Price and Output Elasticities of Energy Demand for Industrial Sectors in OECD Countries †
Abstract
:1. Introduction
1.1. Background and Objective
1.2. Literature Review
2. Materials and Methods
2.1. Model Specification
2.2. Data Description
3. Estimation Results
4. Discussion and Conclusions
Author Contributions
Funding
Conflicts of Interest
Appendix A
Variable | (1) | (2) | (3) |
---|---|---|---|
All | Intensive | Less-Intensive | |
L.TFEC | 0.355 *** | 0.622 *** | 0.589 *** |
(0.000) | (0.000) | (0.000) | |
Price Index | −0.151 *** | −0.200 ** | −0.123 *** |
(0.000) | (0.014) | (0.001) | |
Value-added | 0.514 *** | 0.319 *** | 0.082 |
(0.000) | (0.003) | (0.458) | |
Number of observations | 3307.000 | 1146.000 | 2161.000 |
Number of id | 257.000 | 80.000 | 177.000 |
Number of instruments | 63.000 | 63.000 | 102.000 |
AR(1) | −3.065 | −2.952 | −3.475 |
AR(1) p-value | 0.002 | 0.003 | 0.001 |
AR(2) | 0.500 | −1.240 | 0.921 |
AR(2) p-value | 0.617 | 0.215 | 0.357 |
Hansen p-value | 0.109 | 0.965 | 0.420 |
Variable | (1) | (2) | (3) |
---|---|---|---|
All | Intensive | Less-Intensive | |
ST Price Index | −0.151 | −0.200 | −0.123 |
LT Price Index | −0.234 | −0.529 | −0.299 |
ST Value-added | 0.514 | 0.319 | 0.082 |
LT Value-added | 0.797 | 0.844 | 0.200 |
(4) | (5) | (6) | |
---|---|---|---|
Variable | All | Intensive | Less-Intensive |
L.TFEC | 0.504 *** | 0.535 *** | 0.623 *** |
(0.000) | (0.002) | (0.003) | |
Price Index | −0.094 *** | −0.096 | −0.079 * |
(0.004) | (0.334) | (0.096) | |
Value-added | 0.159 ** | 0.418 *** | 0.152 |
(0.017) | (0.000) | (0.131) | |
Year1984−1989 | −0.014 | 0.036 | 0.031 * |
(0.198) | (0.177) | (0.087) | |
Year1990–1995 | −0.001 | 0.039 | 0.054 ** |
(0.941) | (0.296) | (0.024) | |
Year1996–2001 | −0.008 | −0.019 | 0.078 ** |
(0.766) | (0.704) | (0.023) | |
Year2002–2007 | −0.046 * | −0.056 | 0.040 |
(0.077) | (0.260) | (0.252) | |
Year2008–2013 | −0.073 ** | −0.035 | 0.016 |
(0.016) | (0.627) | (0.651) | |
Number of observations | 3307.000 | 1146.000 | 2161.000 |
Number of id | 257.000 | 80.000 | 177.000 |
Number of instruments | 206.000 | 53.000 | 95.000 |
AR(1) | −3.834 | −2.410 | −2.512 |
AR(1) p-value | 0.000 | 0.016 | 0.012 |
AR(2) | 0.753 | −1.622 | 0.917 |
AR(2) p-value | 0.451 | 0.105 | 0.359 |
Hansen p-value | 0.490 | 0.901 | 0.225 |
Variable | (4) | (5) | (6) |
---|---|---|---|
All | Intensive | Less-Intensive | |
ST Price Index | −0.094 | −0.096 | −0.079 |
LT Price Index | −0.190 | −0.206 | −0.210 |
ST Value-added | 0.159 | 0.418 | 0.152 |
LT Value-added | 0.321 | 0.899 | 0.403 |
(7) | (8) | (9) | |
---|---|---|---|
Variable | All | Intensive | Less-Intensive |
L.TFEC | 0.746 *** | 0.626 *** | 0.722 *** |
(0.000) | (0.000) | (0.000) | |
Price Index | −0.037 | −0.126 * | −0.165 * |
(0.301) | (0.070) | (0.074) | |
Value-added | 0.109 * | 0.402 *** | 0.186 *** |
(0.063) | (0.009) | (0.008) | |
Constant | 1.248 | −2.903 | 0.498 |
(0.515) | (0.269) | (0.727) | |
Number of observations | 3627.000 | 1248.000 | 2379.000 |
Number of id | 258.000 | 81.000 | 177.000 |
Number of instruments | 22.000 | 28.000 | 16.000 |
AR(1) | −3.462 | −2.922 | −3.723 |
AR(1) p-value | 0.001 | 0.003 | 0.000 |
AR(2) | 0.813 | −1.331 | 0.999 |
AR(2) p-value | 0.416 | 0.183 | 0.318 |
Hansen p-value | 0.180 | 0.614 | 0.143 |
Variable | (7) | (8) | (9) |
---|---|---|---|
All | Intensive | Less-Intensive | |
ST Price Index | −0.037 | −0.126 | −0.165 |
LT Price Index | −0.146 | −0.337 | −0.594 |
ST Value-added | 0.109 | 0.402 | 0.186 |
LT Value-added | 0.429 | 1.075 | 0.669 |
Variable | (10) | (11) | (12) |
---|---|---|---|
All | Intensive | Less-Intensive | |
L.TFEC | 0.789 *** | 0.774 *** | 0.655 *** |
(0.000) | (0.000) | (0.000) | |
Price Index | −0.010 | −0.029 | −0.078 |
(0.793) | (0.850) | (0.348) | |
