Market Reforms in Energy Sector: Evidence from a Panel Data Based Cointegration Analysis of BRICS Countries
The present study tested cointegration property of income, primary energy consumption and co2 emissions among the BRICS (Brazil, Russian Federation, India, China and South Korea) countries. We used battery of unit root and cointegration test to achieve our objective and employed period is 1985-2009. We find consistently that all variables are nonstationary in the level from whereas stationary in the first difference form. However, results of cointegration are found to be sensitive with the inclusion of lag structure in the data set not the specification used. Nevertheless, we can conclude that there are evidence of two cointegrating equations in our data set. This has important policy implication for econometric modeling as well as for further empirical analysis.
aviral kumar tiwari Mr., Bharti Pandey dr., and A P. Tiwari dr.. "Market Reforms in Energy Sector: Evidence from a Panel Data Based Cointegration Analysis of BRICS Countries" The Indian Economic Journal.Special (2011): 191-205.
Available at: http://works.bepress.com/aviral_kumar_tiwari/19