Which Hypothesis is Valid for OECD Countries in the Context of the Relationship between Energy Consumption and Economic Growth? A Panel Data Analysis

In the study, panel data analysis was conducted on 32 OECD countries covering period 1990-2018. To analyse effect of energy consumption economic growth, first, a cross-section dependence test variables carried out, then CADF Test, which is most suitable unit root based obtained results results, applied. According to findings Hausman, autocorrelation, and heteroscedasticity tests, it has been decided use Driscoll-Kraay for model’s forecast. The forecast demonstrate that positively affects growth. Westerlund ECM Panel Cointegration Test determine long-term relationship, concluded acted together in long term. Emirmahmutoglu & Kose Dumitrescu Hurlin tests were used direction relationship between Through both maximum number emerged respectively null hypothesis with no causality growth explaining from Along fisher Z_NT detected