The current dissertation focuses on the causal relationship between renewable energy consumption and economic growth in three regions; the European Union, the Balkans, and Greece. The investigated period differed for each of the above regions. Specifically, the European Union examined from 1995 until 2019, the Balkans from 2000 until 2019, and Greece from 1990-to 2019. The variables of GPD, Gross Fixed Capital Formation, Labor Force, and Renewable Energy Consumption were used for all the analyses. A panel data analysis was conducted for the first two regions, including; unit root rests, panel cointegration test, FMOLS, VECTOR, and Granger Causality tests. For the case of Greece, two analyses were conducted; the first included a classic production of Cobb-Douglas, and the second included; unit root tests, cointegration test, VAR, and Granger-Causality test. Overall, for the case of Europe, a long-run relationship among the variables was indicated, and the conservation causality was found between renewable energy consumption and economic growth, in the short run. For the case of the Balkans, a long-run relationship was indicated, however, the neutrality hypothesis was found in the short-run, between variables of renewable energy consumption and economic growth. Finally, in the case of Greece, no long or short-run relationship was found between the variables of renewable energy consumption and economic growth.
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