Analyzing the Role of Oil, Electricity and Coal Consumption on Industrial Growth: Evidence from Thailand
Oil, electricity and coal are most common and widely used fuels around the world and they do have some impact on the industrial growth of industries in various countries. The author has set up the whole study which has a core purpose of finding out the impact of oil, electricity and coal consumption on industrial growth in the presence of two control variables i.e. CO2 emission and access to electricity. As the first step, the author collected reliable data from authentic sources that was comprised of 29 years and was in context of Thailand. All this data was about specifically the variables that have been included in the study. To test and analyze this data, the author applied various tests and approaches for various purposes. The unit root tests were applied for the investigation of order of integration and stochastic properties of variables, cointegration tests were applied in order to investigate the cointegrated relationships between the variables and Granger causality test was applied so that the causal relationships between variables can be identified effectively. The results showed that oil and coal consumption along with CO2 emission have significant impact on industrial growth. In the last, the author has discussed some theoretical, practical and policy making benefits along with some limitations and boundaries of this study.