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Türkiye’de Enerji Tüketimi ile Finansal Gelişmişlik, Ekonomik Büyüme ve Doğrudan Yabancı Yatırım Arasındaki İlişki

Year 2021, , 30 - 49, 08.11.2021

Mehmet Dinç , Özlem Gül Dinç

https://doi.org/10.37880/cumuiibf.869479

Abstract

Enerji hem gelişmiş ülkeler hem de gelişmekte olan ve az gelişmiş ülkeler açısından büyük önem arz eden bir kavramdır. Özellikle Türkiye gibi gelişmekte olan ülkelerin yüksek ekonomik büyüme trendi yakalayabilmesi için gerekli olan en temel faktör diyebiliriz. Bu kapsamda çalışmanın amacı enerji tüketimi ile finansal gelişmişlik, gayri safi yurtiçi hasıla ve doğrudan yabancı yatırımlar arasındaki ilişkiyi incelemektir. Çalışmada Türkiye’nin 1970-2015 dönemini kapsayan veri seti kullanılmıştır. Çalışmada yapısal kırılmayı dikkate alan birim kök ve eşbütünleşme testleri ile birlikte Toda ve Yamamoto nedensellik testi kullanılmıştır. Ardından değişkenlerin durağanlık düzeylerinin ve değişkenler arası uzun dönem ilişkinin önemli olmadığı nedensellik testi kullanılmıştır. Elde edilen bulgulara göre, finansal gelişmişliğin enerji tüketimini, gayri safi yurtiçi hasılayı ve doğrudan yabancı yatırımları etkilediği sonucu elde edilmiştir. Ayrıca enerji tüketiminin ve gayri safi yurtiçi hasılanın doğrudan yabancı yatırımları etkilediği tespit edilmiştir. Bu sonuçlar politika yapıcılara finansal gelişmişliğin iyileştirilmesine yönelik atılacak adımların diğer sektörleri de olumlu yönde etkileyeceği bilgisini vermektedir.

