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Enerji Güvenliği, İhracat ve Ekonomik Büyüme İlişkisi: Orta Doğu Ülkeleri Örneği

Year 2022, Volume: 9 Issue: 1, 15 - 45, 29.06.2022
https://doi.org/10.26513/tocd.899337

Abstract

Bu çalışmada enerji güvenliğin 4 boyutu (enerji güvenliğinin 4 A’sı) dikkate alınarak 1980-2016 yılları arasında 16 Ortadoğu ülkesi için enerji güvenliği, büyüme ve ihracat arasındaki ilişkinin incelenmesi amaçlanmaktadır. Konuyla ilgili Orta Doğu ülkeleri üzerine yapılan diğer çalışmalardan farklı olarak bu çalışma daha fazla Ortadoğu ülkesini ve daha geniş bir veri dönemini kapsamakta ve yatay kesit bağımlılığı dikkate alınmaktadır. İkinci nesil birim kök ve eşbütünleşme yöntemleri kullanılarak gerçekleştirilen ampirik analiz sonuçları, değişkenler arasında eşbütünleşme ilişkisinin olduğunu göstermektedir. Yatay kesit bağımlılığını da dikkate alan Augmented Mean Group tahmincisinden elde edilen sonuçlara göre ise enerji güvenliği risk seviyesinde %1 artışın ekonomik büyümeyi yaklaşık olarak %0,66 oranında azaltırken, ihracatta %1 artış büyümeyi %0,41 artırdığını göstermektedir. Son olarak, Granger Non-Causality test sonuçları, değişkenler arasında çift yönlü nedensellik ilişkisinin varlığını göstermektedir. Sonuçlar, petrol ve doğal gaz ticaretinde güvenli ticaret yollarının seçilmesi, bölgedeki önemli rezerv alanlarının ve geçiş noktalarının güvenliğinin sağlanması, bölge ekonomilerinde enerji gelirlerinin/giderlerinin payını azaltacak politikalar geliştirilmesi, ithalat ve ihracatta ülke ve geçiş güzergahlarının çeşitlendirilmesi, çevre kirliliğini önlemek için enerji verimliliğinin sağlanması ve yenilenebilir enerji kaynaklarının kullanılması gibi enerji güvenliğine yönelik politikaların önemini vurgulamaktadır.

