The Relationship Between Energy Security, Exports and Economic Growth: The Case of Middle Eastern Countries
Öz
This study aims to examine the relationship between energy security, growth, and exports for 16 Middle Eastern countries between 1980 and 2016 by taking into account the four dimensions of energy security (4A’s of energy security that are availability, affordability, accessibility, and acceptability). Unlike other studies on Middle Eastern countries, this study covers more Middle Eastern countries and a wider period considering cross-sectional dependence. The results of the empirical analysis conducted by using second-generation unit-root and cointegration methods demonstrate that there is a cointegration relationship between the variables. According to the results obtained from the Augmented Mean Group estimator (AMG), which also considers 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 ensure energy security. In this regard, following policies can be recommended; developing policies to decrease the share of energy revenues/expenses in regional economies, choosing safe trade routes in oil and gas trade, ensuring the security of important crossing routes and reserve areas in the region, diversification of country and crossing routes in energy import/export, ensuring energy efficiency and savings, and finally both protecting the environment and ensuring resource diversity in energy by ensuring the use of renewable energy resources.
Anahtar Kelimeler
Energy Security, Economic Growth, Cross-Section Dependence, Middle Eastern Countries, Panel Cointegration, Panel Causality
Kaynakça
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