INVESTIGATION OF THE EFFECTS OF ENERGY CONSUMPTION ON ECONOMIC GROWTH BY PANEL DATA METHOD

Yıl 2023, Cilt: 13 Sayı: 1, 131 - 143, 31.03.2023

Şeyma Bozkaya , İbrahim Aytekin

https://doi.org/10.30783/nevsosbilen.1124363

Öz

The main purpose of this study; is an examination the effects of energy consumption, inflation, and physical and human capital on economic growth in BRICS countries using the panel data method. The analysis period covers the years 1990-2015. The Dynamic Common Linked Effects Mean Group Estimator method was used in the analysis. According to the findings obtained from the analysis; statistically, significant relationships were obtained between human capital, physical capital, inflation, and economic growth. The coefficients of these variables were determined to be positive except for human capital. However, no statistically significant relationship was found between energy consumption and economic growth.

Anahtar Kelimeler

Economic Growth, BRICS, DCCEMG, Inflation, Energy, Human and Physical Capital

ENERJİ TÜKETİMİNİN İKTİSADİ BÜYÜME ÜZERİNDEKİ ETKİLERİNİN PANEL VERİ YÖNTEMİYLE İNCELENMESİ

Öz

Bu çalışmanın temel amacı; BRICS ülkelerinde enerji tüketimi, enflasyon, fiziki ve beşeri sermayenin iktisadi büyüme üzerindeki etkilerinin panel veri yöntemiyle incelenmesidir. Analiz dönemi 1990-2015 yıllarını kapsamaktadır. Analizde Dinamik Ortak Bağlantılı Etkiler Ortalama Grup Tahmincisi yönteminden faydalanılmıştır. Analizden elde edilen bulgulara göre; beşeri sermaye, fiziki sermaye, enflasyon ve iktisadi büyüme arasında istatistiki olarak anlamlı ilişkiler elde edilmiştir. Bu değişkenlerin katsayıları ise beşeri sermaye haricinde pozitif yönlü olarak tespit edilmiştir. Fakat enerji tüketimi ile iktisadi büyüme arasında istatistiki açıdan anlamlı bir ilişkiye rastlanmamıştır.

Anahtar Kelimeler

İktisadi Büyüme, BRICS, DCCEMG, Enflasyon, Enerji, Beşeri ve Fiziki Sermaye

Kaynakça

• Agiomirgianakis, G., Asteriou, D. & Monastiriotis, V. (2002). Human capital and economic growth revisited: a dynamic panel data study. IAER, 8(3), 177-187.
• Alataş, S. & Çakır, M. (2016). The effect of human capital on economic growth: a panel data analysis. Yönetim Bilimleri Dergisi, 14(27), 539-555.
• Apergis, N. (2005). Inflation uncertainty and growth: evidence from panel data. Australian Economic Papers, 44(2), 186-197.
• Aydın, F., F. (2010). Enerji tüketimi ve ekonomik büyüme. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (35), 317-340.
• Azam, M. (2019), Energy and economic growth in developing Asian economies, Journal of the Asia Pacific Economy, DOI: 10.1080/13547860.2019.1665328
• Barro, R. J. (2003). Determinants of economic growth in a panel of countries, Annals of Economics and Finance (4), 231–274.
• Barro, R. J. (2013). “Inflation and Economic Growth”. Annals of Economics and Finance 14(1), 85–109.
• Behera, J. &Mishra, A., K. (2016). Inflation and economic growth nexus in brıcs: evidence from ardl bound testing approach. Asian Journal of Economic Modelling, 4(1), 1-17.
• Breitung, J., & Pesaran, M. H. (2008). Unit roots and cointegration in panels. in the econometrics of panel data. The econometrics of panel data. Springer Berlin Heidelberg, 279-322. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
• Chudik, A & Pesaran M.H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, (188), 393-420.
• Chontanawat, J. (2020). Dynamic modelling of causal relationship between energy consumption, co2 emission, and economic growth in se asian countries. Energies, 13(6664), 1-27.
• Dessus, S. & Herrera, R. (2000). Public capital and growth revisited: a panel data assessment. Economic Development and Cultural Change, 48(2), 407-418.
• Erkul, H. (2012). Jeotermal enerjinin ekonomik katkıları ve çevresel etkileri: denizli-kızıldere jeotermal örneği. Yönetim Bilimleri Dergisi, 10(19), 1-30.
• Fischer, S. (1993). The role of macroeconomic facfors in growth. NBER Working Paper, No: 4565, National Bureau of Economic Research, Cambridge.
• Karabulut, Ş. (2019). Türkiye’de ekonomik büyüme ve enflasyon ilişkisi. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2019, 6(2), 171-184.
• Khobai, H. (2018). Electricity consumption and economic growth: a panel data approach for brazil, russia, ındia, china and south africa countries. International Journal of Energy Economics and Policy, 8(3), 283-289.
• Lapınskıenė, G., Peleckıs, K., & Slavınskaıtė, N. (2017). Energy consumptıon, economıc growth and greenhouse gas emıssıons in the european unıon countrıes. Journal of Business Economics and Management, 2017, 18(6), 1082–1097.
• Mahadevan, R. & Asafu-Adjaye, J. (2007). Energy consumption, economic growth and prices: a reassessment using panel vecm for developed and developing countries. Energy Policy, 35(2007), 2481–2490.
• Manamperi, N. (2014). The short and long-run dynamics between ınflation and economic growth in brıcs. Applied Economics Letters, 21(2), 140-145.
• Menon, A., A. (2017). Performance of economic growth in brıcs countries. International Journal of Informative & Futuristic Research (IJIFR), 4(5), 6200-6203.
• Mohamad, N. H., & F. B. Said. (2011). Assessing macroeconomic performance of oıc members countries using data envelopment analysis. DEA. Journal of Economic Cooperation and Development 32(4),21–50.
• Mohanty, S. & Sethi, N. (2019). Outward fdı, human capital and economic growth in brıcs countries: an empirical ınsight. Transnational Corporations Review, 11(3), 235-249.
• Olawumi, A., D. (2019). Human capital development and economic growth in brıcs countries: controlling for country differences. Journal of Economics and Behavioral Studies, 11(4), 1-17.
• Peseran, M. H. & Yamagata, T., (2008), Testing slope homogeneity in large panels. Journal of Econometrics, 142 (1), 50-93.
• Shahbaz, M., Shahzad, S. J. H., Alam, S. & Apergis, N. (2018). Globalisation, economic growth and energy consumption in the brıcs region: the importance of asymmetries. The Journal of International Trade & Economic Development, 27 (8), 985-1009.
• Teixeira, A., A., C. & Queirós, A., S., S. (2016). Economic growth, human capital and structural change: a dynamic panel data analysis. Research Policy, 45(2016), 1636–1648.
• Türkekul, B. (2007). Türkiye’de enflasyon-büyüme ilişkisi: tarım sektörü itibariyle ekonometrik bir analiz. Ege Üniversitesi Ziraat Fakültesi Dergisi, 44(1), 63-175.
• Westerlund, J. (2008). Testing for panel cointegration with multiple structural breaks. Oxford Bulletion of Economics and Static, 68(1), 101–132.
• Zhang-wei, L. & Zhang, Xun-gang. (2012), Study on relationship of energy consumption and economic growth in china, Physics Procedia, Volume (24), Part A, 313-319.