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Öğe A literature survey on energy-growth nexus(ELSEVIER SCI LTD, 2010) Öztürk, İlhanThis paper provides a survey of the recent progress in the literature of energy consumption-economic growth and electricity consumption-economic growth causality nexus. The survey highlights that most empirical studies focus on either testing the role of energy (electricity) in stimulating economic growth or examining the direction of causality between these two variables. Although the positive role of energy on growth has become a stylized fact, there are some methodological reservations about the results from these empirical studies. A general observation from these studies is that the literature produced conflicting results and there is no consensus neither on the existence nor on the direction of causality between energy consumption (electricity consumption) and economic growth. As a policy implication, to avoid from conflicting and unreliable results, the authors may use the autoregressive distributed lags bounds test, two-regime threshold co-integration models, panel data approach and multivariate models including new variables (such as: real gross fixed capital formation, labor force, carbon dioxide emissions, population, exchange rates, interest rates, etc.). Thus, the authors should focus more on the new approaches and perspectives rather than by employing usual methods based on a set of common variables for different countries and different intervals of time.Öğe A new approach to energy consumption per capita stationarity: Evidence from OECD countries(Pergamon-Elsevıer scıence ltd., 2016) Özcan, Burcu; Öztürk, İlhanApplying a new panel stationary test procedure to data from 32 OECD countries from 1971 to 2013, this study examines the time series properties of per capita energy consumption. The results indicate that energy consumption per capita follows a mean reverting process for 16 OECD countries whereas, for the remaining 16 OECD countries, a mean reverting process is not the case. Besides, energy consumption per capita exhibits some sharp and smooth structural shifts (breaks) in its mean and/or trend levels, and the endogenously identified break dates correspond to specific macroeconomic events such as oil crises, Gulf War, Asian and Global financial crises. These results also have important policy implications. For the 16 OECD countries that have stationary energy consumption per capita series, government policies intended to stabilize energy demand will have no long-lasting effects, and therefore, governments should not adopt unnecessary policy targets for energy demand level. However, for the remaining 16 OECD countries, such policies will have long-lasting effects.Öğe A research for the competitive environment hypothesis in the short-run for the Turkish manufacturing industry(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2016) İskenderoglu, Ömer; Öztürk, İlhanThe competitive environment hypothesis is one of the basic ideas in mainstream economic theory. It states that the competitive process eliminates all economic profits and losses in the long-run so profits do not persist. This article studies the competitive environment hypothesis of 125 Istanbul Stock Exchange (ISE) quoted manufacturing firms that survived during the period of 2009:1-2010:4, which can be considered as the short-run. Net income after tax to total assets (return on assets [ROA]) and net income after tax to total equity (return on equity [ROE]) are both used as profit measures. Starting with Levin et al. and Im et al.'s panel unit root tests, pooled Ordinary Least Squares (OLS), panel fixed effects and cross-sectional analysis are employed. The results indicate that competitive environment hypothesis is viable and profits do not persist in the short-run.Öğe A visualization review analysis of the last two decades for environmental Kuznets curve "EKC" based on co-citation analysis theory and pathfinder network scaling algorithms(SPRINGER HEIDELBERG, 2021) Öztürk, İlhan; Koondhar, Mansoor Ahmed; Shahbaz, Muhammad; Memon, Kamran Ali; Kong, RongEnvironmental Kuznets curve (EKC) is a statistical tool to examine the cointegration and causality nexus between economic growth and carbon emissions. The EKC is widely used in energy and environmental economics studies. Although a large number of researchers have analyzed the EKC by applying different statistical models, some review work has been summarized to draw a pictorial view of extending studies in this research field. However, still, the macroscopic overview needs to be considered. Therefore, this study aims to contribute to the literature for finding a new pathway for further research employing, and to