The causal effect of shifting oil to natural gas consumption on current account balance and economic growth in 11 OECD countries: evidence from bootstrap-corrected panel causality test

Since energy is unavoidable source in production process, the rapid increase in oil price leads to several economic problems such as security of energy supply, rising foreign-dependency, increase in energy bills, current account deficit and a decrease in economic growth. Therefore countries aspire to energy diversification in energy consumption since the oil shock of 1973. In this context use of natural gas instead of oil is a policy tool. So this study examines the causal relations among the rate of natural gas consumption to oil consumption, economic growth and current account balance for 11 OECD countries (Australia, Finland, France, Germany, Greece, South Korea, Mexico, Netherland, Switzerland, United Kingdom and United States. and the period of 1980-2012. The panel data causality test developed by Konya (2006) was used since it is good enough to account for both cross-sectional dependency and heterogeneity among the countries in the sample. Furthermore the method estimated country specific critical values using bootstrap simulation. According to achieving findings, there is unidirectional causal relation from the ratio of natural gas/oil consumption to current account balance for Switzerland. A one way causal nexus was found from the ratio of natural gas/oil consumption to economic growth in the case of South Korea and Netherland. There is unidirectional causal relation from economic growth to the ratio of natural gas/oil consumption in the pattern of Switzerland. Lastly no causal nexus found from current account balance to the ratio of natural gas/oil consumption. (C) 2014 Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-ncl/3.0/).

Yazar Kesikoglu, Ferdi
Yildirtm, Ertugrul
Yayın Türü Conference Object
Tek Biçim Adres https://hdl.handle.net/20.500.12628/3465
Tek Biçim Adres 10.1016/j.sbspro.2014.07.556
Konu Başlıkları Natural Gas/Petroleum Consumption
Economic Growth
Panel Causality
Koleksiyonlar Araştırma Çıktıları | WoS | Scopus | TR-Dizin | PubMed | SOBİAD
WoS İndeksli Yayınlar Koleksiyonu
Dergi Adı 3RD CYPRUS INTERNATIONAL CONFERENCE ON EDUCATIONAL RESEARCH (CY-ICER 2014)
Dergi Cilt Bilgisi 143
Sayfalar 1064 - 1069
Yayın Yılı 2014
Eser Adı
[dc.title]
The causal effect of shifting oil to natural gas consumption on current account balance and economic growth in 11 OECD countries: evidence from bootstrap-corrected panel causality test
Yayıncı
[dc.publisher]
ELSEVIER SCIENCE BV
Yayın Türü
[dc.type]
conferenceObject
Açıklama
[dc.description]
3rd Cyprus International Conference on Educational Research (CY-ICER) -- JAN 30-FEB 01, 2014 -- Near E Univ, Nicosia, CYPRUS
Açıklama
[dc.description]
WOS: 000345440000199
Özet
[dc.description.abstract]
Since energy is unavoidable source in production process, the rapid increase in oil price leads to several economic problems such as security of energy supply, rising foreign-dependency, increase in energy bills, current account deficit and a decrease in economic growth. Therefore countries aspire to energy diversification in energy consumption since the oil shock of 1973. In this context use of natural gas instead of oil is a policy tool. So this study examines the causal relations among the rate of natural gas consumption to oil consumption, economic growth and current account balance for 11 OECD countries (Australia, Finland, France, Germany, Greece, South Korea, Mexico, Netherland, Switzerland, United Kingdom and United States. and the period of 1980-2012. The panel data causality test developed by Konya (2006) was used since it is good enough to account for both cross-sectional dependency and heterogeneity among the countries in the sample. Furthermore the method estimated country specific critical values using bootstrap simulation. According to achieving findings, there is unidirectional causal relation from the ratio of natural gas/oil consumption to current account balance for Switzerland. A one way causal nexus was found from the ratio of natural gas/oil consumption to economic growth in the case of South Korea and Netherland. There is unidirectional causal relation from economic growth to the ratio of natural gas/oil consumption in the pattern of Switzerland. Lastly no causal nexus found from current account balance to the ratio of natural gas/oil consumption. (C) 2014 Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-ncl/3.0/).
Kayıt Giriş Tarihi
[dc.date.accessioned]
2019-12-23
Açık Erişim Tarihi
[dc.date.available]
2019-12-23
Yayın Yılı
[dc.date.issued]
2014
Tek Biçim Adres
[dc.identifier.uri]
https://dx.doi.org/10.1016/j.sbspro.2014.07.556
Tek Biçim Adres
[dc.identifier.uri]
https://hdl.handle.net/20.500.12628/3465
Yayın Dili
[dc.language.iso]
eng
Konu Başlıkları
[dc.subject]
Natural Gas/Petroleum Consumption
Konu Başlıkları
[dc.subject]
Economic Growth
Konu Başlıkları
[dc.subject]
Panel Causality
Yazar
[dc.contributor.author]
Kesikoglu, Ferdi
Yazar
[dc.contributor.author]
Yildirtm, Ertugrul
Haklar
[dc.rights]
info:eu-repo/semantics/openAccess
ISSN
[dc.identifier.issn]
1877-0428

[dc.relation.ispartofseries]
Procedia Social and Behavioral Sciences
Yazar Departmanı
[dc.contributor.department]
Zonguldak Bülent Ecevit Üniversitesi
İlk Sayfa Sayısı
[dc.identifier.startpage]
1064
Son Sayfa Sayısı
[dc.identifier.endpage]
1069
Dergi Adı
[dc.relation.journal]
3RD CYPRUS INTERNATIONAL CONFERENCE ON EDUCATIONAL RESEARCH (CY-ICER 2014)
Dergi Cilt Bilgisi
[dc.identifier.volume]
143
Görüntülenme Sayısı ( Şehir )
Görüntülenme Sayısı ( Ülke )
Görüntülenme Sayısı ( Zaman Dağılımı )
Görüntülenme
41
09.12.2022 tarihinden bu yana
İndirme
1
09.12.2022 tarihinden bu yana
Son Erişim Tarihi
20 Nisan 2024 16:10
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Tıklayınız
consumption natural causal economic energy account gas/oil growth current balance countries Switzerland org/licenses/by-nc-ncl/3 Netherland //creativecommons United unidirectional relation increase findings achieving According country simulation bootstrap specific cross-sectional dependency heterogeneity sample Furthermore method estimated values critical
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