Review of Energy-Growth Nexus: A Panel Analysis for Ten Eurasian Oil Exporting Countries

Renewable and Sustainable Energy Reviews 73 (2017) 369–386

18 Pages Posted: 11 Feb 2017 Last revised: 24 Feb 2017

See all articles by Hasanov Fakhri

Hasanov Fakhri

Qafqaz University - Center for Socio-Economic Research; George Washington University - Research Program on Forecasting; Institute of Cybernetics - Department of Modeling Socio-Economic Processes

Cihan Bulut

Vistula University - Faculty of Business and International Relations; Qafqaz University

Elchin Suleymanov

Baku Engineering University - Department of Finance

Date Written: February 10, 2017

Abstract

The paper examines the energy-growth nexus in ten oil-exporting developing Eurasian countries: Azerbaijan, Bahrain, Iran, Kazakhstan, Kuwait, Oman, Qatar, Russia, Saudi Arabia and the UAE over the period 1997–2014.

Lack of enough energy-growth nexus studies on the oil exporters of the Middle East and Commonwealth of Independent States coupled with a number of issues, which have not been addressed by prior studies motivate us to conduct this review.

Policymakers should take into consideration that any policy measures aimed at conserving the Primary Energy Consumption can undermine economic growth, as we find that the growth hypothesis dominates in the Primary Energy Consumption-growth nexus. Conversely, validity of the neutrality hypothesis in the Residential Electricity Consumption-growth nexus, another finding of this study, implies that policymakers can pursue conservation policy by reconsidering the residential electricity subsidies in the selected countries.

The study contributes to the energy-growth literature by addressing some issues and filling the gap for the Eurasian oil exporting countries, especially those in the Middle East and Commonwealth of Independent States.

Keywords: Energy-growth nexus; Oil-exporting Eurasian countries; Middle East; CIS; Panel Cointegration; Panel Granger causality

JEL Classification: C51; E; Q4

Suggested Citation

Hasanov, Fakhri and Bulut, Cihan and Suleymanov, Elchin, Review of Energy-Growth Nexus: A Panel Analysis for Ten Eurasian Oil Exporting Countries (February 10, 2017). Renewable and Sustainable Energy Reviews 73 (2017) 369–386, Available at SSRN: https://ssrn.com/abstract=2915188

Fakhri Hasanov

Qafqaz University - Center for Socio-Economic Research ( email )

Baku Sumgait Road 16th km.
Hasan Aliyev Str. 120
Khirdalan, Baku AZ0101
Azerbaijan
+994 (12) 4482862-66 (Phone)
+994 (12) 4482861,67 (Fax)

HOME PAGE: http://www.qu.edu.az/

George Washington University - Research Program on Forecasting ( email )

1922 F Street, NW
Old Main, Suite 208
Washington, DC 20052
United States
(202) 994-6150 (Phone)
(202) 994-6147 (Fax)

HOME PAGE: http://research.columbian.gwu.edu/cer/research/forecasting

Institute of Cybernetics - Department of Modeling Socio-Economic Processes ( email )

9, F. Agayev Str.
Baku, Az1141
Azerbaijan
(994 12) 5390151 (Phone)
(994 12) 5392633 (Fax)

HOME PAGE: http://www.cyber.az/

Cihan Bulut (Contact Author)

Vistula University - Faculty of Business and International Relations ( email )

Stokłosy 3
Warszawa
Poland

Qafqaz University ( email )

Baku-Sumgait Highway 16-km Khirdalan,
Khirdalan, AZ0101
Azerbaijan

Elchin Suleymanov

Baku Engineering University - Department of Finance ( email )

Baku Sumgait Road 16th km. Hasan Aliyev Str. 120
Baku, AZ0101
Azerbaijan

HOME PAGE: http://beu.edu.az/en/staff_directory/staff/elsuleymanov

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