Analysis of Relationship between Economic Growth and Energy Consumption in Developed Countries

• DOI: 10.28991/hef-2022-03-01-06
• Publication Date: 2022-05-22T08:32:25Z
• Authors: Okyay Uçan; Hilal Budak; E. Dilara Aktekin
• Keywords: Economics and Econometrics; Consumption; Economics; Social Sciences; Economic Impact of Environmental Policies and Resources; Energy Consumption; Quantum mechanics; 7. Clean energy; FOS: Economics and business; GF1-900; Engineering; Sociology; Unit root test; energy consumption; Meteorology. Climatology; Economic Growth; 0502 economics and business; panel data analysis.; Indoor Air Pollution in Developing Countries; FOS: Mathematics; Econometrics; Rebound Effect on Energy Efficiency and Consumption; Energy; Cointegration; Renewable Energy, Sustainability and the Environment; Homogeneity (statistics); Physics; Statistics; 05 social sciences; 1. No poverty; Social science; economic growth; Pollution; FOS: Sociology; Energy consumption; Consumption (sociology); Economics, Econometrics and Finance; Unit root; Human ecology. Anthropogeography; Causality (physics); Electrical engineering; Environmental Science; Physical Sciences; 8. Economic growth; QC851-999; Mathematics

This study examined the relationship between economic growth and energy consumption in the period 1986–2015 for 15 selected developed countries. In this study, in which the dynamic panel analysis method was used, cross-section dependence and homogeneity tests were taken into account. Accordingly, unit root and cointegration tests were decided. According to the cointegration test results, it has been determined that there is a long-term relationship between economic growth and energy consumption. The results obtained from the Dumitrescu-Hurlin causality test analysis show that there is a bidirectional causality relationship. As a result of the analysis, it has been concluded that economic growth and energy consumption are the causes of each other for the period of 1986–2015 in 15 selected developed countries.JEL Classification:O40, O13, C23. Doi: 10.28991/HEF-2022-03-01-06 Full Text: PDF