facilitate this research, scientometric analysis is carried out by feature in CiteSpace. The dataset was screened and found 2384 records out of 59,225 Web of Science (WoS) references, and the records for the timespan 1999–2019 was used to visualize the knowledge map and outcome of the scientific enterprise. The visualization results reveal the most influencing studies, institutions, authors, countries, keywords, and category cloud, in the research field of EKC. This article reveals that the research on EKC in alignment with green and sustainable technology science requires more attention. Further, this article would help authors and publishers make their decisions for the research of EKC and planning for future perspectives to contribute to academic development and applied methodology.Öğe Aggregate import demand function for slovakia: Evidence from ardl bounds testing approach(National Academy of Management, 2011) Öztürk, İlhan; Acaravci, AliThis paper estimates the aggregate import demand function for Slovakia, using recent cointegration approach, the ARDL bounds testing approach, for the quarterly period of 1993:1-2003:3. The results show that real import, relative price and real GDP are cointegrated. The CUSUM and CUSUMSQ stability tests indicate that there exists a stable import demand function. The results imply that price stabilization policies may not be used as instruments to maintain a favorable trade balance for Slovakia. Therefore, for a sustainable trade balance, the development of local industries should be encouraged in order to have less import.Öğe Aggregate ımport demand functıon for slovakıa: evıdence from ardl bounds testıng approach(NATIONAL ACAD MANAGEMENT, 2011) Öztürk, İlhan; Acaravci, AliThis paper estimates the aggregate import demand function for Slovakia, using recent cointegration approach, the ARDL bounds testing approach, for the quarterly period of 1993:1-2003:3. The results show that real import, relative price and real GDP are cointegrated. The CUSUM and CUSUMSQ stability tests indicate that there exists a stable import demand function. The results imply that price stabilization policies may not be used as instruments to maintain a favorable trade balance for Slovakia. Therefore, for a sustainable trade balance, the development of local industries should be encouraged in order to have less import.Öğe An application of thirlwall's law to the South African economy: Evidence from ARDL bounds testing approach(ACADEMIC JOURNALS, 2010) Öztürk, İlhan; Acaravci, AliThis paper applies Thirlwall's basic balance-of-payments constraint growth model to South Africa economic growth for the period of 1984:1 - 2006:1 by using Autoregressive Distributed Lag (ARDL) Bounds Testing approach. The empirical results reveal that import is cointegrated with relative price and income, and the equilibrium growth rates coincide with actual growth rates. Our empirical results also support the Thirlwall's hypothesis which states that balance of payments position of the South African economy is the main constraint on its economic growth. As a policy implication, a successful economic growth policy will permit South Africa to have a rapid growth in demand and supply without suffering deterioration in its balance of payments.Öğe An estimation of crude oil import demand in Turkey: Evidence from time-varying parameters approach(ELSEVIER SCI LTD, 2016) Öztürk, İlhan; Arisoy, IbrahimThe aim of this study is to model crude oil import demand and estimate the price and income elasticities of imported crude oil in Turkey based on a time-varying parameters (TVP) approach with the aim of obtaining accurate and more robust estimates of price and income elasticities. This study employs annual time series data of domestic oil consumption, real GDP, and oil price for the period 1966-2012. The empirical results indicate that both the income and price elasticities are in line with the theoretical expectations. However, the income elasticity is statistically significant while the price elasticity is statistically insignificant. The relatively high value of income elasticity (1.182) from this study suggests that crude oil import in Turkey is more responsive to changes in income level. This result indicates that imported crude oil is a normal good and rising income levels will foster higher consumption of oil based equipments, vehicles and services by economic agents. The estimated income elasticity of 1.182 suggests that imported crude oil consumption grows at a higher rate than income. This in turn reduces oil intensity over time. Therefore, crude oil import during the estimation period is substantially driven by income.