Yıl: 2021 Cilt: Sayı: 3 Sayfa Aralığı: 165 - 183 Metin Dili: İngilizce DOI: 10.51551/verimlilik.691193 İndeks Tarihi: 16-06-2022

THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES

Öz:
Purpose: It is aimed to examine the relationship between Renewable Energy Consumption (REN), Economic Growth (GDP), Oil Prices (OP), and CO2 emissions (CO2) in selected OECD countries by using the data for the period 1980-2014. Methodology: In the study, Kónya Panel Bootstrap causality method is utilized to determine the relationship between variables. Findings: Firstly, there is a bidirectional causality relationship between REN and CO2 for Canada and Italy; there is a one-way linkage from REN to CO2 in Greece and Ireland, while there is unidirectional causality from CO2 to REN in Austria, Switzerland, and United States. Secondly, there exists a bidirectional causality relationship between the REN and GDP in Italy. In contrast, there is a one-way causality linkage from GDP to REN in Switzerland and Belgium and from REN to GDP in the Netherlands. Thirdly, it is found that there is a bidirectional causality relationship between REN and OP in the United States; there is a one-way causality linkage from OP to REN in Austria, Greece, Italy, Portugal, Spain, and Switzerland, from REN to OP in Japan. Originality: The study has originality in that it examines the relationship among the variables for the selected OECD countries and through Kónya causality method.
Anahtar Kelime: Renewable Energy Consumption, CO2 Emissions, Economic Growth, Oil Prices, Kónya Causality Method

SEÇİLMİŞ OECD ÜLKELERİNDE YENİLENEBİLİR ENERJİ TÜKETİMİ, EKONOMİK BÜYÜME, PETROL FİYATLARI ve CO2 EMİSYONU ARASINDAKİ NEDENSELLİK İLİŞKİSİ

Öz:
Amaç: Seçilmiş OECD ülkelerinde Yenilenebilir Enerji Tüketimi (REN), Ekonomik Büyüme (GDP), Petrol Fiyatları (OP) ve CO2 emisyonu (CO2) arasındaki ilişkinin 1980-2014 dönemi periyoduna ait veriler kullanılarak incelenmesi amaçlanmıştır. Yöntem: Çalışmada, değişkenler arasındaki ilişkinin tespit edilmesinde Kónya Panel Bootstrap nedensellik yönteminden yararlanılmıştır. Bulgular: İlk olarak, Kanada ve İtalya için REN ve CO2arasında iki yönlü, Yunanistan ve İrlanda için REN’den CO2’ye, Avusturya, İsviçre ve ABD için CO2’den REN’e doğru tek yönlü nedensellik ilişkisi söz konusudur. İkinci olarak, İtalya için REN ve GDP arasında iki yönlü nedensellik ilişkisi mevcuttur. Buna karşılık İsviçre ve Belçika için GDP’den REN’e, Hollanda için REN’den GDP’ye doğru tek yönlü nedensellik söz konusudur. Üçüncü olarak, ABD’de REN ve OP arasında iki yönlü, Avusturya, Yunanistan, İtalya, Portekiz, İspanya ve İsviçre’de OP’den REN’e, Japonya’da REN’den OP’ye tek yönlü nedensellik ilişkisi tespit edilmiştir. Özgünlük: Çalışma, değişkenler arasındaki ilişkiyi seçilmiş OECD ülkeleri için ve Kónya nedensellik yöntemiyle incelemesi açısından özgündür.
Anahtar Kelime: Yenilenebilir Enerji Tüketimi, CO2 Emisyonu, Ekonomik Büyüme, Petrol Fiyatları, Kónya Nedensellik Yöntemi

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Bibliyografik
  • ACARAVCI, A. and OZTURK, I. (2010), Electricity Consumption-Growth Nexus: Evidence from Panel Data for Transition Countries, Energy Economics, 32, 604-608.
  • ACARAVCI A. and OZTURK, I. (2012), Electricity Consumption and Economic Growth Nexus: A Multivariate Analysis for Turkey, Amfiteatru Economic, 14 (31), 246-257.
  • AL-MULALI, U., FEREIDOUNI, H. G., LEE, J. Y. and SAB, C. N. B. C. (2013), Examining the Bi-Directional Long Run Relationship between Renewable Energy Consumption and GDP Growth, Renewable and Sustainable Energy Reviews, 22, 209-222.
