Enerji Verimliliği Endeksinin Ekonomik Faaliyet Üzerindeki Etkileri: G7 Ülkeleri Örneği

Abstract

Bu çalışmanın temel amacı 1971-2018 yılları için G7 ülkelerindeki enerji verimliliği gelişmelerinin ekonomik büyüme üzerindeki etkisini incelemektir. Bu çalışmada, enerji verimliliğinin hesaplanması için Fisher İdeal Endekse dayalı ayrıştırma yöntemi kullanılmıştır. Bununla birlikte, çalışmada ekonomik büyümenin belirleyicileri olarak enerji verimliliği endeksinin yanı sıra sermaye ve emek de kontrol değişkeni olarak kullanılmıştır. Metodolojik olarak çalışmada Westerlund ve Edgerton (2007) tarafından literatüre kazandırılan LM bootstrap panel eşbütünleşme testinden ve Eberhardt ve Teal (2010) tarafından geliştirilen AMG tahmincisinden yararlanılmıştır. Bu iki yöntem de panel veri ekonometrisinde önemli bir yere sahip olan yatay kesit bağımlılığı sorununu dikkate almaktadır. Çalışmanın ampirik sonuçlarına göre, bahsi geçen değişkenler arasında uzun dönemli bir ilişkinin olduğu tespit edilmiştir. Sermaye oluşumunun ekonomik büyüme üzerindeki etkisi bütün ülkeler için pozitifken, emeğin etkisinin ise ülke bazında farklılıklar gösterdiği görülmüştür. Bununla birlikte, enerji verimliliğinin ekonomik büyüme üzerindeki etkisi irdelendiğinde ise enerji verimliliğindeki iyileşmelerin ekonomik büyümeyi G7’deki yedi ülkeden beşinde olumlu yönde etkilediği tespit edilmiştir. Çalışmadan elde edilen sonuçlar politika yapıcılar için birtakım öneriler sunmaktadır.

Keywords

• Ekonomik büyüme
• emek
• enerji verimliliği endeksi
• G7 ülkeleri
• sermaye oluşumu
• panel veri analizi

Effects of Energy Efficiency Index on Economic Activity: The Case of G7 Countries

Abstract

This investigation aims to examine the effects of energy efficiency improvements on economic growth for G7 countries during 1971-2018. To measure energy efficiency, we calculate the energy efficiency index (EEI) using the Fisher Ideal index decomposition method. This study utilizes capital and labor as control variables, in addition to the EEI variable, as determinants of economic growth. Methodologically, this paper conducts the LM (Lagrange Multiplier) bootstrap panel cointegration test which is developed by Westerlund ve Edgerton (2007), and the AMG (Augmented Mean Group) estimator of Eberhardt ve Teal (2010). Both methodologies take into consideration of cross-sectional dependency (CD) issue in the panel setting. The empirical results of this paper indicate that there is a cointegration relationship between the aforementioned variables. In detail, the impact of capital formation on economic growth is positive for all countries, while the effect of labor varies across countries. Besides, it is found that an improvement in energy efficiency leads to an advancement in economic growth for five out of seven G7 countries. The empirical findings of this paper provide some implications for policymakers.

Keywords

• Capital formation
• economic growth
• energy efficiency index
• G7 countries
• labor
• panel data analysis

References

1. Adom, P. K., Agradi, M., & Vezzulli, A. (2021). Energy efficiency-economic growth nexus: What is the role of income inequality? Journal of Cleaner Production, 310, Article 127382.
2. Akram, R., Chen, F., Khalid, F., Huang, G., & Irfan, M. (2021). Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis. Energy, 215, Article 119019.
3. Apergis, N., Aye, G. C., Barros, C. P., Gupta, R., & Wanke, P. (2015). Energy efficiency of selected OECD countries: A slacks-based model with undesirable outputs. Energy Economics, 51, 45-53.
4. Bataille, C., & Melton, N. (2017). Energy efficiency and economic growth: A retrospective CGE analysis for Canada from 2002 to 2012. Energy Economics, 64, 118-130.
5. Bayar, Y., & Gavriletea, M. D. (2019). Energy efficiency, renewable energy, economic growth: Evidence from emerging market economies. Quality & Quantity, 53(4), 2221-2234.
6. British Petroleum (2021). BP statistical review of world energy 2021. Statistical Review of World Energy.
7. Cantore, N., Calì, M., & te Velde, D. W. (2016). Does energy efficiency improve technological change and economic growth in developing countries? Energy Policy, 92, 279-285.
8. Ditzen, J. (2021). Estimating long-run effects and the exponent of cross-sectional dependence: An update to xtdcce2. The Stata Journal, 21(3), 687-707.

