Assessment of the Impact of Bioenergy on Sustainable Economic Development

The Solow-Swan macroeconomic model reveals the fact that the marginal capital rate of the bioenergy sector, as well as the bioenergy productivity and productivity of the resources variation, having positive values of their estimated coefficients, have the capacity of stimulating the sustainable economic development of an emerging country, such as Romania. The economic model substantiated by the correlations between the macroeconomic indicators evaluates the convergence in relation with the European Union (EU) average. The main objective of this paper is to analyze the impact of bioenergy on sustainable economic development. The econometric analysis revealed the fact that the bioenergy productivity, the productivity of the resources and the capital productivity of the bioenergy sector have a positive and statistically significant impact on the sustainable economic development. Data was collected from The European Statistical Office and analyzed with SPSS 22 statistical software package. Quantitative methods highlight the disparities between developed and developing countries of EU in terms of bioenergy use and efficiency.