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Oil Consumption and GNP Relationship In Turkey: An Empirical Study

In: Proceedings of the Conference on Human and Economic Resources

Author

Listed:
  • Erdal Karagöl

    (Balýkesir Üniversitesi)

  • Erman Erbaykal

    (Balýkesir Üniversitesi)

  • H.Murat Ertuðrul

    (Balýkesir Üniversitesi)

Abstract

This paper will investigate the causal relationship between oil consumption and GNP. For this purpose, we will investigate the presence of cointegration among the variables and use a vector error correction model to test causality relationship. Empirical results for Turkey over the period 1971–2003 suggest that there is cointegration relationship between GNP and oil consumption. We found no causal relationship between oil consumption and GNP in short run whereas there is a long run unidirectional causality running from GNP to oil consumption.

Suggested Citation

  • Erdal Karagöl & Erman Erbaykal & H.Murat Ertuðrul, 2006. "Oil Consumption and GNP Relationship In Turkey: An Empirical Study," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Oguz Esen & Ayla Ogus (ed.), Proceedings of the Conference on Human and Economic Resources, pages 366-372, Izmir University of Economics.
    • Handle: RePEc:izm:prcdng:200630
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    References listed on IDEAS

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