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G20 Ülkelerinde Yenilenebilir ve Fosil Yakıt Enerji Tüketiminin Toplam Faktör Verimliliği Üzerindeki Etkisi

Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı, 54 - 64, 30.12.2021
https://doi.org/10.30784/epfad.1020967

Öz

Bu çalışmanın amacı Driscoll ve Kraay standart hatalar yaklaşımı ile sabit etkiler yöntemini kullanarak G20 ülkelerinde hem yenilenebilir hem de fosil yakıt enerji tüketiminin toplam faktör verimliliği üzerindeki etkisini incelemektir. Analiz sonuçları, yenilenebilir enerji tüketiminin uzun vadede toplam faktör verimliliği üzerinde olumlu bir etkiye sahip olduğunu göstermektedir. Buna göre, yenilenebilir enerji tüketimindeki bir artış, uzun vadede toplam faktör verimliliğini yaklaşık yüzde 0.007 oranında artırmaktadır. Fosil yakıt enerji tüketimi katsayısı pozitif olmasına rağmen istatistiksel olarak anlamsızdır. Bu çalışmada işgücü ve sermaye kontrol değişkenler olarak modele dahil edilmiştir. Uzun dönemde brüt sermaye oluşumu toplam faktör verimliliğini artırırken, toplam işgücü azaltıcı bir etkiye sahiptir. Sonuçlar, toplam faktör verimliliğini artırmak için olası politikalara yenilenebilir enerji tüketimi ve sermaye birikiminin dahil edilmesinin gerekliliğini vurgulamaktadır. Ayrıca, enerji tüketim politikalarının yenilenebilir kaynakları teşvik edecek şekilde revize edilmesi, yenilenebilir enerji tüketiminin olumlu etkisini artırmak için politika yapıcıların önceliklerinden biri olabilir.

