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Energy Consumption and Economic Growth: Econometric Analysis for NIC Countries

Author

Listed:
  • Kizilkaya, Fatma

    (Hakkari University)

  • Dag, Mehmet

    (Siirt University)

Abstract

Energy is considered a necessary and important input for social and economic development. Growth and energy consumption can cause each other. In this study, the causality relationship between energy consumption and growth in Newly Industrialized Countries (NIC) is analysed using annual data from the period 1971-2014. In this study, firstly the cross-sectional dependence of the series is investigated. The findings show that there is cross-sectional dependence in the series. Then the causality relationship between the series is examined using bootstrap causality test developed by Konya (2006). The results show that the neutrality hypothesis is valid for Brazil, Indonesia, India, Mexico, Malaysia, Thailand, Turkey and South Africa, and the growth hypothesis is valid for China and Philippines.

Suggested Citation

  • Kizilkaya, Fatma & Dag, Mehmet, 2019. "Energy Consumption and Economic Growth: Econometric Analysis for NIC Countries," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 10(3), pages 587-596, May.
    • Handle: RePEc:ris:buecrj:0409
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    More about this item

    Keywords

    Growth Hypothesis; Neutrality Hypothesis; Energy Consumption; Growth; Bootstrap Causality;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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