References

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  • Ang, Beng Wah, Wei Lim Choong, and Tsan Sheng Ng. “Energy Security: Definitions, Dimensions and Indexes.” Renewable and Sustainable Energy Reviews 42 (2015): 1077–93. https://doi.org/10.1016/j.rser.2014.10.064.
  • Azzuni, Abdelrahman, and Christian Breyer. “Energy Security and Energy Storage Technologies.” Energy Procedia 155 (2018): 237–58. https://doi.org/10.1016/j.egypro.2018.11.053.
  • Balitskiy, Sergey, Yuriy Bilan, and Wadim Strielkowski. “Energy Security and Economic Growth in the European Union.” Journal of Security and Sustainability Isues 4, no. 2 (2014): 123–30. https://doi.org/10.9770/jssi.2014.4.2(2).
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  • Gasparatos, Alexandros, and Tatiana Gadda. “Environmental Support, Energy Security and Economic Growth in Japan.” Energy Policy 37, no. 10 (2009): 4038–48. https://doi.org/10.1016/j.enpol.2009.05.011.
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  • International Monetary Fund. “IMF Data.” Accessed November 2, 2017. http://data.imf.org/.
  • Iwayemi, Akin, and Babajide Fowowe. “Impact of Oil Price Shocks on Selected Macroeconomic Variables in Nigeria.” Energy Policy 39, no. 2 (2011): 603–12. https://doi.org/10.1016/j.enpol.2010.10.033.
  • Jiménez-Rodríguez, Rebeca, and Marcelo Sánchez. “Oil Price Shocks and Real GDP Growth: Empirical Evidence for Some OECD Countries.” Applied Economics 37, no. 2 (2005): 201–28. https://doi.org/10.1080/0003684042000281561.
  • Kartal, Gökhan. “Orta Doğu Ülkelerinde Politik Istikrarsızlık, Enerji Güvenliği ve Ekonomik Büyüme Ilişkisi.” PhD Diss., Nevşehir Hacı Bektaş Veli University, Institute of Social Sciences Department of Economics, 2018.
  • Kartal, Gökhan. Politik Istikrarsizlik ve Enerji Güvenliği Ekseninde Orta Doğu Ekonomileri. İstanbul: Hiperyayın, 2020.
  • Kartal, Gökhan, and Serdar Öztürk. “Politik Istikrarsızlık, Enerji Güvenliği ve Ekonomik Büyüme Ilişkisi: Orta Doğu Ülkeleri Üzerine Ampirik Bir Inceleme.” Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi 8, no. İktisadi ve İdari Bilimler (2020): 65–78. https://doi.org/10.18506/anemon.629534.
  • Kilian, Lutz, and Bruce Hicks. “Did Unexpectedly Strong Economic Growth Cause the Oil Price Shock of 2003-2008?” Journal of Forecasting 32, no. 5 (2013): 385–94. https://doi.org/10.1002/for.2243.
  • Kilian, Lutz, and Cheolbeom Park. “The Impact of Oil Price Shocks on the US Stock Market.” International Economic Review 50, no. 4 (2009): 1267–87. https://doi.org/10.1111/j.1468-2354.2009.00568.x.
  • Kruyt, Bert, D.P. van Vuuren, H.J.M. de Vries, and H. Groenenberg. “Indicators for Energy Security.” Energy Policy 37, no. 6 (2009): 2166–81. https://doi.org/10.1016/j.enpol.2009.02.006.
  • Le, Thai Ha, and Canh Phuc Nguyen. “Is Energy Security a Driver for Economic Growth? Evidence from a Global Sample.” Energy Policy 129 (2019): 436–51. https://doi.org/10.1016/j.enpol.2019.02.038.