Value-added | 0.185 ** | 0.283 *** | 0.182 ** |
(0.029) | (0.010) | (0.013) | |
Year1984–1989 | 0.053 *** | 0.059 ** | −0.038 * |
(0.001) | (0.032) | (0.099) | |
Year1990–1995 | 0.053 ** | 0.058 | −0.017 |
(0.025) | (0.129) | (0.636) | |
Year1996–2001 | 0.043 | −0.027 | 0.006 |
(0.106) | (0.555) | (0.857) | |
Year2002–2007 | 0.019 | −0.063 | −0.028 |
(0.525) | (0.198) | (0.455) | |
Year2008–2013 | 0.016 | −0.052 | −0.036 |
(0.610) | (0.445) | (0.312) | |
Constant | −1.335 | −2.973 | 0.954 |
(0.286) | (0.213) | (0.629) | |
Number of observations | 3627.000 | 1248.000 | 2379.000 |
Number of id | 258.000 | 81.000 | 177.000 |
Number of instruments | 27.000 | 12.000 | 111.000 |
AR(1) | −3.369 | −2.690 | −3.651 |
AR(1) p-value | 0.001 | 0.007 | 0.000 |
AR(2) | 0.799 | −1.357 | 0.973 |
AR(2) p-value | 0.424 | 0.175 | 0.330 |
Hansen p-value | 0.604 | 0.963 | 0.159 |
Variable | (10) | (11) | (12) |
---|---|---|---|
All | Intensive | Less-Intensive | |
ST Price Index | −0.010 | −0.029 | −0.078 |
LT Price Index | −0.047 | −0.128 | −0.226 |
ST Value-added | 0.185 | 0.283 | 0.182 |
LT Value-added | 0.877 | 1.230 | 0.481 |
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Unit of Analysis 1 | Methodology | LT Output | LT Price | |||
---|---|---|---|---|---|---|
Reference | Subject | Country | Time | |||
Bentzen and Engstead [7] | Total energy demand (1) | Denmark (1) | 1948–1990 (43) | Co-integration and error-correction methods | 1.213 | −0.465 |
Liu [17] | Industrial, residential sector energy demand (2) | OECD 2 (23) | 1978–1999 (22) | Difference GMM 3 | 1.035–1.557 | −0.516 to 0.589 |
Galindo [13] | Transport, residential, industrial, and agricultural sector energy demand (4) | Mexico (1) | 1965–2001 (37) | Co-integration approach | 0.96 | below −0.5 |
Hunt and Ninomiya [8] | Total energy demand (1) | Japan (1) | 1887–2001 (115) | Autoregressive Distributive Lag (ARDL) model | 1.06 | −0.2 |
Al-Rabbai and Hunt [9] | National energy demand (1) | OECD (17) | 1960–2003 (44) | Structural time series (ARDL) | 1.5 | −0.4 |
Adeyemi and Hunt [10] | Industrial energy demand (1) | OECD (15) | 1962–2003 (42) | Non-linear least squares | 0.8 | −0.22 |
Narayan et al. [18] | Residential aggregate energy and electricity demand (1) | G7 (7) | 1978–2003 (26) | Panel unit root and Panel co-integration techniques (Difference GMM) | 0.245–0.312 | −1.450 to −1.563 |
Cuddington and Dagher [21] | Residential electricity demand (1) | Minnesota, USA (1) | 1/1998–12/2006 (108) | Auto Distributed Lag Model (ADL) | −0.39 | −0.60 |
Liddle [14] | Total, industrial, transport energy; residential, commercial electricity demand (5) | 48–50 states, USA (48–50) | 1987–2013 (27) | Dynamic Common Correlated Effects Estimator (DCCE) | 0.222–0.705 | −0.112 to −0.280 |
Variables | Data Source |
---|---|
Energy Consumption | IEA Energy Statistics and Balances |
Value-added | OECD Structural Analysis (STAN) database |
Energy-Price Index | IEA Energy Prices and Taxes Statistics |
Data Component | Content |
---|---|
Period (36) | 1978–2013 |
Country (20) | Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Japan, Korea, Netherlands, Poland, Portugal, Slovak Republic, Switzerland, Turkey, United Kingdom, United States |
Industry Classification (16) | Agriculture/forestry, Chemical and petrochemical, Commercial and public services, Construction, Fishing, Food and tobacco, Iron and steel, Machinery, Mining and quarrying, Less-ferrous metals, Less-metallic minerals, Non-specified (industry), Paper, pulp and printing, Textile and leather, Transport equipment, Wood and wood products |
Energy Intensity | Industry |
---|---|
Energy-Intensive | Non-ferrous metals; Iron and steel; Chemical and petrochemical; Non-metallic minerals; and Paper, pulp, and printing |
