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Browsing Economics - Publications by Author "Behera, Jaganath"
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    Renewable and non-renewable energy consumption and economic growth in G7 countries: evidence from panel autoregressive distributed lag (P-ARDL) model
    ( 2020-02-01) Behera, Jaganath ; Mishra, Alok Kumar
    This paper aims to investigate the relationship between renewable and non-renewable energy consumption and economic growth in the G7 countries (Canada, France, Germany, United Kingdom, Italy and the United States) for the period of 1990–2015. The study used the Pesaran CADF panel second generation unit root test to verify the stationary properties of the variables. To examine the short-run and long-run dynamics the study employed panel autoregressive distributed lag (P-ARDL) model. The empirical findings suggest that there is a presence of cross-sectional dependency among the variables. The panel ARDL model confirms that energy price, labor force, and capital stock have positive and statistically significant long-run impact on economic growth in the G7 countries. The short run dynamics of the result recommend that there is a short run causality between non-renewable energy consumption and economic growth and capital stock to economic growth. The Hausman test found that PMG is more efficient than MG and DFE.
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    The Recent Inflation Crisis and Long-run Economic Growth in India: An Empirical Survey of Threshold Level of Inflation
    ( 2017-06-01) Behera, Jaganath ; Mishra, Alok Kumar
    This article investigates the existence of a threshold level of inflation and how any such level affects the growth of Indian economy. The article also seeks to examine the dynamic short-run and long-run relationship between inflation and economic growth in India. By employing spline regression method to estimate the threshold level of inflation and the long-run and short-run relationships, the results show a statistically significant structural break in the relationship between inflation and economic growth at 4 per cent. The study suggests that if inflation exceeds the threshold point, that is, 4 per cent, it will negatively affect economic growth. The autoregressive distributed lag (ARDL) model bound testing cointegration suggests that there are two cointegration vectors when gross domestic product and rate of interest are considered as the dependent variables. This result confirms the existence of the long-run equilibrium relationship between economic growth, inflation, exchange rate and rate of interest. From the long-run analysis, the study found that inflation is positively related to economic growth, whereas the other variables are not significant. JEL Classification: E4, E6.