  • Lee, Kiseok, Shawn Ni, and Ronald A Ratti. “Oil Shocks and the Macroeconomy: The Role of Price Variability.” The Energy Journal 16, no. 4 (1995): 39–56. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol16-No4-2.
  • Nepal, Rabindra, and Nirash Paija. “Energy Security, Electricity, Population and Economic Growth: The Case of a Developing South Asian Resource-Rich Economy.” Energy Policy 132 (2019): 771–81. https://doi.org/10.1016/j.enpol.2019.05.054.
  • Ono, Shigeki. “Oil Price Shocks and Stock Markets in BRICs 1.” The European Journal of Comparative Economics 8, no. 1 (2011): 29–45.
  • Owen, Roger, and Şevket Pamuk. A History of Middle East Economies in the Twentieth Century. Cambridge, Massachusetts: Harvard University Press, 1999.
  • Pasqualetti, Martin J., and Benjamin K. Sovacool. “The Importance of Scale to Energy Security.” Journal of Integrative Environmental Sciences 9, no. 3 (2012): 167–80. https://doi.org/10.1080/1943815X.2012.691520.
  • Pesaran, M. Hashem. “General Diagnostic Tests for Cross Section Dependence in Panels.” CESifo Working Paper, No. 1229, 2004.
  • Pesaran, M. Hashem, Aman Ullah, and Takashi Yamagata. “A Bias-Adjusted LM Test of Error Cross-Section Independence.” The Econometrics Journal 11, no. 1 (2008): 105–27. https://doi.org/10.1111/j.1368-423X.2007.00227.x.
  • Pesaran, M. Hashem, and Takashi Yamagata. “Testing Slope Homogeneity in Large Panels.” Journal of Econometrics 142, no. 1 (2008): 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010.
  • Pesaran, M Hashem. “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence.” Journal of Applied Econometrics 22, no. 2 (2007): 265–312. https://doi.org/10.1002/jae.951.
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  • Stavytskyy, Andriy, Ganna Kharlamova, Vincentas Giedraitis, and Vaidotas Šumskis. “Estimating the Interrelation between Energy Security and Macroeconomic Factors in European Countries.” Journal of International Studies 11, no. 3 (2018): 217–38. https://doi.org/10.14254/2071-8330.2018/11-3/18.
  • Šumskis, Vaidotas, and Vincentas Giedraitis. “Economic Implications of Energy Security in the Short Run.” Ekonomika 94, no. 3 (2015): 119. https://doi.org/10.15388/Ekon.2015.3.8791.
  • Tang, Weiqi, Libo Wu, and ZhongXiang Zhang. “Oil Price Shocks and Their Short- and Long-Term Effects on the Chinese Economy.” Energy Economics 32, no. SUPPL. 1 (2010): S3–14. https://doi.org/10.1016/j.eneco.2010.01.002.
  • Trademap. “Trede Map,” 2021. Accessed June 28, 2021. https://www.trademap.org.
  • Varigonda, Kesava Chandra. “An Assessment of the Impact of Energy Insecurity on State Stability in India.” Energy Policy 62 (2013): 1110–19. https://doi.org/10.1016/j.enpol.2013.06.091.
  • Voser, Peter. “Energy: The Oxygen of the Economy.” World Economic Forum Energy for Economic Growth Energy Vision Update 2012, 2012.
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The Relationship between Energy Security, Exports and Economic Growth: The Case of the Middle East Countries