Keywords

Enerji tüketimi finansal gelişmişlik GSYİH DYY

References

  • AKKEMİK, K. A. and GÖKSAL, K. (2012). Energy consumption-GDP nexus: Heterogeneous panel causality analysis. Energy Economics, 34(4), 865-873.
  • AL-MULALİ, U. and LEE, J. Y. (2013). Estimating the impact of the financial development on energy consumption: Evidence from the GCC (Gulf Cooperation Council) countries. Energy, 60, 215-221.
  • ARAİ, Y. and KUROZUMİ, E. (2007). Testing for the null hypothesis of cointegration with a structural break. Econometric Reviews, 26(6), 705-739.
  • BALOCH, M. A. and MENG, F. (2019). Modeling the non-linear relationship between financial development and energy consumption: statistical experience from OECD countries. Environmental Science and Pollution Research, 26(9), 8838-8846.
  • BELLOUMİ, M. (2009). Energy consumption and GDP in Tunisia: Cointegration and causality analysis. Energy policy, 37(7), 2745-2753.
  • BRITISH PETROLEUM (2020). https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html, 29.09.2020.
  • CHIU, Y. B. and LEE, C. C. (2020). Effects of financial development on energy consumption: The role of country risks. Energy Economics, 90, 104833.
  • ÇOBAN, S. and TOPCU, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88.
  • DANISH, SAUD S, BALOCH MA and LODHİ RN (2018) The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries. Environ Sci Pollut Res 25:18651–18661.
  • DESTEK, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 13(1), 76-81.
  • DİCKEY, D. A. and FULLER, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • DİCKEY, D. A. and FULLER, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 1057- 1072.
  • DURUSU-CİFTCİ, D., SOYTAS, U. and NAZLİOGLU, S. (2020). Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics, 104729.
  • ELLİOTT, G., ROTHENBERG, T. J. and STOCK, J. H. (1992). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836.
  • ENERGY INFORMATION ADMINISTRATION, (2019). International Energy Outlook 2019 with projections to 2050. https://www.eia.gov/outlooks/ieo/pdf/ieo2019.pdf, 28. 09.2020.
  • ENGLE, R. F. and GRANGER, C. W. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: journal of the Econometric Society, 251-276.
  • ERİC ZİVOT and DONALD W. K ANDREWS (2002) Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis, Journal of Business & Economic Statistics, 20:1, 25-44,
  • FURUOKA, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430-444.
  • GAİES, B., KAABİA, O., AYADİ, R., GUESMİ, K. and ABİD, I. (2019). Financial development and energy consumption: Is the MENA region different?. Energy Policy, 135, 111000.
  • GREGORY, A. W. and HANSEN, B. E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of econometrics, 70(1), 99-126.
  • HARRIS, R. AND SOLLIS, R. (2003) Applied Time Series Modelling and Forecasting. Wiley.
  • INTERNATIONAL ENERGY AGENCY (2018). World Energy Outlook 2018. https://www.iea.org/reports/world-energy-outlook-2018, 28.09.2020.
  • INTERNATIONAL MONEY FUND (2019). Turkey Report. https://www.imf.org/en/Publications/CR/Issues/2019/12/26/Turkey-2019-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-48920, 29.09.2020
  • ISLAM, F., SHAHBAZ, M., AHMED, A. U. and ALAM, M. M. (2013). Financial development and energy consumption nexus in Malaysia: a multivariate time series analysis. Economic Modelling, 30, 435-441.
  • KAHOULI, B. (2017). The short and long run causality relationship among economic growth, energy consumption and financial development: Evidence from South Mediterranean Countries (SMCs). Energy Economics, 68, 19-30.
  • KESKİNGÖZ, H. and İNANÇLI, S. (2016). Türkiye’de finansal gelişme ve enerji tüketimi arasında nedensellik ilişkisi: 1960-2011 dönemi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 11(3), 101-114.
  • KOMAL, R. and ABBAS, F. (2015). Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
  • KWIATKOWSKİ, D., PHILLIPS, P. C., SCHMIDT, P. and SHIN, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of Econometrics, 54(1-3), 159-178.
  • LEE, J and STRAZICICH M. C. (2013). Minimum LM Unit Root Test with One Structural Break, Economics Bulletin, 33(4), 2483-2492.
  • LEE, J. and STRAZICICH, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • LEE, J. and STRAZICICH, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • LEE, J. and STRAZICICH, M. C. (2004). Minimum LM unit root test with one structural break. Manuscript, Department of Economics, Appalachian State University, 33(4), 2483-2492.
  • MAGAZZINO, C. (2016). Energy consumption, real GDP, and financial development nexus in Italy: An application of an auto-regressive distributed lag-bound testing approach. In Proceedings 2nd international conference on energy production and management, Ancona, Vol. 205, pp. 21-32).
  • MUKHTAROV, S., HUMBATOVA, S., SEYFULLAYEV, I. and KALBIYEV, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
  • MUKHTAROV, S., MIKAYILOV, J. I., MAMMADOV, J. and MAMMADOV, E. (2018). The impact of financial development on energy consumption: evidence from an oil-rich economy. Energies, 11(6), 1536.
  • NARAYAN, P. K. and POPP, S. (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425-1438.
  • OZTURK, I., ASLAN, A. and KALYONCU, H. (2010). Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries. Energy Policy, 38(8), 4422-4428.
  • PERRON, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: Journal of the Econometric Society, 1361-1401.
  • PHILLIPS, P. C. (1987). Time series regression with a unit root. Econometrica: Journal of the Econometric Society, 277-301.
  • PHILLIPS, P. C. and PERRON, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • RAGHUTLA, C. and CHITTEDI, K. R. (2020). Financial development, energy consumption, and economic growth: Some recent evidence for India. Business Strategy & Development, 3(4), 474-486.
  • SABANCI UNIVERSITY ISTANBUL INTERNATIONAL CENTER FOR ENERGY & CLIMATE (2020). Turkey Energy Outlook 2020. https://iicec.sabanciuniv.edu/tr/teo, 28.09.2020
  • SADORSKY, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy policy, 38(5), 2528-2535.
  • SADORSKY, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy policy, 39(2), 999-1006.
  • SCHMIDT, P. and PHILLIPS, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford Bulletin of Economics and Statistics, 54(3), 257-287.
  • SHAHBAZ, M. and LEAN, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy policy, 40, 473-479.
  • TANG, C. F. and TAN, B. W. (2014). The linkages among energy consumption, economic growth, relative price, foreign direct investment, and financial development in Malaysia. Quality & Quantity, 48(2), 781-797.
  • TODA, H. Y. and YAMAMOTO, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1-2), 225-250.
  • TOPCU, M. and PAYNE, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822-830.
  • YUE, S., LU, R., SHEN, Y. and CHEN, H. (2019). How does financial development affect energy consumption? Evidence from 21 transitional countries. Energy Policy, 130, 253-262.
  • ZİVOT, E. and ANDREWS, D. W. K. 1992, Further Evidence on the Great Crash, the Oil- Price Shock and the Unit Root Hypothesis. Journal of Business and Economic Statistics 10, 251-270.