Kaynakça

  • Acaravcı, A., Erdogan, S. and Akalin, G. (2015). The electricity consumption, real income, trade openness and foreign direct investment: The empirical evidence from Turkey. International Journal of Energy Economics and Policy, 5(4), 1050-1057. Retrieved from https://econjournals.com/index.php
  • Aqeel, A. and Butt, M. S. (2001). The relationship between energy consumption and economic growth in Pakistan. Asia-Pacific Development Journal, 8(2), 101-110. Retrieved from https://www.unescap.org/knowledge-products-series/asia-pacific-development-journal
  • Baz, K., Cheng, J., Xu, D., Abbas, K., Ali, I., Ali, H. and Fang, C. (2021). Asymmetric impact of fossil fuel and renewable energy consumption on economic growth: A nonlinear technique. Energy, 226, 120357. https://doi.org/10.1016/j.energy.2021.120357
  • Bhattacharya, M., Paramati, S. R., Ozturk, I. and Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733-741. https://doi.org/10.1016/j.apenergy.2015.10.104
  • Chen, C., Pinar, M. and Stengos, t. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295. https://doi.org/10.1016/j.enpol.2020.111295
  • Cheng, B. S. and Lai, T. W. (1997). An investigation of co-integration and causality between energy consumption and economic activity in Taiwan. Energy Economics, 19(4), 435-444. https://doi.org/10.1016/S0140-9883(97)01023-2
  • Dogan, E. (2014). Energy consumption and economic growth: Evidence from low-income countries in Sub-saharan Africa. International Journal of Energy Economics and Policy, 4(2), 154-162. Retrieved from http: www.econjournals.com
  • Driscoll, J. C. and Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560. Retrieved from https://www.jstor.org/
  • Fang, Z. and Chang, Y. (2016). Energy, human capital and economic growth in Asia Pacific Countries-Evidence from a panel cointegration and causality analysis. Energy Economics, 56, 177-184. https://doi.org/10.1016/j.eneco.2016.03.020
  • Glasure, Y. U. (2002). Energy and national income in Korea: Further evidence on the role of omitted variables. Energy Economics, 24, 355-365. https://doi.org/10.1016/S0140-9883(02)00036-1
  • Hamilton, J. D. (1983). Oil and the macroeconomy since World War II. The Journal of Political Economy, 91(2), 228-248. Retrieved from https://www.journals.uchicago.edu/toc/jpe
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • Isaksson, A. (2007). Determinants of total factor productivity: A literature review (UNIDO Research and Statistics Branch Staff Working Paper No. 02/2007). Retrieved from http://www.rrojasdatabank.info/87573_determinants_of_total_factor_productivity.pdf
  • Isik, C., Dogru, E. and Turk, E. S. (2018). A nexus of linear and non-linear relationship between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20, 38-49. https://doi.org/10.1002/jtr.2151
  • Kraft, J. and Kraft, A. (1978). On the relationship between energy and GNP. Journal of Energy Development, 3, 401-403. Retrieved from https://www.jstor.org/
  • Ladu, M. G. and Meleddu, M. (2014). Is there any relationship between energy and TFP (total factor productivity)? A panel d-cointegration approach for Italian regions. Energy, 75, 560-567. https://doi.org/10.1016/j.energy.2014.08.018
  • Lin, B. and Xu, B. (2020). How does fossil energy abundance affect China’s economic growth and CO2 emissions? Science of The Total Environment, 719, 137503. https://doi.org/10.1016/j.scitotenv.2020.137503
  • Masih, A. M. M. and Masih, R. (1996). Energy consumption, real income and temporal causality: Results from a multi-country study based on cointegration and error-correction modelling techniques. Energy Economics, 18(3), 165-183. https://doi.org/10.1016/0140-9883(96)00009-6
  • Mehrara, M. (2007). Energy consumption and economic growth: The case of oil exporting countries. Energy Policy, 35, 2939-2945. https://doi.org/10.1016/j.enpol.2006.10.018
  • Moghaddasi, R. and Pour, A. A. (2016). Energy consumption and total factor productivity growth in Iranian agriculture. Energy Reports, 2, 218-220. https://doi.org/10.1016/j.egyr.2016.08.004
