Exploring non-linear causal nexus between economic growth and energy consumption across various R&D regimes: Cross-country evidence from a PSTR model
使用面板平滑阈值回归模型，分析46国1996-2021年数据，发现经济增长与能源消费的关系受研发水平影响，呈现非线性特征，对政策制定有参考价值。
This study endeavors to elucidate the divergent conclusions encountered in empirical research regarding the interplay of Economic Growth (EG) and Energy Consumption (EC). For this purpose, we employ the Panel Smooth Threshold Regression (PSTR) model to intricately examine the non-linear impacts of independent variables on EC and EG within a dataset encompassing 46 countries over the period from 1996 to 2021. The outcomes of our investigation can be summarized as follows: First, the findings underscore the positive impact of the logarithm of net capital formation on EG. This impact is particularly pronounced at low levels of Research and Development (R&D), gradually waning beyond a certain threshold. Second, the ratio of capital to labor exhibits a negative influence on EC at lower R&D levels. Notably, these detrimental impacts become more pronounced as R&D levels increase. Third, trade openness contributes positively to EG, particularly evident at low R&D levels. However, with increasing R&D levels, the incremental benefits from trade diminish. Finally, our findings lend support to the feedback hypothesis. Nevertheless, the impact of R&D expenditures in countries moderates these positive effects. Policymakers should strategically balance resource allocation between capital formation and research endeavors, considering diminishing returns at elevated levels of R&D spending, to ensure sustained EG.