Modeling industrial energy demand in Greece using cointegration techniques

被引：31
|
作者：
Polemis, Michael. L. [1 ]
机构：
[1] Hellen Compet Commiss, Athens 10434, Greece
来源：
ENERGY POLICY | 2007年 / 35卷 / 08期
关键词：
elasticities; long-run relationship; weakly exogenous;
D O I：
10.1016/j.enpol.2007.02.007
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper attempts to shed light on the determinants of industrial energy demand in Greece. For this purpose we used cointegration analysis in order to capture short-run and long-run elasticities for oil and electricity industrial demand, respectively. The sample spans the period 1970-2004. From the empirical analysis and the Johansen's maximum likelihood procedure we found cointegration for oil and electricity demand. The results suggest that industrial energy demand is inelastic both in the short and the long run, while electricity and oil are substitutes. Also, oil and electricity prices are weakly exogenous both in the short and the long run. (c) 2007 Elsevier Ltd. All rights reserved.
引用
收藏
页码：4039 / 4050
页数：12
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