This paper examines the causal relationship between energy consumption and economic growth for Turkey during 1971–2006. We employed two multivariate models, namely demand model and production model, based on vector error correction model. Then, we tested Granger causality after finding...

The theoretical linkages between openness and long-run economic growth are established with the development of new growth theories. In this literature, it has been shown that openness affects economic growth through a number of channels and the direction of this effect is closely related to the...

This paper aims to investigate the empirically the impact of FDI on economic growth of Georgia over the period of 1997-2010. The Engle-Granger cointegration and Granger causality tests are used in order to analyse the causal relationship between FDI and economic growth. It is crucial to see the...

This paper re-examines the Purchasing Power Parity (PPP) hypothesis in which the endogenously determined break points are incorporated in thirteen major Middle East and Northern Africa (MENA) countries by using official and black market exchange rates data over 1970-1998. We utilize Lagrange...

This paper aims to investigate empirically the impact of FDI on economic growth for Azerbaijan, Kyrgyz Republic, Kazakhstan, Tajikistan, Turkmenistan, and Uzbekistan over the period 1997-2010. The Johansen cointegration and Granger causality tests are used in order to analyze the causal...

This research aims to investigate the relationship between energy consumption and economic growth in Georgia, Azerbaijan and Armenia during the period of 1995–2009. The Engle- Granger cointegration and Granger causality tests are used in order to analyse the causal relationship between energy...

Economic integration theory suggests that each member benefits from establishing a customs union; because the country that has relatively lower income will grow faster than the others, income and growth rates of all member countries will be equalised in the long-run. However, endogenous growth...