Less energy-intensive | Fishing, Mining and quarrying, Commercial and public services, Non-specified (industry), Wood and wood products, Agriculture/forestry, Transport equipment, Textile and leather, Construction, Machinery, and Food and Tobacco |
Variable | Number of Observations | Mean | Standard Deviation | Minimum | Maximum |
---|---|---|---|---|---|
Energy Consumption 1 | 3856 | 13.95 | 1.73 | 6.91 | 19.25 |
Value-added 2 | 3856 | 6.56 | 0.42 | 5.24 | 8 |
Energy-Price Index 3 | 3856 | 23.32 | 1.79 | 17.06 | 28.24 |
Model 1 | Model 2 | Model 3 | Model 4 | |
---|---|---|---|---|
Technique | Difference GMM | Difference GMM | System GMM | System GMM |
Year FE | NO | YES | NO | YES |
Country FE | NO | NO | NO | NO |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
DGMM | DGMM | SGMM | SGMM | |
TFEC | TFEC | TFEC | TFEC | |
TFEC = L | 0.355 *** | 0.504 *** | 0.746 *** | 0.789 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Price Index | −0.151 *** | −0.094 *** | −0.037 | −0.010 |
(0.000) | (−0.004) | (−0.301) | (−0.793) | |
Value-added | 0.514 *** | 0.159 ** | 0.109 * | 0.185 ** |
(0.000) | (−0.017) | (−0.063) | (−0.029) | |
Observations | 3307 | 3307 | 3627 | 3627 |
Number of id | 257 | 257 | 258 | 258 |
Year FE | No | Yes | No | Yes |
Country FE | No | No | No | No |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
ST Price Index | −0.151 | −0.094 | −0.037 | −0.010 |
LT Price Index | −0.234 | −0.190 | −0.146 | −0.047 |
ST Value-added | 0.514 | 0.159 | 0.109 | 0.185 |
LT Value-added | 0.797 | 0.321 | 0.429 | 0.877 |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
DGMM | DGMM | SGMM | SGMM | |
TFEC | TFEC | TFEC | TFEC | |
TFEC = L | 0.622 *** | 0.535 *** | 0.626 *** | 0.774 *** |
(0.000) | (0.002) | (0.000) | (0.000) | |
Price Index | −0.200 ** | −0.096 | −0.126 * | −0.029 |
(0.014) | (0.334) | (0.070) | (0.850) | |
Value-added | 0.319 *** | 0.418 *** | 0.402 *** | 0.283 *** |
(0.003) | (0.000) | (0.009) | (0.010) | |
Observations | 1146 | 1146 | 1248 | 1248 |
Number of id | 80 | 80 | 81 | 81 |
Year FE | NO | YES | NO | YES |
Country FE | NO | NO | NO | NO |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
ST Price Index | −0.200 | −0.096 | −0.126 | −0.029 |
LT Price Index | −0.529 | −0.206 | −0.337 | −0.128 |
ST Value-added | 0.319 | 0.418 | 0.402 | 0.283 |
LT Value-added | 0.844 | 0.899 | 1.075 | 1.230 |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
DGMM | DGMM | SGMM | SGMM | |
TFEC | TFEC | TFEC | TFEC | |
TFEC = L | 0.589 *** | 0.623 *** | 0.722 *** | 0.655 *** |
(0.000) | (0.003) | (0.000) | (0.000) | |
Price Index | −0.123 *** | −0.079 * | −0.165 * | −0.078 |
(0.001) | (0.096) | (0.074) | (0.348) | |
Value-added | 0.082 | 0.152 | 0.186 *** | 0.182 ** |
(0.458) | (0.131) | (0.008) | (0.013) | |
Observations | 2161 | 2161 | 2379 | 2379 |
Number of id | 177 | 177 | 177 | 177 |
Year FE | NO | YES | NO | YES |
Country FE | NO | NO | NO | NO |
Variable | Model 1 | Model 2 | Model 3 | Model 4 |
---|---|---|---|---|
ST Price Index | −0.123 | −0.079 | −0.165 | −0.078 |
LT Price Index | −0.299 | −0.210 | −0.594 | −0.226 |
ST Value-added | 0.082 | 0.152 | 0.186 | 0.182 |
LT Value-added | 0.200 | 0.403 | 0.669 | 0.481 |
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Chang, B.; Kang, S.J.; Jung, T.Y. Price and Output Elasticities of Energy Demand for Industrial Sectors in OECD Countries. Sustainability 2019, 11, 1786. https://doi.org/10.3390/su11061786
Chang B, Kang SJ, Jung TY. Price and Output Elasticities of Energy Demand for Industrial Sectors in OECD Countries. Sustainability. 2019; 11(6):1786. https://doi.org/10.3390/su11061786
Chicago/Turabian StyleChang, Boyoon, Sung Jin Kang, and Tae Yong Jung. 2019. "Price and Output Elasticities of Energy Demand for Industrial Sectors in OECD Countries" Sustainability 11, no. 6: 1786. https://doi.org/10.3390/su11061786