Analysis of the Relationship between Energy Consumption and Economic Growth in the Commonwealth of Independent States

Aziza Syzdykova, Gulmira Azretbergenova, Khairulla Massadikov, Aigul Kalymbetova and Darkhan Sultanov
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Aziza Syzdykova: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,
Gulmira Azretbergenova: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,
Khairulla Massadikov: Department of Public Administration and Regional Development, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan. Kazakhstan.
Aigul Kalymbetova: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,
Darkhan Sultanov: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,

International Journal of Energy Economics and Policy, 2020, vol. 10, issue 4, 318-324

Abstract: Since energy is one of the indispensable elements of our lives, it is one of the most studied topics today. Utilization of energy with the highest efficiency capacity is very important for sustaining the growth of the countries. Effects of energy consumption on economic growth differ from country to country depending on economic structure and economic growth process of country. For this reason, there is no exact opinion related to direction of causality relationship between energy consumption and economic growth. In the literature there are four hypotheses (growth, protective, objectivity, feedback) which explain the relationship of the point in the question. In this context, in order to implement a strategically correct energy policy, one of the growth and energy indicators should be tested correctly. This study examines the relationship between energy consumption and economic growth in Commonwealth of Independent States (CIS) for the period of 1992-2018. According to the findings of the study, there is a two-way causality between energy consumption and economic growth in CIS countries. This shows that the feedback hypothesis is valid in these countries.

Keywords: Energy Consumption; Economic Growth; CIS countries; Panel Co-integration; Panel Causality (search for similar items in EconPapers)
JEL-codes: O40 Q40 Q43 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

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