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Oil Consumption and GNP Relationship In Turkey: An Empirical Study

In: Proceedings of the Conference on Human and Economic Resources

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Author Info
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.

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This chapter was published in: Erdal Karagöl & Erman Erbaykal & H.Murat Ertuðrul Proceedings of the Conference on Human and Economic Resources, , pages 366-372, 2006.

This item is provided by Izmir University of Economics in its series Papers of the Annual IUE-SUNY Cortland Conference in Economics with number 200630.

Handle: RePEc:izm:prcdng:200630

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Related research
This chapter was published in the following book, which is listed on IDEAS:
Oguz Esen & Ayla Ogus (ed.), 2006. "Proceedings of the International Conference on Human and Economic Resources," Proceedings of the IUE-SUNY Cortland Conference in Economics, Izmir University of Economics, number 2006, November. [Downloadable!]
Keywords: oil consumption; turkey; cointegration;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Stern, David I., 2000. "A multivariate cointegration analysis of the role of energy in the US macroeconomy," Energy Economics, Elsevier, vol. 22(2), pages 267-283, April. [Downloadable!] (restricted)
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  2. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  3. Altinay, Galip & Karagol, Erdal, 2005. "Electricity consumption and economic growth: Evidence from Turkey," Energy Economics, Elsevier, vol. 27(6), pages 849-856, November. [Downloadable!] (restricted)
  4. Asafu-Adjaye, John, 2000. "The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries," Energy Economics, Elsevier, vol. 22(6), pages 615-625, December. [Downloadable!] (restricted)
  5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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