Exploring the Relationship Between Oil Prices and Economic Growth in Türkiye

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Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
Volume:7 Issue: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 : 87 | Download : 75

Publication Date : 2023-12-30

Article Type : Research Paper

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

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