Financial Development and Energy Consumption Nexus in Turkey: Fourier Approach

Abstract

Financial development has become an important component of economic growth, along with financial markets that have recently reached huge volumes as a result of globalization. This situation has led to an increase in studies investigating the relationship between financial development and energy use. This study aims to investigate the effect of financial development on the energy consumption for Turkey. In the analyzes, structural breaks are taken into account by models using Fourier functions. The Fourier approach can be used to capture unknown structural breaks or neglected nonlinearity in the deterministic component of the model. The stationarity feature of the series is tested using the Fourier ADF unit root test. All variables are found to be stationary at the first level and Fourier ADL cointegration analysis is performed. A long-term positive significant relationship is found between variables. In addition, by performing the Fourier causality analysis, it is concluded that there is a one-way causality relationship from financial development to energy consumption and from energy consumption to inflation rate. The findings of this study, which is conducted considering the structural changes, contain similar results to the studies in the literature.

Keywords

• Energy Consumption
• Financial Development
• Fourier ADL Cointegration
• Fourier Causality

Türkiye’de Finansal Gelişme ve Enerji Tüketimi İlişkisi: Fourier Yaklaşımı

Abstract

Son zamanlarda küreselleşmenin bir sonucu olarak büyük hacimlere ulaşan finansal piyasalar ile birlikte gerçekleşen finansal gelişme ekonomik büyümenin önemli bir bileşeni haline gelmiştir. Bu durum finansal gelişme ile enerji kullanımı arasındaki ilişkiyi araştıran çalışmaların artmasına neden olmuştur. Bu çalışmada Türkiye için finansal gelişmişliğin enerji tüketimi üzerindeki etkisinin incelenmesi amaçlanmıştır. Yapılan analizlerde yapısal değişimler Fourier fonksiyonlarını temel alan modeller kullanılarak göz önünde bulundurulmuştur. Fourier yaklaşımı, ele alınan modelin deterministik bileşeninde bilinmeyen yapısal kırılmaları veya göz ardı edilen doğrusal olmama durumunu yakalamak için kullanılabilmektedir. Çalışmada kullanılan serilerin durağanlık özelliği Fourier ADF birim kök testi kullanılarak araştırılmıştır. Birim kök testi sonuçlarına göre değişkenlerin hepsi birinci seviyeden durağan bulunmuştur ve Fourier ADL eşbütünleşme analizi yapılmıştır. Değişkenler arasında uzun dönemli pozitif anlamlı ilişkiye rastlanmıştır. Ayrıca değişkenler arasında Fourier nedensellik analizi yapılarak finansal gelişmeden enerji tüketimine ve enerji tüketiminden enflasyon oranına doğru tek yönlü nedensellik ilişkisi olduğu sonucuna ulaşılmıştır. Yapısal değişimler dikkate alınarak yapılan bu çalışmanın bulguları literatürdeki çalışmalarla benzer sonuçlar içermektedir.

Keywords

• Enerji Tüketimi
• Finansal Gelişme
• Fourier ADL Eşbütünleşme
• Fourier Nedensellik

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