  • Narayan, P. K. and Narayan, S. (2010). Carbon dioxide emissions and economic growth: Panel data evidence from developing countries. Energy Policy, 38(1), 661-666. https://doi.org/10.1016/j.enpol.2009.09.005
  • Nasreen, S. and Anwar, S. (2014). Causal relationship between trade openness, economic growth and energy consumption: A panel data analysis of Asian countries. Energy Policy, 69, 82-91. https://doi.org/10.1016/j.enpol.2014.02.009
  • Ocal, O. and Aslan, A. (2013). Renewable energy consumption-economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494-499. http://dx.doi.org/10.1016/j.rser.2013.08.036
  • Ouedraogo, N. S. (2013). Energy consumption and economic growth: Evidence from the economic community of West African States (ECOWAS). Energy Economics, 36, 637-647. https://doi.org/10.1016/j.eneco.2012.11.011
  • Ozcan, B. and Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30-37. https://doi.org/10.1016/j.rser.2019.01.020
  • Paul, S. and Bhattacharya, R. N. (2004). Causality between energy consumption and economic growth in India: A note on conflicting results. Energy Economics, 26, 977-983. https://doi.org/10.1016/j.eneco.2004.07.002
  • Payne, J. E. (2009). On the dynamics of energy consumption and output in the US. Applied Energy, 86(4), 575-577. https://doi.org/10.1016/j.apenergy.2008.07.003
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels (IZA Discussion Paper No. 1240). Retrieved from https://link.springer.com/content/pdf/10.1007/s00181-020-01875-7.pdf
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Rahman, M. S., Shahari, F., Rahman, M. and Noman, A. H. M. (2017). The interdependent relationship between sectoral productivity and disaggregated energy consumption in Malaysia: Markov Switching approach. Renewable and Sustainable Energy Reviews, 67, 752-759. https://doi.org/10.1016/j.rser.2016.09.016
  • Rath, B. N., Akram, V., Bal, D. P. and Mahalik, M. K. (2019). Do fossil fuel and renewable energy consumption affect total factor productivity growth? Evidence from cross-country data with policy insights. Energy Policy, 127, 186-199. https://doi.org/10.1016/j.enpol.2018.12.014
  • Shahbaz, M., Zkaria, M., Shahzad, S. J. H. and Mahalik, M. K. (2018). The energy consumption and economic growth nexus in top ten energy-consuming countries: Fresh evidence from using the quantile-on-quantile approach. Energy Economics, 71, 282-301. https://doi.org/10.1016/j.eneco.2018.02.023
  • Şimşek, N. (2011). Environmental efficiency and total factor productivity of Turkey: A comparative analysis. Ege Academic Review, 11(3), 379-396. Retrieved from https://dergipark.org.tr/tr/pub/eab
  • Sohag, K., Chukavina, K. and Samargandi, N. (2021). Renewable energy and total factor productivity in OECD member countries. Journal of Cleaner Production, 296, 126499. https://doi.org/10.1016/j.jclepro.2021.126499
  • Tugcu, C. T. (2013). Disaggregate energy consumption and total factor productivity: A cointegration and causality analysis for the Turkish economy. International Journal of Energy Economics and Policy, 3(3), 307-314. Retrieved from http: www.econjournals.com
  • Tugcu, C. T. and Tiwari, A. K. (2016). Does renewable and/or non-renewable energy consumption matter for total factor productivity (TFP) growth? Evidence from the BRICS. Renewable and Sustainable Energy Reviews, 65, 610-616. https://doi.org/10.1016/j.rser.2016.07.016
  • Wang, E. Z. and Lee, C. C. (2021). The impact of clean energy consumption on economic growth in China: Is environmental regulation a curse or a blessing? International Review of Economics & Finance, 77, 39-58. https://doi.org/10.1016/j.iref.2021.09.008
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Yu, E. S. H. and Jin, J. C. (1992). Cointegration tests of energy consumption, income, and employment. Resources and Energy, 14(3), 259-266. https://doi.org/10.1016/0165-0572(92)90010-E

