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THE RELATIONSHIP BETWEEN RENEWABLE ENERGY CONSUMPTION AND FINANCIAL DEVELOPMENT: A RESEARCH ON DEVELOPED COUNTRIES

Yıl 2021, Cilt: 8 Sayı: 2, 1064 - 1081, 27.07.2021

Tayfun Yılmaz

https://doi.org/10.30798/makuiibf.909970
Cited By: 1

Öz

The main purpose of the study is to test the potential asymmetric interaction between financial development, economic growth, and energy consumption for a panel of G 7 countries in the 1980-2018 sample period, with the help of the asymmetric panel causality test developed by Hatemi-J (2020). Though there is no Granger causality relationship between financial development and renewable energy consumption, considering asymmetric effects, a causality relationship from financial development to renewable energy consumption and from renewable energy consumption to financial development has been identified. The results point to an asymmetric interaction in the financial development, renewable energy relationship. Besides, considering the positive and negative components, a causality relationship from renewable energy consumption to growth has been determined. Finally, as growth is the Granger cause of renewable energy consumption, there is a causality relationship from growth to renewable energy consumption based on both positive and negative components.

Anahtar Kelimeler

Financial Development Renewable Energy Consumption Panel Data Analysis

Kaynakça

  • Akhtar, M. M., Sheikh, M. R. ve Altaf, A. (2016). Financial Development, Energy Consumption and Trade Openness Nexus: Empirical Evidence from Selected South Asian Countries, Pakistan Journal of Social Sciences, 36(1), 505-518.
  • Ali, H. S., Yusop, Z. B. ve Hook, L. S. (2015). Financial development and energy consumption nexus in Nigeria: an application of autoregressive distributed lag bound testing approach, International Journal of Energy Economics and Policy, 5(3), 816-821.
  • Al-mulali, U. ve Binti Che Sab, C. N. (2012a). The impact of energy consumption and CO2 emission on the economic and financial development in 19 selected countries. Renewable and Sustainable Energy Reviews, 16, 4365-4369.
  • Al-mulali, U. ve Binti Che Sab, C. N. (2012b). The Impact of energy consumption and co2 emission on the economic growth and financial development in the Sub Saharan African Countries, Energy, 39, 180-186.
  • Asif, M., Bashir, S. ve Khan, S. (2021). Impact of Non-Renewable and Renewable Energy Consumption on Economic Growth: Evidence from Income and Regional Groups of Countries, Environmental Science and Pollution Research International.
  • Assi, A. F., Isiksal, A. Z. ve Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN + 3 group: Evidence from (P-ARDL) model. Renewable Energy, 165(1), 689-700.
  • Belke, M., Bolat, S. ve Hatemi-J, A. (2021). The Impact of Tourism On The Economic Growth in The Mediterranean Countries: Evidences From Hidden Panel Cointegration Test. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (1), 399-419.
  • Bekun, F. V., Emir, F. ve Sarkodie, S. A. (2019). Another look at the relationship between energy consumption, carbon dioxide emissions, and economic growth in South Africa. Science of The Total Environment, 655, 759-765. Bouyghrissi, S., Berjaoui, A. ve Khanniba M. (2020). The Nexus Between Renewable Energy Consumption and Economic Growth in Morocco, Environmental Science and Pollution Research, 28, 5693–5703.
  • Chang, S. C. (2015). Effects of financial developments and income on energy consumption. International Review of Economics and Finance, 35, 28-44.
  • Chiu, Y. ve Lee, C. (2020). Effects of financial development on energy consumption: The role of country risks, Energy Economics, 90.
  • Çağlar, A. E. ve Kubar, Y. (2017). Finansal Gelişme Enerji Tüketimini Destekler Mi? Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 27, 96-121.
  • Çetin, M. A. ve Bakırtaş, İ. (2018). Finansal gelişmişliğin yenilenebilir enerji tüketimi üzerindeki uzun dönemli etkileri: G-7 ülkeleri örneği, Trakya Üniversitesi Sosyal Bilimler Dergisi, 37, 37-54.
  • Çoban, S. ve Topçu, M. (2013). the Nexus between financial development and energy consumption in the EU: a dynamic panel data analysis, Energy Economics, 39, 81-88.
  • Destek, M. A. (2017). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 76-81.
  • Destek, M.A. ve Sarkodie, S.A. (2019). Investigation of environmental Kuznets curve for ecological footprint: the role of energy and financial development. Science of The Total Environment, 650, 2483–2489.
  • Elike, U., Anoruo, E. ve Nwala, K. (2019). Causal Nexus between Financial Development and Energy Consumption: Evidence from Bootstrap Panel Granger Causality Approach, Journal of Applied Economics and Business Research, 9 (1), 1-14.
  • Eren, B. M., Taspinar, N. ve Gokmenoglu, K. K. (2019). The impact of financial development and economic growth on renewable energy consumption: Empirical analysis of India, Science of the Total Environment, 663, 189–197.
