- Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
- Cilt: 7 Sayı: 2
- Exploring the Relationship Between Oil Prices and Economic Growth in Türkiye
Exploring the Relationship Between Oil Prices and Economic Growth in Türkiye
Authors : Abdulmecit Yildirim, Gökhan Konat
Pages : 103-117
Doi:10.33399/biibfad.1295409
View : 56 | Download : 64
Publication Date : 2023-12-30
Article Type : Research
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