The dynamics of energy production: a composite index
Corresponding Author(s) : Emmanouil Karakostas
Future Energy,
Vol. 1 No. 2 (2022): August 2022 Issue
Abstract
Energy is a sector of production of considerable interest. Today's era is particularly dependent on energy. Both continuous technological upgrading and the increase in living standards require ever-greater energy security. Many countries in the world are formulating their policies in order to secure energy resources. Energy security is one of the most important objectives of any country in the international economic system. All countries are trying to secure energy resources whether they are endowed or through trade. However, the main issue that arises is the production of energy. Energy production has a direct and indirect impact on a country's economy. It is therefore essential to properly investigate those factors that determine energy production. What are those factors determining energy production? There are many factors that can determine energy production. This study will attempt to set an analytical framework that can analyze the factors that determine energy production. The methodology applied is the construction of a composite index (CI).
Keywords
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- Esen, Ο. and Bayrak, M. Does more energy consumption support economic growth in net energy-importing countries? Journal of Economics, Finance and Administrative Science,2017; 22:75-98.
- Schlesinger, J. R. The Geopolitics of Energy. The Washington Quarterly, 1979;2:3–7.
- Liao, H.B., Fana, Y. and Wei, Y.M. What Induced China’s Energy Intensity to Fluctuate: 1997–2006. Energy Policy, 2007;35:4640-4649.
- Gupta, E. Oil Vulnerability Index of Oil-Importing Countries. Energy Policy, 2008;36:1195-1211.
- Costantini, V., Gracceva, F., Markandya, A. and Vicini G. Security of Energy Supply: Comparing Scenarios from a European Perspective. Energy Policy, 2007;35:210-226.
- Shafiee, S. & Topal, E. An Econometrics View of Worldwide Fossil Fuel Consumption and the Role of US. Energy Policy, 2008;36:775-786.
- Paldam, M. The political economy of Dutch Disease - A survey. In: Cabrillo. F. and Puchades - Navarro M. (eds) Constitutional Economics and Public Institutions. Edward Elgar. Cheltenham U.K, 2013.
- Eichengreen, B. The real exchange rate and economic growth. Social and Economic Studies, 2007; 7–20.
- Williamson. J. Exchange rate economics. Open Economies Review, 2009;20:123–146.
- Habib, M.M., Mileva, E. and Stracca, L. The real exchange rate and economic growth: Revisiting the case using external instruments. Journal of International Money and Finance. 2017;73:386–398.
- Kang, W. and Ratti, R.A. Structural Oil Price Shocks and Policy Uncertainty. Econ. Model. 2013;35:314–319.
- Antonakakis, N., Chatziantoniou, I. and Filis, G. Dynamic Spillovers of Oil Price Shocks and Economic Policy Uncertainty. Energy Econ. 2014;44:433–447.
- Duan, F., Ji. Q., Liu, B.-Y. and Fan. Y. Energy Investment Risk Assessment for Nations along China’s Belt & Road Initiative. J. Clean. Prod. 2018;170:535–547.
- Barykina, Υ.Ν., Chernykh, A.G. and Bao, Na. Energy production as a basis for sustainable development in the BRICS countries. IOP Conf. Series: Earth and Environmental Science. 2022;990: 012016.
- Vipin. A. Energy Production and Trade: An Overview of Some Macroeconomic Issues. U.S. Energy Information Administration. November 2014. https://www.eia.gov/workingpapers/pdf/energy_exports_overview.pdf
- Karakostas, E. What Determines the Effectiveness of a Currency: A Composite Index. International Journal of Applied Economics. Finance and Accounting, 2022;12:1–11.
- Hudrliková, L. Composite indicators as a useful tool for international comparison: The Europe 2020 example. Prague Economic Papers, 2013;4:459-473.
- Nardo, M., Saisana, M., Saltelli, A., Tarantola, S., Hoffman, A. and Giovannini. E. Handbook on Constructing Composite Indicators: Methodology and User Guide. OECD Statistics Working Papers. 2005/3. OECD Publishing.
