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Relations between Chinese energy consumption and internal absorption, and external demand are investigated in this paper. In terms of Cobb-Douglas, the external and internal energy consumption is respectively deduced to be the functions of external demand and internal absorption, which consists the energy consumption related national gross output. Based on the national aggregate energy consumptions, values of external trade and internal absorptions annual data sampled in 1978-2008, single-equation cointegrated models are secondly diagnosed in terms of E-G cointegration technique. It is indicated by these models that the time series of aggregate energy consumption is respectively cointegrated with that of external trade and internal absorption, which coincides the common results proposed by the other authors. An EC-VAR model is well defined in Johansen cointegration technique, indicating that the external trade is cointegrated to energy consumption and internal absorption, respectively, and the cointegration of energy consumption and internal absorption is not significant, which modified the common results. Finally, the results from impulse response on the EC-VAR model indicate that the external trade and internal absorption are confined by resources.

KEYWORDS

internal absorption; external demand; energy consumption; cointegration analysis

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Author: Zhenquan Wang, Shuliang Zhou, Ouyang Rong

Source: http://www.scirp.org/



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