FİNANSAL GELİŞMENİN ENERJİ TÜKETİMİNE ETKİSİ: OECD ÜLKELERİ ÜZERİNE BİR UYGULAMA

Yıl 2018, Cilt: 20 Sayı: 2, 189 - 210, 17.08.2018

Ela Çolpan Nart , Can Karabıyık

https://doi.org/10.16953/deusosbil.296757

Cited By: 3

Öz

Bu çalışmanın amacı,1995-2014 yılları için OECD ülkelerinde finansal gelişmenin enerji tüketimi üzerindeki etkisini analiz etmektir. Bu amaçla panel eşbütünleşme, panel nedensellik ve panel eşbütünleşme FMOLS ve DOLS tahmincileri kullanılmıştır. Finansal gelişme ve enerji tüketimi değişkenleri arasındaki uzun dönemli ilişki Pedroni eşbütünleşme testi ile ortaya konulmuştur. Uygulanan Granger nedensellik test sonuçlarına göre finansal gelişme enerji tüketiminin nedenidir. Nedensellik testi sonuçları koruma hipotezini desteklemektedir. Eşbütünleşme testinin güvenilirliğini ölçmek için model, DOLS ve FMOLS ile tahmin edilmiştir. Her iki tahmin yöntemine göre de regresyon katsayılarının yönleri açısından aynı ancak katsayı büyüklükleri diğer bir deyişle etki güçleri ve istatistiksel anlamlılıkları bakımından farklı sonuçlar elde edilmiştir. Çalışma, finansal gelişmenin hem kısa ve hem de uzun dönemde OECD ülkelerinde enerji tüketimini etkileyen faktörlerden birisi olduğunu ortaya koymaktadır. 

Anahtar Kelimeler

Finansal Gelişme, Enerji Tüketimi, OECD Ülkeleri, Panel Veri Analizi

THE IMPACT OF FINANCIAL DEVELOPMENT ON ENERGY CONSUMPTION: AN APPLICATION ON OECD COUNTRIES

Öz

This study examines the impact of financial development on energy consumption in OECD countries using panel cointegration, panel causality and panel cointegration DOLS&FMOLS estimation techniques over the period 1995-2014. The long-run relationship between the variables of financial development and energy consumption is revealed by the Pedroni cointegration test. The Granger causality results show unidirectional causal relationship running from financial development to energy consumption. Causality test results support the conservation hypothesis. To test the reliability of the cointegration test, the model was estimated by DOLS and FMOLS. According to the two estimation methods, the regression coefficients are the same in terms of the directions, but different results are obtained in terms of coefficient magnitudes, in other words, their influence powers and statistical significance. The study revealed that financial development is one of the factors affecting energy consumption in OECD countries in both short and long term.