- Freudenberg, M. Composite Indicators Of Country Performance: A Critical Assessment. STI Working Paper 2003/16. OECD Directorate For Science. Technology and Industry.
- OECD Handbook on Constructing Composite Indicators methodology and user guide. Organization For Economic Co-Operation And Development. France, 2008.
- Pollesch, N.L. and Dale, V.H. Normalization in sustainability assessment: Methods and implications. Ecological Economics, 2016;130:195-208.
- Schwab, K. The Global Competitiveness Report 2019. World Economic Forum. Centre for Global Competitiveness and Performance Geneva. Switzerland. 2019.
- Ochel, W. and Röhn, O. Ranking of Countries – The WEF, IMD, Fraser and Heritage Indices. CESifo Dice Report, 2006;4:48-60.
- Walesiak. M. (2018). The choice of normalization method and rankings of the set of objects based on composite indicator values. Statistics in Transition new series, 2018;19:693–710.
- IMD Methodology and Principles of Analysis. IMD World Competitiveness Center, 2019. file:///C:/Users/emkar/Downloads/wcy_methodology_2019%20(1).pdf
- Talukder, B.W., Hipel, K.W. and van Loon. G. Developing Composite Indicators for Agricultural Sustainability Assessment: Effect of Normalization and Aggregation Techniques. Resources, 2017;6:1 – 27.
- Mazziotta, M. & Pareto, A. Methods for Constructing Composite Indices: One for All or All for One? Rivista Italiana di Economia Demografia e Statistica, 2013;67:67 – 80.
- Kruyt, B., Vuuren, D.P., Van de Vries, H.J.M. and Groenenberg, H. Indicators for energy security. Energy Policy, 2009;37:2166–2181.
- Badea, A.C., Rocco, C.M.S., Tarantola, S. and Bolado, R. Composite Indicators For Security of Energy Supply Using Ordered Weighted Averaging Reliability. Engineering & System Safety, 2011;96:651-662.
- Darvas, Z. Real Effective Exchange Rates for 178 Countries: A New Database. Bruegel Working Paper 2012/06. 1-34. https://www.bruegel.org/wpcontent/uploads/imported/publications/120315_ZD_REER_WP_01.pdf
- Balassa, B. (1965). Trade Liberalization and Revealed Comparative Advantage.’ The Manchester School. 1965;33:327-345.
- López, L.F.G. The concept of elasticity and strategies for teaching it in introductory courses of economics. Semestre Económico, 2019;22:149-167.
- Henderson, V., Storeygard, A. and Weil, D.N. Measuring Economic Growth from Outer Space. Working Paper 15199. National Bureau Of Economic Research. July 2009.
- Twin, A. ‘World's Top 10 Oil Exporters. [Online] June 2021. https://www.investopedia.com/articles/company-insights/082316/worlds-top-10-oil-exporters.asp
- Jiang, P., Fan, Y.V. and Klemeš, J.J. Impacts of COVID-19 on energy demand and consumption: Challenges. lessons and emerging opportunities. Applied energy, 2021;285:116441.
- Alekhina, V. and Yoshino, N. Impact of World Oil Prices on an Energy Exporting Economy Including Monetary Policy, ADBI Working Paper 828, 2018, Tokyo: Asian Development Bank Institute.
- Yousefi, A. and Wirjanto, T.S. The empirical role of the exchange rate on the crude-oil price formation. Energy Economics. 2004;26:783-799.
- Reboredo, J. Rivera-Castro, M.A. and Zebende. G.F. Oil and US dollar exchange rate dependence: A detrended cross-correlation approach. Energy economics 2014;42:132-139.
- Coudert, V., Mignon, V. and Penot, A. Oil price and the dollar. Energy Studies Review, 2008;15:45-58.
- Basher, S., Haug. A. and Sadorsky, P. Oil prices. exchange rates and emerging stock markets. Energy economics. 2012;34:227-240.
