Exploring the Relationship Between Oil Prices and Economic Growth in Türkiye

Abdulmecit Yildirim () and Gökhan Konat ()
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Abdulmecit Yildirim: Muş Alparslan University
Gökhan Konat: Bolu Abant İzzet Baysal University

Bingol University Journal of Economics and Administrative Sciences, 2023, vol. 7, issue 2, 103-117

Abstract: This study investigates the existence of a long-run relationship between economic growth and oil prices in Türkiye, using annual data for the period 1987-2019. First, the stationarity of the variables is evaluated using the Residual Augmented Least Squares (RALS) based ADF unit root test. Second, the RALS-based cointegration test is used to investigate the long-run relationship between the variables. The findings indicate that there is no long-run relationship between economic growth and oil prices in Türkiye. As a result, it is concluded that the series does not return to equilibrium in the long run and oil price shocks during the financial turmoil may affect economic growth.

Keywords: Ekonomik büyüme; petrol fiyatları; birim kök; eşbütünleşme; RALS; asimetrik nedensellik (search for similar items in EconPapers)
JEL-codes: O10 O13 Q4 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bgo:journl:v:7:y:2023:i:2:p:103-117

DOI: 10.33399/biibfad.1295409

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