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Impact of Renewable Energy on GDP in Turkey: Cobb-Douglas Production Function Approach

Yıl 2024, Cilt: 31 Sayı: 1, 159 - 182, 26.03.2024
https://doi.org/10.18657/yonveek.1261078

Öz

The main aim of this study is to examine the impact of renewable energy consumption, non-renewable energy consumption, labor, and capital on economic growth in Türkiye using the Cobb-Douglas production function approach. The dataset used in the study covers the years 1990-2020. The stationarity of variables was investigated using Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests, and the results indicate that all variables are stationary at the first difference. The cointegration relationship among the variables was tested with the ARDL bound test and Bayer-Hanck cointegration test, and both methods confirmed the existence of a cointegration relationship. Based on the long-run estimation results of the study, the findings are as follows: I) Capital formation and labor in Türkiye positively influence economic growth (a 1% increase in capital and labor increases economic growth by approximately 0.28% and 0.27%, respectively). II) Renewable and non-renewable energy consumption in Türkiye positively affect economic growth (a 1% increase in renewable and non-renewable energy consumption leads to an increase in economic growth by approximately 0.16% and 0.32%, respectively). III) The study suggests that in Türkiye, the Cobb-Douglas production function exhibits increasing returns to scale. Additionally, the study employed the Toda-Yamamoto causality test, revealing a unidirectional causality from labor to economic growth. Based on the results of the study, various policy recommendations are presented for Türkiye.
Key Words: Renewable Energy Consumption, Cobb-Douglas Production Function, Bayer-Hanck Co-integration, ARDL Bound Test, Non-Renewable Energy Consumption
JEL Classification: C01, C22, O13, O44, Q43

Kaynakça

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  • Apergis, N., & Payne, J. E. (2010b). Renewable Energy Consumption and Growth in Eurasia. Energy economics, 32(6), 1392-1397.
  • Apergis, N., & Payne, J. E. (2011). The Renewable Energy Consumption–Growth Nexus in Central America. Applied Energy, 88(1), 343-347.
  • Apergis, N., & Payne, J. E. (2012). Renewable and Non-Renewable Energy Consumption-Growth Nexus: Evidence From A Panel Error Correction Model. Energy economics, 34(3), 733-738.
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  • Asiedu, B. A., Hassan, A. A., & Bein, M. A. (2021). Renewable Energy, Non-Renewable Energy, and Economic Growth: Evidence From 26 European Countries. Environmental Science and Pollution Research, 28, 11119-11128.
  • Asif, M., Bashir, S., & Khan, S. (2021). Impact of Non-Renewable and Renewable Energy Consumption on Economic Growth: Evidence From İncome and Regional Groups of Countries. Environmental Science and Pollution Research, 28(29), 38764-38773.
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  • Behera, J., & Mishra, A. K. (2020). Renewable and Non-Renewable Energy Consumption and Economic Growth in G7 Countries: Evidence From Panel Autoregressive Distributed Lag (P-ARDL) Model. International Economics and Economic Policy, 17, 241-258.
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Влияние Возобновляемой Энергии на ВВП Турции: Подход с использованием производственной функции Кобба-Дугласа

Yıl 2024, Cilt: 31 Sayı: 1, 159 - 182, 26.03.2024
https://doi.org/10.18657/yonveek.1261078

Öz

Основной целью этого исследования является изучение влияния потребления возобновляемой энергии, потребления необновляемой энергии, трудовых ресурсов и капитала на экономический рост в Турции с использованием подхода кобб-дугласовской производственной функции. Набор данных, использованный в исследовании, охватывает период с 1990 по 2020 год. Стационарность переменных была проверена с использованием тестов на единичные корни Аугментированного Дики-Фуллера (ADF) и Филлипса-Перрона (PP), и, следовательно, было выявлено, что все переменные стационарны на первой разности. Коинтеграционные отношения между переменными были проверены с использованием теста на границе ARDL и теста на коинтеграцию Байера-Ханка, и в обоих случаях было установлено наличие коинтеграционного отношения. Результаты долгосрочного прогнозирования исследования таковы: I) Накопление капитала и трудовые ресурсы положительно влияют на экономический рост в Турции (увеличение капитала и трудовых ресурсов на 1% соответственно увеличивает экономический рост на 0,28% и 0,27%). II) Потребление возобновляемой и необновляемой энергии в Турции положительно влияет на экономический рост (увеличение потребления возобновляемой и необновляемой энергии на 1% соответственно увеличивает экономический рост на 0,16% и 0,32%). III) Исследование указывает на увеличение отдачи Кобба-Дугласа от масштаба в Турции. Кроме того, в исследовании использовался тест причинности Тода-Ямамото, и была выявлена однонаправленная причинность от трудовых ресурсов к экономическому росту. На основе результатов исследования предлагаются различные рекомендации по политике для Турции.