  • Goldsmith, R. (1969). Financial Structure and Development. New York: Yale University Press.
  • Güner, B. ve Azgün S. (2019). Türkiye’de Birincil Enerji Tüketimi ve Ekonomik Büyüme İlişkisi: Dinamik Bir Analiz. Van Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 46, 139-169.
  • Hatemi-J, A. (2020a). Asymmetric panel causality tests with an application to the impact of fiscal policy on economic performance in Scandinavia. International Economics, 73(3), 389 – 404.
  • Hye, Q. M. A. ve Riaz, S. (2008). Causality between energy consumption and economic growth: the case of Pakistan. The Lahore Journal of Economics, 13(2), 45-58.
  • Islam, F., Shahbaz, M., Ahmed, A.U. ve Alam, M. (2013). Financial development and energy consumption nexus in Malaysia: a multivariate time series analysis, Economic Modelling, 30, 435–441.
  • Kakar, Z. H., Khilji, B. A. ve Khan, M. J. (2011). Financial development and energy consumption: empirical evidence from Pakistan, International Journal of Trade, Economics and Finance, 2(6), 469-471.
  • Khan, S., Khan, K. K. ve Bashir, M. (2021). Impact of Financial Development and Energy Consumption on Environmental Degradation in 184 Countries Using A Dynamic Panel Model, Environmental Science and Pollution Research, 28, 9542–9557.
  • Kraft, J. ve Kraft, A. (1978). On the relationship between energy and GNP. The Journal of Energy and Development,3(2) 401–403.
  • Liu, Y. ve Hao, Y. (2018). The dynamic links between CO2 emissions, energy consumption and economic development in the countries along “the Belt and Road”. Science of the Total Environment, 645, 674–683.
  • Mankiw, N.G. ve Scarth, W. (2008). Macroeconomics: third Canadian edition. New York: Worth Publishers.
  • McKinnon R. (1973). Money and Capital in Economic Development. Washington, DC: Brookings Institution.
  • Mukhtarov, S., Humbatovaa, S., Seyfullayevc I. ve Kalbiyevc, Y. (2020), The Effect of Financial Development on Energy Consumption in The Case of Kazakhstan, Journal of Applied Economics, 23(1), 75–88.
  • Odhiambo, N.M. (2009). Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach. Energy Policy, 37(2), 617-622.
  • Oh, W. ve Lee, K. (2004). Energy consumption and economic growth in Korea: Testing the causality relation. Journal of Policy Modeling, 26(8), 973-981.
  • Oskenbayev, Y. ve Issabayev, M. (2018). The Impact of Financial Development on Energy Demand in Transition Economies, Global Economy Journal, 18(3), 1-11.
  • Ozturk, I. ve Acaravci, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable. Energy Reviews, 14(9), 3220–3225.
  • Paramati, S. D., Ummalla, M. ve Apergis, N. (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, 56, 29-41.
  • Rafiq, S. ve Salim, R.A. (2009). Temporal causality between energy consumption and income in six Asian emerging countries. Applied Economics Quarterly, 55(4), 335–350.
  • Rafiq, S. ve Salim, R. (2011). The linkage between energy consumption and income in six emerging economies of Asia: an empirical analysis. International Journal of Emerging Markets, 6(1), 50-73.
  • Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38, 2528–2535.
  • Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39, 999–1006.
  • Shahbaz, M. ve Lean, H. H. (2012). Does financial development increase energy consumption? the role of industrialization and urbanization in Tunisia, Energy Policy, 40, 473-479.
  • Shaw E. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
  • Shumpeter J. (1932). The Theory of Economic Development. Cambridge, MA, US: Harvard University Press.
  • Tang, C.F., Tan, B.W. ve Ozturk, I. (2016). Energy consumption and economic growth in Vietnam. Renewable and Sustainable. Energy Reviews, 54, 1506–1514.
  • Topçu, M. ve Payne, J. E. (2017). The financial development–energy consumption nexus revisited, Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822-830.
  • Wang, S., Li, Q., Fang, C. ve Zhou, C. (2016). The relationship between economic growth, energy consumption, and CO2 emissions: empirical evidence from China. Science of the Total Environment, 542, 360–371.
  • Wurgler, J. (2000). Financial markets and the allocation of capital. Journal of Financial Economics, 58(1), 187–214.
  • Yue, S., Lu, R., Shen, Y. ve Chen, H. (2019). How does financial development affect energy consumption? Evidence from 21 transitional countries. Energy Policy, 130.
  • Zeren, F. ve Koç, M. (2014). The nexus between energy consumption and financial development with asymmetric causality test: new evidence from newly industrialized countries. International Journal of Energy Economics and Policy, 4(1), 83-91.
  • Zeren, F. ve Hizarcı, A. E. (2021). Biomass energy consumption and financial development: evidence from some developing countries. International Journal of Sustainable Energy.

