Electricity Consumption, Oil Prices, Gross Fixed Investment and Economic Growth: Evidence From G7 Countries

Öz

In this study, the relationship between economic growth and electricity consumption, oil price and gross fixed investment for the period of 1980 to 2017 of G7 countries was empirically analyzed. For this purpose, firstly, the stationarities of each country series were determined. The ARDL bound test has been passed because the series are stationary in I (0) or I (1). According to the ARDL bound test results, electricity consumption and gross fixed investment have a positive impact on economic growth. In the Granger causality test, there is unidirectional Granger causality running from economic growth to electricity consumption and from economic growth to gross fixed investment in USA. In Canada, uni-directional running from economic growth to gross fixed investment, gross fixed investment to electricity consumption and oil price to gross fixed investment are found. Additionally, bi-directional causality relationship between economic growth and electricity consumption, economic growth and oil price was determined. In Japan, oil price is the cause of fixed capital investments, economic growth is the cause of oil price and electricity consumption is the cause of oil price.

Anahtar Kelimeler

• Electricity Consumption
• Oil Price
• Economic Growth
• Gross Fixed İnvestment
• ARDL Bound Test

Elektrik Tüketimi, Petrol Fiyatı, Sabit Sermaye Yatırımları ve Ekonomik Büyüme: G7 Ülkelerinden Kanıtlar

Öz

Çalışmada G7 ülkelerinin 1980 ile 2017 dönemi boyunda ekonomik büyüme ile elektrik tüketimi, petrol fiyatı ve sabit sermaye yatırımları arasındaki ilişki ampirik olarak analiz edilmiştir. Bu amaçla öncelikle her ülke serilerinin durağanlıkları tespit edilmiştir. Seriler I(0) veya I(1)’de durağan olmaları nedeniyle ARDL sınır testine geçilmiştir. ARDL sınır testi sonuçlarına göre elektrik tüketimi ve sabit sermaye yatırımları ekonomik büyümeyi olumlu etkilemektedir. Granger nedensellik testi sonuçlarında, ABD’de ekonomik büyümeden elektrik tüketimine doğru ve ekonomik büyümeden sabit sermaye yatırımlarına doğru tek yönlü nedensellik tespit edilmiştir. Kanada’da ekonomik büyüme sabit sermaye yatırımlarının nedenseli, sabit sermaye yatırımları elektrik tüketiminin nedenseli ve petrol fiyatı sabit sermaye yatırımlarının nedenselidir. Ayrıca, ekonomik büyüme ile elektrik tüketimi arasında ve petrol fiyatı arasında çift yönlü nedensellik ilişkisi tespit edilmiştir. Japonya’da petrol fiyatı sabit sermaye yatırımlarının nedenseli, ekonomik büyüme petrol fiyatının nedenseli ve elektrik tüketimi petrol fiyatının nedenselidir.

Anahtar Kelimeler

• Elektrik Tüketimi
• Petrol Fiyatı
• Ekonomik Büyüme
• Sabit Sermaye Yatırımları
• ARDL Sınır Testi

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