Year 2022, Volume: 9 Issue: 1, 15 - 45, 29.06.2022
https://doi.org/10.26513/tocd.899337

Abstract

In this study, it is aimed to examine the relationship between energy security, growth and exports for 16 Middle Eastern countries between 1980 and 2016 by taking into account the 4 dimensions of energy security (4 A's of energy security). Unlike other studies on the subject of Middle Eastern countries, this study covers more Middle Eastern countries and a wider period, and takes into account the cross-sectional dependency. The results of empirical analysis conducted by using second-generation unit-root and cointegration methods demonstrate that there is cointegration relationship between the variables. According to the results obtained from AMG estimator, which also considered cross-section dependence; the 1% increase in energy security risk level reduces the economic growth by approximately 0.66%, while the 1% increase in exports increases the economic growth by 0.41%. Finally, Granger non-causality test results demonstrate that there is a bi-directional causality relationship between variables. The results highlight the importance of policies to be implemented policies to ensure energy security such as choosing safe trade routes in oil and gas trade, ensuring the security of the major crossing points in the region, developing policies to decrease the share of energy revenues/expenses in the region economies, implementing policies for country and route diversification, ensuring energy efficiency and the use of renewable energy sources to prevent environmental pollution.

References

  • Ahmed, Salik Uddin, Amjad Ali, Dileep Kumar, Muhammad Zeeshan Malik, and Abdul Hameed Memon. “China Pakistan Economic Corridor and Pakistan’s Energy Security: A Meta-Analytic Review.” Energy Policy 127 (2019): 147–54. https://doi.org/10.1016/j.enpol.2018.12.003.
  • Alley, Ibrahim, Ayodele Asekomeh, Hakeem Mobolaji, and Yinka A. Adeniran. “Oil Price Shocks and Nigerian Economic Growth.” European Scientific Journal 10, no. 19 (2014): 375–91.
  • Ang, Beng Wah, Wei Lim Choong, and Tsan Sheng Ng. “Energy Security: Definitions, Dimensions and Indexes.” Renewable and Sustainable Energy Reviews 42 (2015): 1077–93. https://doi.org/10.1016/j.rser.2014.10.064.
  • Azzuni, Abdelrahman, and Christian Breyer. “Energy Security and Energy Storage Technologies.” Energy Procedia 155 (2018): 237–58. https://doi.org/10.1016/j.egypro.2018.11.053.
  • Balitskiy, Sergey, Yuriy Bilan, and Wadim Strielkowski. “Energy Security and Economic Growth in the European Union.” Journal of Security and Sustainability Isues 4, no. 2 (2014): 123–30. https://doi.org/10.9770/jssi.2014.4.2(2).
  • Bernanke, Ben S, Mark Gertler, Mark Watson, Christopher A Sims, and Benjamin M Friedman. “Systematic Monetary Policy and the Effects of Oil Price Shocks.” Brookings Papers on Economic Activity 1997, no. 1 (1997): 91–157.
  • Berument, M Hakan, Nildag Basak Ceylan, Nukhet Dogan, Source The, and Energy Journal. “The Impact of Oil Price Shocks on the Economic Growth of Selected MENA Countries.” The Energy Journal 31, no. 1 (2016): 149–76.
  • BP. “Statistical Review of World Energy,” 2019. Accessed July 03, 2020. https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html.
  • Breusch, Trevor S, and Adrian R. Pagan. “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics.” The Review of Economic Studies 47, no. 1 (1980): 239–53.
  • Çeli̇kpala, Mitat. “Enerji Güvenliği: NATO’nun Yeni Tehdit Algısı.” Uluslararası İlişkiler 10, no. 40 (2014): 75–99.
  • Cunado, J., and F. Perez de Gracia. “Oil Prices, Economic Activity and Inflation: Evidence for Some Asian Countries.” Quarterly Review of Economics and Finance 45, no. 1 (2005): 65–83. https://doi.org/10.1016/j.qref.2004.02.003.
  • Davison, Roderic H. “Where Is the Middle East?” Foreign Affairs 38, no. 4 (1960): 665. https://doi.org/10.2307/20029452.
