WDI extracted Energy-Welfare Nexus Dataset
Description
Using World Development Indicators (WDI) database, this dataset provides the most comprehensive panel dataset over the 1960-2014 period for revisiting two seminal articles on the energy-welfare nexus, namely Kraft and Kraft (1978) and Ferguson et al. (2000), touching on the notions of causation and correlation, respectively. The nature of the raw data of this dataset, alongside STATA codes and related excel files, are presented in two co-published articles in Data in Brief and Energy Strategy Reviews. It helps interested scholars who wish to replicate this research or even re-produce an updated dataset for testing emerging economic theories on the energy-welfare nexus. We have used this dataset and STATA codes to conduct a comprehensive note on the causation and correlation between energy use (as measured by Primary Energy Use (E), Electricity (e) and the ratio e/E) and affluence (A). Our analysis suggests that causation and correlation indicators are time-dependent, country-specific, and may vary circularly. Thus, it is not unusual that the directions of the Granger causalities in the energy-welfare nexus vary, depending on each country's technological, institutional, or cultural advancement (i.e., development stages).