Fossil Fuel Consumption, Carbon Dioxide Emissions and Economic Growth in Libya Multivariate causality analysis
Keywords:
Fossil Fuel, CO2, causality, Toda & Yamamoto, GDPAbstract
The main aim of this study was to investigate the long run causality relationship among
three variables, namely, Fossil Fuel Consumption, Carbon Dioxide Emissions and
Economic Growth in Libya. In order to achieve the study objective, the Toda &
Yamamoto (1995) approach to Granger causality has been adopted.
The findings of the study have supported the existence of a unidirectional causal
relationship from Fossil Fuel consumption to GDP. In addition, a unidirectional causal
relationship from GDP to CO2 emissions has been found. Furthermore, the study results
have indicated that fossil fuel consumption and GDP jointly cause CO2 emissions. An
other unidirectional causal relationship from CO2 and Fossil Fuel consumption jointly
to GDP has been captured.
The study recommendations have concentrated around the issue of energy sources
diversification, with focus on renewable once
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