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

Yıl 2019, Cilt: 14 Sayı: 54, 96 - 105, 30.04.2019

Tuncer Govdeli

https://doi.org/10.19168/jyasar.515637

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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