- Ouchen, M. Optimal choice of an exchange rate regime: a critical literature review. MPRA Paper No. 43907. January 2013. https://mpra.ub.uni-muenchen.de/43907/1/MPRA_paper_43907.pdf
- Cruz-Rodriguez, A. Choosing and Assessing Exchange Rate Regimes: A Survey of the Literature. Revista de Análisis Económico, 2013;28:37-61.
- Al-Sadiq, A.J. and Ötker. I. Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters. IMF Working Papers. 2021 (104). A001. https://www.elibrary.imf.org/view/journals/001/2021/104/article-A001-en.xml
- Falkowski, K. Russia-EU28 and Russia-China trade interdependence vs. the competitiveness of the Russian economy. Institute of Economic Research Working Papers No. 25/2017.
- Chen, L. The BRICS in the Global Value Chains: An Empirical Note. Cuadernos de Economía, 2012;31:221-239.
- Obadi, S. Competitive Advantage of Yemeni Export in the US Market.’ Open Access Library Journal, 2017;4:1-9.
- Khatibi, A. Kazakhstan’s Revealed Comparative Advantage Vis-À-Vis the EU-27. ECIPE Working Paper No. 03/2008.
- Romero-Márquez, I. and Carlos Moreno-Brid, J.C. Export competitiveness in an oil and gas economy: the case of Trinidad and Tobago. 1985-2010. CEPAL Review 117, December 2015.
- Dahl, C. and Duggan, T. U.S. energy product supply elasticities: A survey and application to the U.S. oil market.’ Resource and Energy Economics. 1996;18: 243-263.
- Graham, D. and Glaister, S. ‘The demand for automobile fuel: A survey of elasticities. Journal of Transport Economics and Policy 2002;36:1-26.
- Hamilton, J.D. Understanding Crude Oil Prices. Energy Journal, 2009;30:179-206.
- Hausman, C. and Kellogg, R. Welfare and Distributional Implications of Shale Gas. Brookings Papers on Economic Activity., 2015 no. Spring: 71–125.
- Meier, H. and Rehdanz, Κ. Determinants of residential space heating expenditures in Great Britain. Energy Economics, 2010;32:949–959.
- Kaufmann, R.K., Dees, S. Gasteuil, A. and Mann, M. Oil Prices. The Role of Refinery Utilization, Futures Markets, and Nonlinearities. Energy Economics, 2008;30:2609-2622.
- Dees, S., Karadeloglou, P. Kaufmann, R.K. and Sanchez, M. Modelling the World Oil Market. Assessment of A Quarterly Econometric Model. Energy Policy, 2007;35:178-191.
- Lynch, M.C. Forecasting oil supply: Theory and practice. The Quarterly Review of Economics and Finance, 2002;42:373-389.
- Hansen, P.V. & Lindholt, L. The market power of OPEC 1973–2001. Applied Economics, 2008;40:2939-2959.
- Campbell, C.J. and Laherrère, J.H. The end of cheap oil. Scientific American, 1998. https://www.scientificamerican.com/article/the-end-of-cheap-oil/
- Krichene, N. World crude oil and natural gas: a demand and supply model. Energy Econ, 2002;24:557-576
- Almoguera, P.A., Douglas. C.C. and Herrera, A.M. Testing for the cartel in OPEC: noncooperative collusion or just noncooperative? Oxford Review of Economic Policy, 2011;27:144-168.
- Lin, C.Y.C. Estimating supply and demand in the world oil market. J. Energy Development, 2011;34:1-32.
- Phoumin, H. and Kimura. S. Analysis on Price Elasticity of Energy Demand in East Asia: Empirical Evidence and Policy Implications for ASEAN and East Asia. ERIA-DP-2014-05. Economic Research Institute for ASEAN and East Asia.
- Caldara, D., Cavallo, M. and Iacoviello, M. Oil price elasticities and oil price fluctuations. Journal of Monetary Economics, 2019;103:1–20.
