OECD Ülkelerine Ait Çeşitli Enerji Tüketimleri ve Ekonomik Büyüme Arasındaki İlişkinin Panel Eşbütünleşme Analizi ile İncelenmesi

One of the important parameters showing the development level of the countries is energy consumption. In general terms, in the countries that show developed as industry are consuming more energy. In this context, countries with high energy needs are turning to different alternative energy sources in order not to be dependent on foreign sources. In this study, the relationship between various energy types’ consumption and economic growth belonging to 36 OECD countries was analyzed by Westerlund (2007) panel cointegration test. Before Cointegration test, the heterogeneity of the data was tested, various cross-section dependency tests were applied to the data and the dependency of cross-sections forming the panel was examined. In addition, it was determined whether the data is stationary by using CIPS test. According to the LM, LMadj and CDLM statistics (p <0.05), cross-sectional dependence was determined. Thus, it was decided that it would be appropriate to use the second generation unit root tests. According to CIPS test, it was determined that the variables were not stationary. The first differences of the non-stationary data were taken and again the stationary analysis was applied to the data and it was observed that the data were made stationary. The results showed that there is cointegration between energy consumption and economic growth. In addition, as a result of long-term cointegration test, it was determined that there is a positive relationship between hydroelectric and renewable energy consumption and economic growth, and a negative relationship between thermal energy consumption and economic growth.