Analýza asymetrického vlivu spotřeby energie na přidanou hodnotu v odvětvích vybraných zemí Evropské unie

Environmental pollution has accelerated in recent years and has therefore become an important issue in the European Union. One of the factors that can slow down global warming is to reduce the production and consumption of non-renewable energy sources. The question is how would possible reduction in energy consumption affect economic growth in the countries of the European Union. The subject of this paper is to investigate the impact of energy consumption on value added in given sectors in selected European Union countries in the period 1999-2009. A penalized quantile fixed effects regression is used for the analysis and the results are compared with a classical fixed effects model. The results of both methods show that energy consumption has a positive impact on value added. At the same time, the inverse relationship between the variables was also estimated and the results show that value added has a positive effect on energy consumption. Meanwhile, a secondary relationship observed in this thesis was the effect of energy intensive industries on value added. The estimates show that these sectors have a negative effect on value added. Further testing revealed that the quantile effect of energy consumption on value added is not dominant. Therefore, it implies that this effect is symmetrical. According to the observed dependencies between the variables, policy recommendations on energy consumption are suggested to maintain economic growth while slowing down environmental pollution.