- Ito, K. CO2 emissions. renewable and non-renewable energy consumption. and economic growth: Evidence from panel data for developing countries. International Economics, 2017;151:1–6.
- Usama, A. GDP growth – energy consumption relationship: revisited. International Journal of Energy Sector Management, 2014;8:356 – 379.
- Heidari, H., Katircioğlu, S.T. and Saeidpour, L. ‘Economic growth. CO2 emissions. and energy consumption in the five ASEAN countries.’ International Journal of Electrical Power & Energy Systems, 2015;64: 785–791.
- Saidi, K. and Hammami, S. The impact of CO2 emissions and economic growth on energy consumption in 58 countries. Energy Reports, 2015;1:62–70.
- Al-Mulali, U. and Sab, C.N.B.C. The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub-Saharan African countries. Energy, 2012;39:180–186.
- Nyiwul, L. Economic performance. environmental concerns. and renewable energy consumption: Drivers of renewable energy development in Sub-Sahara Africa. Clean Technologies and Environmental Policy. 2017;19:437–450.
- Pao, H.T., Li, Y.Y. and Fu, H.C. Causality relationship between energy consumption and economic growth in Brazil. Smart Grid and Renewable Energy, 2014;5:198-205.
- Vafaeirad, M., Mohammadiha, M. and Goodarzy, Y. Energy consumption and GDP in selected Asian countries: A cointegrated panel analysis. Journal of Asian Scientific Research, 2015; 5:177-184.
- Keay, M. Energy: The Long View. Oxford Institute for Energy Studies. SP 20, October 2007.
- Cicea, C., Ciocoiu, C.N. and Marinescu, C. Exploring the Research Regarding Energy–Economic Growth Relationship. Energies 2021;14:2661.
- Aksu, G., Güzeller, C.O. and Taha Eser. M.T. The Effect of the Normalization Method Used in Different Sample Sizes on the Success of Artificial Neural Network Model. International Journal of Assessment Tools in Education. 2019; 6:170–192.
- IMF What is real effective exchange rate (REER)? [Online], 2022. https://datahelp.imf.org/knowledgebase/articles/537472-what-is-real-effective-exchange-rate-reer
- Petkovová, L., Hartman, D. and Pavelka. T. Problems of Aggregation of Sustainable Development Indicators at the Regional Level. Sustainability, 2020;12. 7156.
- Vabalas, A. Gowen, E., Poliakoff, E. and Casson, A.J. Machine learning algorithm validation with a limited sample size. PLoS ONE, 2019;14:e0224365.
References
Esen, Ο. and Bayrak, M. Does more energy consumption support economic growth in net energy-importing countries? Journal of Economics, Finance and Administrative Science,2017; 22:75-98.
Schlesinger, J. R. The Geopolitics of Energy. The Washington Quarterly, 1979;2:3–7.
Liao, H.B., Fana, Y. and Wei, Y.M. What Induced China’s Energy Intensity to Fluctuate: 1997–2006. Energy Policy, 2007;35:4640-4649.
Gupta, E. Oil Vulnerability Index of Oil-Importing Countries. Energy Policy, 2008;36:1195-1211.
Costantini, V., Gracceva, F., Markandya, A. and Vicini G. Security of Energy Supply: Comparing Scenarios from a European Perspective. Energy Policy, 2007;35:210-226.
Shafiee, S. & Topal, E. An Econometrics View of Worldwide Fossil Fuel Consumption and the Role of US. Energy Policy, 2008;36:775-786.
Paldam, M. The political economy of Dutch Disease - A survey. In: Cabrillo. F. and Puchades - Navarro M. (eds) Constitutional Economics and Public Institutions. Edward Elgar. Cheltenham U.K, 2013.
Eichengreen, B. The real exchange rate and economic growth. Social and Economic Studies, 2007; 7–20.
Williamson. J. Exchange rate economics. Open Economies Review, 2009;20:123–146.
