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Effects of oil production on economic growth in Eurasian countries: Panel ARDL approach

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  • Bildirici, Melike Elif
  • Kayıkçı, Fazıl

Abstract

This study aims at analyzing the relationship between oil production and economic growth in major oil exporting Eurasian countries; Azerbaijan, Kazakhstan, Russian Federation and Turkmenistan for 1993–2010 periods. Empirical results reveal that oil production and economic growth are cointegrated for these countries. Furthermore, there is positive bi-directional causality between oil production and economic growth both in the long run and in the short run which supports the policies about investing in energy infrastructure.

Suggested Citation

  • Bildirici, Melike Elif & Kayıkçı, Fazıl, 2013. "Effects of oil production on economic growth in Eurasian countries: Panel ARDL approach," Energy, Elsevier, vol. 49(C), pages 156-161.
  • Handle: RePEc:eee:energy:v:49:y:2013:i:c:p:156-161
    DOI: 10.1016/j.energy.2012.10.047
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    References listed on IDEAS

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    Cited by:

    1. Adewuyi, Adeolu O. & Awodumi, Olabanji B., 2017. "Renewable and non-renewable energy-growth-emissions linkages: Review of emerging trends with policy implications," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 275-291.
    2. repec:kap:empiri:v:45:y:2018:i:1:d:10.1007_s10663-016-9353-3 is not listed on IDEAS
    3. Bildirici, Melike E. & Bakirtas, Tahsin, 2014. "The relationship among oil, natural gas and coal consumption and economic growth in BRICTS (Brazil, Russian, India, China, Turkey and South Africa) countries," Energy, Elsevier, vol. 65(C), pages 134-144.
    4. Tomas Vlcek & Martin Jirusek & James Henderson, 2015. "Risk Assessment in Construction Process in Nuclear Sector within the Central and Eastern Europe," International Journal of Energy Economics and Policy, Econjournals, vol. 5(2), pages 482-493.
    5. José Alberto Fuinhas & António Cardoso Marques & Alcino Pinto Couto, 2015. "Oil-Growth Nexus in Oil Producing Countries: Macro Panel Evidence," International Journal of Energy Economics and Policy, Econjournals, vol. 5(1), pages 148-163.
    6. Ketenci, Natalya, 2017. "The Impact of the Global Financial Crisis on the Economic Development in the Eurasian Region," MPRA Paper 83780, University Library of Munich, Germany, revised 2017.
    7. repec:eco:journ1:2018-01-8 is not listed on IDEAS
    8. Marques, António Cardoso & Fuinhas, José Alberto & Nunes, André Roque, 2016. "Electricity generation mix and economic growth: What role is being played by nuclear sources and carbon dioxide emissions in France?," Energy Policy, Elsevier, vol. 92(C), pages 7-19.
    9. repec:gok:ijdcv1:v:7:y:2017:i:2:p:97-118 is not listed on IDEAS
    10. repec:eco:journ2:2018-02-16 is not listed on IDEAS

    More about this item

    Keywords

    Growth; Cointegration; Causality; Oil production;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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