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    Effects of financial development, economic growth and trade on electricity consumption: Evidence from post-Fukushima Japan
    (PERGAMON-ELSEVIER SCIENCE LTD, 2016) Rafindadi, Abdulkadir Abdulrashid; Öztürk, İlhan
    This study examines the long-run and short-run effects of financial development, economic growth, export, imports and capital on the Japanese energy predicaments as a result of the foregoing energy crisis in the country. To ensure a robust outcome, the study applied the extended Cobb-Douglas production function and used time series data from 1970 to 2012. Following to this, structural break unit root test, ARDL bounds test approach to cointegration and the Johansen cointegration test were applied. In addition, the VECM Granger causality framework was used in determining the causal relationship between the variables. The findings of the study establish that, in the long-run a 1% rise in financial development, economic growth, exports and imports in Japan will exert a significant pressure on the Japanese electricity consumption by 0.2429%; 0.5040%; 0.0921% and 0.2193% respectively. However, capital was found to decline energy consumption in all material respect. In the short-run, the study discovered how a 1% rise in the dynamics of financial development, economic growth, exports and imports to add to the Japanese electricity predicaments by 0.2210%; 0.5840%; 0.0521% and 0.2031% respectively. The existence of the feedback relationship between most of the variables was discovered, while, economic growth, exports, imports, and trade openness were found to Granger-cause electricity consumption. The study advocates the adoption of massive but competitive renewable energy system in Japan. How it should be done and why it should be done are carefully set by this study.
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    Impacts of renewable energy consumption on the German economic growth: Evidence from combined cointegration test
    (PERGAMON-ELSEVIER SCIENCE LTD, 2017) Rafindadi, Abdulkadir Abdulrashid; Öztürk, İlhan
    Germany is the largest economy in Europe and the leading renewable energy user comparable to none in the entire of the European continents. It is in reference to these developments that this study investigates whether the impacts of renewable energy have consolidated the economic growth prospects of the country. To ensure this, quarterly time series data from 1971Q1 to 2013QIV was used. The study employed the Clemente-Montanes-Reyes detrended structural break test, the Bayer-Hanck combined cointegration test and the ARDL bounds testing approach to cointegration. In addition, the causality analysis was observed using VECM Granger causality framework. The results confirmed the existence of cointegration among the variables. The results show that renewable energy consumption in Germany consolidates the country's economic growth prospects to the extend that a 1% increase in renewable energy consumption boosts German economic growth by 0.2194%. In addition to that, a 1% increase in capital lead to the rise in economic growth by 1.1320%. While a 0.5125% increase in economic growth is due to 1% increase in labor productivity. The causality analysis on the other hand, revealed the existence of feedback effect between renewable energy consumption and economic growth. While the relationship between renewable energy consumption and capital is found to be bidirectional and same inference was found to exist between capital and economic growth. The study proposes solid mechanisms that will help in averting renewable energy market failure locally and internationally among others.
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    Natural gas consumption and economic growth nexus: Is the 10th Malaysian plan attainable within the limits of its resource?
    (Pergamon-Elsevıer Scıence Ltd., 2015) Rafindadi, Abdulkadir Abdulrashid; Öztürk, İlhan
    The 10th Malaysia Plan (10MP) is a strategic plan focused on attaining a level of economic growth that will enable the country to attain a developed nation status by 2020. As a result of this ambitious plan, this paper aims to investigate empirically if the nexus between natural gas consumption, exports, capital and labour could provide a clue to the possibilities of reaching this target. The study applied time series data from 1971 to 2012 and used dual structural break tests. To ensure robust result, the Bayer-Hanck cointegration, Johansen cointegration and the ARDL bounds tests were applied. The findings of the study reveal that economic growth does not Granger cause natural gas consumption in Malaysia. However, the results show that capital and export contribute 29.18% and 41.46% to the country's GDP after 20.04% and 42.29% of natural gas consumption respectively. Also it suggests that natural gas consumption has an indirect effect to the Malaysian economic growth wherewithal. Labour was on the other hand, found to have a minimal contribution to GDP. The study proposes the efficient exploitation of natural gas reserves of the country, a concerted effort to develop the labour force and ensure a realistic time for the plan among others.