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Türkiye’de Finansal Gelişme ve Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi: ARDL Sınır Testi Yaklaşımı

Year 2019, Volume: 4 Issue: 1, 50 - 65, 20.03.2019

Abstract

Bu çalışmada 1961-2014 yılları arasında Türkiye’de
finansal gelişme ve enerji tüketiminin ekonomik büyüme üzerindeki etkisi
araştırılmaktadır. Yıllık verilerin kullanıldığı çalışmada değişkenler
arasındaki kısa ve uzun dönem ilişki ARDL Sınır Testi Yaklaşımı ile analiz
edilmiştir. Analiz sonuçlarına göre finansal gelişme (geniş para arzı + özel
sektöre sağlanan kredi) ve enerji tüketiminin ekonomik büyüme üzerinde etkili olduğu
görülmektedir. Finansal gelişme (özel sektöre sağlanan kredi) ve enerji
tüketiminin büyümeyi pozitif yönde etkilediği sonucuna ulaşılmaktadır. 

References

  • Bakirtas, T., and Akpolat, A. G. (2018). The relationship between energy consumption, urbanization, and economic growth in new emerging-market countries. Energy, 147, 110-121.
  • Brown, R.L., Durbin, J. and Evans, J. M. (1975). Techniques for Testing the Constancy of Regression Relationships Over Time. Journal of the Royal Statistical Society, 37(2): 149-192.
  • Burakov, D., and Freidin, M. (2017). Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach. International Journal of Energy Economics and Policy, 7(6), 39-47.
  • Doğan, B., ve Değer, O. (2016). Enerji Tüketimi, Finansal Gelişme Ve Ekonomik Büyüme İlişkisi: Hindistan Örneklemi. Journal of Yaşar University, 11(44), 326-338.
  • Ghosh, S. .2002. Electiricity Consumption and Economic Growth in India. Energy Policy, 30(2): 125-129.
  • Gövdere, B., ve Muhlis, C. (2015). Enerji tüketimi ve ekonomik büyüme ilişkisi: Türkiye örnekleminde eşbütünleşme analizi. Uluslararası İktisadi ve İdari Bilimler Dergisi, 1(2), 101-114.
  • Graff, M. (2001). Financial development and economic growth-new data and empirical analysis. METU Studies in Development, 28(1/2), 83-110.
  • Gujarati, D. (2016). Örneklerle ekonometri. N. Bolatoğlu. Çev.). Ankara: BB101 Yayınları.
  • Hatemi-j, A. (2012). Asymmetric Causality Tests With an Application. Empirical Economics, 43(1), 447-456.
  • Komal, R., and Abbas, F. (2015). Linking Financial Development, Economic Growth and Energy Consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
  • Le, K. S., Hassan, K., Gasbarro, D., and Cullen, G. (2014, August). The relation Between Financial Development, Energy Consumption and Economic Growth: Empirical Evidence for the United States. In 27th Australasian Finance and Banking Conference.
  • McGowan Jr, C. B., and Ibrihim, I. (2009). “An Analysis of the day-of-the-week Effect in the Russian Stock Market”. International Business & Economics Research Journal, 8(9), 25-30.
  • MacKinnon, J. G. (1996). Numerical Distribution Functions for Unit Root and Cointegration Tests. Journal of applied econometrics, 11(6), 601-618.
  • Magazzino, C. (2018). GDP, Energy Consumption and Financial Development in Italy. International Journal of Energy Sector Management, 12(1), 28-43.
  • Mahalik, M. K., and Mallick, H. (2014). Energy Consumption, Economic Growth and Financial Development: Exploring the Empirical Linkages for India. The Journal of Developing Areas, 139-159.
  • Matei, I. (2015). Energy Consumption, Financial Development and Economic Growth Nexus: an Empirical Evidence From Panel Data for EU Countries. IESEG School of Management.[Online]. Available: http://afse2015. sciencesconf. org/61830/document [Accessed on 8 October 2015].
  • Mucuk, M. ve D. Uysal, (2009). Türkiye Ekonomisinde Enerji Tüketimi ve Ekonomik Büyüme. Maliye Dergisi, 157:105- 115.
  • Newbold, P., and Granger, C. W. (1974). Experience With Forecasting Univariate Time Series and the Combination of Forecasts. Journal of the Royal Statistical Society: Series A (General), 137(2), 131-146.
  • Paul, S., and Bhattacharya, R. N. (2004). Causality Between Energy Consumption and Economic Growth in India: A Note on Conflicting Results. Energy economics, 26(6), 977-983.
  • Pesaran, M. H., & Shin, Y. (1995). Long-run Structural Modelling. Cambridge, Department of Applied Economics, University of Cambridge (No. 9419). DAE Working Paper.Pesaran, M. H., Shin, Y., & Smith, R. J. (1996). Testing for the'Existence of a Long-run Relationship' (No. 9622). Faculty of Economics, University of Cambridge.
  • Pesaran, M. H., Shin, Y., and Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of applied econometrics, 16(3), 289-326.
  • 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.
  • Sadorsky, P. 2012. Energy consumption, output and trade in South America. Energy Economics, 34(2): 476-488.
  • Salman, D. M., and Atya, E. M. (2014). What is the Role of Financial Development and Energy Consumption on Economic Growth? New Evidence From North African Countries. International Journal of Finance & Banking Studies, 3(1), 137.
  • 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.
  • Shahbaz, M.; Saleheen K. and Mohammad, I. T. (2013). Dynamic Link Between Energy Consumption, Economic Growth, Financial Development and Trade in China: Fresh Evidence from Multivariate Framework Analysis. Energy Economics 40, p. 8 - 21.
  • Tutgun, S. (2017) “Bilgi ve İletişim Teknolojilerinin Ekonomik Büyüme Üzerindeki Etkisi: Türkiye Örneği” Çankırı Karatekin Üniversitesi, Sosyal Bilimler Enstitüsü, Yayınlanmış Yüksek Lisans Tezi, Çankırı.
  • Utkulu, U. (1997). How To Estimate Long-Run Relationships In Economics: An Overview Of Recent Approaches. DEÜ İİBF Dergisi, 12(2): 39-48.
  • Yang, H. Y. 2000. A Note on the Causal Relationship Between Energy and GDP in Taiwan. Energy Economics, 22: 309-317.
  • Zeren, F., ve Koc, M. (2013). The Nexus Between Energy Consumption and Financial Development With Asymmetric Causality Test: New Evidence From Newly İndustrialized Countries. International Journal of Energy Economics and Policy, 4(1), 83-91.

