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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

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.

References

  • ACARAVCI, A., ÖZTÜRK, İ.; (2010), “On the relationship between energy consumption, CO2 emissions and economic growth in Europe”, Energy, 35, pp. 5412-5420.
  • AKINLO, A. E.; (2008), “Energy Consumption and Economic Growth: Evidence From 11 Sub-Saharan Africa Countries”, Energy Economics, 30, pp. 2391-2400.
  • ALTINTAŞ, H., ve MERCAN, M.; (2015), “AR-GE Harcamaları ve Ekonomik Büyüme İlişkisi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Panel Eşbütünleşme Analizi”, Ankara Üniversitesi SBF Dergisi, 70(2).
  • APERGIS, N., and PAYNE, J. E.; (2011), “A dynamic panel study of economic development and the electricity consumption-growth nexus”, Energy Economics, 33(5), pp. 770-781.
  • BILDIRICI, M. E., and KAYIKÇI, F.; (2012), “Economic growth and electricity consumption in former Soviet Republics”, Energy Economics, 34(3), pp. 747-753.
  • CIARRETA, A., and ZARRAGA, A.; (2010). Economic growth-electricity consumption causality in 12 European countries: A dynamic panel data approach. Energy Policy, 38(7), pp. 3790-3796.
  • GBADEBO, O. O. and C. OKONKWO (2009), “Does Energy Consumption Contribute to Economic Performance? Empirical Evidence from Nigeria”, Journal of Economics and International Finance, 1(2), pp. 44-58.
  • HAUSMAN, J. A.; (1978), “Specification tests in econometrics”. Econometrica: Journal of the Econometric Society, pp. 1251-1271.
  • HILL, R. C., GRIFFITHS, W. E., and LIM, G. C.; (2008), Principles of Econometrics (Vol. 5). Hoboken, NJ: Wiley.
  • HONDROYIANNIS, G., S. Lolos and E. PAPAPETROU; (2002), “Energy Consumption and Economic Growth: Assessing the Evidence from Greece”, Energy Economics, 24, pp. 319-336.
  • KRAFT, John and Arthur KRAFT; (1978), “On the Relationship between Energy and GNP”. Journal of Energy and Development, 3, pp. 401- 403.
  • ODHIAMBO, Nivholas M.; (2009), “Energy Consumption and Economic Growth Nexus in Tanzania: An ARDL Bounds Testing Approach”, Energy Policy, 37(2), pp: 617-622.
  • ÖZTÜRK, İlhan and Ali ACARAVCI; (2011), “Electricity Consumption and Real GDP Causality Nexus: Evidence from ARDL Bounds Testing Approach for 11 MENA Countries” Applied Energy, 88(8), pp. 2885- 2892.
  • PAUL, S. and R. N. BHATTACHARYA; (2004), “Causality Between Energy Consumption and Economic Growth in India: A Note on Conflicting Results”, Energy Economics, 26, pp. 977-983.
  • TABAN, S.; (2008), İktisadi Büyüme Kavram ve Modeller, Nobel Yayın Dağıtım, Ankara.
  • TATOĞLU, Ferda Yerdelen; (2012), İleri Panel Veri Analizi Stata Uygulamalı, Birinci Baskı, İstanbul: Beta Yayınevi.
  • WORLDBANK, “Development Indicators”, Internet Address: http:// data- bank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=worlddevelopent-indicators, Date of Access: 10.10.2016.

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

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

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. 

References

  • ACARAVCI, A., ÖZTÜRK, İ.; (2010), “On the relationship between energy consumption, CO2 emissions and economic growth in Europe”, Energy, 35, pp. 5412-5420.
  • AKINLO, A. E.; (2008), “Energy Consumption and Economic Growth: Evidence From 11 Sub-Saharan Africa Countries”, Energy Economics, 30, pp. 2391-2400.
  • ALTINTAŞ, H., ve MERCAN, M.; (2015), “AR-GE Harcamaları ve Ekonomik Büyüme İlişkisi: OECD Ülkeleri Üzerine Yatay Kesit Bağımlılığı Altında Panel Eşbütünleşme Analizi”, Ankara Üniversitesi SBF Dergisi, 70(2).
  • APERGIS, N., and PAYNE, J. E.; (2011), “A dynamic panel study of economic development and the electricity consumption-growth nexus”, Energy Economics, 33(5), pp. 770-781.
  • BILDIRICI, M. E., and KAYIKÇI, F.; (2012), “Economic growth and electricity consumption in former Soviet Republics”, Energy Economics, 34(3), pp. 747-753.
  • CIARRETA, A., and ZARRAGA, A.; (2010). Economic growth-electricity consumption causality in 12 European countries: A dynamic panel data approach. Energy Policy, 38(7), pp. 3790-3796.
  • GBADEBO, O. O. and C. OKONKWO (2009), “Does Energy Consumption Contribute to Economic Performance? Empirical Evidence from Nigeria”, Journal of Economics and International Finance, 1(2), pp. 44-58.
  • HAUSMAN, J. A.; (1978), “Specification tests in econometrics”. Econometrica: Journal of the Econometric Society, pp. 1251-1271.
  • HILL, R. C., GRIFFITHS, W. E., and LIM, G. C.; (2008), Principles of Econometrics (Vol. 5). Hoboken, NJ: Wiley.
  • HONDROYIANNIS, G., S. Lolos and E. PAPAPETROU; (2002), “Energy Consumption and Economic Growth: Assessing the Evidence from Greece”, Energy Economics, 24, pp. 319-336.
  • KRAFT, John and Arthur KRAFT; (1978), “On the Relationship between Energy and GNP”. Journal of Energy and Development, 3, pp. 401- 403.
  • ODHIAMBO, Nivholas M.; (2009), “Energy Consumption and Economic Growth Nexus in Tanzania: An ARDL Bounds Testing Approach”, Energy Policy, 37(2), pp: 617-622.
  • ÖZTÜRK, İlhan and Ali ACARAVCI; (2011), “Electricity Consumption and Real GDP Causality Nexus: Evidence from ARDL Bounds Testing Approach for 11 MENA Countries” Applied Energy, 88(8), pp. 2885- 2892.
  • PAUL, S. and R. N. BHATTACHARYA; (2004), “Causality Between Energy Consumption and Economic Growth in India: A Note on Conflicting Results”, Energy Economics, 26, pp. 977-983.
  • TABAN, S.; (2008), İktisadi Büyüme Kavram ve Modeller, Nobel Yayın Dağıtım, Ankara.
  • TATOĞLU, Ferda Yerdelen; (2012), İleri Panel Veri Analizi Stata Uygulamalı, Birinci Baskı, İstanbul: Beta Yayınevi.
  • WORLDBANK, “Development Indicators”, Internet Address: http:// data- bank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=worlddevelopent-indicators, Date of Access: 10.10.2016.
There are 17 citations in total.

Details

Journal Section Original Research Articles
Authors

Halil Tunalı

Mustafa Arif Ulubaş

Publication Date April 28, 2017
Submission Date March 5, 2017
Published in Issue Year 2017 Volume: 20 Issue: 1

Cite

APA Tunalı, H., & Ulubaş, M. A. (2017). Elektrik Enerjisi Tüketimi Ve Ekonomik Büyüme Arasındaki İlişki: G7 Ülkeleri Üzerine Bir Uygulama (1970-2015). Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 20(1), 1-13.

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