Would Reducing Fuel Consumption Help the Thai Economy? (in Thai)
Wanwipa Paungcharoen and Assoc. Prof. Woranun Kittiampanont
This paper uses Error Correction Model (ECM) to determine the causal relationship between fuel consumption and the economic growth of Thailand. The results showed that in the short-run the relationships were bidirectional for the overall economic growth and the industry sector. In the long-run the relationships were unidirectional for the overall economic growth, transportation and industry sector. The results indicate that a conservation policy that focuses only on reducing fuel consumption would adversely affect the long-term economic growth. The government should also promote efficiency in fuel consumption.
Keywords: fuel consumption, oil price crisis, error correction model
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