CO₂ emissions, GDP and energy intensity: A multivariate cointegration and causality analysis for Greece, 1977–2007
2011
Hatzigeorgiou, Emmanouil | Polatidis, Heracles | Haralambopoulos, Dias
This paper deals with the causal relationship analysis between Gross Domestic Product, Energy Intensity and CO₂ emissions in Greece from 1977 to 2007, by means of Johansen cointegration tests and Granger-causality tests based on a multivariate Vector Error Correction Modeling. Results indicate that there is a set of uni-directional and bi-directional causalities among the selected time series. We performed a model Variance Decomposition Analysis using Choleski technique and we provided a comparison with other studies. The findings of the study have significant policy implications for countries like Greece as the decoupling of CO₂ emissions and economic growth seems quite unlikely.
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