ENERGY USE AND MAJOR MACROECONOMIC INDICATORS INTERACTIONS: TURKEY'S PLACE IN THE WORLD IN THE CONTEXT OF INTERACTION

Selay Giray Yakut (), Selin Devrim Ã-Zdemir Yazgan (), N. Ece Bacaksiz () and Halit Fikir ()
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Selay Giray Yakut: Marmara University/TURKEY
Selin Devrim Ã-Zdemir Yazgan: Marmara University/TURKEY
N. Ece Bacaksiz: Independent Researcher/TURKEY
Halit Fikir: Marmara University/TURKEY

JOURNAL OF LIFE ECONOMICS, 2021, vol. 8, issue 2, 247-261

Abstract: The main purpose of this study is to examine the relationships between variables determined by following the literature and to investgate the place of Turkey in terms of those variables by multivariate analysis techniques. After that, linear and nonlinear relationships between variables were analyzed using time series econometric techniques for the countries exhibiting the same structure with Turkey. Within the concept of this study, the relationship between the variables has been analyzed using correlation analysis for world countries and significant relationships were found. Then, the relationship structure was investigated by Factor Analysis. Then, the relationship structure was investigated with Factor Analysis, one of the multivariate statistical analysis techniques. In terms of five variables aforementioned, countries in the world were grouped according to their similarities by using cluster analysis, one of the multivariate statistical analysis techniques and it was determined that Brazil, Chile, Uruguay are structurally most similar countries with Turkey, in terms of relationships between variables. This finding was also supported by the ranking factor scores. The causal relationship between macroeconomic variables were analyzed by time series econometrics techniques for the countries exhibiting the similar structure with Turkey. As a result of the nonlinear causality analysis applied, causality relationship between energy consumption and core inflation were found for all countries.

Keywords: Energy; Multivariate statistical analysis; Nonlinear Causality Analysis (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:jle:journl:jlecon8209

DOI: 10.15637/jlecon.8.2.09

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