No abstract

In this study, the relationship between budget deficit and current account balance which are a big matter of debate in economy since 1980s'tried to be dealed with regards to Keynesyon and Richardian approaches. For Turkish economy, the correlation between budget deficit and current account balance between 1998Q1-2013Q2 years was tested by appliying Johansen cointegration test, Error Correction Model(ECM) and Granger causality test. As a result of this paper, it was found that the twin deficit hypothesis, which puts forward that budgetary deficit affects current account balance, is not valid.

Öz Çalışmada petrol tüketimi ile ekonomik büyüme arasındaki ilişki 1980 ile 2013 yıllarını kapsayacak şekilde 28 OECD ülke için analiz edilmiştir. Öncelikle ülkeler arasında yatay kesit bağımlılığı incelenmiştir. Elde edilen bulgularda yatay kesit bağımlılığı olmasından dolayı birim kök testi ve eşbütünleşme testlerinin ikinci nesil test olması gerekmektedir. Bu nedenle ikinci nesil birim kök testiyle (Pesaran CADF (2007)) eşbütünleşme testi (WesterlundDurbin-H (2008)) kullanılmıştır. Ortaya çıkan sonuçlarda petrol tüketimi ile ekonomik büyüme arasında eşbütünleşme ilişkisi bulunmuştur. Çalışmanın son aşamasında ise uzun dönem eşbütünleşme katsayılarının tahmini CommonCorrelatedEffect (CCE) yardımıyla tahmin edilmiştir. Elde edilen sonuçlarda, esneklik katsayısı pozitiftir ve 0.279 olarak bulunmuştur.

With its increasing share in total energy consumption in recent years, renewable energy has caused countries to shift their policies towards this direction. The search for alternatives to nonrenewable energy sources, which are expected to come close to running out between the years of 2050 and 2060, has been increasing each passing day. Alternative energy sources are highly important for our future, especially in this day and age in which energy wars are leading to serious destructions. Countries will be able to produce both cleaner and more economical energy by means of renewable energy sources. In the present study, the relationship between renewable energy consumption and economic growth in 49 non-OECD countries was analyzed for the period between 1980 and 2012. For this purpose, firstly, the cross-section dependence among the countries was tested. Due to the presence of cross-section dependence among the countries, a second generation unit root test (Pesaran CADF(2007)) and cointegration test (Westerlund Durbin-H (2008)) were used. The result of the analyses revealed the existence of a long term relationship between renewable energy consumption and economic growth. At the last stage of the study, the long term cointegration coefficients were estimated using the Common Correlated Effects (CCE). The findings obtained in the study are compatible with our expectations and the literature, and an increase in renewable energy consumption has a positive effect on growth and development.