Kaynakça

  • Akdağ, S., & İskenderoğlu, Ö. (2018). Avrupa Birliğine Üye ve Aday Ülkelerde Yenilenemeyen Enerji, Yenilenebilir Enerji ve Nükleer Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi. Turkish Studies, 13(30), 1-14.
  • Aliyev, F., Eylasov, N., & Gasim, N. (2022, October). Applying Deep Learning in Forecasting Stock Index: Evidence from RTS Index. In 2022 IEEE 16th International Conference on Application of Information and Communication Technologies (AICT) (pp. 1-4). IEEE.
  • Alper, F. Ö. (2018). Yenilenebilir Enerji ve Ekonomik Büyüme Arasındaki İlişki: 1990-2017 Türkiye Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(2), 223-242.
  • Apergis, N., & Payne, J. E. (2009). Energy Consumption and Economic Growth in Central America: Evidence From a Panel Cointegration and Error Correction Model. Energy Economics, 31(2), 211-216.
  • Apergis, N., & Payne, J. E. (2010a). Renewable Energy Consumption and Economic Growth: Evidence From a Panel of OECD Countries. Energy policy, 38(1), 656-660.
  • Apergis, N., & Payne, J. E. (2010b). Renewable Energy Consumption and Growth in Eurasia. Energy economics, 32(6), 1392-1397.
  • Apergis, N., & Payne, J. E. (2011). The Renewable Energy Consumption–Growth Nexus in Central America. Applied Energy, 88(1), 343-347.
  • Apergis, N., & Payne, J. E. (2012). Renewable and Non-Renewable Energy Consumption-Growth Nexus: Evidence From A Panel Error Correction Model. Energy economics, 34(3), 733-738.
  • Arbex, M., & Perobelli, F. S. (2010). Solow Meets Leontief: Economic Growth and Energy Consumption. Energy economics, 32(1), 43-53.
  • Asiedu, B. A., Hassan, A. A., & Bein, M. A. (2021). Renewable Energy, Non-Renewable Energy, and Economic Growth: Evidence From 26 European Countries. Environmental Science and Pollution Research, 28, 11119-11128.
  • Asif, M., Bashir, S., & Khan, S. (2021). Impact of Non-Renewable and Renewable Energy Consumption on Economic Growth: Evidence From İncome and Regional Groups of Countries. Environmental Science and Pollution Research, 28(29), 38764-38773.
  • Ayres, R. U., & Warr, B. (2010). The economic growth engine: how energy and work drive material prosperity. Edward Elgar Publishing.
  • Banerjee, A., Dolado, J.J., & Mestre, R. (1998). Error-Correction Mechanism Tests for Cointegration in a Single-Equation Framework. Journal of Time Series Analysis, 19, 267-283.
  • Bayer, C., & Hanck, C. (2013). Combining Non‐Cointegration Tests. Journal of Time Series Analysis, 34(1), 83-95.
  • Behera, J., & Mishra, A. K. (2020). Renewable and Non-Renewable Energy Consumption and Economic Growth in G7 Countries: Evidence From Panel Autoregressive Distributed Lag (P-ARDL) Model. International Economics and Economic Policy, 17, 241-258.
  • Bekun, F. V., Emir, F., & Sarkodie, S. A. (2019). Another Look at The Relationship Between Energy Consumption, Carbon Dioxide Emissions, and Economic Growth in South Africa. Science of the Total Environment, 655, 759-765.
  • Belloumi, M. (2009). Energy Consumption and GDP in Tunisia: Cointegration and Causality Analysis. Energy policy, 37(7), 2745-2753.
  • Bhattacharya, M., Paramati, S. R., Ozturk, I., & Bhattacharya, S. (2016). The Effect of Renewable Energy Consumption on Economic Growth: Evidence from Top 38 Countries. Applied Energy, 162, 733-741.
  • Boswijk, H. P. (1994). Testing for an Unstable Root in Conditional and Unconditional Error Correction Models. Journal of Econometrics, 63, 37-60.
  • Chen, S. T., Kuo, H. I., & Chen, C. C. (2007). The Relationship Between GDP And Electricity Consumption in 10 Asian Countries. Energy policy, 35(4), 2611-2621.
  • Cobb, C. W. & Douglas, P. H. (1928). A Theory of Production. The American Economic Review, 18(1), Supplement, Papers and Proceedings of the Fortieth Annual Meeting of the American Economic Association, 139-165.
  • Dagher, L., & Yacoubian, T. (2012). The Causal Relationship Between Energy Consumption and Economic Growth in Lebanon. Energy policy, 50, 795-801.
  • Demirgil, B., & Birol, Y. E. (2020). Yenilenebilir Enerji Tüketimi ve Ekonomik Büyüme İlişkisi: Türkiye için Bir Toda-Yamamoto Nedensellik Analizi. Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(1), 68-83.
  • Dickey, D. A., & Fuller, W. A. (1979). Distribution of The Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366a), 427-431.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series With a Unit Root. Econometrica: Journal of the Econometric Society, 49, 1057-1072.
  • Dinç, T. D., & Akdoğan, E. C. (2019). Renewable Energy Production, Energy Consumption and Sustainable Economic Growth in Turkey: A VECM Approach. Sustainability, 11(5), 1273.
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  • Gholizadeh, Y., & Narin, M. (2020). Seçilmiş Avrupa Birliği Ülkelerinde Yenilenebilir Enerjinin GSYH Üzerine Etkisi: Cobb-Douglas Üretim Fonksiyonu Yaklaşımı. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 22(1), 249-270.
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Türkiye için Yenilenebilir Enerjinin GSYH Üzerinde Etkisi: Cobb-Douglas Üretim Fonksiyonu Yaklaşımı

