THE RELATIONSHIP BETWEEN ENERGY CONSUMPTION, CURRENT ACCOUNT DEFICIT AND ECONOMIC GROWTH: THE CASE OF BRICS-T COUNTRIES

Yıl 2024, Cilt: 22 Sayı: 4, 36 - 46

Sümeyra Evren , Perihan Hazel Kaya

https://doi.org/10.11611/yead.1529744

Öz

With industrialization, energy consumption is considered as an important input for development. It is also known that the increase in energy consumption of countries has an impact on growth. However, one of the most important problems for countries that are dependent on foreign energy is the current account deficit problem. The purpose of this study is to test this effect by using panel fixed effects and panel random effects models for BRICS-T countries. The data used in the analysis covers the period 1994 to 2021. According to the econometric findings obtained with the help of Driscoll-Kraay Standard Error Model Estimation, current account deficit has a negative and significant effect on economic growth, while energy consumption has a positive and significant effect on economic growth. This result supports the growth hypothesis that an increase in energy consumption increases economic growth. According to the causality test results, there is a bidirectional causality connection between energy consumption and economic growth. There is a unidirectional causal relationship from current account deficit to economic growth. However, there is no significant causality connection between energy consumption and current account deficit.

Anahtar Kelimeler

Energy Consumption, Economic Growth, Current Account Deficit, Panel Data Analysis

THE RELATIONSHIP BETWEEN ENERGY CONSUMPTION, CURRENT ACCOUNT DEFICIT AND ECONOMIC GROWTH: THE CASE OF BRICS-T COUNTRIES

Öz

Kaynakça

• Arslan, M., Gençer Çelik, G. and Kuzu, S. (2021) “Enerji Tüketimi, Ekonomik Büyüme ve Cari Açık İlişkisi: Türkiye Örneği”, E-Şarkiyat İlmi Araştırmaları Dergisi/Journal of Oriental Scientific Research (JOSR), 13(1), 26-40.
• Ayhan, B. and İnançlı, S. (2022) “Türkiye’de Enerji Tüketimi, İktisadi Büyüme ve Cari Açık Arasındaki İlişki”, İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 11(4), 2187-2204.
• Baz, K., Xu, D., Ampofo, G. M. K., Ali, I., Khan, I., Cheng, J. and Ali, H. (2019) “Energy Consumption and Economic Growth Nexus: New Evidence from Pakistan Using Asymmetric Analysis”, Energy, 189, 116254.
• Belke, A., Dobnik, F., and Dreger, C. (2011) “Energy Consumption and Economic Growth: New Insights into the Cointegration Relationship”, Energy Economics, 33(5), 782-789.
• Bostan, A. and Ravanoğlu, G. A. (2019) “Türkiye’de Enerji Tüketimi ve Cari Açığın Büyüme Üzerindeki Etkisinin İncelenmesi”, MANAS Sosyal Araştırmalar Dergisi, 1713-1726.
• Efeoğlu, R. and Pehlivan, C. (2018) “Türkiye’de Enerji Tüketimi ve Cari Açığın Ekonomik Büyüme Üzerine Etkisi”, Politik Ekonomik Kuram, 2(1), 103-123.
• Fendoğlu, E. and Konat, G. (2022) “G-7 Ülkeleri İçin Cari Açık ve Enerji Tüketiminin Ekonomik Büyümeye Etkisi: Panel Veri Analizinden Kanıtlar”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(3), 52-74.
• Gershon, O., Asafo, J. K., Nyarko-Asomani, A. and Koranteng, E. F. (2024) “Investigating the Nexus of Energy Consumption, Economic Growth and Carbon Emissions in Selected African Countries”, Energy Strategy Reviews, 51, 101269.
• Gozgor G., C.K.M. Lau and Z. Lu (2018) “Energy Consumption and Economic Growth: New Evidence from The OECD Countries”, Energy, 153, 27-34.
• Hepaktan E. (2018) “Türkiye’de Enerji Tüketimi, Ekonomik Büyüme ve Cari İşlemler Açığı İlişkisinin Yapısal Kırılmalar Altında Ekonometrik Analizi”, MCBÜ Sosyal Bilimler Dergisi, 16(4), 141-160.
• Hondroyiannis, G. Lolos, S. Papapetrou, E. (2002) “Energy Consumption and Economic Growth: Assessing the Evidence from Greece”, Enerji Ekonomisi Dergisi, 24(4), 319-336.
• Huang, B. N., Hwang, M. J., and Yang, C. W. (2008) “Causal Relationship Between Energy Consumption and GDP Growth Revisited: A Dynamic Panel Data Approach”, Ecological Economics, 67(1), 41-54.
• Kaya, M. G. and Kaya, P. H. (2016) “Ekonomik Büyüme ve Cari Açık Arasındaki İlişki Türkiye Örneği”, Vergi Raporu, (202), 9-18. Kesikoğlu, F. and Yıldırım, E. (2014) “The Causal Effect of Shifting Oil to Natural Gas Consumption on Current Account Balance and Economic Growth in 11 OECD Countries: Evidence from Bootstrap-Corrected Panel Causality Test”, Procedia-Social and Behavioral Sciences, 143, 1064-1069.
• Kızıldere, C. (2020) “Türkiye’de Cari Açık Sorununun Enerji Tüketimi ve Ekonomik Büyüme Açısından Değerlendirilmesi: Ampirik Bir Analiz”, Business & Management Studies: An International Journal, 8(2), 2121-2139.
• László, T. (2023) “Ambivalent Changes in the Correlation of Energy Consumption and Economic Growth in the Member States of the European Union (2010–2019)”, Heliyon, 9(3).
• Mucuk, M. and Uysal, D. (2009) “Türkiye Ekonomisinde Enerji Tüketimi ve Ekonomik Büyüme”, Maliye Dergisi, 157(1), 105-115.
• Paul, S. and Bhattacharya, R.N. (2004) “Causality Between Energy Consumption and Economic Growth in India: A Note on Conflicting Results”, Enerji Ekonomisi Dergisi, 26(6), 977-983.
• Stern, D. I. (1993) “Energy Use and Economic Growth in the USA, A Multivariate Approach”, Energy Economics, 15(2), p. 231-245.
• Şahin, E. E. and Uçan, O. (2020) “Enerji Tüketimi, Ekonomik Büyüme ve Cari Açık İlişkisi: Türkiye Ekonomisi Üzerine Bir İnceleme (1975-2015)”, Middle East International Conference on Contemporary Scientific Studies-IV, 1-3 November, Beirut/Lebanon, 142-153.