Emission Taxes, Energy Prices And Technological Innovation

Year 2016, Volume: 2 Issue: 4, 43 - 55, 01.12.2016

Deniz Aytaç

Abstract

Energy, one of the basic factors of production, affects the economic growth of countries as a factor which has a direct effect on economic growth. Although this effect is often negative due to the increase in energy prices, according to the induced innovation hypothesis, price changes affect the rate and direction of innovation by influencing R&D investments and can positively affect economic growth. In this context, the present study examines the relation between energy prices (including energy taxes) and innovation in the case of Turkey between 1990 and 2014 and concludes that there is a negative causal relation between the two variables. The structure of energy taxes that are implemented plays an important role in the negative effect of energy price increases on innovation

Keywords

Energy Prices, Emission Taxes, Innovation, VECM

Emisyon Vergileri, Enerji Fiyatları ve Teknolojik Yenilik

Abstract

Temel üretim faktörlerinden olan enerji ekonomik büyüme üzerinde doğrudan etkili bir faktör olarak ülkelerin ekonomik büyümelerini etkilemektedir. Bu etki enerji fiyatlarındaki artış nedeni ile çoğu zaman negatif yönlü olsa da uyarılan yenilik hipotezine göre, fiyat değişmeleri Ar-Ge yatırım etkileyerek, yeniliğin oranı ve yönüne tesir etmekte ve ekonomik büyümeyi olumlu yönde etkileyebilmektedir. Bu kapsamda bu çalışmada enerji fiyatları (enerji vergileri dahil) ve yenilik arasındaki ilişki 1990-2014 yılları arasında Türkiye özelinde ele alınmış ve iki değişken arasında negatif yönlü bir nedensellik ilşkinin olduğu sonucuna ulaşılmıştır. Enerji fiyat artışlarının teknolojik yeniliği olumsuz etkilemesinde uygulanan enerji vergilerinin yapısı önemli bir rol oynamaktadır.

