Panel Veri Yöntemi ile Seçilmiş Ülke Ekonomilerinde Fosil Yakıt Talebinin İncelenmesi(Investigation of Fossil Fuel Demand in Selected Country Economies with Panel Data Method)

Abstract

In this study, the determinants of fossil fuel demand are investigated with the current period data in which the globalization process deepens. In the study using panel data methods, Argentina, Bangladesh, Bulgaria, Chile, China, Hungary, India, Mexico, Pakistan, Peru, Philippines, Poland, Romania, Thailand, Turkey and Ukraine economies were selected as cross-sectional units. While the share of fossil fuels in the total energy resources in the aforementioned 16 countries was 75.47% in 1990, it was 84.23% in 2018. Compared to 1990, total energy imports increased by 388.96% in the economies of the relevant countries in 2018, and a significant part of this increase is due to fossil fuel consumption. This situation can cause significant problems in terms of both current account deficit and environmental quality. In this study, the short- and long-term relationship between fossil fuel demand and economic growth, foreign direct investments, real energy prices, carbon dioxide emissions, urbanization and energy losses for the sample period of 1990-2018 is empirically examined. In the study where Pooled Mean Group (PMG), Mean Group (MG) and Dynamic Fixed Effects (DFE) estimators from panel data analysis methods are used, Hausman test is used for model choice. Empirical findings indicate that economic growth, real energy prices, foreign direct investment and urbanization reduce fossil fuel demand; On the other hand, it has been shown that carbon dioxide emissions and energy losses play an increasing role in fossil fuel demand.

Keywords

• fossil fuel use
• economic growth
• energy losses
• energy importing countries