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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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Bibliographic Info

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This chapter was published in:

  • 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.
    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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    Keywords: oil consumption; turkey; cointegration;

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