joeep JOEEP: Journal of Emerging Economies and Policy 2651-5318 Seyfettin ERDOĞAN Economics Ekonomi The Effect of Variable Elasticity of Substitution Between Energy and Capital on Economic Growth Enerji- SermayeArasındaki Değişken İkame Esnekliğinin Ekonomik Büyümeye Etkisi https://orcid.org/0000-0002-4984-1463 Demir Onay Reyhan BANDIRMA ONYEDİ EYLÜL ÜNİVERSİTESİ https://orcid.org/0000-0002-0398-9884 Aydın Celil BANDIRMA ONYEDİ EYLÜL ÜNİVERSİTESİ 12 30 2021 6 2 196 204 06 30 2021 08 04 2021 Copyright © 2016, JOEEP: Journal of Emerging Economies and Policy 2016 JOEEP: Journal of Emerging Economies and Policy

In this research, the effect of elasticity of substitution between energy and capital to economic growth was analyzed by using the data of 58 countries from the years 1975-2017. For the elasticity calculations, nested VES production function is estimated through non-linear Least Square regression method and is analyzed within the scope of Solow growth model. Analysis findings indicates that instead of a substitution relationship, there is a complementary relationship between energy and capital. Complementary relationship indicates the following; a conjunct increase of capital stock and energy consumption is necessary in order to achieve the capital accumulation and sustainable long-run economic growth. To this end, estimation findings are of vital importance in terms of attaining sustainable economic growth and economic policies that are being implemented with a view of mitigating energy consumption.

Bu araştırmada, 58 ülkenin 1975-2017 yıllarına ait verileri kullanılarak enerji ve sermaye arasındaki ikama esnekliğinin ekonomik büyümeye olan etkisi incelenmiştir. İkame esnekliği hesaplamaları için iç içe geçmiş VES üretim fonksiyonu doğrusal olmayan En Küçük Kareler regresyon yöntemi ile tahmin edilerek Solow büyüme modeli çerçevesinde analiz edilmiştir. Analiz bulguları, enerji ile sermaye arasında ikame ilişkisinin değil tamamlayıcılık ilişkisinin olduğunu göstermektedir. Tamamlayıcılık ilişkisi şunu göstermektedir; sermaye birikiminin sağlanabilmesi ve dolayısıyla uzun dönemli ekonomik büyümenin sürdürülebilmesi için sermaye stokunun ve enerji tüketiminin birlikte artırılması gerekmektedir. Bu açıdan elde edilen tahmin sonuçları, sürdürülebilir ekonomik büyümeyi sağlamak ve aynı zamanda enerji tüketimini azaltmak üzere uygulanan iktisadi politikalar için büyük önem arz etmektedir.

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