Araştırma Makalesi
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Financial development and energy consumption relationship analysis with asymmetric and rolling window causality tests in Turkey economy

Yıl 2021, Cilt: 35 Sayı: 1, 34 - 43, 31.03.2021

Esma Gültekin Tarla Tayfur Bayat

Öz

This study, tried to be analyzed the relationship between financial development and energy consumption, which are among the basic dynamics of growth. In the period from 1980 to 2015 for Turkey's economy Hatemi J-Roca (2014) asymmetric causality test and Balcılar et al. (2010) rolling window causality test was applied. According to the asymmetric causality test results increase in energy consumption causes a decrease in financial development. As stated in the rolling window causality test results, there is causality from energy consumption to financial development in 2000-2005 and 2015, and from financial development to energy consumption only in 2014.

Anahtar Kelimeler

Financial development energy consumption causality

Kaynakça

  • Al-Yousif, Y. K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Review of financial economics, 11(2), 131-150.
  • Ang, J. B. (2007). CO2 emissions, energy consumption, and output in France. Energy policy, 35(10), 4772-4778.
  • Balcilar, M., Özdemir, Z. A., & Arslanturk, Y. (2010). Economic growth and energy consumption causal nexus viewed through a bootstrap rolling window. Energy Economics, 32(6), 1398-1410.
  • Baloch, M. A., Danish, & 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.
  • Chtioui, S. (2012). Does economic growth and financial development spur energy consumption in Tunisia?. Journal of Economics and International Finance, 4(4), 150-158.
  • Çetin, M., Ecevit, E., & Yucel, A. G. (2018). The impact of economic growth, energy consumption, trade openness, and financial development on carbon emissions: empirical evidence from Turkey. Environmental Science and Pollution Research, 25(36), 36589-36603.
  • Çoban, S., & Topçu, 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, M. A., & Lodhi, R. N. (2018). The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries. Environmental Science and Pollution Research, 25(19), 18651-18661.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • Denisova, V. (2020). Financial Development and Energy Consumption: Evidence from Germany. International Journal of Energy Economics and Policy, 10(2), 35.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: journal of the Econometric Society, 1057-1072.
  • Dünya bankası, Dünya Kalkınma Göstergeleri. (2020)
  • Fung, M. K. (2009). Financial development and economic growth: convergence or divergence?. Journal of international money and finance, 28(1), 56-67.
  • Furuoka, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430-444.
  • Gaies, B., Kaabia, O., Ayadi, R., Guesmi, K., & Abid, I. (2019). Financial development and energy consumption: Is the MENA region different?. Energy Policy, 135, 111000.
  • Hatemi-J, A., & Roca, E. (2014). BRICs and PIGS in the presence of Uncle Sam and big brothers: Who drive who? Evidence based on asymmetric causality tests. Griffith Business School Discussion Papers Finance.
  • Islam, F., Shahbaz, M., Ahmed, A. U., & 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.
  • Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic modelling, 28(1-2), 685-693.
  • Keskingöz, H., & İnaçlı, 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.
  • Kurt, Ü. (2019). Türkiye Ekonomisinde Finansal Gelişme, Enerji Tüketimi Ve Ekonomik Büyüme İlişkisi. Electronic Turkish Studies, 14(2).
  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, 45(1), 1–28
  • Le, H. P., & Sarkodie, S. A. (2020). Dynamic linkage between renewable and conventional energy use, environmental quality and economic growth: evidence from Emerging Market and Developing Economies. Energy Reports, 6, 965-973.
  • Lebe, F., & Akbaş, Y. E. (2015). Türkiye'de Sanayileşme, Finansal Gelişme, Ekonomik Büyüme ve Kentleşmenin Enerji Tüketimi Üzerindeki Etkisi: Çoklu Yapısal Kırılmalı Bir Araştırma. Ege Academic Review, 15(2).
  • Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literatüre, 35(2), 688-726.
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of applied econometrics, 11(6), 601-618.
  • Mahadevan, R., & Asafu-Adjaye, J. (2007). Energy consumption, economic growth and prices: A reassessment using panel VECM for developed and developing countries. Energy policy, 35(4), 2481-2490.
  • Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • 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.
  • Shahbaz, M., & Lean, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy policy, 40, 473-479.
  • Soytaş, U., & Sari, R. (2009). Energy consumption, economic growth, and carbon emissions: challenges faced by an EU candidate member. Ecological economics, 68(6), 1667-1675.
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF working Paper, WP/16/5.
  • Uluslararası Para Fonu Veri Tabanı. (2020)

Türkiye ekonomisinde finansal gelişme ve enerji tüketimi ilişkisinin asimetrik ve kayan pencere nedensellik testleri ile analizi

Yıl 2021, Cilt: 35 Sayı: 1, 34 - 43, 31.03.2021

Esma Gültekin Tarla Tayfur Bayat

Öz

Bu çalışmada büyümenin temel dinamikleri arasında sayılan finansal gelişme ve enerji tüketimi arasındaki ilişki Türkiye ekonomisi için 1980-2015 dönemi aralığında Hatemi J-Roca (2014) asimetrik nedensellik testi ve Balcılar vd. (2010) kayan pencere nedensellik testi aracılığıyla analiz edilmeye çalışılmıştır. Asimetrik nedensellik testi sonuçlarına göre enerji tüketiminin artması finansal gelişmenin azalmasına neden olmaktadır. Kayan pencere nedensellik testi sonuçlarına göre ise, enerji tüketiminden finansal gelişmeye 2000 - 2005 yıllarında ve 2015 yılında, finansal gelişmeden ise enerji tüketimine doğru ise yalnızca 2014 yılında nedensellik bulunmaktadır.