9. Eberhardt, M., Teal, F. (2010). Productivity analysis in global manufacturing production. Economics Series Working Papers 515, University of Oxford, Department of Economics.
10. Go, Y. H., Lau, L. S., Yii, K. J., & Lau, W. Y. (2020). Does energy efficiency affect economic growth? Evidence from aggregate and disaggregate levels. Energy & Environment, 31(6), 983-1006.
11. Gorus, M. S., & Karagol, E. T. (2022). Reactions of energy intensity, energy efficiency, and activity indexes to income and energy price changes: The panel data evidence from OECD countries. Energy, Article 124281.
12. Herring, H. (2006). Energy efficiency—A critical view. Energy, 31(1), 10-20.
13. Linares, P., & Labandeira, X. (2010). Energy efficiency: Economics and policy. Journal of Economic Surveys, 24(3), 573-592.
14. Mahmood, T., & Kanwal, F. (2017). Long run relationship between energy efficiency and economic growth in Pakistan: time series data analysis. Forman Journal of Economic Studies, 13, 105-120.
15. Metcalf, G. E. (2008). An empirical analysis of energy intensity and its determinants at the state level. The Energy Journal, 29(3), 1-26.
16. Marques, A. C., Fuinhas, J. A., & Tomás, C. (2019). Energy efficiency and sustainable growth in industrial sectors in European Union countries: A nonlinear ARDL approach. Journal of Cleaner Production, 239, Article 118045.
17. Ohene-Asare, K., Tetteh, E. N., & Asuah, E. L. (2020). Total factor energy efficiency and economic development in Africa. Energy Efficiency, 13(6), 1177-1194.
18. Özbuğday, F. C., & Erbas, B. C. (2015). How effective are energy efficiency and renewable energy in curbing CO2 emissions in the long run? A heterogeneous panel data analysis. Energy, 82, 734-745.
19. Rajbhandari, A., & Zhang, F. (2018). Does energy efficiency promote economic growth? Evidence from a multicountry and multisectoral panel dataset. Energy Economics, 69, 128-139.
20. Razzaq, A., Sharif, A., Najmi, A., Tseng, M. L., & Lim, M. K. (2021). Dynamic and causality interrelationships from municipal solid waste recycling to economic growth, carbon emissions and energy efficiency using a novel bootstrapping autoregressive distributed lag. Resources, Conservation and Recycling, 166, Article 105372.
21. Sinha, A. (2015). Modeling energy efficiency and economic growth: Evidences from India. International Journal of Energy Economics and Policy, 5(1), 96-104.
22. Smulders, S., & De Nooij, M. (2003). The impact of energy conservation on technology and economic growth. Resource and Energy Economics, 25(1), 59-79.
23. Solow, R. M. (1974). Intergenerational equity and exhaustible resources. The Review of Economic Studies, 41(5), 29–45.
24. Soytaş, U. (2019). Enerji ve Makroekonomi. Enerji Ekonomisi-Politika, Piyasa, Düzenleme, 41-56. Umuttepe Yayınları, Kocaeli.
25. Stiglitz, J. E. (1974). Growth with exhaustible natural resources: The competitive economy. The Review of Economic Studies, 41, 139-152.
26. Ulucak, R., & Bilgili, F. (2018). A reinvestigation of EKC model by ecological footprint measurement for high, middle and low income countries. Journal of Cleaner Production, 188, 144-157.
27. Wang, Z., Bui, Q., & Zhang, B. (2020). The relationship between biomass energy consumption and human development: Empirical evidence from BRICS countries. Energy, 194, Article 116906.
28. Westerlund, J., & Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190.