Öğe An examination of Fisher effect for selected new EU member states(Econjournals, 2014) Ucak, Harun; Öztürk, İlhan; Aslan, AlperThe relationship between interest rates and inflation which is called Fisher effect has been investigated in both theoretical and empirical economics in vast literature. The contribution of this paper to the literature is to test the Fisher effect for the selected four transition economies that are also new EU member states. The empirical analysis is conducted by allowing for a structural break that takes place in year 2004. In this study, a case-wise bootstrap approach empirical method which developed by Hatemi-J and Hacker (2005) is used and the results support a tax adjusted Fisher effect in the presence of a structural break.Öğe An ınvestıgatıon of effıcıent market hypothesıs ın oecd countrıes(NATL ACAD MANAGEMENT, 2012) Karadeniz, Erdinc; Öztürk, İlhan; Iskenderoglu, ÖmerThis study aims to investigate whether stock price returns are on a random walk for OECD countries. Using quarterly data for the 2005:1 - 2011:2 period, LM unit root test is employed which endogenously determines up to two structural breaks in level and trend. The empirical findings suggest a combination of random walk and mean reversion results for OECD countries. The results show that efficient market hypothesis (EMH) is confirmed in 13 out of 34 OECD countries. However, with regard to the panel unit root test, the OECD countries share price index returns are mean reverting which highlights the fact that the EMH is not valid.Öğe Analysis of asymmetries in the nexus among clean energy and environmental quality in Pakistan(2020) Öztürk, İlhan; Usman, Ahmed; Ullah, Sana; Chishti, Muhammad Zubair; Zafar, Syeda MariaThis study examines the short-run and long-run asymmetric effects of clean energy consumption on carbon emission in Pakistan, over the annual time period 1975–2018, by using a non-linear ARDL approach. The findings of the study confirm the existence of asymmetries, in the nexus between the clean energy consumption and carbon emission in the short and long run. The findings of non-linear model confirm that carbon emission responded contrary to positive shocks of energy variables as compared with their negative shocks. Asymmetric findings recommend that positive and negative shocks of the alternative and nuclear energy and combustible and waste energy have affected differently. Although, short- and long-run results suggest an insignificant positive and negative relationship between electric power consumption and carbon emissions. Therefore, more taxation of non-renewable energy and clean energy supports are suggested for the Pakistan economy. We concluded that Pakistan has potential in clean energy which will improve environmental quality in the near future.Öğe Another outlook to sector-level energy consumption in Pakistan from dominant energy sources and correlation with economic growth(2020) Öztürk, İlhan; Rehman, Abdul; Ma, Hengyun; Ahmad, Munir; Irfan, Muhammad; Rauf, AbdulThe present study seeks to investigate the sector-level energy consumption of oil and natural gas and to explore the linkage between economic growth, households, agriculture, industry, power, fertilizers, and commercial sector in Pakistan for the period of 1980–2016. The energy sector of Pakistan is facing severe crisis from the last few years due to inadequate production and supply. Long-lasting deficits of natural gas and oil, the two supreme types of fuel in Pakistan, had detrimental consequences for the growth as well as for the economic development. An autoregressive distributed lag (ARDL) method and Granger causality test under vector error correction model (VECM) were employed to check the association among the variables. Furthermore, the innovative accounting method was used to investigate the responsiveness of each variable to another within the study framework. Empirical results show long-run association among the variables, as oil consumption in the agriculture and power sector show a positive effect on Pakistan’s economic growth. Similarly, energy consumption from natural gas in the households and fertilizers as well as in the industry sector has had a constructive association with economic growth. In contrast, energy consumption from oil in the households and industry sectors has adverse association with economic growth, while natural gas consumption in the commercial sector has negative linkage with economic growth. Possible steps should be taken by the Government of Pakistan to enhance the production of oil and natural gas from other alternatives to meet the requirements of these sectors.