The renewable energy and economic growth nexus in Black Sea and Balkan countries

Koçak E., Sarkgunesi A.

ENERGY POLICY, cilt.100, ss.51-57, 2017 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 100
  • Basım Tarihi: 2017
  • Doi Numarası: 10.1016/j.enpol.2016.10.007
  • Dergi Adı: ENERGY POLICY
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus
  • Sayfa Sayıları: ss.51-57
  • Anahtar Kelimeler: Renewable energy, Economic growth, Heterogeneous panel causality, Black Sea and Balkan Countries, NONRENEWABLE ENERGY, BIOMASS ENERGY, ELECTRICITY CONSUMPTION, CO2 EMISSIONS, PANEL, CAUSALITY, TESTS, COINTEGRATION, GDP
  • Erciyes Üniversitesi Adresli: Hayır

Özet

The aim of this study is to explore the relationship between renewable energy consumption and economic growth within the framework of traditional production function for the period of 1990-2012 in 9 Black Sea and Balkan countries. For this purpose, we use Pedroni (1999, 2004) panel cointegration, Pedroni (2000, 2001) co-integration estimate methods and Dumitrescu and Hurlin (2012) heterogeneous panel causality estimation techniques. The study has concluded that there is a long term balance relationship between renewable energy consumption and economic growth and renewable energy consumption has a positive impact on economic growth. Heterogeneous panel causality analysis results support growth hypothesis in Bulgaria, Greece, Macedonia, Russia and Ukraine; feedback hypothesis in Albania, Georgia and Romania; neutrality hypothesis in Turkey and according to the panel data set including all nine countries the results support feedback hypothesis. With the findings, it was concluded that there is a significant impact of renewable energy consumption on economic growth in Balkan and Black Sea Countries.