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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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    More about this item

    Keywords

    Growth; Cointegration; Causality; Oil production;
    All these keywords.

    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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