Yıl 2024, Cilt: 31 Sayı: 1, 159 - 182, 26.03.2024
https://doi.org/10.18657/yonveek.1261078

Öz

Bu çalışmanın temel amacı, Türkiye'deki yenilenebilir enerji tüketimi, yenilenemeyen enerji tüketimi, işgücü ve sermayenin ekonomik büyüme üzerindeki etkilerini Cobb-Douglas üretim fonksiyonu yaklaşımıyla incelemektir. Çalışmada kullanılan veri seti 1990-2020 yıllarını kapsamaktadır. Değişkenlerin durağanlıkları Augmented Dickey-Fuller (ADF) ve Phillips-Perron (PP) birim kök testleri kullanılarak incelenmiş, sonuç olarak tüm değişkenlerin birinci farkında durağan oldukları tespit edilmiştir. Değişkenler arasındaki eş-bütünleşme ilişkisi ARDL sınır testi ve Bayer-Hanck eş-bütünleşme testi ile sınanmış ve her iki yöntemle de eş-bütünleşme ilişkisi bulunduğu belirlenmiştir. Çalışmanın uzun dönem tahmin sonuçlarına göre elde edilen bulgular şu şekildedir: I) Türkiye'de sermaye oluşumu ve işgücü, ekonomik büyümeyi pozitif yönde etkilemektedir (Sermaye ve işgücündeki %1'lik artış sırasıyla ekonomik büyümeyi %0,28 ve %0,27 oranında artırmaktadır). II) Türkiye'de yenilenebilir ve yenilenemeyen enerji tüketimi, ekonomik büyümeyi olumlu bir şekilde etkilemektedir (Yenilenebilir ve yenilenemeyen enerji tüketimindeki %1'lik artış sırasıyla ekonomik büyümeyi %0,16 ve %0,32 oranında artırmaktadır). III) Çalışma, Türkiye'de Cobb-Douglas üretim fonksiyonunun ölçeğe göre artan getiriye işaret etmektedir. Ayrıca, çalışmada Toda-Yamamoto nedensellik testi kullanılmış ve işgücünden ekonomik büyümeye doğru tek yönlü nedensellik bulunmuştur. Çalışmanın sonuçlarına dayanarak, Türkiye için çeşitli politika önerileri sunulmaktadır.
Anahtar Kelimeler: Yenilenebilir Enerji Tüketimi, Cobb-Douglas Üretim Fonksiyonu, Bayer-Hanck Eş-bütünleşme, ARDL Sınır Testi, Yenilenemeyen Enerji Tüketimi
JEL Sınıflandırması: C01, C22, O13, O44, Q43