Keywords

Enerji Fiyatları, Emisyon Vergileri, Yenilik, VECM

References

• Aghion, P., Dechezleprêtre, A., Hemous, D., Martin, R. ve Van Reenen, J. (2012). Carbon Taxes, Path Dependency And Directed Technical Change: Evidence From The Auto Industry. NBER Working Paper, No. 18596.
• Ahmad, S.(1966). On The Theory of Induced Invention, Economic Journal, 76, 344–357.
• Binswanger, H.(1974). A Micro Economic Approach To Innovation. The Economic Journal, 84(336) , 940–958.
• Bohi, D.R., Dramstadter, J.(1991). Is National Energy Planning Oversold?’, Journal of American Planning Assosiation, 57(3), 1-8.
• Boyd, G, Karlson, S.H.,(1993). The Impact of Energy Prices on Technology Choice in the United States Steel Industry. The Energy Journal, Vol. 14, No. 2, 47-56.
• Brutschin, E., Fleig, A. (2016). Innovation In The Energy Sector – The Role Of Fossil Fuels and Developing Economies. Energy Policy, (97), 27-38.
• Burbridge, J., Harrison, A.(1984). Testing for The Effects of Oil Prices Rises Using Vector Autoregression. International Economic Review, 25, 459-484.
• Cheon, A., Urpelainen, J.(2012). Oil Prices And Energy Technology İnnovation: An Empirical Analysis. Global Environmental Change, (22),407-417.
• Fei, Q., Rasiah, R.(2014). Electricity Consumption, Technological Innovation, Economic Growth and Energy Prices: Does Energy Export Dependency and Development Levels Matter?. Energy Procedia, 61, 1142 – 1145.
• Ghali, K.H., El-Sakka, M.I.T.(2004). Energy Use and Output Growth in Canada: A Multivariate Cointegration Analysis. Energy Economics,24,355-365.
• Grffith, R., Redding, S. ve Reenen, J.V. (2003). R&D and Absorptive Capacity: Theory and Emprical Evidence. Scandinavian Journal of Economics, 105(1), 99-118.
• Griliches, Z.(1990). Patent Statistics As Economic Indicator: A Survey. Journal of Economic Literature, 28 (4) , 1661–1707.
• Grubler, A., Nemet, G., (2014). Sources and Consequences of Knowledge Depreciation. In: Energy Technology Innovation-Learning from Historical Succeses and Fail- ures. Cambridge University Press, Cambridge, UK, Ch.Casestudy 5:Knowledge Depreciation, 309–331.
• Gülmez, A.., Akpolat,A.(2014). AR-GE & İnovasyon ve Ekonomik Büyüme: Türkiye ve AB Örneği İçin Dinamik Panel Veri Analizi, Aibü Sosyal Bilimler Enstitüsü Dergisi,14(2), 1-17.
• Hamilton, J. D. (1983). Oil and The Macroeconomy Since World War II. Journal of Political Economy, 91, 228-248.
• Hicks, J.R. (1932). The Theory of Wages, Macmillan and Co., London.
• IEA,(1990-2014). Energy Prices and Taxes. International Energy Agency.
• Jacobsson, S., Bergek, A. (2004). Transforming The Energy Sector: The Evolution Of Technological Systems In Renewable Energy Technology. Ind.Corp. Change,13 (5), 815–849.
• Kamien, M., Schwartz, N.(1968). Optimal Induced Technical Change. Econometrica, 36(1) 1–17.
• Kruse, J., Wetzel, H.(2015). Energy Prices, Technological Knowledge, and Innovation in Green Energy Technologies: a Dynamic Panel Analysis of European Patent Data, CESifo Economic Studies, 2015, 1–29.
• Ley,M., Stucki, T., Woerter, M.(2013). The Impact of Energy Prices on Environmental Innovation. KOF Working Papers, No. 340.
• Madala, G.S., Kim, I.(1998). Unit Root, Cointegration and Structural Change. UK: Cambridge University Press.
• Nelson, C.R., Plosser, C.I.(1982). Trends and Random Walks in Macroeconomic Time Series—Some Evidence and Implications. Journal of Monetary Economics, 10, 139–162.
• Nemet, G. F. (2009). Demand-pull, Technology-push, and Government-led Incentives for Nonincremental Technical Change. Research Policy, 38, 700–709.
• Newell, R., Jaffe, A., Stavins, R.(1999). The Induced Innovation Hyphothesis and Energy-Saving Technological Change. Quarterly Journal of Economics, 114 (3) (1999) 941–975.
• Newell, R.G.(2010). The Role Of Markets And Policies In Delivering Innovation For Climate Change Mitigation. Oxford Review of Economic Policy, 26(2), 253–269.
• OECD.(2001). Environmentally Related Taxes in OECD Countries. France: OECD Publications.
• OECD.(2008), Information Technology Outlook.
• Phillips, P., Perron, P.(1988). Testing for Unit Root in the Time Series Regression. Biometrika, 75, 336–340.
• Popp, D.(2002). Induced Innovation and Energy Prices. American Economic Review, 92 (1), 160–180.
• Poop, D.(2012). The Role of Technological Change In Green Growth. National Breau of Economic Research, No.18506, Washington D.C.
• Romer, P. M.(1986). Increasing Returns and Long Run Growth. Journal of Political Economy, 94, 1002–1037.
• Scotchmer, S.(1991). Standing on the Shoulders of Giants: Cumulative Research and the Patent Law. Journal of Economic Perspectives ,5, 29–41.
• Schumpeter,J.(1942). Capitalism, Socialism and Democracy, Harper, NewYork.
• Sevüktekin, M., Nargeleçekenler, M.(2010). Ekonometrik Zaman Serleri Analizi. Ankara: Nobel Yayınları.
• Smith, S.(1998). Environmental and Public Finance Aspects of Taxation of Energy. Oxford Review of Economic Policy, 14(4).
• Soete, L.(1981). A General Test Of Technological Gap Theory. Weltwirtschaftliches Archiv, 117, 638- 659.
• Stern, D. I.(2004). Elasticities Of Substitution and Complementarity. Rensselaer Working Papers in Economics ,0403.
• Ülkü, H. (2007). R&D, Innovation, and Growth: Evidence From Four Manufacturing Sectors In OECD Countries. Oxford Economic Papers, 59(3), 513–35.
• Verdolini, E., Galeotti, M. (2011). At Home and Abroad: An Empirical Analysis of Innovation and Diffusion in Energy Technologies. Journal of Environmental Economics and Management, 61, 119–34.
• Van Hulst, N., R. Mulder, ve Soete, L.(1991). Exports and Technology In Manufacturing Industry. Weltwirtschaftliches Archiv, 127, 246-263.
• Wolter, F. (1977). Factor Proportions, Technology and West German Industry’s International Trade Patterns. Weltwirtschaftliches Archiv, 113, 250-267.
• Zachariadis, M.(2003). R&D, Innovation, and Technological Progress: A Test of The Schumpeterian Framework Without Scale Effects. Canadian Journal of Economics, 36(3), 566-686.