Öğe Application of Cyprus to the European Union and the Cyprus problem(M E SHARPE INC, 2003) Sertoglu, Kamil; Öztürk, İlhanThe Cyprus problem became a subject that not only threatens the acceptance of Cyprus to the European Union but the whole enlargement process as well. Greece strongly supports the acceptance of Cyprus to the Union even without a solution to the Cyprus problem. On the other hand, other EU members and Turkey firmly reject this proposal. The study evaluates the application of South Cyprus to the European Union and the reasons for application. Although there are various possible economic gains for South Cyprus from EU membership, political gains go far beyond them and acceptance of Cyprus to the Union before a solution is reached for the Cyprus problem would bring many political benefits for South Cyprus in respect to its relations with Turkey.Öğe Are energy conservation policies effective without harming economic growth in the gulf cooperation Council countries?(PERGAMON-ELSEVIER SCIENCE LTD, 2014) Al-Mulali, Usama; Öztürk, İlhanThis study explores the fossil fuels electricity consumption-growth of the gross domestic product (GDP) relationship in the six Gulf Cooperation Council (GCC) countries for the period 1980-2012. The aim of this study is to examine whether energy conservation policies are appropriate for these countries to reduce their high levels of electricity consumption. The autoregressive distributed lag (ARDL) and the Toda-Yamamoto-Dolado-Lutkepohl (TYDL) methodologies were employed to investigate this relationship. The ARDL results revealed that fossil fuels electricity consumption has a long run positive effect on GDP growth in the GCC countries. However, the TYDL Granger causality revealed different causality relationships among the countries. A bi-directional causality was found between fossil fuels electricity consumption and GDP growth in Bahrain and the United Arab Emirates (UAE) while one way causality from fossil fuels electricity consumption to GDP growth was found in Oman and Qatar. On the other hand, no causality was concluded between the variables in Kuwait and Saudi Arabia. From the results, it is clear that energy conservation is not an ideal policy for the Bahrain, UAE, Oman, and Qatar because it will have a negative consequence on their output. However, this policy can be implemented in Kuwait and Saudi Arabia since it will not harm their output.Öğe Are fluctuations in coal consumption per capita temporary? Evidence from developed and developing economies(Pergamon-elsevıer scıence ltd, 2014) Shahbaz, Muhammad; Tiwari, Aviral Kumar; Jam, Farooq Ahmed; Öztürk, İlhanThis paper investigates the unit root properties of coal consumption per capita for the 47 developed and developing countries for 1965-2010 period. To examine the stationary properties of coal consumption per capita, Lagrange multiplier (LM) unit root test with one break and two breaks Crash model has been utilized. According to empirical results, the coal consumption is stationary in almost all the countries analyzed. Thus, if the coal consumption is mean (or trend) reverting, then it follows that the series will return to its mean value (or trend path) and it might be possible to forecast future movements in the coal consumption based on past behaviors of the series. For the policy makers, it is not necessary to pay attention to coal consumption excepting for Indian and Italian. However, for the researchers it is important to take into account the stationarity property of coal consumption and also structural breaks (should be modeled) in their future studies.Öğe Are fluctuations in electricity consumption per capita transitory? Evidence from developed and developing economies(PERGAMON-ELSEVIER SCIENCE LTD, 2013) Shahbaz, Muhammad; Tiwari, Aviral Kumar; Öztürk, İlhan; Farooq, AbdulThis paper investigates the unit root properties of electricity consumption per capita of 67 developed and developing countries for the period 1971-2010. To examine the stationary properties of electricity consumption per capita, we have adopted Lee and Strazicich (2003,2004) test of unit root that allows us to test for at most two endogenous breaks and uses the Lagrange Multiplier (LM) test statistics. Results show that 65 country series reject the unit root null hypothesis except for 2 country series. Thus, our empirical findings provide significant evidence that electricity consumption per capita is stationary in almost all countries considered. The stationarity of electricity consumption per capita indicates that it should be possible for the series to forecast future movements in the energy consumption based on the past behaviors of the series.