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The Impact of Information and Communication Technologies on Energy Consumption: A Case Study of BRICS-T Countries

Year 2024, Volume: 8 Issue: 2, 695 - 719, 24.05.2024
https://doi.org/10.25295/fsecon.1438771

Abstract

The aim of this study is to examine the relationship between information and communication technologies (ICT) and energy consumption within the BRICS-T sample by incorporating economic growth and financial development into the energy consumption model. The study utilizes a dataset covering the period from 2001 to 2021 and employs panel data analysis methods. The Gengenbach et al.’s (2016) test is performed for panel cointegration testing, the Dynamic Ordinary Least Squares Mean Group (DOLSMG) estimator is used for long-term coefficient estimation, and the Dumitrescu-Hurlin (2012) panel causality test is performed to detect causal relationships among variables. The findings are as follows: i) There exists a long-term relationship between ICT, economic growth, financial development, and energy consumption. ii) ICT has a negative effect on energy consumption, whereas economic growth and financial development have positive effects. iii) For the panel as a whole, there are bi-directional causal relationships between energy consumption and ICT; energy consumption and economic growth and energy consumption and financial development.

References

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Bilgi ve İletişim Teknolojilerinin Enerji Tüketimine Etkisi: BRICS-T Ülkeleri Örneği

Year 2024, Volume: 8 Issue: 2, 695 - 719, 24.05.2024
https://doi.org/10.25295/fsecon.1438771

Abstract

Bu çalışmanın amacı, bilgi ve iletişim teknolojileri ile enerji tüketimi arasındaki ilişkiyi BRICS-T örnekleminde, ekonomik büyüme ve finansal gelişmeyi enerji tüketim modeline ekleyerek incelemektir. Çalışmada 2001-2021 dönemini kapsayan veri seti ve panel veri analiz yöntemi kullanılmıştır. Panel eşbütünleşme testi için Gengenbach vd. (2016) testi, uzun dönemli katsayıların tahmininde Ortalama Grup Dinamik En Küçük Kareler (DOLSMG) tahmincisi ve değişkenler arasında nedensellik ilişkisinin tespiti için de Dumitrescu-Hurlin (2012) panel nedensellik testi kullanılmıştır. Elde edilen bulgular şu şekildedir: i) Bilgi ve iletişim teknolojileri, ekonomik büyüme ve finansal gelişme ile enerji tüketimi arasında uzun dönemli bir ilişki bulunmaktadır. ii) Bilgi ve iletişim teknolojileri enerji tüketimi üzerinde negatif; ekonomik büyüme ve finansal gelişme ise pozitif etkiye sahiptir. iii) Panelin geneli için enerji tüketimi ile bilgi ve iletişim teknolojileri, enerji tüketimi ile ekonomik büyüme ve enerji tüketimi ile finansal gelişme arasında iki yönlü nedensellik ilişkisi olduğu görülmüştür.

