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This paper examines the long-run relationship between financial globalization and economic growth in sub-Saharan Africa using panel unit root tests, panel cointegration tests and panel multivariate ECM. The study finds that the variables are stationary at first difference - I(1). Also, the results reveal that all the variables are cointegrated, that is, they are related in the long run. The results of the ECT test within the framework of panel multivariate ECM confirm the cointegration tests. The paper concludes that there is a long-run relationship between financial globalization and economic growth in sub-Saharan Africa. The paper argues that sub-Saharan African economies will benefit from the era of financial globalization in the long run in as much as the governments promote and encourage sound macroeconomic policies and strong institutions. [ABSTRACT FROM AUTHOR]

This paper uses empirical evidence to examine the causality relationship between electricity consumption and economic growth in OPEC countries by using annual data (1980-2011); this paper also utilises the panel cointegration and panel-based error correction approach models and framework. To the best of the authors' knowledge, most of the studies in this field have applied the error correction models, auto regressive distributed lag and panel data based on fixed-effect model in which coefficients obtained by these models cannot be deemed as a general finding applicable for other countries. The superiority of our article is in applying full modified ordinary least square estimation method for heterogeneous panels; our study also has stable and consistent coefficients and is also a dynamic model. Moreover, with regard to previous studies, our paper includes more countries which increase the reliability of the results. The results indicate that a long-run relationship exists between real gross domestic product ( GDP), electricity consumption and trade activities that involve export and import (control variable). The short-run results also indicate the importance of electricity consumption to economic growth and vice versa, supporting the feedback hypothesis which asserts that energy policies oriented towards improvements in electricity consumption efficiency would not adversely affect real GDP. It also apears that policies for energy efficiency have no statistically significant impact on economic growth in long run. [ABSTRACT FROM AUTHOR]

In this paper, the relationship between electricity consumption ( LEC) and economic growth ( LGDP) using Autoregressive Distributed Lag ( ARDL) model and Granger causality within error correction framework in India over the period 1970-1971 to 2009-2010 are analysed. The results of these tests exhibit the existence of long-run equilibrium relationship and bilateral causality in case of India. Then, Hodrick- Prescott filter is used to decompose the data into trend and cyclical (fluctuation) components of electricity consumption and economic growth. The results of decomposed series revealed that both series are cointegrated with the strong evidence of bidirectional causality, implying that trend and cyclical components are strongly correlated with business cycles in India. From these findings, we conclude that the feedback hypothesis is applicable in case of India. Therefore, government should undertake necessary policy measures to augment the investment in power sector from existing level and more importantly the emphasis should also be given on the efficient use of electricity. [ABSTRACT FROM AUTHOR]