The Effect of Renewable and Fossil Fuel Energy Consumption on Total Factor Productivity in G20 Countries

Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı, 54 - 64, 30.12.2021
https://doi.org/10.30784/epfad.1020967

Öz

The aim of this study is to examine the effect of both renewable and fossil fuel energy consumption on total factor productivity in G20 countries by using fixed effects with Driscoll and Kraay standard errors approach. Analysis results suggest that renewable energy consumption has a positive impact on total factor productivity in the long run. Accordingly, an increase in renewable energy consumption increases the total factor productivity by about 0.007 percent in the long run. Although the coefficient of fossil fuel energy consumption is positive, it is statistically insignificant. In this study, labor force and capital are included in model as control variables. While capital formation increases total factor productivity in the long run, total labor force decreases it. The results highlight the necessity of including renewable energy consumption and capital accumulation in possible policies to increase total factor productivity. Moreover, revising energy consumption policies to encourage renewable sources may be one of the priorities of policymakers to increase the positive impact of renewable energy consumption. 

Kaynakça

  • Acaravcı, A., Erdogan, S. and Akalin, G. (2015). The electricity consumption, real income, trade openness and foreign direct investment: The empirical evidence from Turkey. International Journal of Energy Economics and Policy, 5(4), 1050-1057. Retrieved from https://econjournals.com/index.php
  • Aqeel, A. and Butt, M. S. (2001). The relationship between energy consumption and economic growth in Pakistan. Asia-Pacific Development Journal, 8(2), 101-110. Retrieved from https://www.unescap.org/knowledge-products-series/asia-pacific-development-journal
  • Baz, K., Cheng, J., Xu, D., Abbas, K., Ali, I., Ali, H. and Fang, C. (2021). Asymmetric impact of fossil fuel and renewable energy consumption on economic growth: A nonlinear technique. Energy, 226, 120357. https://doi.org/10.1016/j.energy.2021.120357
  • Bhattacharya, M., Paramati, S. R., Ozturk, I. and Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733-741. https://doi.org/10.1016/j.apenergy.2015.10.104
  • Chen, C., Pinar, M. and Stengos, t. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295. https://doi.org/10.1016/j.enpol.2020.111295
  • Cheng, B. S. and Lai, T. W. (1997). An investigation of co-integration and causality between energy consumption and economic activity in Taiwan. Energy Economics, 19(4), 435-444. https://doi.org/10.1016/S0140-9883(97)01023-2
  • Dogan, E. (2014). Energy consumption and economic growth: Evidence from low-income countries in Sub-saharan Africa. International Journal of Energy Economics and Policy, 4(2), 154-162. Retrieved from http: www.econjournals.com
  • Driscoll, J. C. and Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. The Review of Economics and Statistics, 80(4), 549-560. Retrieved from https://www.jstor.org/
  • Fang, Z. and Chang, Y. (2016). Energy, human capital and economic growth in Asia Pacific Countries-Evidence from a panel cointegration and causality analysis. Energy Economics, 56, 177-184. https://doi.org/10.1016/j.eneco.2016.03.020
  • Glasure, Y. U. (2002). Energy and national income in Korea: Further evidence on the role of omitted variables. Energy Economics, 24, 355-365. https://doi.org/10.1016/S0140-9883(02)00036-1
  • Hamilton, J. D. (1983). Oil and the macroeconomy since World War II. The Journal of Political Economy, 91(2), 228-248. Retrieved from https://www.journals.uchicago.edu/toc/jpe
  • Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • Isaksson, A. (2007). Determinants of total factor productivity: A literature review (UNIDO Research and Statistics Branch Staff Working Paper No. 02/2007). Retrieved from http://www.rrojasdatabank.info/87573_determinants_of_total_factor_productivity.pdf
  • Isik, C., Dogru, E. and Turk, E. S. (2018). A nexus of linear and non-linear relationship between tourism demand, renewable energy consumption, and economic growth: Theory and evidence. International Journal of Tourism Research, 20, 38-49. https://doi.org/10.1002/jtr.2151
  • Kraft, J. and Kraft, A. (1978). On the relationship between energy and GNP. Journal of Energy Development, 3, 401-403. Retrieved from https://www.jstor.org/
  • Ladu, M. G. and Meleddu, M. (2014). Is there any relationship between energy and TFP (total factor productivity)? A panel d-cointegration approach for Italian regions. Energy, 75, 560-567. https://doi.org/10.1016/j.energy.2014.08.018
  • Lin, B. and Xu, B. (2020). How does fossil energy abundance affect China’s economic growth and CO2 emissions? Science of The Total Environment, 719, 137503. https://doi.org/10.1016/j.scitotenv.2020.137503