  • Doroodian, K., and Roy Boyd. “The Linkage between Oil Price Shocks and Economic Growth with Inflation in the Presence of Technological Advances: A CGE Model.” Energy Policy 31, no. 10 (2003): 989–1006. https://doi.org/10.1016/S0301-4215(02)00141-6.
  • Du, Limin, He Yanan, and Chu Wei. “The Relationship between Oil Price Shocks and China’s Macro-Economy: An Empirical Analysis.” Energy Policy 38, no. 8 (2010): 4142–51. https://doi.org/10.1016/j.enpol.2010.03.042.
  • Dumitrescu, Elena-Ivona, and Christophe Hurlin. “Testing for Granger Non-Causality in Heterogeneous Panels.” Economic Modelling 29, no. 4 (2012): 1450–60. https://doi.org/10.1016/j.econmod.2012.02.014.
  • Eberhardt, Markus, and Stephen Bond. “Cross-Section Dependence in Nonstationary Panel Models: A Novel Estimator.” Munich Personal RePEc Archive, 2009.
  • Eberhardt, Markus, and Francis Teal. “Productivity Analysis in Global Manufacturing Production.” Economics Series Working Papers, no. 515 (2010).
  • Elder, John, and Apostolos Serletis. “Oil Price Uncertainty.” Journal of Money, Credit and Banking 42, no. 6 (2010): 1137–59. https://doi.org/10.1111/j.1538-4616.2010.00323.x.
  • Fang, Debin, Shanshan Shi, and Qian Yu. “Evaluation of Sustainable Energy Security and an Empirical Analysis of China.” Sustainability 10, no. 5 (2018): 1685. https://doi.org/10.3390/su10051685.
  • Farzanegan, Mohammad Reza, and Gunther Markwardt. “The Effects of Oil Price Shocks on the Iranian Economy.” Energy Economics 31, no. 1 (2009): 134–51. https://doi.org/10.1016/j.eneco.2008.09.003.
  • Gasparatos, Alexandros, and Tatiana Gadda. “Environmental Support, Energy Security and Economic Growth in Japan.” Energy Policy 37, no. 10 (2009): 4038–48. https://doi.org/10.1016/j.enpol.2009.05.011.
  • Ghalayini, Latifa. “The Interaction between Oil Price and Economic Growth.” Middle Eastern Finance and Economics, no. 13 (2011): 127–41.
  • Global Energy Institute. “Energy Security Risk Index 2018 Edition.” Accessed July 16, 2020. https://www.globalenergyinstitute.org/energy-security-risk-index.
  • Global Energy Institute. “International Index of Energy Security Risk 2018 Edition,” 2018. Accessed July 16, 2020. https://www.globalenergyinstitute.org/sites/default/files/2019-10/Final2018Index.pdf.
  • Hamilton, James D. “Historical Oil Shocks.” NBER Working Paper Series, Working Paper 16790, 2011.
  • International Energy Agency. “Energy Security,” 2020. Accessed June 28, 2021. https://www.iea.org/topics/energy-security.
  • International Monetary Fund. “IMF Data.” Accessed November 2, 2017. http://data.imf.org/.
  • Iwayemi, Akin, and Babajide Fowowe. “Impact of Oil Price Shocks on Selected Macroeconomic Variables in Nigeria.” Energy Policy 39, no. 2 (2011): 603–12. https://doi.org/10.1016/j.enpol.2010.10.033.
  • Jiménez-Rodríguez, Rebeca, and Marcelo Sánchez. “Oil Price Shocks and Real GDP Growth: Empirical Evidence for Some OECD Countries.” Applied Economics 37, no. 2 (2005): 201–28. https://doi.org/10.1080/0003684042000281561.
  • Kartal, Gökhan. “Orta Doğu Ülkelerinde Politik Istikrarsızlık, Enerji Güvenliği ve Ekonomik Büyüme Ilişkisi.” PhD Diss., Nevşehir Hacı Bektaş Veli University, Institute of Social Sciences Department of Economics, 2018.
  • Kartal, Gökhan. Politik Istikrarsizlik ve Enerji Güvenliği Ekseninde Orta Doğu Ekonomileri. İstanbul: Hiperyayın, 2020.
  • Kartal, Gökhan, and Serdar Öztürk. “Politik Istikrarsızlık, Enerji Güvenliği ve Ekonomik Büyüme Ilişkisi: Orta Doğu Ülkeleri Üzerine Ampirik Bir Inceleme.” Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi 8, no. İktisadi ve İdari Bilimler (2020): 65–78. https://doi.org/10.18506/anemon.629534.
  • Kilian, Lutz, and Bruce Hicks. “Did Unexpectedly Strong Economic Growth Cause the Oil Price Shock of 2003-2008?” Journal of Forecasting 32, no. 5 (2013): 385–94. https://doi.org/10.1002/for.2243.
  • Kilian, Lutz, and Cheolbeom Park. “The Impact of Oil Price Shocks on the US Stock Market.” International Economic Review 50, no. 4 (2009): 1267–87. https://doi.org/10.1111/j.1468-2354.2009.00568.x.
