The Effects of Fluctuations in Oil Prices on the Turkish Economy: Evidence from Asymmetric Tests

OÄŸuzhan ÅžENGÃœL

Fiscaoeconomia, 2023, issue 2

Abstract: In developing economies, the need for energy is increasing day by day with the growth of the economy. Along with the increase in the need, the change in oil prices also has different effects on the economies of these countries. While this situation becomes more important in energy-dependent economies, it creates different scenarios for oil exporting countries.In this study, the effect of oil price shocks on Turkey's economic growth performance in the period between 2000 and 2021 in the Turkish economy, one of developing economies, is examined. In the study, asymmetric boundary and causality tests are used to fully understand the effects of positive and negative shocks on oil prices. The results show that there is an asymmetrical relationship between oil prices and economic growth. Increases in oil prices affect the Turkish economy more than the decrease in oil prices.

Keywords: Energy prices; Turkish economy; asymmetric ARDL test (search for similar items in EconPapers)
JEL-codes: C22 O11 O40 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:230228

DOI: 10.25295/fsecon.1086095

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