  • AL-MULALI, U. and OZTURK, I. (2016), The Investigation of Environmental Kuznets Curve Hypothesis in the Advanced Economies: The Role of Energy Prices, Renewable and Sustainable Energy Reviews, 54, 1622-1631.
  • APAYDIN, S., GUNGOR, A. and TASDOGAN, C. (2019), The Asymmetric Effects of Renewable Energy Consumption on Economic Growth in Turkey, Journal of Economics and Administrative Sciences Faculty, 6 (1), 117-134.
  • APERGIS, N. and PAYNE, J. E. (2010a), The Emissions, Energy Consumption, and Growth Nexus: Evidence from the Commonwealth of Independent States, Energy Policy, 38 (1), 650-655.
  • APERGIS, N. and PAYNE, J. E. (2010b), Renewable Energy Consumption and Economic Growth: Evidence from a Panel of OECD Countries, Energy Policy, 38 (1), 656-660.
  • APERGIS, N. and PAYNE, J. E. (2011), The Renewable Energy Consumption-Growth Nexus in Central America, Applied Energy, 88 (1), 343-347.
  • APERGIS, N. and PAYNE, J. E. (2014a), Renewable Energy, Output, CO2 Emissions, and Fossil Fuel Prices in Central America: Evidence from a Nonlinear Panel Smooth Transition Vector Error Correction Model, Energy Economics, 42, 226-232.
  • APERGIS, N. and PAYNE, J. E. (2014b), The Causal Dynamics between Renewable Energy, Real GDP, Emissions and Oil Prices: Evidence from OECD Countries, Applied Economics, 46 (36), 4519-4525.
  • APERGIS, N. and PAYNE, J. E. (2015), Renewable Energy, Output, Carbon Dioxide Emissions, and Oil Prices: Evidence from South America, Energy Sources, Part B: Economics, Planning, and Policy, 10 (3), 281-287.
  • BAYAR, Y. and GAVRILETEA, M. D. (2019), Energy Efficiency, Renewable Energy, Economic Growth: Evidence from Emerging Market Economies, Quality and Quantity, 53, 2221-2234.
  • BHATTACHARYA, M., PARAMATI, S. R., OZTURK, I. and BHATTACHARYA, S. (2016), The Effect of Renewable Energy Consumption on Economic Growth: Evidence from Top 38 Countries, Applied Energy, 162, 733-741.
  • BILGILI, F., KOCAK, E. and BULUT, U. (2016), The Dynamic Impact of Renewable Energy Consumption on CO2 Emissions: A Revisited Environmental Kuznets Curve Approach, Renewable and Sustainable Energy Reviews, 54, 838-845.
  • BOWDEN, N. and PAYNE, J. E. (2009), The Causal Relationship between US Energy Consumption and Real Output: A Disaggregated Analysis, Journal of Policy Modeling, 31 (2), 180-188.
  • BOLUK, G. and MERT, M. (2014), Fossil and Renewable Energy Consumption, GHGs (Greenhouse Gases) and Economic Growth: Evidence from a Panel of EU (European Union) Countries, Energy, 74, 439-446.
  • BREUSCH, T. S. and PAGAN, A. R. (1980), The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics, The Review of Economic Studies, 47 (1), 239-253.
  • BRINI, R., AMARA, M. and JEMMALI, H. (2017), Renewable Energy Consumption, International Trade, Oil Price and Economic Growth Inter-Linkages: The Case of Tunisia, Renewable and Sustainable Energy Reviews, 76, 620- 627.
  • CHARFEDDINE, L. and KAHIA, M. (2019), Impact of Renewable Energy Consumption and Financial Development on CO2 Emissions and Economic Growth in the MENA Region: A Panel Vector Autoregressive (PVAR) Analysis, Renewable Energy, 139, 198-213.
  • CHIEN, T. and HU, J. L. (2007), Renewable Energy and Macroeconomic Efficiency of OECD and Non-OECD Economies, Energy Policy, 35, 3606-3615.
  • DENIZ, P. (2019), Oil Prices and Renewable Energy: An Analysis for Oil Dependent Countries, Journal of Research in Economics, 3 (2), 139-152.
  • DOMAC, J., RICHARDS, K. and RISOVIC, S. (2005), Socio-Economic Drivers in Implementing Bioenergy Projects, Biomass and Bioenergy, 28, 97-106.