  • Kruyt, Bert, D.P. van Vuuren, H.J.M. de Vries, and H. Groenenberg. “Indicators for Energy Security.” Energy Policy 37, no. 6 (2009): 2166–81. https://doi.org/10.1016/j.enpol.2009.02.006.
  • Le, Thai Ha, and Canh Phuc Nguyen. “Is Energy Security a Driver for Economic Growth? Evidence from a Global Sample.” Energy Policy 129 (2019): 436–51. https://doi.org/10.1016/j.enpol.2019.02.038.
  • Lee, Kiseok, Shawn Ni, and Ronald A Ratti. “Oil Shocks and the Macroeconomy: The Role of Price Variability.” The Energy Journal 16, no. 4 (1995): 39–56. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol16-No4-2.
  • Nepal, Rabindra, and Nirash Paija. “Energy Security, Electricity, Population and Economic Growth: The Case of a Developing South Asian Resource-Rich Economy.” Energy Policy 132 (2019): 771–81. https://doi.org/10.1016/j.enpol.2019.05.054.
  • Ono, Shigeki. “Oil Price Shocks and Stock Markets in BRICs 1.” The European Journal of Comparative Economics 8, no. 1 (2011): 29–45.
  • Owen, Roger, and Şevket Pamuk. A History of Middle East Economies in the Twentieth Century. Cambridge, Massachusetts: Harvard University Press, 1999.
  • Pasqualetti, Martin J., and Benjamin K. Sovacool. “The Importance of Scale to Energy Security.” Journal of Integrative Environmental Sciences 9, no. 3 (2012): 167–80. https://doi.org/10.1080/1943815X.2012.691520.
  • Pesaran, M. Hashem. “General Diagnostic Tests for Cross Section Dependence in Panels.” CESifo Working Paper, No. 1229, 2004.
  • Pesaran, M. Hashem, Aman Ullah, and Takashi Yamagata. “A Bias-Adjusted LM Test of Error Cross-Section Independence.” The Econometrics Journal 11, no. 1 (2008): 105–27. https://doi.org/10.1111/j.1368-423X.2007.00227.x.
  • Pesaran, M. Hashem, and Takashi Yamagata. “Testing Slope Homogeneity in Large Panels.” Journal of Econometrics 142, no. 1 (2008): 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010.
  • Pesaran, M Hashem. “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence.” Journal of Applied Econometrics 22, no. 2 (2007): 265–312. https://doi.org/10.1002/jae.951.
  • Sadorsky, Perry. “Oil Price Shocks and Stock Market Activity.” Energy Economics 21, no. 5 (1999): 449–69. https://doi.org/10.1016/S0140-9883(99)00020-1.
  • Stavytskyy, Andriy, Ganna Kharlamova, Vincentas Giedraitis, and Vaidotas Šumskis. “Estimating the Interrelation between Energy Security and Macroeconomic Factors in European Countries.” Journal of International Studies 11, no. 3 (2018): 217–38. https://doi.org/10.14254/2071-8330.2018/11-3/18.
  • Šumskis, Vaidotas, and Vincentas Giedraitis. “Economic Implications of Energy Security in the Short Run.” Ekonomika 94, no. 3 (2015): 119. https://doi.org/10.15388/Ekon.2015.3.8791.
  • Tang, Weiqi, Libo Wu, and ZhongXiang Zhang. “Oil Price Shocks and Their Short- and Long-Term Effects on the Chinese Economy.” Energy Economics 32, no. SUPPL. 1 (2010): S3–14. https://doi.org/10.1016/j.eneco.2010.01.002.
  • Trademap. “Trede Map,” 2021. Accessed June 28, 2021. https://www.trademap.org.
  • Varigonda, Kesava Chandra. “An Assessment of the Impact of Energy Insecurity on State Stability in India.” Energy Policy 62 (2013): 1110–19. https://doi.org/10.1016/j.enpol.2013.06.091.
  • Voser, Peter. “Energy: The Oxygen of the Economy.” World Economic Forum Energy for Economic Growth Energy Vision Update 2012, 2012.
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  • United Nations (UN). “Comtrade Database,” 2021. Accessed June 28, 2021. https://comtrade.un.org.
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There are 59 citations in total.

Details

Primary Language English
Journal Section Makaleler
Authors

Gökhan Kartal 0000-0002-2006-6272

Publication Date June 29, 2022
Acceptance Date December 27, 2021
Published in Issue Year 2022 Volume: 9 Issue: 1

Cite

APA Kartal, G. (2022). The Relationship between Energy Security, Exports and Economic Growth: The Case of the Middle East Countries. Türkiye Ortadoğu Çalışmaları Dergisi, 9(1), 15-45. https://doi.org/10.26513/tocd.899337

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