气候变化领域集成服务门户(CCPortal): Convergence of oil consumption: A historical perspective with new concepts

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DOI	10.1016/j.enpol.2022.113150
	Convergence of oil consumption: A historical perspective with new concepts
	Nazlioglu, Saban; Kassouri, Yacouba; Kucukkaplan, Ilhan; Soytas, Ugur
发表日期	2022
ISSN	0301-4215
EISSN	1873-6777
卷号	168 页码:12
英文摘要	Growing concerns about long-run equilibrium in the oil market have focused on understanding the time path of oil consumption across countries. This study examines the convergence of oil consumption across the largest oil consumers. To this end, we employ the historical oil consumption data dating back to 1890 by benefiting from the newly proposed convergence concepts, including relative/club convergence and weak sigma-convergence, in addition to the conventional beta-convergence notion. The empirical results provide new and insightful findings. First, considering common factors in the dynamics of oil consumption leads to convergence. Second, the overall evidence of absolute convergence has been at work among countries mainly before the great depression 1890-1929, while divergence occurs after the mid of 1990s. Third, the divergence observed over the last decades persists even after accounting for either a relative or weak form of convergence, supporting the primary role of the current dynamics in world oil markets. Divergence calls for stricter energy transition policies. Moreover, the clustering algorithm identifies unique convergent clubs, indicating that a unified energy policy is not tenable.
英文关键词	Oil consumption; Convergence; Panel data; Common factor
学科领域	Economics; Energy & Fuels; Environmental Sciences; Environmental Studies
语种	英语
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS记录号	WOS:000863251500008
来源期刊	ENERGY POLICY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/272134
作者单位	Pamukkale University; Nisantasi University; Leipzig University; Technical University of Denmark
推荐引用方式 GB/T 7714	Nazlioglu, Saban,Kassouri, Yacouba,Kucukkaplan, Ilhan,et al. Convergence of oil consumption: A historical perspective with new concepts[J],2022,168:12.
APA	Nazlioglu, Saban,Kassouri, Yacouba,Kucukkaplan, Ilhan,&Soytas, Ugur.(2022).Convergence of oil consumption: A historical perspective with new concepts.ENERGY POLICY,168,12.
MLA	Nazlioglu, Saban,et al."Convergence of oil consumption: A historical perspective with new concepts".ENERGY POLICY 168(2022):12.