  • Masih, A. M. M. and Masih, R. (1996). Energy consumption, real income and temporal causality: Results from a multi-country study based on cointegration and error-correction modelling techniques. Energy Economics, 18(3), 165-183. https://doi.org/10.1016/0140-9883(96)00009-6
  • Mehrara, M. (2007). Energy consumption and economic growth: The case of oil exporting countries. Energy Policy, 35, 2939-2945. https://doi.org/10.1016/j.enpol.2006.10.018
  • Moghaddasi, R. and Pour, A. A. (2016). Energy consumption and total factor productivity growth in Iranian agriculture. Energy Reports, 2, 218-220. https://doi.org/10.1016/j.egyr.2016.08.004
  • Narayan, P. K. and Narayan, S. (2010). Carbon dioxide emissions and economic growth: Panel data evidence from developing countries. Energy Policy, 38(1), 661-666. https://doi.org/10.1016/j.enpol.2009.09.005
  • Nasreen, S. and Anwar, S. (2014). Causal relationship between trade openness, economic growth and energy consumption: A panel data analysis of Asian countries. Energy Policy, 69, 82-91. https://doi.org/10.1016/j.enpol.2014.02.009
  • Ocal, O. and Aslan, A. (2013). Renewable energy consumption-economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494-499. http://dx.doi.org/10.1016/j.rser.2013.08.036
  • Ouedraogo, N. S. (2013). Energy consumption and economic growth: Evidence from the economic community of West African States (ECOWAS). Energy Economics, 36, 637-647. https://doi.org/10.1016/j.eneco.2012.11.011
  • Ozcan, B. and Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30-37. https://doi.org/10.1016/j.rser.2019.01.020
  • Paul, S. and Bhattacharya, R. N. (2004). Causality between energy consumption and economic growth in India: A note on conflicting results. Energy Economics, 26, 977-983. https://doi.org/10.1016/j.eneco.2004.07.002
  • Payne, J. E. (2009). On the dynamics of energy consumption and output in the US. Applied Energy, 86(4), 575-577. https://doi.org/10.1016/j.apenergy.2008.07.003
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels (IZA Discussion Paper No. 1240). Retrieved from https://link.springer.com/content/pdf/10.1007/s00181-020-01875-7.pdf
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
  • Rahman, M. S., Shahari, F., Rahman, M. and Noman, A. H. M. (2017). The interdependent relationship between sectoral productivity and disaggregated energy consumption in Malaysia: Markov Switching approach. Renewable and Sustainable Energy Reviews, 67, 752-759. https://doi.org/10.1016/j.rser.2016.09.016
  • Rath, B. N., Akram, V., Bal, D. P. and Mahalik, M. K. (2019). Do fossil fuel and renewable energy consumption affect total factor productivity growth? Evidence from cross-country data with policy insights. Energy Policy, 127, 186-199. https://doi.org/10.1016/j.enpol.2018.12.014
  • Shahbaz, M., Zkaria, M., Shahzad, S. J. H. and Mahalik, M. K. (2018). The energy consumption and economic growth nexus in top ten energy-consuming countries: Fresh evidence from using the quantile-on-quantile approach. Energy Economics, 71, 282-301. https://doi.org/10.1016/j.eneco.2018.02.023
  • Şimşek, N. (2011). Environmental efficiency and total factor productivity of Turkey: A comparative analysis. Ege Academic Review, 11(3), 379-396. Retrieved from https://dergipark.org.tr/tr/pub/eab
  • Sohag, K., Chukavina, K. and Samargandi, N. (2021). Renewable energy and total factor productivity in OECD member countries. Journal of Cleaner Production, 296, 126499. https://doi.org/10.1016/j.jclepro.2021.126499
  • Tugcu, C. T. (2013). Disaggregate energy consumption and total factor productivity: A cointegration and causality analysis for the Turkish economy. International Journal of Energy Economics and Policy, 3(3), 307-314. Retrieved from http: www.econjournals.com
  • Tugcu, C. T. and Tiwari, A. K. (2016). Does renewable and/or non-renewable energy consumption matter for total factor productivity (TFP) growth? Evidence from the BRICS. Renewable and Sustainable Energy Reviews, 65, 610-616. https://doi.org/10.1016/j.rser.2016.07.016
  • Wang, E. Z. and Lee, C. C. (2021). The impact of clean energy consumption on economic growth in China: Is environmental regulation a curse or a blessing? International Review of Economics & Finance, 77, 39-58. https://doi.org/10.1016/j.iref.2021.09.008
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Yu, E. S. H. and Jin, J. C. (1992). Cointegration tests of energy consumption, income, and employment. Resources and Energy, 14(3), 259-266. https://doi.org/10.1016/0165-0572(92)90010-E

Ayrıntılar

Birincil Dil İngilizce
Konular İktisat
Bölüm Makaleler
Yazarlar

Buket ALTINÖZ (Sorumlu Yazar)
NİŞANTAŞI ÜNİVERSİTESİ, NİŞANTAŞI MESLEK YÜKSEKOKULU
0000-0002-4276-4821
Türkiye

Yayımlanma Tarihi 30 Aralık 2021
Yayınlandığı Sayı Yıl 2021, Cilt 6, Sayı IERFM Özel Sayısı

Kaynak Göster

APA Altınöz, B. (2021). The Effect of Renewable and Fossil Fuel Energy Consumption on Total Factor Productivity in G20 Countries . Ekonomi Politika ve Finans Araştırmaları Dergisi , IERFM Özel Sayısı , 54-64 . DOI: 10.30784/epfad.1020967

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