Anahtar Kelimeler

Finansal gelişme enerji tüketimi nedensellik

Kaynakça

  • Al-Yousif, Y. K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Review of financial economics, 11(2), 131-150.
  • Ang, J. B. (2007). CO2 emissions, energy consumption, and output in France. Energy policy, 35(10), 4772-4778.
  • Balcilar, M., Özdemir, Z. A., & Arslanturk, Y. (2010). Economic growth and energy consumption causal nexus viewed through a bootstrap rolling window. Energy Economics, 32(6), 1398-1410.
  • Baloch, M. A., Danish, & 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.
  • Chtioui, S. (2012). Does economic growth and financial development spur energy consumption in Tunisia?. Journal of Economics and International Finance, 4(4), 150-158.
  • Çetin, M., Ecevit, E., & Yucel, A. G. (2018). The impact of economic growth, energy consumption, trade openness, and financial development on carbon emissions: empirical evidence from Turkey. Environmental Science and Pollution Research, 25(36), 36589-36603.
  • Çoban, S., & Topçu, 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, M. A., & Lodhi, R. N. (2018). The nexus between energy consumption and financial development: estimating the role of globalization in Next-11 countries. Environmental Science and Pollution Research, 25(19), 18651-18661.
  • De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World development, 23(3), 433-448.
  • Denisova, V. (2020). Financial Development and Energy Consumption: Evidence from Germany. International Journal of Energy Economics and Policy, 10(2), 35.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: journal of the Econometric Society, 1057-1072.
  • Dünya bankası, Dünya Kalkınma Göstergeleri. (2020)
  • Fung, M. K. (2009). Financial development and economic growth: convergence or divergence?. Journal of international money and finance, 28(1), 56-67.
  • Furuoka, F. (2015). Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52, 430-444.
  • Gaies, B., Kaabia, O., Ayadi, R., Guesmi, K., & Abid, I. (2019). Financial development and energy consumption: Is the MENA region different?. Energy Policy, 135, 111000.
  • Hatemi-J, A., & Roca, E. (2014). BRICs and PIGS in the presence of Uncle Sam and big brothers: Who drive who? Evidence based on asymmetric causality tests. Griffith Business School Discussion Papers Finance.
  • Islam, F., Shahbaz, M., Ahmed, A. U., & 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.
  • Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: Bootstrap panel granger causality analysis. Economic modelling, 28(1-2), 685-693.
  • Keskingöz, H., & İnaçlı, 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.
  • Kurt, Ü. (2019). Türkiye Ekonomisinde Finansal Gelişme, Enerji Tüketimi Ve Ekonomik Büyüme İlişkisi. Electronic Turkish Studies, 14(2).
  • Kuznets, S. (1955). Economic Growth and Income Inequality. The American Economic Review, 45(1), 1–28
  • Le, H. P., & Sarkodie, S. A. (2020). Dynamic linkage between renewable and conventional energy use, environmental quality and economic growth: evidence from Emerging Market and Developing Economies. Energy Reports, 6, 965-973.
  • Lebe, F., & Akbaş, Y. E. (2015). Türkiye'de Sanayileşme, Finansal Gelişme, Ekonomik Büyüme ve Kentleşmenin Enerji Tüketimi Üzerindeki Etkisi: Çoklu Yapısal Kırılmalı Bir Araştırma. Ege Academic Review, 15(2).
  • Levine, R. (1997). Financial Development and Economic Growth: Views and Agenda. Journal of Economic Literatüre, 35(2), 688-726.
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of applied econometrics, 11(6), 601-618.
  • Mahadevan, R., & Asafu-Adjaye, J. (2007). Energy consumption, economic growth and prices: A reassessment using panel VECM for developed and developing countries. Energy policy, 35(4), 2481-2490.
  • Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2020). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • 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.
  • Shahbaz, M., & Lean, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy policy, 40, 473-479.
  • Soytaş, U., & Sari, R. (2009). Energy consumption, economic growth, and carbon emissions: challenges faced by an EU candidate member. Ecological economics, 68(6), 1667-1675.
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development. IMF working Paper, WP/16/5.
  • Uluslararası Para Fonu Veri Tabanı. (2020)
Toplam 35 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Esma Gültekin Tarla 0000-0001-5897-0462

Tayfur Bayat 0000-0002-4427-0999

Yayımlanma Tarihi 31 Mart 2021
Gönderilme Tarihi 26 Ocak 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 35 Sayı: 1

Kaynak Göster

APA Gültekin Tarla, E., & Bayat, T. (2021). Türkiye ekonomisinde finansal gelişme ve enerji tüketimi ilişkisinin asimetrik ve kayan pencere nedensellik testleri ile analizi. Erciyes Akademi, 35(1), 34-43.
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