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The Impact of Knowledge Spillover on Economic Growth and Innovation in the Energy Sectors of Selected Oil-Rich Countries: A Network-based GVAR Approach
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Hasan Tavakoli   , Karim Eslamloueyan *1 , Zahra Dehghan , Mahboubeh Jafari |
| 1- , keslamlo@shirazu.ac.ir |
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Abstract: (264 Views) |
| The main goal of this paper is to examine how technological shocks influence economic growth and innovation in the renewable and non-renewable energy sectors through financial and trade channels. To this end, the network-based global vector autoAregressive (GVAR) framework is utilized to analyze a sample of seven selected oil-rich economies and twelve technologically advanced countries during the quarterly period from 2000 to 2020. In the first stage, we identify the leading innovative countries within the network. In the second stage, using a GVAR approach, we estimate two distinct models: one for renewable energy and another for non-renewable energy. Network analysis using degree centrality measures shows that the United States is the leading country in innovation. Therefore, we focus solely on studying the effects of the technological shock within the energy sector in the U.S. when estimating the models. The estimation results of the first model show that the US renewable energy technology shock hinders economic growth and knowledge spillovers in selected oil-rich economies. The results for other technologically advanced countries show the opposite trend. In contrast to innovative economies, the estimation from the second model indicates that a shock in non-renewable energy technology in the US, as a leading country, stimulates economic growth and knowledge spillovers in oil-rich nations. These results have significant implications for the optimal utilization of existing capacity in the non-renewable energy sector. They also emphasize the importance of developing essential infrastructure to attract foreign investment in the renewable energy sector in oil-rich countries. Considering the restrictions on Iran's oil export revenues and limited access to new technologies due to economic sanctions, our findings underscore the importance of investing in renewable energy. This investment aims to boost innovation in clean energy within the country, partially compensating for oil revenue and energy imbalances. Our findings could have significant implications for policymakers and researchers aiming to improve environmental quality and foster sustainable growth in oil-producing and exporting economies. |
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| Keywords: Technology Spillovers, Innovation, Growth, Renewable and Non- renewable Energies, Oil-Rich Countries, Network-Based GVAR Approach.
JEL Classification: O33, O31, C67, C55 |
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Full-Text [PDF 2398 kb]
(74 Downloads)
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Type of Study: Thesis(PhD.) |
Subject:
Energy Economic
Received: 2025/01/29 | Accepted: 2025/04/28 | Published: 2025/10/2 | ePublished: 2025/10/2
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