YENİLENEBİLİR ENERJİ TÜKETİMİ FİNANSAL GELİŞME İLİŞKİSİ: GELİŞMİŞ ÜLKELER ÜZERİNE BİR ARAŞTIRMA

Yıl 2021, Cilt: 8 Sayı: 2, 1064 - 1081, 27.07.2021

Tayfun Yılmaz

https://doi.org/10.30798/makuiibf.909970
Cited By: 1

Öz

Çalışmanın temel amacı, Hatemi-J (2020) tarafından geliştirilen, asimetrik panel nedensellik testi yardımıyla 1980-2018 örneklem döneminde G7 ülkelerinden oluşan bir panel için finansal gelişme, ekonomik büyüme ve enerji tüketimi arasındaki potansiyel asimetrik etkileşimi test etmektir. Finansal gelişme ve yenilenebilir enerji tüketimi arasında bir Granger nedensellik ilişkisi olmamasına rağmen asimetrik etkiler göz önüne alındığında finansal gelişmeden yenilenebilir enerji tüketimine ve yenilenebilir enerji tüketiminden finansal gelişmeye doğru bir nedensellik ilişkisi tespit edilmiştir. Sonuçlar finansal gelişme, yenilenebilir enerji ilişkisinde asimetrik etkileşime işaret etmektedir. Bunlara ek olarak pozitif ve negatif bileşenler dikkate alındığında, yenilenebilir enerji tüketiminden büyümeye doğru bir nedensellik ilişkisi tespit edilmiştir. Son olarak büyüme yenilenebilir enerji tüketiminin Granger nedeni olduğu gibi büyümeden yenilenebilir enerji tüketimine hem pozitif hem de negatif bileşenler bazında bir nedensellik ilişkisi söz konusudur.

