The impact of the macroeconomic stability on the energy-efficiency of the European countries: A bibliometric analysis

¹ DSc, Associate Professor, Department of Marketing, Sumy State University, Ukraine
² PhD student, Department of Marketing, Sumy State University, Ukraine
³ PhD student, Department of Marketing, Sumy State University, Ukraine
⁴ PhD, Associate Professor of Finance and Entrepreneurship Department, Sumy State University, Ukraine

^* Corresponding author: tetyana_pimonenko@econ.sumdu.edu.ua

Abstract

This paper deals with macroeconomic stability impact on improving the countries’ energy-efficiency. For that purpose, the authors conducted the bibliometric analysis using the VOSviewer and Scopus tools. The investigation involved 1335 studies focused on economic stability and 1811 studies – on environmental issues. Thus, the obtained results demonstrated the strong links between investigating environmental factors, particularly, energy efficiency, on business performance, economic and macroeconomic stability. Given that, the authors made forecasting energy-efficiency development. In the current research, primary energy consumption was allocated as a basis for forecast the energy-efficiency. The study involves data between 1991 to 2018 from European countries (EU27) taken from the Eurostat database. The methodology of this study was based on ARIMA model. From the results, the authors concluded that the EU energy targets would be gained by 2020. However, the obtained results allow prognosticating increasing the final energy consumption from 2020 to 2029. Based on analysing the EU experience and the forecast findings, the authors allocated the main recommendations to improve the energy-efficiency in Ukraine. The authors noted that current results are considered to be the base for future investigations aimed at the analysis of the macroeconomic stability impact on increasing energy-efficiency level.