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

Author

Listed:
  • Aziza Syzdykova

    (Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,)

  • Gulmira Azretbergenova

    (Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,)

  • Khairulla Massadikov

    (Department of Public Administration and Regional Development, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan. Kazakhstan.)

  • Aigul Kalymbetova

    (Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,)

  • Darkhan Sultanov

    (Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan,)

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.

Suggested Citation

  • Aziza Syzdykova & Gulmira Azretbergenova & Khairulla Massadikov & Aigul Kalymbetova & Darkhan Sultanov, 2020. "Analysis of the Relationship between Energy Consumption and Economic Growth in the Commonwealth of Independent States," International Journal of Energy Economics and Policy, Econjournals, vol. 10(4), pages 318-324.
    • Handle: RePEc:eco:journ2:2020-04-40
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    References listed on IDEAS

    as
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    Cited by:

    1. Alex Borodin & Natalia Natocheeva & Irina Khominich & Andrey Kulikov & Natalia Shchegolevatykh, 2021. "The Impact of the Business Environment on the Effectiveness of the Implementation of the Financial Strategy of the Oil and Gas Company," International Journal of Energy Economics and Policy, Econjournals, vol. 11(5), pages 13-21.
    2. Kudabayeva Lyazzat & Aktolkin Abubakirova & Omarova Aizhan Igilikovna & Taskinbaikyzy Zhanargul & Saubetova Bibigul Suleimenovna, 2023. "The Relationship between Energy Consumption, Carbon Emissions and Economic Growth in ASEAN-5 Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 265-271, March.
    3. Aziza Syzdykova & Aktolkin Abubakirova & Fehmi Bugra Erdal & Ainura Saparova & Zhanture Zhetibayev, 2021. "Analysis of the Relationship Between Renewable Energy and Economic Growth in Selected Developing Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 11(1), pages 110-116.
    4. Ahunov, Muzaffarjon & Kakhkharov, Jakhongir & Mozumder, Pallab, 2022. "Income and household energy consumption in a transition economy: The case of Uzbekistan," Energy, Elsevier, vol. 254(PA).
    5. Salokhiddin Avazkhodjaev & Jaloliddin Usmonov & M ria Bohdalov & Wee-Yeap Lau, 2022. "The Causal Nexus between Renewable Energy, CO2 Emissions, and Economic Growth: New Evidence from CIS Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 248-260, November.
    6. Aktolkin Abubakirova & Aizhan Omarova & Gulimai Amaniyazova & Bibigul Saubetova & Aigul Esturlieva, 2023. "Determinants of Energy Consumption in Central Asian Countries: Panel Data Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 288-294, November.
    7. Gulmira Mombekova & Murat Nurgabylov & Assel Baimbetova & Bektur Keneshbayev & Bibigul Izatullayeva, 2024. "The Relationship Between Energy Consumption, Population and Economic Growth in Developing Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 368-374, May.
    8. Ranti Darwin & Dyah Wulan Sari & Unggul Heriqbaldi, 2022. "Dynamic Linkages between Energy Consumption, Foreign Direct Investment, and Economic Growth: A New Insight from Developing Countries in Asia," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 30-36, November.
    9. Aktolkin Abubakirova & Aziza Syzdykova & Assan Dosmakhanbet & Lyazzat Kudabayeva & Gulnar Abdulina, 2021. "Relationship between Oil Prices and Stock Prices in BRICS-T Countries: Symmetric and Asymmetric Causality Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 140-148.
    10. Anvar Tulaganov & Gulnara Sagindykova & Murad Isaev & Bibigul Bimbetova & Maira Kaiyrgaliyeva & Bakhitzhamal Aidosova & Aizhan Orynbassarova, 2022. "The Impact Analysis of Electricity Prices on the Energy Intensity of the Kazakhstani Economy and Sustainable Development," International Journal of Energy Economics and Policy, Econjournals, vol. 12(2), pages 241-248, March.
    11. Gulmira Azretbergenova & Aziza Syzdykova, 2020. "The Dependence of the Kazakhstan Economy on the Oil Sector and the Importance of Export Diversification," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 157-163.
    12. Gulmira Azretbergenova & Beybit Syzdykov & Talgat Niyazov & Turysbekova Gulzhan & Nazira Yskak, 2021. "The Relationship between Renewable Energy Production and Employment in European Union Countries: Panel Data Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 20-26.
    13. Ibrahim Abdelrasoul Mohammed Belal & Sumaya Awad Khader Ahmed & Faouzi Hedi Boujedra, 2021. "The Causal Relationship between, Electricity Consumption and Economic Growth in Kingdom of Saudi Arabia: A Dynamic Causality Test," International Journal of Energy Economics and Policy, Econjournals, vol. 11(1), pages 333-340.

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    More about this item

    Keywords

    Energy Consumption; Economic Growth; CIS countries; Panel Co-integration; Panel Causality;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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