ENERGY CONSUMPTION AND ECONOMIC GROWTH IN TURKEY: COINTEGRATION AND CAUSALITY ANALYSIS
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Tarih
2011
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Inst Economic Forecasting
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper examines the causal relationship between energy consumption and economic growth for Turkey during 1971-2006. We employed two multivariate models, namely demand model and production model, based on vector error correction model. Then, we tested Granger causality after finding cointegration among variables for the both models. The results indicate that energy consumption and economic growth are cointegrated and there is bidirectional causality running from energy consumption to economic growth and vice versa. This means that an increase in energy consumption directly affects economic growth and that economic growth also stimulates further energy consumption. Consequently, we conclude that energy is a limiting factor to economic growth in Turkey and, hence, shocks to energy supply will have a negative impact on economic growth and vice versa.
Açıklama
Anahtar Kelimeler
Energy consumption, Economic growth, Causality, Cointegration, Turkey
Kaynak
Romanian Journal of Economic Forecasting
WoS Q Değeri
Q4
Scopus Q Değeri
Cilt
14
Sayı
2