  • FANG, Y. (2011), Economic Welfare Impacts from Renewable Energy Consumption: The China Experience, Renewable and Sustainable Energy Reviews, 15, 5120-5128.
  • FUINHAS, J. A. and MARQUES, A. C. (2012), Energy Consumption and Economic Growth Nexus in Portugal, Italy, Greece, Spain and Turkey: An ARDL Bounds Test Approach (1965-2009), Energy Economics, 34 (2), 511-517.
  • HALKOS, G. E. and TZEREMES, N. G. (2013), Renewable Energy Consumption and Economic Efficiency: Evidence from European Countries, Munich Personal RePEc Archive No. 44136.
  • HENRIQUES, I. and SADORSKY, P. (2008), Oil Prices and the Stock Prices of Alternative Energy Companies, Energy Economics, 30, 998-1010.
  • HO, C. Y. and SIU, K. W. (2007), A Dynamic Equilibrium of Electricity Consumption and GDP in Hong Kong: An Empirical Investigation, Energy Policy, 35, 2507-2513.
  • HWANG, J. H. and YOO, S. H. (2014), Energy Consumption, CO2 Emissions, and Economic Growth: Evidence from Indonesia, Quality and Quantity, 48 (1), 63-73.
  • IEA, (2018), World Energy Balances, Paris.
  • IEA, (2019a), World Energy Outlook 2019, IEA, Paris https://www.iea.org/reports/world-energy-outlook-2019, (Accessed: 02 February 2020).
  • IEA, (2019b), World Energy Balances Overview, Paris.
  • INGLESI-LOTZ, R. (2016), The Impact of Renewable Energy Consumption to Economic Growth: A Panel Data Application, Energy Economics, 53, 58-63.
  • INGLESI-LOTZ, R. and DOGAN, E. (2018), The Role of Renewable versus Non-Renewable Energy to the Level of CO2 Emissions a Panel Analysis of Sub-Saharan Africa’s Βig 10 Electricity Generators, Renewable Energy, 123, 36-43.
  • KAHIA, M., AISSAA, M. S. B. and LANOUAR, C. (2017), Renewable and Non-Renewable Energy Use-Economic Growth Nexus: The Case of MENA Net Oil Importing Countries, Renewable and Sustainable Energy Reviews, 71, 127-140.
  • KAHIA, M., JEBLI, M. B. and BELLOUMI, M. (2019), Analysis of the Impact of Renewable Energy Consumption and Economic Growth on Carbon Dioxide Emissions in 12 MENA Countries, Clean Technologies and Environmental Policy, 21 (4), 871-885.
  • KHAN, M. I., YASMEEN, T., SHAKOOR, A., KHAN, N. B. and MUHAMMAD, R. (2017), 2014 Oil Plunge: Causes and Impacts on Renewable Energy, Renewable and Sustainable Energy Reviews, 68, 609-622.
  • KARAGOL, E. T. and KAVAZ, I. (2017), Dünyada and Türkiye’de Yenilenebilir Enerji, SETA, 197, 1-30.
  • KÓNYA, L. (2006), Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach, Economic Modelling, 23 (6), 978-992.
  • KYRITSIS, E. and SERLETIS, A. (2019), Oil Prices and the Renewable Energy Sector, The Energy Journal, 40, 337- 363.
  • LIN, B. and MOUBARAK, M. (2014), Renewable Energy Consumption-Economic Growth Nexus for China, Renewable and Sustainable Energy Reviews, 40, 111-117.
  • MAJI, I. K., SULAIMAN, C. and ABDUL-RAHIM, A. S. (2019), Renewable Energy Consumption and Economic Growth Nexus: A Fresh Evidence from West Africa, Energy Reports, 5, 384-392.
  • MANAGI, S. and OKIMOTO, T. (2013), Does the Price of Oil Interact with Clean Energy Prices in the Stock Market?, Japan and the World Economy, 27, 1-9.
  • MARQUES, A. C., FUINHAS, J. A. and MANSO, J. R. P. (2010), Motivations Driving Renewable Energy in European Countries: A Panel Data Approach, Energy Policy, 38, 6877-6885.
  • MELE, M. (2019), Renewable Energy Consumption: The Effects on Economic Growth in Mexico, International Journal of Energy Economics and Policy, 9 (3), 269-273.