Habib, M.M., Mileva, E. and Stracca, L. The real exchange rate and economic growth: Revisiting the case using external instruments. Journal of International Money and Finance. 2017;73:386–398.
Kang, W. and Ratti, R.A. Structural Oil Price Shocks and Policy Uncertainty. Econ. Model. 2013;35:314–319.
Antonakakis, N., Chatziantoniou, I. and Filis, G. Dynamic Spillovers of Oil Price Shocks and Economic Policy Uncertainty. Energy Econ. 2014;44:433–447.
Duan, F., Ji. Q., Liu, B.-Y. and Fan. Y. Energy Investment Risk Assessment for Nations along China’s Belt & Road Initiative. J. Clean. Prod. 2018;170:535–547.
Barykina, Υ.Ν., Chernykh, A.G. and Bao, Na. Energy production as a basis for sustainable development in the BRICS countries. IOP Conf. Series: Earth and Environmental Science. 2022;990: 012016.
Vipin. A. Energy Production and Trade: An Overview of Some Macroeconomic Issues. U.S. Energy Information Administration. November 2014. https://www.eia.gov/workingpapers/pdf/energy_exports_overview.pdf
Karakostas, E. What Determines the Effectiveness of a Currency: A Composite Index. International Journal of Applied Economics. Finance and Accounting, 2022;12:1–11.
Hudrliková, L. Composite indicators as a useful tool for international comparison: The Europe 2020 example. Prague Economic Papers, 2013;4:459-473.
Nardo, M., Saisana, M., Saltelli, A., Tarantola, S., Hoffman, A. and Giovannini. E. Handbook on Constructing Composite Indicators: Methodology and User Guide. OECD Statistics Working Papers. 2005/3. OECD Publishing.
Freudenberg, M. Composite Indicators Of Country Performance: A Critical Assessment. STI Working Paper 2003/16. OECD Directorate For Science. Technology and Industry.
OECD Handbook on Constructing Composite Indicators methodology and user guide. Organization For Economic Co-Operation And Development. France, 2008.
Pollesch, N.L. and Dale, V.H. Normalization in sustainability assessment: Methods and implications. Ecological Economics, 2016;130:195-208.
Schwab, K. The Global Competitiveness Report 2019. World Economic Forum. Centre for Global Competitiveness and Performance Geneva. Switzerland. 2019.
Ochel, W. and Röhn, O. Ranking of Countries – The WEF, IMD, Fraser and Heritage Indices. CESifo Dice Report, 2006;4:48-60.
Walesiak. M. (2018). The choice of normalization method and rankings of the set of objects based on composite indicator values. Statistics in Transition new series, 2018;19:693–710.
IMD Methodology and Principles of Analysis. IMD World Competitiveness Center, 2019. file:///C:/Users/emkar/Downloads/wcy_methodology_2019%20(1).pdf
Talukder, B.W., Hipel, K.W. and van Loon. G. Developing Composite Indicators for Agricultural Sustainability Assessment: Effect of Normalization and Aggregation Techniques. Resources, 2017;6:1 – 27.
Mazziotta, M. & Pareto, A. Methods for Constructing Composite Indices: One for All or All for One? Rivista Italiana di Economia Demografia e Statistica, 2013;67:67 – 80.
Kruyt, B., Vuuren, D.P., Van de Vries, H.J.M. and Groenenberg, H. Indicators for energy security. Energy Policy, 2009;37:2166–2181.
Badea, A.C., Rocco, C.M.S., Tarantola, S. and Bolado, R. Composite Indicators For Security of Energy Supply Using Ordered Weighted Averaging Reliability. Engineering & System Safety, 2011;96:651-662.
Darvas, Z. Real Effective Exchange Rates for 178 Countries: A New Database. Bruegel Working Paper 2012/06. 1-34. https://www.bruegel.org/wpcontent/uploads/imported/publications/120315_ZD_REER_WP_01.pdf
Balassa, B. (1965). Trade Liberalization and Revealed Comparative Advantage.’ The Manchester School. 1965;33:327-345.
