Effects of Oil Prices on Capacity Usage: Panel Data Analysis for G-7 Countries

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dc.contributor.authorSavrul, Mesut
dc.contributor.authorYağış, Onur
dc.date.accessioned2025-01-27T19:36:44Z
dc.date.available2025-01-27T19:36:44Z
dc.date.issued2020
dc.departmentÇanakkale Onsekiz Mart Üniversitesi
dc.description.abstractThe fact that energy has become an indispensable part of human life is an important part of economic development and it is accepted by all. The high demand for oil by many countries, especially for social development and industrialization efforts, reveals the strong link between energy and development.As a result of the rapid increase in the dependence on oil, which has an important place among the primary energy sources, the world economy has been hit hard by the oil crises. In this respect, the dependence of the countries that want to continue their economic development and achieve their industrialization targets on energy consumption has played an important role. Increasing energy costs have hampered the economic growthof countries. Economic stagnations following the oil shocks in the 1970s led to studies on the relationship between oil prices and many macroeconomic variables such as economic growth, inflation and employment.In this respect, this study analyses the effects of imported crude oil prices, economic growth, unemployment and capital accumulation usage on capacity utilization using panel data analysis considering horizontal cross-sectional dependence by using annual data of G-7 countries (Canada, France, Germany, Italy, Japan, UK and USA) for 1999-2017 period. Stability of the series was examined by Bootstrap test which is one of the second-generation unit root tests which take horizontal dependence into account. The existence of cointegration relationship was examined by Westerlung-Edgerton LM bootstrap test and AMG 2009 (Augmented Mean Group estimator) method was used to estimate long-term coefficients. The results of the study show that while economic growth has positive effects on capacity utilization, imported crude oil prices, unemployment and capital use have negative and statistically significant effects.
dc.identifier.doi10.47644/TurkishStudies.40610
dc.identifier.endpage1624
dc.identifier.issn2667-5625
dc.identifier.issue3
dc.identifier.startpage1607
dc.identifier.trdizinid418452
dc.identifier.urihttps://doi.org/10.47644/TurkishStudies.40610
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/418452
dc.identifier.urihttps://hdl.handle.net/20.500.12428/16959
dc.identifier.volume15
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.relation.ispartofTurkish Studies - Economics, Finance, Politics
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_TRD_20250125
dc.subjectİktisat
dc.subjectİşletme Finans
dc.titleEffects of Oil Prices on Capacity Usage: Panel Data Analysis for G-7 Countries
dc.typeArticle

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