The Impact of Financial Development and Energy Consumption on Economic Growth in Turkey : ARDL Bound Testing Approach

Year 2019, Volume: 4 Issue: 1, 50 - 65, 20.03.2019

Abstract

In this study, between the years 1961-2014 is being
investigated its impact on financial development and economic growth of energy
consumption in Turkey. In the study using the annual data, the short and long
term relationship between the variables was analyzed by ARDL Bound Test
Approach. According to the results of the analysis, financial development (broad
money supply + loan provided to private sector) and energy consumption are seen
to have an impact on economic growth. It is concluded that financial
development (loan provided to the private sector) and energy consumption have a
positive effect on growth.

References

  • Bakirtas, T., and Akpolat, A. G. (2018). The relationship between energy consumption, urbanization, and economic growth in new emerging-market countries. Energy, 147, 110-121.
  • Brown, R.L., Durbin, J. and Evans, J. M. (1975). Techniques for Testing the Constancy of Regression Relationships Over Time. Journal of the Royal Statistical Society, 37(2): 149-192.
  • Burakov, D., and Freidin, M. (2017). Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach. International Journal of Energy Economics and Policy, 7(6), 39-47.
  • Doğan, B., ve Değer, O. (2016). Enerji Tüketimi, Finansal Gelişme Ve Ekonomik Büyüme İlişkisi: Hindistan Örneklemi. Journal of Yaşar University, 11(44), 326-338.
  • Ghosh, S. .2002. Electiricity Consumption and Economic Growth in India. Energy Policy, 30(2): 125-129.
  • Gövdere, B., ve Muhlis, C. (2015). Enerji tüketimi ve ekonomik büyüme ilişkisi: Türkiye örnekleminde eşbütünleşme analizi. Uluslararası İktisadi ve İdari Bilimler Dergisi, 1(2), 101-114.
  • Graff, M. (2001). Financial development and economic growth-new data and empirical analysis. METU Studies in Development, 28(1/2), 83-110.
  • Gujarati, D. (2016). Örneklerle ekonometri. N. Bolatoğlu. Çev.). Ankara: BB101 Yayınları.
  • Hatemi-j, A. (2012). Asymmetric Causality Tests With an Application. Empirical Economics, 43(1), 447-456.
  • Komal, R., and Abbas, F. (2015). Linking Financial Development, Economic Growth and Energy Consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44, 211-220.
  • Le, K. S., Hassan, K., Gasbarro, D., and Cullen, G. (2014, August). The relation Between Financial Development, Energy Consumption and Economic Growth: Empirical Evidence for the United States. In 27th Australasian Finance and Banking Conference.
  • McGowan Jr, C. B., and Ibrihim, I. (2009). “An Analysis of the day-of-the-week Effect in the Russian Stock Market”. International Business & Economics Research Journal, 8(9), 25-30.
  • MacKinnon, J. G. (1996). Numerical Distribution Functions for Unit Root and Cointegration Tests. Journal of applied econometrics, 11(6), 601-618.
  • Magazzino, C. (2018). GDP, Energy Consumption and Financial Development in Italy. International Journal of Energy Sector Management, 12(1), 28-43.
  • Mahalik, M. K., and Mallick, H. (2014). Energy Consumption, Economic Growth and Financial Development: Exploring the Empirical Linkages for India. The Journal of Developing Areas, 139-159.