  • MENEGAKI, A. N. (2011), Growth and Renewable Energy in Europe: A Random Effect Model with Evidence for Neutrality Hypothesis, Energy Economics, 33, 257-263.
  • MENYAH, K. and WOLDE-RUFAEL, Y. (2010), CO2 Emissions, Nuclear Energy, Renewable Energy and Economic Growth in the US, Energy Policy, 38 (6), 2911-2915.
  • NARAYAN, P. K. and SMYTH, R. (2008), Energy Consumption and Real GDP in G7 Countries: New Evidence from Panel Cointegration with Structural Breaks, Energy Economics, 30, 2331-2341.
  • OCAL, O. and ASLAN, A. (2013), Renewable Energy Consumption-Economic Growth Nexus in Turkey, Renewable and Sustainable Energy Reviews, 28, 494-499.
  • OECD, (2019), Energy Database, https://data.oecd.org/searchresults/?hf=20andb=0andr=%2Bf%2Ftype%2Findicatorsandr=%2Bf%2Ftopics_en%2Fenergyandl=enands=score, (Accessed: 02 February 2020).
  • OMRI, A. and NGUYEN, D. K. (2014), On the Determinants of Renewable Energy Consumption: International Evidence, Energy, 72, 554-560.
  • PAO, H. T. and FU, H. C. (2013), Renewable Energy, Non-Renewable Energy and Economic Growth in Brazil, Renewable and Sustainable Energy Reviews, 25, 381-392.
  • PAYNE, J. E. (2009), On the Dynamics of Energy Consumption and Output in the US, Applied Energy, 86, 575-577. https://doi.org/10.1016/j.apenergy.2008.07.003.
  • PAYNE, J. E. (2012), The Causal Dynamics between US Renewable Energy Consumption, Output, Emissions, and Oil Prices, Energy Sources, Part B: Economics, Planning, and Policy, 7 (4), 323-330.
  • PESARAN, M. H. (2004), General Diagnostic Tests for Cross Section Dependence in Panels, CESifo Working Paper Series No. 1229; IZA Discussion Paper No. 1240.
  • PESARAN, M. H., ULLAH, A. and YAMAGATA, T. (2008), A Bias-Adjusted LM Test of Error Cross-Section Independence, The Econometrics Journal, 11 (1), 105-127.
  • PESARAN, M. H. and YAMAGATA, T. (2008), Testing Slope Homogeneity in Large Panels, Journal of Econometrics, 142 (1), 50-93.
  • RAHMAN, M. M. and VELAYUTHAM, E. (2020), Renewable and Non-Renewable Energy Consumption-Economic Growth Nexus: New Evidence from South Asia, Renewable Energy, 147, 399-408.
  • RECAI, (2019), Renewable Energy Country Attractiveness Index, https://www.ey.com/en_uk/power-utilities/ renewable-energy-country-attractiveness-index, (Accessed: 20 February 2020).
  • RENTSCHLER, J. E. (2013), Oil Price Volatility, Economic Growth and the Hedging Role of Renewable Energy, The World Bank Policy Research Working Paper, 1-18.
  • SADORSKY, P. (2009), Renewable Energy Consumption, CO2 Emissions and Oil Prices in the G7 countries, Energy Economics, 31, 456-462.
  • SALIM, R. A. and RAFIQ, S. (2012), Why Do Some Emerging Economies Proactively Accelerate the Adoption of Renewable Energy?, Energy Economic, 34, 1051-1057.
  • SEBRI, M. and BEN-SALHA, O. (2014), On the Causal Dynamics between Economic Growth, Renewable Energy Consumption, CO2 Emissions and Trade Openness: Fresh Evidence from BRICS Countries, Renewable and Sustainable Energy Reviews, 39, 14-23.
  • SHAFIEI, S. and SALIM, R. A. (2014), Non-Renewable and Renewable Energy Consumption and CO2 Emissions in OECD Countries: A Comparative Analysis, Energy Policy, 66, 547-556.
  • SHAH, I. H., HILES, C. and MORLEY, B. (2018), How Do Oil Prices, Macroeconomic Factors and Policies Affect the Market for Renewable Energy?, Applied Energy, 215, 87-97.
  • SHAHBAZ, M., HYE, Q. M. A., TIWARI, A. K. and LEITÃO, N. C. (2013), Economic Growth, Energy Consumption, Financial Development, International Trade and CO2 Emissions in Indonesia, Renewable and Sustainable Energy Reviews, 25, 109-121.
