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

Authors

  • Aziza Syzdykova Khoja Akhmet Yassawi International Kazakh-Turkish University http://orcid.org/0000-0002-1377-0026
  • Gulmira Azretbergenova
  • Khairulla Massadikov
  • Aigul Kalymbetova
  • Darkhan Sultanov

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 CausalityJEL Classifications: O40, Q43, Q40DOI: https://doi.org/10.32479/ijeep.9264

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Author Biography

Aziza Syzdykova, Khoja Akhmet Yassawi International Kazakh-Turkish University

Finance and Accounting ProgramGraduate School of Public Administration and Economics

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Published

2020-05-16

How to Cite

Syzdykova, A., Azretbergenova, G., Massadikov, K., Kalymbetova, A., & Sultanov, D. (2020). Analysis of the Relationship between Energy Consumption and Economic Growth in the Commonwealth of Independent States. International Journal of Energy Economics and Policy, 10(4), 318–324. Retrieved from https://econjournals.com/index.php/ijeep/article/view/9264

Issue

Vol. 10 No. 4 (2020)

Section

Articles

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