Research Article


DOI :10.26650/JEPR913986   IUP :10.26650/JEPR913986    Full Text (PDF)

The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy

Haydar Karadağ

Countries trying to increase their production in the industrial sector wish to have access to cheap energy. However, a rise in oil prices affects the industrial production of countries dependent on oil. Furthermore, as production costs increase, the general level of prices also increases. This study aims to examine the long-term effects of the rise in oil prices on the industrial production index and the CPI in the Turkish economy. Since the study measures the impact of Brent crude oil prices on the industrial production index and CPI for the Turkish economy, it contributes to the literature. In this respect, the study investigated the relationships among the specified variables for the 2010: Q1-2020: Q4 period of the Turkish economy. Phillips-Ouliaris cointegration test and Granger and Bootstrap causality test were used to analyze the relationship among the variables. A long-term relationship was found between the variables. According to the results of both causality tests, it was determined that the rise in oil prices raised the CPI by increasing the cost of industrial production in the Turkish economy. The findings show that oil prices should be monitored closely by actors of economic management. 

JEL Classification : C12 , E31 , L11 , Q41

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APA

Karadağ, H. (2021). The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy. Journal of Economic Policy Researches, 8(2), 211-223. https://doi.org/10.26650/JEPR913986


AMA

Karadağ H. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy. Journal of Economic Policy Researches. 2021;8(2):211-223. https://doi.org/10.26650/JEPR913986


ABNT

Karadağ, H. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy. Journal of Economic Policy Researches, [Publisher Location], v. 8, n. 2, p. 211-223, 2021.


Chicago: Author-Date Style

Karadağ, Haydar,. 2021. “The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy.” Journal of Economic Policy Researches 8, no. 2: 211-223. https://doi.org/10.26650/JEPR913986


Chicago: Humanities Style

Karadağ, Haydar,. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy.” Journal of Economic Policy Researches 8, no. 2 (Sep. 2021): 211-223. https://doi.org/10.26650/JEPR913986


Harvard: Australian Style

Karadağ, H 2021, 'The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy', Journal of Economic Policy Researches, vol. 8, no. 2, pp. 211-223, viewed 24 Sep. 2021, https://doi.org/10.26650/JEPR913986


Harvard: Author-Date Style

Karadağ, H. (2021) ‘The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy’, Journal of Economic Policy Researches, 8(2), pp. 211-223. https://doi.org/10.26650/JEPR913986 (24 Sep. 2021).


MLA

Karadağ, Haydar,. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy.” Journal of Economic Policy Researches, vol. 8, no. 2, 2021, pp. 211-223. [Database Container], https://doi.org/10.26650/JEPR913986


Vancouver

Karadağ H. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy. Journal of Economic Policy Researches [Internet]. 24 Sep. 2021 [cited 24 Sep. 2021];8(2):211-223. Available from: https://doi.org/10.26650/JEPR913986 doi: 10.26650/JEPR913986


ISNAD

Karadağ, Haydar. The Relationship Between Industrial Production Index, Oil Prices and Consumer Price Index in the Turkish Economy”. Journal of Economic Policy Researches 8/2 (Sep. 2021): 211-223. https://doi.org/10.26650/JEPR913986



TIMELINE


Submitted12.04.2021
Accepted17.05.2021

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