ECONOMICGROWTHON EFFECT OF OILCONSUMPTION IN OECD COUNTRIES: PANEL DATA ANALYSIS
Journal Title: The Journal of International Social Research - Year 2016, Vol 9, Issue 42
Abstract
Petroleum and energy are the realization of the most important input in the production and consumption of the country's economy. The realization of production also allows the growth of the country. Countries use fossil fuels to meet of their energy needs.The countries are a correlation between oil consumption and economic growth . Accurate determination of the direction of this relationship is applied that importance in terms of energy policy in those countries. This study was determined panel data analysis by the 26 OECD countries from the World Bank database for the covering 1972-2013 period the relationship between oil consumption and GDP growth rates. the results of the analyzes are positively influence oil consumption to growth and also the growth to oil consumption in OECD countries. Between oil consumption and growth associated with positive countries; Chile, Korea and Turkey. This situation is indicative of excessive dependence on oil in those countries. Between growth and oil consumption are negative relationship countries; Belgium, Germany, Denmark, Britain, Japan, the Netherlands and Sweden. This situation is indicative of the absence of the economies of these countries dependent on oil. In other countries accurate positive or negative correlation from the growth to oil consumption or from oil consumption to growth and have been identified coefficients.
Authors and Affiliations
Hayrettin KESGİNGÖZ
Keywords
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