The Relationship Between Energy Consumption and Financial Development, Economic Growth and Foreign Direct Investment in Turkey

Year 2021, , 30 - 49, 08.11.2021

Mehmet Dinç , Özlem Gül Dinç

https://doi.org/10.37880/cumuiibf.869479

Abstract

Energy is a concept of great importance for both developed countries and developing and less developed countries. Especially in developing countries such as Turkey, we can say that the main factors required to capture the trend of high economic growth. In this context, the aim of the study is to examine the relationship between energy consumption and financial development, gross domestic product and foreign direct investments. In the study were used the data set of Turkey covering the period 1970-2015. We use Toda and Yamamoto causality tests together with take structural breaks into account unit root tests and cointegration tests in the study. Next, we use a causality test where the stationarity levels of variables and the long-term relationship between variables are not important. According to the findings, it is concluded that financial development affects energy consumption, gross domestic product and foreign direct investments. In addition, it has been determined that energy consumption and gross domestic product affect foreign direct investments. These results inform policy makers that the steps to be taken to improve financial development will positively affect other sectors.

Keywords

Energy consumption financial development GDP FDI

References

  • AKKEMİK, K. A. and GÖKSAL, K. (2012). Energy consumption-GDP nexus: Heterogeneous panel causality analysis. Energy Economics, 34(4), 865-873.
  • AL-MULALİ, U. and LEE, J. Y. (2013). Estimating the impact of the financial development on energy consumption: Evidence from the GCC (Gulf Cooperation Council) countries. Energy, 60, 215-221.
  • ARAİ, Y. and KUROZUMİ, E. (2007). Testing for the null hypothesis of cointegration with a structural break. Econometric Reviews, 26(6), 705-739.
  • BALOCH, M. A. and MENG, F. (2019). Modeling the non-linear relationship between financial development and energy consumption: statistical experience from OECD countries. Environmental Science and Pollution Research, 26(9), 8838-8846.
  • BELLOUMİ, M. (2009). Energy consumption and GDP in Tunisia: Cointegration and causality analysis. Energy policy, 37(7), 2745-2753.
  • BRITISH PETROLEUM (2020). https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html, 29.09.2020.
  • CHIU, Y. B. and LEE, C. C. (2020). Effects of financial development on energy consumption: The role of country risks. Energy Economics, 90, 104833.
  • ÇOBAN, S. and TOPCU, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88.
  • DANISH, SAUD S, BALOCH MA and LODHİ RN (2018) The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries. Environ Sci Pollut Res 25:18651–18661.
  • DESTEK, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 13(1), 76-81.
  • DİCKEY, D. A. and FULLER, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • DİCKEY, D. A. and FULLER, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 1057- 1072.
  • DURUSU-CİFTCİ, D., SOYTAS, U. and NAZLİOGLU, S. (2020). Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics, 104729.
  • ELLİOTT, G., ROTHENBERG, T. J. and STOCK, J. H. (1992). Efficient tests for an autoregressive unit root. Econometrica, 64(4), 813-836.
  • ENERGY INFORMATION ADMINISTRATION, (2019). International Energy Outlook 2019 with projections to 2050. https://www.eia.gov/outlooks/ieo/pdf/ieo2019.pdf, 28. 09.2020.
  • ENGLE, R. F. and GRANGER, C. W. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: journal of the Econometric Society, 251-276.
  • ERİC ZİVOT and DONALD W. K ANDREWS (2002) Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis, Journal of Business & Economic Statistics, 20:1, 25-44,
  • FURUOKA, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430-444.
  • GAİES, B., KAABİA, O., AYADİ, R., GUESMİ, K. and ABİD, I. (2019). Financial development and energy consumption: Is the MENA region different?. Energy Policy, 135, 111000.
  • GREGORY, A. W. and HANSEN, B. E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of econometrics, 70(1), 99-126.
  • HARRIS, R. AND SOLLIS, R. (2003) Applied Time Series Modelling and Forecasting. Wiley.
  • INTERNATIONAL ENERGY AGENCY (2018). World Energy Outlook 2018. https://www.iea.org/reports/world-energy-outlook-2018, 28.09.2020.
  • INTERNATIONAL MONEY FUND (2019). Turkey Report. https://www.imf.org/en/Publications/CR/Issues/2019/12/26/Turkey-2019-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-48920, 29.09.2020
