Journal
ENERGY
Volume 49, Issue -, Pages 156-161Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.energy.2012.10.047
Keywords
Growth; Cointegration; Causality; Oil production
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This study aims at analyzing the relationship between oil production and economic growth in major oil exporting Eurasian countries; Azerbaijan, Kazakhstan, Russian Federation and Turkmenistan for 1993-2010 periods. Empirical results reveal that oil production and economic growth are cointegrated for these countries. Furthermore, there is positive bi-directional causality between oil production and economic growth both in the long run and in the short run which supports the policies about investing in energy infrastructure. (C) 2012 Elsevier Ltd. All rights reserved.
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