References

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  • Afzal, M. N. I. & Gow, J. (2016). Electricity Consumption and Information and Communication Technology (ICT) in the N-11 Emerging Economies. International Journal of Energy Economics and Policy, 6(3), 381-388.
  • Afzal, M. N. I., Gow, J. & Rahman, A. (2019). Economic and Internet Growth Effect on Electricity Consumption in the BRICS Countries. International Advances in Economic Research, 25, 339-346.
  • Ahmed, K. (2017). Revisiting the Role of Financial Development for Energy-Growth-Trade Nexus in BRICS Economies. Energy, 128, 487-495.
  • Ahmed, J., ur Rehman, S., Zuhaira, Z., & Nisar, S. (2022). The Nexus between Financial Development and Energy Consumption: Estimating the Role of Foreign Direct Investment, Economic Growth and Urbanization. Energy & Environment, 33(8), 1562-1582.
  • Apergis, N. & Payne, J. E. (2011). The Renewable Energy Consumption-Growth Nexus in Central America. Applied Energy, 88(1), 343-347.
  • Batool, Z., Raza, S. M. F., Ali, S. & Abidin, S. Z. U. (2022). ICT, Renewable Energy, Financial Development, and CO2 Emissions in Developing Countries of East and South Asia. Environmental Science and Pollution Research, 29(23), 35025-35035.
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  • Farhani, S. & Solarin, S. A. (2017). Financial Development and Energy Demand in the United States: New Evidence from Combined Cointegration and Asymmetric Causality Tests. Energy, 134, 1029-1037.
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  • Gheraia, Z., Abid, M., Sekrafi, H. & Abdelli, H. (2022). The Moderating Role of ICT Diffusion Between Financial Development and Economic Growth: A Bootstrap ARDL Approach in Saudi Arabia. Information Technology for Development, 28(4), 816-836.
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  • Gregory, A. W. & Hansen, B. E. (1996). Residual-Based Tests for Cointegration in Models with Regime Shifts. Journal of Econometrics, 70(1), 99-126.
  • Han, B., Wang, D., Ding, W. & Han, L. (2016). Effect of Information and Communication Technology on Energy Consumption in China. Natural Hazards, 84, 297-315.
  • Haseeb, A., Xia, E., Saud, S., Ahmad, A. & Khurshid, H. (2019). Does Information and Communication Technologies Improve Environmental Quality in the Era of Globalization? An Empirical Analysis. Environmental Science and Pollution Research, 26, 8594-8608.
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  • Khan, H., Weili, L. & Khan, I. (2022). Examining the Effect of Information and Communication Technology, Innovations, and Renewable Energy Consumption on CO2 Emission: Evidence from BRICS Countries. Environmental Science and Pollution Research, 29(31), 47696-47712.
  • Kırca, M. & Akkuş, Ö. (2020). Internet Usage, Economic Growth and Electricity Consumption: The Case of EU-15. Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(3), 576-594.
  • Kouton, J. (2019). Information Communication Technology Development and Energy Demand in African Countries. Energy, 189, 116192.
  • Kraft, J., & Kraft, A. (1978). On the Relationship Between Energy and GNP. The Journal of Energy and Development, 401-403.
  • Latif, Z., Latif, S., Ximei, L., Pathan, Z. H., Salam, S. & Jianqiu, Z. (2018). The Dynamics of ICT, Foreign Direct Investment, Globalization and Economic Growth: Panel Estimation Robust to Heterogeneity and Cross-Sectional Dependence. Telematics and Informatics, 35(2), 318-328.
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  • Liu, L., Zhou, C., Huang, J. & Hao, Y. (2018). The Impact of Financial Development on Energy Demand: Evidence from China. Emerging Markets Finance and Trade, 54(2), 269-287.
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  • Mukhtarov, S., Karacan, R., Aliyev, F. & Ismayilov, V. (2022). The Effect of Financial Development on Energy Consumption: Evidence from Russia. International Journal of Energy Economics and Policy, 12(1), 243-249.
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  • Park, Y., Meng, F. & Baloch, M. A. (2018). The Effect of ICT, Financial Development, Growth, and Trade Openness on CO2 Emissions: An Empirical Analysis. Environmental Science and Pollution Research, 25, 30708-30719.
  • Pedroni, P. (2001). Purchasing Power Parity Tests in Cointegrated Panels. Review of Economics and Statistics, 83(4), 727-731.
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There are 79 citations in total.

Details

Primary Language Turkish
Subjects Macroeconomics (Other)
Journal Section Articles
Authors

Fındık Özlem Alper 0000-0002-7829-8551

Publication Date May 24, 2024
Submission Date February 17, 2024
Acceptance Date April 21, 2024
Published in Issue Year 2024 Volume: 8 Issue: 2

Cite

APA Alper, F. Ö. (2024). Bilgi ve İletişim Teknolojilerinin Enerji Tüketimine Etkisi: BRICS-T Ülkeleri Örneği. Fiscaoeconomia, 8(2), 695-719. https://doi.org/10.25295/fsecon.1438771

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