López, L.F.G. The concept of elasticity and strategies for teaching it in introductory courses of economics. Semestre Económico, 2019;22:149-167.
Henderson, V., Storeygard, A. and Weil, D.N. Measuring Economic Growth from Outer Space. Working Paper 15199. National Bureau Of Economic Research. July 2009.
Twin, A. ‘World's Top 10 Oil Exporters. [Online] June 2021. https://www.investopedia.com/articles/company-insights/082316/worlds-top-10-oil-exporters.asp
Jiang, P., Fan, Y.V. and Klemeš, J.J. Impacts of COVID-19 on energy demand and consumption: Challenges. lessons and emerging opportunities. Applied energy, 2021;285:116441.
Alekhina, V. and Yoshino, N. Impact of World Oil Prices on an Energy Exporting Economy Including Monetary Policy, ADBI Working Paper 828, 2018, Tokyo: Asian Development Bank Institute.
Yousefi, A. and Wirjanto, T.S. The empirical role of the exchange rate on the crude-oil price formation. Energy Economics. 2004;26:783-799.
Reboredo, J. Rivera-Castro, M.A. and Zebende. G.F. Oil and US dollar exchange rate dependence: A detrended cross-correlation approach. Energy economics 2014;42:132-139.
Coudert, V., Mignon, V. and Penot, A. Oil price and the dollar. Energy Studies Review, 2008;15:45-58.
Basher, S., Haug. A. and Sadorsky, P. Oil prices. exchange rates and emerging stock markets. Energy economics. 2012;34:227-240.
Ouchen, M. Optimal choice of an exchange rate regime: a critical literature review. MPRA Paper No. 43907. January 2013. https://mpra.ub.uni-muenchen.de/43907/1/MPRA_paper_43907.pdf
Cruz-Rodriguez, A. Choosing and Assessing Exchange Rate Regimes: A Survey of the Literature. Revista de Análisis Económico, 2013;28:37-61.
Al-Sadiq, A.J. and Ötker. I. Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters. IMF Working Papers. 2021 (104). A001. https://www.elibrary.imf.org/view/journals/001/2021/104/article-A001-en.xml
Falkowski, K. Russia-EU28 and Russia-China trade interdependence vs. the competitiveness of the Russian economy. Institute of Economic Research Working Papers No. 25/2017.
Chen, L. The BRICS in the Global Value Chains: An Empirical Note. Cuadernos de Economía, 2012;31:221-239.
Obadi, S. Competitive Advantage of Yemeni Export in the US Market.’ Open Access Library Journal, 2017;4:1-9.
Khatibi, A. Kazakhstan’s Revealed Comparative Advantage Vis-À-Vis the EU-27. ECIPE Working Paper No. 03/2008.
Romero-Márquez, I. and Carlos Moreno-Brid, J.C. Export competitiveness in an oil and gas economy: the case of Trinidad and Tobago. 1985-2010. CEPAL Review 117, December 2015.
Dahl, C. and Duggan, T. U.S. energy product supply elasticities: A survey and application to the U.S. oil market.’ Resource and Energy Economics. 1996;18: 243-263.
Graham, D. and Glaister, S. ‘The demand for automobile fuel: A survey of elasticities. Journal of Transport Economics and Policy 2002;36:1-26.
Hamilton, J.D. Understanding Crude Oil Prices. Energy Journal, 2009;30:179-206.
Hausman, C. and Kellogg, R. Welfare and Distributional Implications of Shale Gas. Brookings Papers on Economic Activity., 2015 no. Spring: 71–125.
Meier, H. and Rehdanz, Κ. Determinants of residential space heating expenditures in Great Britain. Energy Economics, 2010;32:949–959.
Kaufmann, R.K., Dees, S. Gasteuil, A. and Mann, M. Oil Prices. The Role of Refinery Utilization, Futures Markets, and Nonlinearities. Energy Economics, 2008;30:2609-2622.
