akter S. Investigating the EKC hypothesis with renewable energy, nuclear energy, and R&D for EU: Fresh panel evidence[J]. Heliyon, 2022, 8(12).
Rahman M H, Voumik L C, Islam M J, Halim D,. Economic growth, energy mix, and tourism-induced EKC hypothesis: evidence from top ten tourist destinations[J]. Sustainability, 2022, 14(24): 16328.
https://aeeeuropeenergy.com/
