Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA
Nowadays, the Arctic is referred to as a specific region rich in natural resources, including energy resources, with a severe climate and challenging conditions of doing business, connected not only with the climate itself but also with the existing legislative limitations. According to the research...
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ftdoajarticles:oai:doaj.org/article:6bc4461f275544fbb18d215045085d5b 2023-05-15T13:09:04+02:00 Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA Svetlana V. Bekareva Ekaterina N. Meltenisova Akim Guerreiro 2018-07-01T00:00:00Z https://doaj.org/article/6bc4461f275544fbb18d215045085d5b EN eng EconJournals https://econjournals.com/index.php/ijeep/article/view/6385 https://doaj.org/toc/2146-4553 2146-4553 https://doaj.org/article/6bc4461f275544fbb18d215045085d5b International Journal of Energy Economics and Policy, Vol 8, Iss 4 (2018) Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 article 2018 ftdoajarticles 2023-02-19T01:43:11Z Nowadays, the Arctic is referred to as a specific region rich in natural resources, including energy resources, with a severe climate and challenging conditions of doing business, connected not only with the climate itself but also with the existing legislative limitations. According to the researchers of the Arctic, together with the challenges, the Arctic offers huge development opportunities, including those in the oil and gas sector. Alaska is one of the territories of the region which has the richest energy resources. The objective of this study has been to estimate how the factor of the region's energy resources, which we have related to the oil production growth rates on the Alaska North Slope, affects the economic growth of Alaska. The study methodology is based on both the classical models of economic growth and their modification considering the factor of the energy resources. The vector error correction model was used for evaluating the proposed economic growth model modification. The influence of classical factors, the labor and the capital, on the economic growth of the region in the long-term perspective has been empirically proven. The factor of the energy resources has proved to be significant in the equation describing the economic growth only for the short-term perspective. We believe the influence of this variable on the long-term economic growth to be indirect, exercised through the parameter of capital investment. Keywords: Arctic region, Alaska, the Alaska North Slope, energy resources, economic growth, vector error correction model JEL Classifications: Q32, Q43 Article in Journal/Newspaper Alaska North Slope Arctic north slope Alaska Directory of Open Access Journals: DOAJ Articles Arctic |
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Directory of Open Access Journals: DOAJ Articles |
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ftdoajarticles |
language |
English |
topic |
Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 |
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Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 Svetlana V. Bekareva Ekaterina N. Meltenisova Akim Guerreiro Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
topic_facet |
Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 |
description |
Nowadays, the Arctic is referred to as a specific region rich in natural resources, including energy resources, with a severe climate and challenging conditions of doing business, connected not only with the climate itself but also with the existing legislative limitations. According to the researchers of the Arctic, together with the challenges, the Arctic offers huge development opportunities, including those in the oil and gas sector. Alaska is one of the territories of the region which has the richest energy resources. The objective of this study has been to estimate how the factor of the region's energy resources, which we have related to the oil production growth rates on the Alaska North Slope, affects the economic growth of Alaska. The study methodology is based on both the classical models of economic growth and their modification considering the factor of the energy resources. The vector error correction model was used for evaluating the proposed economic growth model modification. The influence of classical factors, the labor and the capital, on the economic growth of the region in the long-term perspective has been empirically proven. The factor of the energy resources has proved to be significant in the equation describing the economic growth only for the short-term perspective. We believe the influence of this variable on the long-term economic growth to be indirect, exercised through the parameter of capital investment. Keywords: Arctic region, Alaska, the Alaska North Slope, energy resources, economic growth, vector error correction model JEL Classifications: Q32, Q43 |
format |
Article in Journal/Newspaper |
author |
Svetlana V. Bekareva Ekaterina N. Meltenisova Akim Guerreiro |
author_facet |
Svetlana V. Bekareva Ekaterina N. Meltenisova Akim Guerreiro |
author_sort |
Svetlana V. Bekareva |
title |
Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
title_short |
Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
title_full |
Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
title_fullStr |
Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
title_full_unstemmed |
Arctic Energy Resources as an Economic Growth Factor: Evidence from Alaska, USA |
title_sort |
arctic energy resources as an economic growth factor: evidence from alaska, usa |
publisher |
EconJournals |
publishDate |
2018 |
url |
https://doaj.org/article/6bc4461f275544fbb18d215045085d5b |
geographic |
Arctic |
geographic_facet |
Arctic |
genre |
Alaska North Slope Arctic north slope Alaska |
genre_facet |
Alaska North Slope Arctic north slope Alaska |
op_source |
International Journal of Energy Economics and Policy, Vol 8, Iss 4 (2018) |
op_relation |
https://econjournals.com/index.php/ijeep/article/view/6385 https://doaj.org/toc/2146-4553 2146-4553 https://doaj.org/article/6bc4461f275544fbb18d215045085d5b |
_version_ |
1766161117721133056 |