Kaynakça

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  • Karagöl, E., Erbaykal, E., & Ertuğrul, H. M. (2007). Türkiye’de Ekonomik Büyüme ile Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı. Doğuş üniversitesi dergisi, 8(1), 72-80.
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  • Narayan, P. K. (2005). The Saving and Investment Nexus for China: Evidence From Cointegration Tests. Applied Economics, 37(17), 1979-1990.
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  • Oryani, B., Koo, Y., Rezania, S., & Shafiee, A. (2021). Investigating The Asymmetric Impact of Energy Consumption on Reshaping Future Energy Policy And Economic Growth in Iran Using Extended Cobb-Douglas Production Function. Energy, 216, 119187.
  • Özel, S. Ö. & Ekiz, F. M. (2021). Yenilenebilir Enerji Tüketimi ve Karbondioksit Emisyonunun Ekonomik Büyüme Üzerine Etkileri: Türkiye Örneği. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(2), 625-647.
  • Özşahin, Ş., Mucuk, M., & Gerçeker, M. (2016). Yenilenebilir Enerji ve Ekonomik Büyüme Arasındaki İlişki: BRICS-T Ülkeleri Üzerine Panel ARDL Analizi. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 4(4), 111-130.
  • Öztürk, S., & Saygın, S. (2020). Türkiye’de Yenilenebilir ve Yenilenemeyen Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi. Al Farabi Uluslararası Sosyal Bilimler Dergisi, 5(1), 104-114.
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds Testing Approaches to The Analysis of Level Relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phillips, P. C., & Perron, P. (1988). Testing For a Unit Root in Time Series Regression. Biometrika, 75(2), 335-346.
  • Piven, V., & Kubatko, O. (2023). Sustainable Economic Growth Factors in the EU: Applying a Modified Cobb-Douglas Production Function with Renewable Energy and Digitalization. In E3S Web of Conferences (Vol. 456, p. 01006). EDP Sciences.
  • Rahman, M. M., & Velayutham, E. (2020). Renewable and Non-Renewable Energy Consumption-Economic Growth Nexus: New Evidence From South Asia. Renewable Energy, 147, 399-408. Sadorsky, P. (2009). Renewable Energy Consumption and İncome in Emerging Economies. Energy policy, 37(10), 4021-4028.
  • Soytas, U., & Sari, R. (2009). Energy Consumption, Economic Growth, and Carbon Emissions: Challenges Faced by An EU Candidate Member. Ecological economics, 68(6), 1667-1675.
  • Squalli, J. (2007). Electricity Consumption and Economic Growth: Bounds And Causality Analyses of OPEC Members. Energy economics, 29(6), 1192-1205.
  • Stern, D. I., & Kander, A. (2012). The Role of Energy in The Industrial Revolution and Modern Economic Growth. The Energy Journal, 33(3), 125-152.
  • Streimikiene, D., & Kasperowicz, R. (2016). Review of Economic Growth and Energy Consumption: A Panel Cointegration Analysis For EU Countries. Renewable and Sustainable Energy Reviews, 59, 1545-1549.
  • Toda, H. Y., & Yamamoto, T. (1995). Statistical Inference in Vector Autoregressions with Possibly Integrated Processes. Journal of econometrics, 66(1-2), 225-250.
  • Tugcu, C. T., Ozturk, I., & Aslan, A. (2012). Renewable and Non-Renewable Energy Consumption and Economic Growth Relationship Revisited: Evidence From G7 Countries. Energy economics, 34(6), 1942-1950.
  • Yanıktepe, B., Kara, O., & Kısakürek P. T. (2021). Enerji Tüketimi ve Ekonomik Büyüme İlişkisi: Türkiye. Osmaniye Korkut Ata Üniversitesi Fen Bilimleri Enstitüsü Dergisi, 4(3), 452-465.
  • Yildirim, C. Y. (2019). Türkiye’de Enerji Tüketimi ve Ekonomik Büyüme: Granger Nedensellik Yaklaşimi. İktisadi İdari ve Siyasal Araştırmalar Dergisi (İKTİSAD), 4(9), 119-145.
  • Yoo, S. H. (2005). Electricity Consumption and Economic Growth: Evidence From Korea. Energy policy, 33(12), 1627-1632.
  • Yu, E. S., & Choi, J. Y. (1985). The Causal Relationship Between Energy and GNP: an International Comparison. The Journal of Energy and Development, 249-272.
  • Zamani, M. (2007). Energy Consumption and Economic Activities in Iran. Energy economics, 29(6), 1135-1140. Zhang, X. P., & Cheng, X. M. (2009). Energy Consumption, Carbon Emissions, and Economic Growth in China. Ecological economics, 68(10), 2706-2712.
Toplam 75 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Zaman Serileri Analizi, Büyüme
Bölüm Makaleler
Yazarlar

Neman Eylasov 0000-0002-0087-2808

Ergin Uzgoren 0000-0001-9031-9768

Nijat Gasim 0000-0002-3976-1283

Yayımlanma Tarihi 26 Mart 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 31 Sayı: 1

Kaynak Göster

APA Eylasov, N., Uzgoren, E., & Gasim, N. (2024). Türkiye için Yenilenebilir Enerjinin GSYH Üzerinde Etkisi: Cobb-Douglas Üretim Fonksiyonu Yaklaşımı. Yönetim Ve Ekonomi Dergisi, 31(1), 159-182. https://doi.org/10.18657/yonveek.1261078