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Menegaki A.N.,Organismos Georgikon Asfaliseon | Menegaki A.N.,Hellenic Open University | Tsagarakis K.P.,Democritus University of Thrace
Ecological Indicators | Year: 2015

Given the austere economic measures imposed to Greece after the commencement of the economic crisis in 2010, we calculate the Index for Sustainable Economic Development (ISEW) with the aim to inform policy and stakeholders about the sustainable Greek GDP. Throughout 2000-2012, annual GDP per capita appears many times higher than the ISEW per capita for the period, thus making the Greek debt payback a more difficult exercise to solve. © 2015 Elsevier Ltd. All rights reserved. Source


Menegaki A.N.,Organismos Georgikon Asfaliseon | Tsagarakis K.P.,Democritus University of Thrace
Renewable and Sustainable Energy Reviews | Year: 2015

Typically environmental Kuznets curve (EKC) studies on energy concentrate on the emissions produced from energy production or consumption and neglect the aspect of exhaustion of a natural resource, which is an irreversible result, against any definition of sustainability and intergenerational equity. This paper investigates whether there is an environmental Kuznets curve for renewable energy, whether there should be one and if there is, what it should stand for. For this reason the paper employs balanced panel data for 33 European member and candidate state countries that produce crude oil, natural gas, coal and renewable energy for the years 1990-2010 to investigate the relationship between their scale of economic activity, fossil energy production and the production of renewable energy. Results from random effects models together with Arellano Bond estimator models identify the U-shape for the environmental Kuznets curve only for renewable energy and coal production. A theoretical justification on the mechanisms possibly driving the environmental Kuznets curve for renewable energy are also discussed. © 2014 Elsevier Ltd. Source


Menegaki A.N.,Organismos Georgikon Asfaliseon | Ozturk I.,Cag University
Energy Policy | Year: 2013

This is an empirical study on the causal relationship between economic growth and energy for 26 European countries in a multivariate panel framework over the period 1975-2009 using a two-way fixed effects model and including greenhouse gas emissions, capital, fossil energy consumption, Herfindahl index (political competition) and number of years the government chief executive stays in office (political stability) as independent variables in the model. Empirical results confirm bidirectional causality between growth and political stability, capital and political stability, capital and fossil energy consumption. Whether political stability favors the implementation of growth or leads to corruption demands further research. © 2013 Elsevier Ltd. Source


Menegaki A.N.,Organismos Georgikon Asfaliseon
Energy | Year: 2013

The paper employs a management random parameters frontier stochastic frontier and a simple frontier stochastic model to benchmark European countries according to their management efficiency in growth and renewable energy development. The results come from an empirical application of a panel with 31 European countries over a 14 year old period using a translog type stochastic frontier production function. In particular the paper focuses on results from a management random coefficients model and compares results with the conventional stochastic frontier model with inputs such as renewable energy, fossil fuel energy, employment and capital. The results suggest that the interaction of renewable energy with management affects growth in Europe and that the technical efficiency estimated by the management model is by 6.05% higher than the one produced by the simple stochastic frontier model. © 2013 Elsevier Ltd. Source


Menegaki A.N.,Organismos Georgikon Asfaliseon
International Journal of Energy Economics and Policy | Year: 2013

This paper empirically examines the validity of the resource curse in Europe and it is the first time renewable energy is inserted in this research context. The study uses panel data with a variety of explanatory variable proxies for investment, openness, rule of law, resource endowments and human capital. It employs a single equation fixed effects model with heteroskedasticity robust covariance and a simultaneous two equation model where renewable energy enters the structural equation as an endogenous variable. The resource curse is confirmed only for crude oil and resource productivity in the single equation model while renewable energy has a positive relationship to growth. In the simultaneous two equation model, countries with high oil production and emissions also have a higher production of renewable energies. Source

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