The Relationship Between Electricity Consumption and Economic Growth: A Regression Analysis on G7 Countries (1970-2015)

Year 2017, Volume: 20 Issue: 1, 1 - 13, 28.04.2017

Halil Tunalı , Mustafa Arif Ulubaş

Abstract

Electricity consumption is an important input in terms of economic
growth. In this study, the relationship between electricity consumption and
economic growth is analyzed over the period 1970-2015 for G7 countries. For
this purpose, Pooled OLS, LR, LM, Score and F tests which are panel regression
model test were carried out and the Hausman specification test was carried out
with the aim of determining whether our model is suitable for random effects or
fixed effects model. As a result of the test, it is determined that the model is
consistent with the fixed effect model, which is expected in panel regression
analysis. After this phase, tests of the model's compatibility with the
econometric assumptions were made and the final regression analysis was
performed by carrying out the Driscoll-Kraay test, which removed the
hypothetical deviations that occurred. According to the findings, it has been
determined that electricity consumption, capital formation and labor force have
significant and positive effect on economic growth.

Keywords

Electricity Consumption, Capital Formation, Labor Force, Economic Growth, Panel Regression Models

Elektrik Enerjisi Tüketimi Ve Ekonomik Büyüme Arasındaki İlişki: G7 Ülkeleri Üzerine Bir Uygulama (1970-2015)

Abstract

Ekonomik büyüme açısından elektrik enerjisi tüketimi önemli bir girdidir. Bu çalışmada
G7 ülkelerinin, elektrik enerji tüketimi ile ekonomik büyüme arasındaki ilişkisi 1970-2015 dönemi
verileri kullanılarak analiz edilmektedir. Bu amaçla, panel regresyon modelleri olan havuzlanmış en
küçük kareler (Pooled OLS), LR, LM, Score ve F testleri gerçekleştirilmiş, söz konusu testler
sonucunda modelimizin rassal etkiler mi yoksa sabit etkiler mi modeline uygun olduğunu belirlemek
amacı ile Hausman spesifikasyon testi yapılmıştır. Söz konusu test sonucunda modelin sabit etkiler
modeline uygun olduğu tespit edilmiştir ki bu durum panel regresyon analizlerinde beklenen
durumdur. Bu aşamadan sonra, modelin Ekonometrik varsayımlara uyumluluğuna dair testler
yapılmış, ortaya çıkan varsayımdan sapmaları ortadan kaldıran Driscoll- Kraay testi gerçekleştirilerek
nihai regresyon analizi elde edilmiştir. Elde edilen bulgulara göre, elektrik enerjisi tüketimi, sermaye
birikimi ve işgücünün ekonomik büyümeyi anlamlı ve pozitif etkilediği tespit edilmiştir. 

Keywords

Elektrik Enerjisi Tüketimi, Sermaye Birikimi, İşgücü, Ekonomik Büyüme, Panel Regresyon

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