Anahtar Kelimeler

Finansal Gelişme Yenilenebilir Enerji Tüketimi Panel Veri Analizi

Kaynakça

  • Akhtar, M. M., Sheikh, M. R. ve Altaf, A. (2016). Financial Development, Energy Consumption and Trade Openness Nexus: Empirical Evidence from Selected South Asian Countries, Pakistan Journal of Social Sciences, 36(1), 505-518.
  • Ali, H. S., Yusop, Z. B. ve Hook, L. S. (2015). Financial development and energy consumption nexus in Nigeria: an application of autoregressive distributed lag bound testing approach, International Journal of Energy Economics and Policy, 5(3), 816-821.
  • Al-mulali, U. ve Binti Che Sab, C. N. (2012a). The impact of energy consumption and CO2 emission on the economic and financial development in 19 selected countries. Renewable and Sustainable Energy Reviews, 16, 4365-4369.
  • Al-mulali, U. ve Binti Che Sab, C. N. (2012b). The Impact of energy consumption and co2 emission on the economic growth and financial development in the Sub Saharan African Countries, Energy, 39, 180-186.
  • Asif, M., Bashir, S. ve Khan, S. (2021). Impact of Non-Renewable and Renewable Energy Consumption on Economic Growth: Evidence from Income and Regional Groups of Countries, Environmental Science and Pollution Research International.
  • Assi, A. F., Isiksal, A. Z. ve Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN + 3 group: Evidence from (P-ARDL) model. Renewable Energy, 165(1), 689-700.
  • Belke, M., Bolat, S. ve Hatemi-J, A. (2021). The Impact of Tourism On The Economic Growth in The Mediterranean Countries: Evidences From Hidden Panel Cointegration Test. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (1), 399-419.
  • Bekun, F. V., Emir, F. ve Sarkodie, S. A. (2019). Another look at the relationship between energy consumption, carbon dioxide emissions, and economic growth in South Africa. Science of The Total Environment, 655, 759-765. Bouyghrissi, S., Berjaoui, A. ve Khanniba M. (2020). The Nexus Between Renewable Energy Consumption and Economic Growth in Morocco, Environmental Science and Pollution Research, 28, 5693–5703.
  • Chang, S. C. (2015). Effects of financial developments and income on energy consumption. International Review of Economics and Finance, 35, 28-44.
  • Chiu, Y. ve Lee, C. (2020). Effects of financial development on energy consumption: The role of country risks, Energy Economics, 90.
  • Çağlar, A. E. ve Kubar, Y. (2017). Finansal Gelişme Enerji Tüketimini Destekler Mi? Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 27, 96-121.
  • Çetin, M. A. ve Bakırtaş, İ. (2018). Finansal gelişmişliğin yenilenebilir enerji tüketimi üzerindeki uzun dönemli etkileri: G-7 ülkeleri örneği, Trakya Üniversitesi Sosyal Bilimler Dergisi, 37, 37-54.
  • Çoban, S. ve Topçu, M. (2013). the Nexus between financial development and energy consumption in the EU: a dynamic panel data analysis, Energy Economics, 39, 81-88.
  • Destek, M. A. (2017). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 76-81.
  • Destek, M.A. ve Sarkodie, S.A. (2019). Investigation of environmental Kuznets curve for ecological footprint: the role of energy and financial development. Science of The Total Environment, 650, 2483–2489.
  • Elike, U., Anoruo, E. ve Nwala, K. (2019). Causal Nexus between Financial Development and Energy Consumption: Evidence from Bootstrap Panel Granger Causality Approach, Journal of Applied Economics and Business Research, 9 (1), 1-14.
  • Eren, B. M., Taspinar, N. ve Gokmenoglu, K. K. (2019). The impact of financial development and economic growth on renewable energy consumption: Empirical analysis of India, Science of the Total Environment, 663, 189–197.
  • Goldsmith, R. (1969). Financial Structure and Development. New York: Yale University Press.
  • Güner, B. ve Azgün S. (2019). Türkiye’de Birincil Enerji Tüketimi ve Ekonomik Büyüme İlişkisi: Dinamik Bir Analiz. Van Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 46, 139-169.
  • Hatemi-J, A. (2020a). Asymmetric panel causality tests with an application to the impact of fiscal policy on economic performance in Scandinavia. International Economics, 73(3), 389 – 404.
  • Hye, Q. M. A. ve Riaz, S. (2008). Causality between energy consumption and economic growth: the case of Pakistan. The Lahore Journal of Economics, 13(2), 45-58.
  • Islam, F., Shahbaz, M., Ahmed, A.U. ve Alam, M. (2013). Financial development and energy consumption nexus in Malaysia: a multivariate time series analysis, Economic Modelling, 30, 435–441.
  • Kakar, Z. H., Khilji, B. A. ve Khan, M. J. (2011). Financial development and energy consumption: empirical evidence from Pakistan, International Journal of Trade, Economics and Finance, 2(6), 469-471.