Dees, S., Karadeloglou, P. Kaufmann, R.K. and Sanchez, M. Modelling the World Oil Market. Assessment of A Quarterly Econometric Model. Energy Policy, 2007;35:178-191.
Lynch, M.C. Forecasting oil supply: Theory and practice. The Quarterly Review of Economics and Finance, 2002;42:373-389.
Hansen, P.V. & Lindholt, L. The market power of OPEC 1973–2001. Applied Economics, 2008;40:2939-2959.
Campbell, C.J. and Laherrère, J.H. The end of cheap oil. Scientific American, 1998. https://www.scientificamerican.com/article/the-end-of-cheap-oil/
Krichene, N. World crude oil and natural gas: a demand and supply model. Energy Econ, 2002;24:557-576
Almoguera, P.A., Douglas. C.C. and Herrera, A.M. Testing for the cartel in OPEC: noncooperative collusion or just noncooperative? Oxford Review of Economic Policy, 2011;27:144-168.
Lin, C.Y.C. Estimating supply and demand in the world oil market. J. Energy Development, 2011;34:1-32.
Phoumin, H. and Kimura. S. Analysis on Price Elasticity of Energy Demand in East Asia: Empirical Evidence and Policy Implications for ASEAN and East Asia. ERIA-DP-2014-05. Economic Research Institute for ASEAN and East Asia.
Caldara, D., Cavallo, M. and Iacoviello, M. Oil price elasticities and oil price fluctuations. Journal of Monetary Economics, 2019;103:1–20.
Ito, K. CO2 emissions. renewable and non-renewable energy consumption. and economic growth: Evidence from panel data for developing countries. International Economics, 2017;151:1–6.
Usama, A. GDP growth – energy consumption relationship: revisited. International Journal of Energy Sector Management, 2014;8:356 – 379.
Heidari, H., Katircioğlu, S.T. and Saeidpour, L. ‘Economic growth. CO2 emissions. and energy consumption in the five ASEAN countries.’ International Journal of Electrical Power & Energy Systems, 2015;64: 785–791.
Saidi, K. and Hammami, S. The impact of CO2 emissions and economic growth on energy consumption in 58 countries. Energy Reports, 2015;1:62–70.
Al-Mulali, U. and Sab, C.N.B.C. The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub-Saharan African countries. Energy, 2012;39:180–186.
Nyiwul, L. Economic performance. environmental concerns. and renewable energy consumption: Drivers of renewable energy development in Sub-Sahara Africa. Clean Technologies and Environmental Policy. 2017;19:437–450.
Pao, H.T., Li, Y.Y. and Fu, H.C. Causality relationship between energy consumption and economic growth in Brazil. Smart Grid and Renewable Energy, 2014;5:198-205.
Vafaeirad, M., Mohammadiha, M. and Goodarzy, Y. Energy consumption and GDP in selected Asian countries: A cointegrated panel analysis. Journal of Asian Scientific Research, 2015; 5:177-184.
Keay, M. Energy: The Long View. Oxford Institute for Energy Studies. SP 20, October 2007.
Cicea, C., Ciocoiu, C.N. and Marinescu, C. Exploring the Research Regarding Energy–Economic Growth Relationship. Energies 2021;14:2661.
Aksu, G., Güzeller, C.O. and Taha Eser. M.T. The Effect of the Normalization Method Used in Different Sample Sizes on the Success of Artificial Neural Network Model. International Journal of Assessment Tools in Education. 2019; 6:170–192.
IMF What is real effective exchange rate (REER)? [Online], 2022. https://datahelp.imf.org/knowledgebase/articles/537472-what-is-real-effective-exchange-rate-reer
Petkovová, L., Hartman, D. and Pavelka. T. Problems of Aggregation of Sustainable Development Indicators at the Regional Level. Sustainability, 2020;12. 7156.
Vabalas, A. Gowen, E., Poliakoff, E. and Casson, A.J. Machine learning algorithm validation with a limited sample size. PLoS ONE, 2019;14:e0224365.