  • SHAHBAZ, M., LOGANATHAN, N., ZESHAN, M. and ZAMAN, K. (2015), Does Renewable Energy Consumption Add in Economic Growth? An Application of Auto-Regressive Distributed Lag Model in Pakistan, Renewable and Sustainable Energy Reviews, 44, 576-585.
  • SINHA, A. K. (2015), The Effect of Oil Price Volatility on Renewable Energy Production, Master Dissertation, Georgetown University.
  • SWAMY, P. A (1970), Efficient Inference in a Random Coefficient Regression Model, Econometrica, 38 (2), 311-323.
  • TATOGLU, Y. (2017), Panel Zaman Serileri Analizi, 1. Baskı, Beta Yayınları, İstanbul.
  • TROSTER, V., SHAHBAZ, M. and UDDIN, G. S. (2018), Renewable Energy, Oil Prices, and Economic Activity: A Granger Causality in Quantiles Analysis, Energy Economics, 70, 440-452.
  • TUGCU, C. T., OZTURK, I. and ASLAN, A. (2012), Renewable and Non-Renewable Energy Consumption and Economic Growth Relationship Revisited: Evidence from G7 Countries, Energy Economics, 34, 1942-1950.
  • VAN DRIL, T., SAIDI, R. and VAN TILBURG, X. (2011), Renewable Energy: Investing in Energy and Resource Efficiency, United Nations Environment Programme, 198-239.
  • WORLD BANK, (2020), Development Indicators, https://databank.worldbank.org/source/world-developmentindicators, (Accessed: 03 February 2020).
  • YAZDI, S. K. and SHAKOURI, B. (2017), Renewable Energy, Nonrenewable Energy Consumption, and Economic Growth, Energy Sources, Part B: Economics, Planning, and Policy, 12 (12), 1038-1045.
  • ZOUNDI, Z. (2017), CO2 Emissions, Renewable Energy and the Environmental Kuznets Curve, A Panel Cointegration Approach, Renewable and Sustainable Energy Reviews, 72, 1067-1075.
APA Cengiz O, manga m (2021). THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. , 165 - 183. 10.51551/verimlilik.691193
Chicago Cengiz Orhan,manga muge THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. (2021): 165 - 183. 10.51551/verimlilik.691193
MLA Cengiz Orhan,manga muge THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. , 2021, ss.165 - 183. 10.51551/verimlilik.691193
AMA Cengiz O,manga m THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. . 2021; 165 - 183. 10.51551/verimlilik.691193
Vancouver Cengiz O,manga m THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. . 2021; 165 - 183. 10.51551/verimlilik.691193
IEEE Cengiz O,manga m "THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES." , ss.165 - 183, 2021. 10.51551/verimlilik.691193
ISNAD Cengiz, Orhan - manga, muge. "THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES". (2021), 165-183. https://doi.org/10.51551/verimlilik.691193
APA Cengiz O, manga m (2021). THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. Verimlilik Dergisi, (3), 165 - 183. 10.51551/verimlilik.691193
Chicago Cengiz Orhan,manga muge THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. Verimlilik Dergisi , no.3 (2021): 165 - 183. 10.51551/verimlilik.691193
MLA Cengiz Orhan,manga muge THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. Verimlilik Dergisi, vol., no.3, 2021, ss.165 - 183. 10.51551/verimlilik.691193
AMA Cengiz O,manga m THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. Verimlilik Dergisi. 2021; (3): 165 - 183. 10.51551/verimlilik.691193
Vancouver Cengiz O,manga m THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES. Verimlilik Dergisi. 2021; (3): 165 - 183. 10.51551/verimlilik.691193
IEEE Cengiz O,manga m "THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES." Verimlilik Dergisi, , ss.165 - 183, 2021. 10.51551/verimlilik.691193
ISNAD Cengiz, Orhan - manga, muge. "THE CAUSAL LINKAGES between RENEWABLE ENERGY CONSUMPTION, ECONOMIC GROWTH, OIL PRICES and CO2 EMISSIONS in SELECTED OECD COUNTRIES". Verimlilik Dergisi 3 (2021), 165-183. https://doi.org/10.51551/verimlilik.691193