Browsing by Author "Menegaki, Angeliki N."
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- Interactions between electricity generation sources and economic activity in Greece: A VECM approachPublication . Marques, António Cardoso; Fuinhas, José Alberto; Menegaki, Angeliki N.The interactions between electricity generation sources and industrial production in Greece were analysed from August 2004 to October 2013. Greece has been subject to a tough economic adjustment under external financial assistance guidelines. In the meantime, the country has remained committed to international agreements concerning the use of renewables. The variables interact with each other, and this endogeneity has been analysed using a VECM model. A short-run, causal relationship from conventional fossil sources to economic growth, was proved. However, there is no evidence of causal relationships from renewable electricity to economic growth, either in the short- or long-run. Only economic growth gives rise to renewable electricity, whether in the short- or long-run. A fresh insight on the current state of dynamics between electricity sources within an electricity generation system, is thus added to the literature. These findings will inform energy policymakers in designing policies both to encourage the incorporation of national technology into renewables and to reduce electricity consumption without hampering economic growth.
- Redefining the energy-growth nexus with an index for sustainable economic welfare in EuropePublication . Menegaki, Angeliki N.; Marques, António Cardoso; Fuinhas, José AlbertoThis paper inaugurates the study of the energy-sustainable economic growth for Europe. It is novel both because it calculates an Index for Sustainable EconomicWelfare (ISEW) index for European countries, but foremost because it compares the conventional energy-growth nexus with the newly appeared energysustainable growth nexus. Also, it goes further by suggesting ways to overcome the limitations pointed out to the use of the conventional GDP. The paper uses the road sector energy consumption, which is in accordance with the enormous discussion about the high energy intensity of the road transport sector and about the huge dependence from fossil sources of this sector. The dynamic Driscoll-Kraay estimator is also used, which allows decomposing the effects in the short- and long-run and is also robust in the presence of cross-sectional dependence. Results show that economic growth and sustainable economic welfare are not perfect substitute variables. In the long-run, the feedback hypothesis is verified only for sustainable growth.
- Renewable vs non-renewable electricity and the industrial production nexus: Evidence from an ARDL bounds test approach for GreecePublication . Marques, António Cardoso; Fuinhas, José Alberto; Menegaki, Angeliki N.This paper uses monthly data from Aug. 2004 to Feb. 2014 and employs the Autoregressive Distributed Lag bounds test approach to study the short and long-run relationship of renewable and non-renewable electricity with economic growth in Greece. Dummies reveal most of the major energy policy adaptations taking place in Greece to overcome the economic crisis and reach stipulated renewable energy targets. Results show that in the short-run, fossil sources play the baseload role in electricity production and there is a clear substitution effect between sources, while in the long-run, fossil sources contribute to the development of renewable energy sources as backup energy.