Öğe Are Fluctuations in Electricity consumption permanent or transitory? evidence from a nonlinear unit root test in high-income OECD countries(TAYLOR & FRANCIS INC, 2015) Öztürk, İlhan; Aslan, A.For the first time, this article investigates the stationary properties of per capita electricity consumption by employing a nonlinear unit root test for 23 high-income Organisation for Economic Co-operation and Development (OECD) countries covering the period 1960-2005. Empirical results demonstrate that per capita electricity consumption follows a nonlinear behavior in 70% of the OECD countries. By using the Lagrange Multiplier and Kruse's (2011) unit root test, we find that the electricity consumption is a non-stationary process for 12 countries. In addition, we conclude that any shock to electricity consumption is likely to be permanent and energy policies will have a permanent impact. On the other hand, electricity consumption is a stationary process for the rest of the 19 countries which means that energy demand management policies designed to shrink energy consumption will have temporary effects as energy consumption will return to its trend path. As a policy implication, the linearity or nonlinearity of data should be investigated before testing the unit root test hypothesis in the studies to avoid doubtful results.Öğe Are fluctuations in energy consumption per capita transitory? Evidence from Turkey(MULTI-SCIENCE PUBL CO LTD, 2011) Öztürk, İlhan; Aslan, AlperThe aim of this study is to test the unit root null hypothesis for energy consumption variables in Turkey. We consider the integrational properties of energy consumption for seven sectors during 1970-2006 period. When we apply the LM univariate test without break, we find a unit root in energy consumption for industrial, transportation, agriculture, non-energy field, final energy consumption and circuit and energy sectors. Thus, shocks to energy consumption have a permanent effect on these sectors. However, when we apply one break LM unit root test for each sector we find that all disaggregate energy sectors are stationary, which means that shocks to energy consumption have transitory effects. Generally, except for residential energy consumption, we find strong support that shocks to energy consumption have a permanent effect on energy consumption in Turkey. However, by allowing break, the null hypothesis of a unit root is also rejected for other energy consumption cases where shocks are transitory in nature.Öğe Assessing links between energy consumption, freight transport, and economic growth: evidence from dynamic simultaneous equation models(Sprınger Heıdelberg, 2018) Nasreen, Samia; Saidi, Samir; Öztürk, İlhanWe investigate this study to examine the relationship between economic growth, freight transport, and energy consumption for 63 developing countries over the period of 1990-2016. In order to make the panel data analysis more homogeneous, we apply the income level of countries to divide the global panel into three sub-panels, namely, lower-middle income countries (LMIC), upper-middle income countries (UMIC), and high-income countries (HIC). Using the generalized method of moments (GMM), the results prove evidence of bidirectional causal relationship between economic growth and freight transport for all selected panels and between economic growth and energy consumption for the high- and upper-middle income panels. For the lower-middle income panel, the causality is unidirectional running from energy consumption to economic growth. Also, the results indicate that the relationship between freight transport and energy use is bidirectional for the high-income countries and unidirectional from freight transport to energy consumption for the upper-middle and lower-middle income countries. Empirical evidence demonstrates the importance of energy for economic activity and rejects the neo-classical assumption that energy is neutral for growth. An important policy recommendation is that there is need of advancements in vehicle technology which can reduce energy intensity from transport sector and improve the energy efficiency in transport activity which in turn allows a greater positive role of transport in global economic activity.Öğe Balance of payments constrained growth in Turkey: Evidence from ardl bound testing approach(2009) Acaravci, Ali; Öztürk, İlhanThe aim of this study is to empirically test the validity of Thirlwall's Law in Turkey during the period of 1980:1-2006:4 using an Autoregressive Distributed Lag (ARDL) Bounds testing approach. The empirical results reveal that import is cointegrated with relative price and income. The estimates of the long run elasticities from this function are used to compute the equilibrium growth rate. The difference between the equilibrium and actual economic growth rates are small Nevertheless, results from regressions of equilibrium growth rates indicate that the Thirlwall's law does not hold for Turkey.
