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- Strategies to make renewable energy sources compatible with economic growthPublication . Afonso, Tiago Lopes; Marques, António Cardoso; Fuinhas, José AlbertoThis paper focuses on the relationship between economic activity, and renewable and non-renewable energy consumption for the set of countries with the largest usage of each energy source. The dominance of one type of energy source could raise an unintentional barrier to a strategy of energy mix diversification. A panel of 28 countries was studied, using annual data for the time span 1995e2013. The ARDL approach was used to capture the short- and long-run effects. The Driscoll-Kraay estimator was used to attain robust results given the presence of the phenomena of heteroscedasticity, contemporaneous correlation, first order autocorrelation and cross-sectional dependence. Results suggest that renewable energy has not contributed to economic growth, while non-renewable energy has contributed. This finding should be incorporated in the definition of energy strategies, specifically by making renewable energy compatible with economic growth.
- Evaluating the Impact of New Renewable Energy on the Peak Load - An ARDL Approach for PortugalPublication . Serras, Flávio Rodrigues; Marques, António Cardoso; Fuinhas, José AlbertoThe integration of intermittent renewable energy will lead to demand surplus, whenever the need for generation from combined-cycle plants increases. This paper focuses on Portugal, a country in which wind power is largely integrated, and which has recently made major investments in solar power. The results show that coal energy management does not contribute to smoothing out the intermittency problems of intermittent renewable energy. The results further demonstrate that the inclusion of intermittent renewable energy in the electricity system leads to a huge need for combined-cycle generation. Thus, this suggests that a differentiated price policy will only be effective if, instead of consumption, the focus is on net load.
- On the Relationship of Energy and CO2: The Effect of Financial Deep on Oil Producing CountriesPublication . Lopes, Mónica Alexandra; Fuinhas, José Alberto; Marques, António CardosoThe relationship between energy and carbon dioxide (CO2) emissions and the financial depth was appraised within a panel of thirteen oil producing countries. The role of CO2 is analysed as economic growth driver and as explained variable. An Autoregressive Distributed Lag model with annual frequency data for the period from 1970 to 2012 was used. The paper showed that CO2 promotes economic growth in the short-run. The CO2 causes growth in longand short-run. The ratio between oil production and primary energy consumption impacts economic growth and the reduction of CO2 in long- and short-run. The financial depth increases CO2 in short-run and depresses economic growth both in long- and short-run. The results for oil producing countries reveal bidirectional causality between CO2 and economic growth. Therefore, policymakers of oil producing countries should be aware that economic growth may lead to an increase of CO2.
- Natural Resources, Globalization and Sustainable Economic Welfare: A Panel ARDL ApproachPublication . Fuinhas, José Alberto; Marques, António Cardoso; Faria, Samuel da SilvaGDP has been the most widely accepted measure of economic performance but it fails to accurately measure economic development, overlooking key aspects of quality of life and sustainability. Thereby, the Index of Sustainable Economic Welfare (ISEW) emerges as the dominant alternative. This paper aims to (i) compare both GDP and ISEW as measures of economic performance and (ii) establish the effects of natural resource exploitation and globalization on both economic growth and sustainable development. A Panel Autoregressive Distributed Lag approach is used, to check for short and long-term effects. The panel is composed by 14 OECD countries, using annual data for the time span from 1995 to 2013. Results show that natural resources rents have a positive effect on GDP per capita in the short-run and a negative effect on ISEW per capita on both short and long-run. Trade openness has a positive impact on short-run economic growth and negative impact on long-term sustainable development. Policy makers ought to consider ISEW as an alternative and more accurate measure of economic performance, should implement policies that reduce the depletion of natural resources and confine the harmful effects of globalization to enhance economic development and create more welfare.