  • Khan, S., Khan, K. K. ve Bashir, M. (2021). Impact of Financial Development and Energy Consumption on Environmental Degradation in 184 Countries Using A Dynamic Panel Model, Environmental Science and Pollution Research, 28, 9542–9557.
  • Kraft, J. ve Kraft, A. (1978). On the relationship between energy and GNP. The Journal of Energy and Development,3(2) 401–403.
  • Liu, Y. ve Hao, Y. (2018). The dynamic links between CO2 emissions, energy consumption and economic development in the countries along “the Belt and Road”. Science of the Total Environment, 645, 674–683.
  • Mankiw, N.G. ve Scarth, W. (2008). Macroeconomics: third Canadian edition. New York: Worth Publishers.
  • McKinnon R. (1973). Money and Capital in Economic Development. Washington, DC: Brookings Institution.
  • Mukhtarov, S., Humbatovaa, S., Seyfullayevc I. ve Kalbiyevc, Y. (2020), The Effect of Financial Development on Energy Consumption in The Case of Kazakhstan, Journal of Applied Economics, 23(1), 75–88.
  • Odhiambo, N.M. (2009). Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach. Energy Policy, 37(2), 617-622.
  • Oh, W. ve Lee, K. (2004). Energy consumption and economic growth in Korea: Testing the causality relation. Journal of Policy Modeling, 26(8), 973-981.
  • Oskenbayev, Y. ve Issabayev, M. (2018). The Impact of Financial Development on Energy Demand in Transition Economies, Global Economy Journal, 18(3), 1-11.
  • Ozturk, I. ve Acaravci, A. (2010). CO2 emissions, energy consumption and economic growth in Turkey. Renewable and Sustainable. Energy Reviews, 14(9), 3220–3225.
  • Paramati, S. D., Ummalla, M. ve Apergis, N. (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, 56, 29-41.
  • Rafiq, S. ve Salim, R.A. (2009). Temporal causality between energy consumption and income in six Asian emerging countries. Applied Economics Quarterly, 55(4), 335–350.
  • Rafiq, S. ve Salim, R. (2011). The linkage between energy consumption and income in six emerging economies of Asia: an empirical analysis. International Journal of Emerging Markets, 6(1), 50-73.
  • Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38, 2528–2535.
  • Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39, 999–1006.
  • Shahbaz, M. ve Lean, H. H. (2012). Does financial development increase energy consumption? the role of industrialization and urbanization in Tunisia, Energy Policy, 40, 473-479.
  • Shaw E. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
  • Shumpeter J. (1932). The Theory of Economic Development. Cambridge, MA, US: Harvard University Press.
  • Tang, C.F., Tan, B.W. ve Ozturk, I. (2016). Energy consumption and economic growth in Vietnam. Renewable and Sustainable. Energy Reviews, 54, 1506–1514.
  • Topçu, M. ve Payne, J. E. (2017). The financial development–energy consumption nexus revisited, Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822-830.
  • Wang, S., Li, Q., Fang, C. ve Zhou, C. (2016). The relationship between economic growth, energy consumption, and CO2 emissions: empirical evidence from China. Science of the Total Environment, 542, 360–371.
  • Wurgler, J. (2000). Financial markets and the allocation of capital. Journal of Financial Economics, 58(1), 187–214.
  • Yue, S., Lu, R., Shen, Y. ve Chen, H. (2019). How does financial development affect energy consumption? Evidence from 21 transitional countries. Energy Policy, 130.
  • Zeren, F. ve Koç, M. (2014). The nexus between energy consumption and financial development with asymmetric causality test: new evidence from newly industrialized countries. International Journal of Energy Economics and Policy, 4(1), 83-91.
  • Zeren, F. ve Hizarcı, A. E. (2021). Biomass energy consumption and financial development: evidence from some developing countries. International Journal of Sustainable Energy.
Toplam 48 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makaleleri
Yazarlar

Tayfun Yılmaz 0000-0002-7127-2017

Yayımlanma Tarihi 27 Temmuz 2021
Gönderilme Tarihi 5 Nisan 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 8 Sayı: 2

Kaynak Göster

APA Yılmaz, T. (2021). YENİLENEBİLİR ENERJİ TÜKETİMİ FİNANSAL GELİŞME İLİŞKİSİ: GELİŞMİŞ ÜLKELER ÜZERİNE BİR ARAŞTIRMA. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 8(2), 1064-1081. https://doi.org/10.30798/makuiibf.909970

Cited By

İnovasyonun Yenilenebilir Enerji Üretimine Etkisi: IEA Üyesi Ülkeler Üzerine Panel Veri Analizi
Aydın İktisat Fakültesi Dergisi
https://doi.org/10.53839/aifd.1021631
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