• José Alberto Fuinhas
    NECE-UBI, CeBER, and Faculty of Economics, University of Coimbra, Portugal
  • António Cardoso Marques
    NECE-UBI and University of Beira Interior, Portugal
  • Matheus Koengkan
    CEFAGE-UE and Department of Economics, University of Évora, Portugal
  • Renato Santiago
    NECE-UBI and University of Beira Interior
  • Alcino Pinto Couto
    NECE-UBI and University of Beira Interior




oil production, oil consumption, oil rents, energy-growth nexus, macro panel


The per capita primary energy consumption-economic growth nexus is examined in a panel of oil-producing countries over a long period (1970-2015), controlling for the exports of goods and services, the ratio of oil production to oil consumption, the oil rents, and international crude oil prices. It is confirmed that these countries share common spatial patterns, unobserved common factors, or both. A dynamic Driscoll-Kraay estimator, with fixed effects, is used to cope with the heteroskedasticity, contemporaneous correlation, first-order autocorrelation, and cross-sectional dependence. Results prove that energy consumption drives economic growth, but only on the short-run. The ratio of oil production to oil consumption has exerted a positive impact on growth in both the short- and long-run. Oil prices only exert a positive effect on growth in the short-run. Oil rents depress growth, suggesting that oil is more a curse than a blessing for the economies.


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Como Citar

Fuinhas, J. A., Marques, A. C., Koengkan, M., Santiago, R., & Couto, A. P. (2019). THE ENERGY-GROWTH NEXUS WITHIN OIL PRODUCTION AND OIL RENTS CONTEXT. Revista De Estudos Sociais, 21(42), 161–173.




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