  • ISLAM, F., SHAHBAZ, M., AHMED, A. U. and ALAM, M. M. (2013). Financial development and energy consumption nexus in Malaysia: a multivariate time series analysis. Economic Modelling, 30, 435-441.
  • KAHOULI, B. (2017). The short and long run causality relationship among economic growth, energy consumption and financial development: Evidence from South Mediterranean Countries (SMCs). Energy Economics, 68, 19-30.
  • KESKİNGÖZ, H. and İNANÇLI, S. (2016). Türkiye’de finansal gelişme ve enerji tüketimi arasında nedensellik ilişkisi: 1960-2011 dönemi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 11(3), 101-114.
  • KOMAL, R. and ABBAS, F. (2015). Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
  • KWIATKOWSKİ, D., PHILLIPS, P. C., SCHMIDT, P. and SHIN, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of Econometrics, 54(1-3), 159-178.
  • LEE, J and STRAZICICH M. C. (2013). Minimum LM Unit Root Test with One Structural Break, Economics Bulletin, 33(4), 2483-2492.
  • LEE, J. and STRAZICICH, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • LEE, J. and STRAZICICH, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • LEE, J. and STRAZICICH, M. C. (2004). Minimum LM unit root test with one structural break. Manuscript, Department of Economics, Appalachian State University, 33(4), 2483-2492.
  • MAGAZZINO, C. (2016). Energy consumption, real GDP, and financial development nexus in Italy: An application of an auto-regressive distributed lag-bound testing approach. In Proceedings 2nd international conference on energy production and management, Ancona, Vol. 205, pp. 21-32).
  • MUKHTAROV, S., HUMBATOVA, S., SEYFULLAYEV, I. and KALBIYEV, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
  • MUKHTAROV, S., MIKAYILOV, J. I., MAMMADOV, J. and MAMMADOV, E. (2018). The impact of financial development on energy consumption: evidence from an oil-rich economy. Energies, 11(6), 1536.
  • NARAYAN, P. K. and POPP, S. (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425-1438.
  • OZTURK, I., ASLAN, A. and KALYONCU, H. (2010). Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries. Energy Policy, 38(8), 4422-4428.
  • PERRON, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: Journal of the Econometric Society, 1361-1401.
  • PHILLIPS, P. C. (1987). Time series regression with a unit root. Econometrica: Journal of the Econometric Society, 277-301.
  • PHILLIPS, P. C. and PERRON, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • RAGHUTLA, C. and CHITTEDI, K. R. (2020). Financial development, energy consumption, and economic growth: Some recent evidence for India. Business Strategy & Development, 3(4), 474-486.
  • SABANCI UNIVERSITY ISTANBUL INTERNATIONAL CENTER FOR ENERGY & CLIMATE (2020). Turkey Energy Outlook 2020. https://iicec.sabanciuniv.edu/tr/teo, 28.09.2020
  • SADORSKY, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy policy, 38(5), 2528-2535.
  • SADORSKY, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy policy, 39(2), 999-1006.
  • SCHMIDT, P. and PHILLIPS, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford Bulletin of Economics and Statistics, 54(3), 257-287.
  • SHAHBAZ, M. and LEAN, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy policy, 40, 473-479.
  • TANG, C. F. and TAN, B. W. (2014). The linkages among energy consumption, economic growth, relative price, foreign direct investment, and financial development in Malaysia. Quality & Quantity, 48(2), 781-797.
  • TODA, H. Y. and YAMAMOTO, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1-2), 225-250.
  • TOPCU, M. and PAYNE, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822-830.
  • YUE, S., LU, R., SHEN, Y. and CHEN, H. (2019). How does financial development affect energy consumption? Evidence from 21 transitional countries. Energy Policy, 130, 253-262.
  • ZİVOT, E. and ANDREWS, D. W. K. 1992, Further Evidence on the Great Crash, the Oil- Price Shock and the Unit Root Hypothesis. Journal of Business and Economic Statistics 10, 251-270.
There are 51 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Makaleler
Authors

Mehmet Dinç 0000-0002-9864-8117

Özlem Gül Dinç 0000-0003-4237-0088

Publication Date November 8, 2021
Submission Date January 27, 2021
Published in Issue Year 2021

Cite

APA Dinç, M., & Dinç, Ö. G. (2021). Türkiye’de Enerji Tüketimi ile Finansal Gelişmişlik, Ekonomik Büyüme ve Doğrudan Yabancı Yatırım Arasındaki İlişki. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 22(2), 30-49. https://doi.org/10.37880/cumuiibf.869479

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