The Impact of Renewable Energy Consumption on Economic Growth in BRIC-T Countries: Panel Data Analysis

Abstract

The aim of this study is to examine the impact of renewable energy consumption on economic growth in BRIC-T countries (Brazil, Russia, India, China and Turkiye). In doing that, we consider gross fixed capital formation, trade openess, and foreignd direct investment as control variables. The Driscoll & Kraay estimator is used in the study in which both panel-wide and country-based analysis is performed using data for the period 1990-2020. According to the panel results, renewable energy consumption, trade openness and FDI variables are statistically insignificant. When countries are analyzed separately, the impact of renewable energy consumption on economic growth varies. Accordingly, it has a negative effect in China, India, Russia and a positive effect in Brazil and Turkiye. However, it is statistically significant only in India and Turkiye. In all countries, the increase in gross fixed capital formation has a positive effect on growth and is statistically significant. The effect of trade openness on growth is statistically significant in Brazil (positive), China (positive) and India (negative). FDI is statistically significant only in China and Turkiye. FDI affects growth negatively in China and positively in Turkiye.

Keywords

• Renewable Energy
• Growth
• Panel Data Analysis.

BRIC-T Ülkelerinde Yenilenebilir Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi: Panel Veri Analizi

Öz

Bu araştırmanın amacı BRIC-T (Brezilya, Rusya, Hindistan, Çin ve Türkiye) ülkelerinde brüt sabit sermaye oluşumu, ticari açıklık, doğrudan yabancı yatırımları kontrol değişkeni olarak dikkate alarak yenilenebilir enerji tüketiminin ekonomik büyüme üzerindeki etkisini incelemektir. 1990-2020 dönemine ait veriler kullanılarak hem panel geneli hem de ülke bazlı olarak analizin yapıldığı çalışmada Driscoll & Kraay tahmincisi kullanılmıştır. Panel sonuçlarına göre yenilenebilir enerji tüketimi, ticari açıklık ve doğrudan yabancı yatırımlar değişkenleri istatistiksel olarak anlamsızdır. Ülkeler ayrı ayrı değerlendirildiğinde, yenilenebilir enerji tüketiminin ekonomik büyüme üzerindeki etkisi farklılık arz etmektedir. Buna göre Çin, Hindistan, rusya’da negatif etki, Brezilya ve türkiye’de ise pozitif etkilemektedir. Ancak sadece Hindistan ve türkiye’de istatistiksel olarak anlamlıdır. Bütün ülkelerde brüt sabit sermaye oluşumundaki artış büyümeyi pozitif etkilemektedir ve istatisiksel olarak anlamlıdır. Ticari açıklığın büyümeye etkisi Brezilya (pozitif), Çin (pozitif) ve Hindistan’da (negatif) istatistiksel olarak anlamlıdır. Doğrudan yabancı yatırımlar sadece Çin ve Türkiye’de istatistiksel olarak anlamlıdır. Doğrudan yabancı yatırımlar büyümeyi Çin’de olumsuz, Türkiye’de olumlu etkilemektedir.

Anahtar Kelimeler

• Yenilenebilir Enerji
• Büyüme
• Panel Veri Analizi.

Kaynakça

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