  • Matei, I. (2015). Energy Consumption, Financial Development and Economic Growth Nexus: an Empirical Evidence From Panel Data for EU Countries. IESEG School of Management.[Online]. Available: http://afse2015. sciencesconf. org/61830/document [Accessed on 8 October 2015].
  • Mucuk, M. ve D. Uysal, (2009). Türkiye Ekonomisinde Enerji Tüketimi ve Ekonomik Büyüme. Maliye Dergisi, 157:105- 115.
  • Newbold, P., and Granger, C. W. (1974). Experience With Forecasting Univariate Time Series and the Combination of Forecasts. Journal of the Royal Statistical Society: Series A (General), 137(2), 131-146.
  • Paul, S., and Bhattacharya, R. N. (2004). Causality Between Energy Consumption and Economic Growth in India: A Note on Conflicting Results. Energy economics, 26(6), 977-983.
  • Pesaran, M. H., & Shin, Y. (1995). Long-run Structural Modelling. Cambridge, Department of Applied Economics, University of Cambridge (No. 9419). DAE Working Paper.Pesaran, M. H., Shin, Y., & Smith, R. J. (1996). Testing for the'Existence of a Long-run Relationship' (No. 9622). Faculty of Economics, University of Cambridge.
  • Pesaran, M. H., Shin, Y., and Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationships. Journal of applied econometrics, 16(3), 289-326.
  • 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.
  • Sadorsky, P. 2012. Energy consumption, output and trade in South America. Energy Economics, 34(2): 476-488.
  • Salman, D. M., and Atya, E. M. (2014). What is the Role of Financial Development and Energy Consumption on Economic Growth? New Evidence From North African Countries. International Journal of Finance & Banking Studies, 3(1), 137.
  • 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.
  • Shahbaz, M.; Saleheen K. and Mohammad, I. T. (2013). Dynamic Link Between Energy Consumption, Economic Growth, Financial Development and Trade in China: Fresh Evidence from Multivariate Framework Analysis. Energy Economics 40, p. 8 - 21.
  • Tutgun, S. (2017) “Bilgi ve İletişim Teknolojilerinin Ekonomik Büyüme Üzerindeki Etkisi: Türkiye Örneği” Çankırı Karatekin Üniversitesi, Sosyal Bilimler Enstitüsü, Yayınlanmış Yüksek Lisans Tezi, Çankırı.
  • Utkulu, U. (1997). How To Estimate Long-Run Relationships In Economics: An Overview Of Recent Approaches. DEÜ İİBF Dergisi, 12(2): 39-48.
  • Yang, H. Y. 2000. A Note on the Causal Relationship Between Energy and GDP in Taiwan. Energy Economics, 22: 309-317.
  • Zeren, F., ve Koc, M. (2013). The Nexus Between Energy Consumption and Financial Development With Asymmetric Causality Test: New Evidence From Newly İndustrialized Countries. International Journal of Energy Economics and Policy, 4(1), 83-91.
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Seyhun Tutgun

Publication Date March 20, 2019
Published in Issue Year 2019 Volume: 4 Issue: 1

Cite

APA Tutgun, S. (2019). Türkiye’de Finansal Gelişme ve Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi: ARDL Sınır Testi Yaklaşımı. Akademik İzdüşüm Dergisi, 4(1), 50-65.

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