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Welfare gains from international trade and renewable energy demand: Evidence from the OECD countries

Author

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  • Lu, Zhou
  • Gozgor, Giray
  • Mahalik, Mantu Kumar
  • Padhan, Hemachandra
  • Yan, Cheng
Abstract
This paper uses a new measure of international trade, i.e. the international trade potential index, to measure the welfare gains from trade across countries. The measure is based on the import shares of countries in their gross domestic products. It is observed that gains from international trade are low in prosperous economies, but they are larger in poorer economies. Then, the paper investigates the impact of the index of international trade potential on renewable energy consumption in the unbalanced panel dataset of 36 Organisation for Economic Co-operation and Development member countries from 1966 to 2016. The novel evidence is that international trade potential is positively related to renewable energy consumption. It is also found that per capita income, per capita carbon dioxide emissions, and energy prices increase the demand for renewable energy.

Suggested Citation

  • Lu, Zhou & Gozgor, Giray & Mahalik, Mantu Kumar & Padhan, Hemachandra & Yan, Cheng, 2022. "Welfare gains from international trade and renewable energy demand: Evidence from the OECD countries," Energy Economics, Elsevier, vol. 112(C).
    • Handle: RePEc:eee:eneeco:v:112:y:2022:i:c:s0140988322003085
    DOI: 10.1016/j.eneco.2022.106153
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    More about this item

    Keywords

    Renewable energy demand; Renewable energy consumption; International trade; Trade openness; International trade potential index; Panel data estimation techniques;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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