Finance and Credit
 

Energy intensity of development and the preconditions for its limitation: An econometric analysis, with emphasis on CIS countries

Vol. 23, Iss. 40, OCTOBER 2017

Received: 13 July 2017

Received in revised form: 20 September 2017

Accepted: 10 October 2017

Available online: 27 October 2017

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: C01, C21, C24, O43, Q43

Pages: 2420–2436

https://doi.org/10.24891/fc.23.40.2420

Chepel' S.V. Institute of Forecasting and Macroeconomic Research, Tashkent, Republic of Uzbekistan swchep@mail.ru

Importance The article focuses on the issues of development of the macroeconomic and institutional environment necessary to reduce energy intensity in the CIS countries.
Objectives The paper aims to develop a methodological approach based on econometric analysis of sample world statistical reports, to justify the energy intensity reduction.
Methods For the study, I used the methods of comparative analysis, linear and non-linear regressions, equations with threshold values, and the methods of index numbers.
Results The article proves that existing world statistics can be used to justify factors influencing the energy intensity of the economy in the context of both demand and supply. The comparative analysis made shows that for the CIS countries, the key factor in reducing energy intensity is the quality of public institutions.
Conclusions The CIS countries have every opportunity to improve the energy efficiency indicator. This requires a capacity-building of State institutions, with focus on the development of competitive markets for energy products, energy auditing, introduction of power-saving standards, shadow economy limitation, and the intensification of the fight against corruption.

Keywords: energy efficiency, energy-saving technology, econometric analysis, fuel tariffs, quality, state institutions

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