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This study investigates the correlation among economic growth, renewable energy, energy consumption, capital fixed formation, globalization, trade openness, and urbanization for 1992 Q1–2014 Q4, using the auto-regressive distributed lag (ARDL) model in Iran. The ARDL approach demonstrates that renewable energy is positively correlated with economic growth. The results show that all the variables in the study are co-integrated and there is a long-run relationship among variables. The findings also show that the overall index of globalization has a positive effect on growth. Granger causality reports bidirectional causality among renewable energy consumption (REC), globalization, financial development, and economic growth.
Yazdi et al. (Thu,) studied this question.