VZTAH MEDZI SPOTREBOU ELEKTRICKEJ ENERGIE A HOSPODÁRSKYM RASTOM V STÁTOCH OECD: PANELOVÁ KOINTEGRACNÁ ANALÝZA SO ZOHL'ADNENÍM PRIEREZOVEJ ZÁVISLOSTI/THE RELATIONSHIP BETWEEN ELECTRICITY CONSUMPTION AND ECONOMIC GROWTH IN OECD COUNTRIES: PANEL COINTEGRATION ANALYSIS UNDER CROSS-SECTIONAL DEPENDENCE

In the present study, the relationship between electricity consumption and economic growth in 28 OECD countries for the period between 1980 and 2012 was investigated. Under cross-section dependence, electricity consumption and economic growth data were analyzed using second generation CADF and CIPS unit root tests and found to be stationary at first differences. Therefore, the cointegration relationship between the series was examined by using Durbin-Hausman test developed by Westerlund (2008). According to the empirical results, electricity consumption has a positive effect on the economic growth.