Anahtar Kelimeler

Financial Development, Energy Consumption, OECD Countries, Panel Data Analysis

Kaynakça

• Ali, H. S., Yusop, Z. Bin & 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. & Che Sab C. N. B. (2012a). The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub Saharan African countries. Energy, 39 (1): 180-186.
• Al-mulali U. & Che Sab C. N. B. (2012b). The impact of energy consumption and CO2 emission on the economic and financial development in 19 selected countries. Renewable and Sustainable Energy Reviews, 16 (7): 4365-4369.
• Al-Mulali, U. & 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.
• Aslan, A., Apergis, N. & Topcu, M. (2014). Banking development and energy consumption: Evidence from a panel of Middle Eastern countries. Energy, 72: 427–433.
• Beck, T., Demirgüç-Kunt, A. & Levine, R. (2010). Financial institutions and markets across countries and over time: The updated financial development and structure database. World Bank Economic Review, 24 (1): 77–92.
• Bencivenga, V. R. & Smith, B. D. (1993). Some consequences of credit rationing in an endogenous growth model. Journal of Economic Dynamics and Control, 17 (1-2): 97–122.
• Calderón, C. & Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72 (1): 321–334.
• Chang, S. C. (2015). Effects of financial developments and income on energy consumption. International Review of Economics and Finance, 35: 28-44.
• Chortareas, G., Magkonis, G., Mschos, D. & Panagiotidis, T. (2015). Financial development and economic activity in advanced and developing open economies: Evidence from panel cointegration. Review of Development Economics, 19 (1):163–177.
• Chtioui, S. (2012). Does economic growth and financial development spur energy consumption in Tunisia? Journal of Economics and International Finance, 4 (7): 150–158.
• Cihak, M., Demirgüç-Kunt, A., Feyen, E. & Levine, R. (2012). Benchmarking Financial Systems around the World. World Bank Policy Research Working Papers, 6175: 1–58.
• Claessens, S. & Feijen, E. (2007). Financial sector development and the millennium development goals. World Bank Working Paper No. 89.
• Çoban, S. & Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39: 81–88.
• Demetriades, P. O. & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51 (2): 387–411.
• Doğan, B. & Değer, O. (2016). Enerji Tüketimi, Finansal Gelişme ve Ekonomik Büyüme İlişkisi: Hindistan Örneklemi, Journal of Yasar University, 11 (44): 326-338.
• Erim, N. & Türk, A. (2005). Finansal Gelişme ve İktisadi Büyüme, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10 (2): 21-45.
• Furuoka, F. (2015), Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries. Renewable and Sustainable Energy Reviews, 52: 430-444.
• Goldsmith R. (1969). Financial structure and development. New York: Yale University Press.
• Granger, C. W. J. & Newbold, P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2 (2): 111–120.
• Gümüş, F. B. & Koç, M. (2015). Ülkelerin Gelişmişlikleri ile Enerji Tüketimleri Arasındaki İlişki: Dört Kıta Örneği. Süleyman Demirel Üniversitesi, İktisadi ve İdari Bilimler Fakültesi Dergisi, 20 (2): 151-164.
• Im, K. S., Pesaran, M. H. & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115 (1): 53–74. International Energy Agency (IEA) (2007). World Energy Outlook, IEA.
• 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 (1): 435–441.
• Kakar, Z. K., Khilji, B. A. & Khan, M. J. (2011). Financial development and energy consumption: Empirical evidence from Pakistan. International Journal of Trade, Economics and Finance, 2: 469–471.
• Kao, C. & Chiang, M. (2000). On the Inference of a Cointegrating Regression in Panel Data. Advances in Econometrics, 15: 161–178.
• Kar, M. & Pentecost, E. (2000). Financial development and economic growth in Turkey: further evidence on the causality issue. Economic Research Paper, (00/27). Centre for International, Financial and Economics Research, Department of Economics, Loughborough University
• Karanfil, F. (2009). How many times again will we examine the energy–income nexus using a limited range of traditional econometric tools? Energy Policy, 37: 1191–1194.
• Keskingöz, H. & İnançlı, S. (2016). Türkiye’de Finansal Gelişme ve Enerji Tüketimi Arasında Nedensellik İlişkisi: 1960-2011 Dönemi, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 11 (3): 101-114.
• King, R. G. & Levine, R. (1993a). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108 (3): 717–737.
• King, R. G. & Levine, R. (1993b). Finance, entrepreneurship and growth: Theory and Evidence, Journal of Monetary Economics, 32 (3): 513–542.
• Komal, R. & Abbas, F. (2015), Linking financial development, economic growth and energy consumption in Pakistan. Renewable and Sustainable Energy Reviews, 44: 211-220.
• 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 Akademik Bakış, 15 (2): 197-206.
• Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35 (2): 688–726.
• Levine, R., Loayza, N. & Beck, T. (2000). Financial Intermediation and Growth: Causality and causes. Journal of Monetary Economics, 46 (April): 31–77.
• 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.
• McKinnon R. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
• Mielnik, O. & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30: 87–89.
• Miller, M. H. (1998). Financial markets and economic growth. Journal of Applied Corporate Finance, 11 (3): 8–15.
• Mudakkar, S. R., Zaman, K., Shakir, H., Arif, M., Naseem, I. & Naz, L. (2013). Determinants of energy consumption function in SAARC countries: Balancing the odds. Renewable and Sustainable Energy Reviews, 28: 566-574.
• Omri, A. & Kahouli, B. (2014). Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneous-equations models. Energy Policy, 67: 913-922.
• Özturk, I. (2010). A literature survey on energy-growth nexus. Energy Policy, 38: 340–349.
• Özturk, I. & Acaravci, A. (2013). The long-run and causal analysis of energy, growth, openness and financial development on carbon emissions in Turkey. Energy Economics, 36: 262–267.
• Pao, H. T. & Tsai, C. M. (2011). Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy, 36 (1): 685–693.
• Payne, J. E. (2010a). A survey of the electricity consumption-growth literature. Applied Energy, 87 (3): 723–731.
• Payne, J. E. (2010b). Survey of the international evidence on the causal relationship between energy consumption and growth. Journal of Economic Studies, 37 (1): 53–95.
• Pedroni, P. (1995). Panel Cointegration, Asymptotic and Finite Sample Properties Of Pooled Time Series Tests With An Application To The PPP Hypothesis. Indiana University working papers in economics, 95–13.
• Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61 (1): 653–670.
• Pedroni, P. (2000). Fully Modified OLS for Heterogeneous Cointegrated Panels. Advances in Econometrics, 15: 93–130.
• Phillips, P. C. & Moon, H. R. (1999). Linear regression limit theory for nonstationary panel data. Econometrica, 67 (5): 1057–1111.
• Roubini, N. & Sala-I-Martin, X. (1992). Financial repression and economic growth. Journal of Development Economics, 39 (1): 5–30.
• 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.
• Sbia, R., Shahbaz, M. & Hamdi, H. A. (2014). Contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE. Economic Modelling, 36: 191–197.
• Shahbaz M., Hye Q. M. A., Tiwari A. K. & Leitao N. C. (2013b) Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable Sustainable Energy Reviews, 25: 109-121.
• Shahbaz, M., Khan, S. & Tahir, M. I. (2013a). The dynamic links between energy consumption, economic growth, financial development and trade in China: fresh evidence from multivariate framework analysis. Energy Economics, 40: 8-21.
• 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.
• Shaw E. (1973). Financial deepening in economic development. New York: Oxford University Press.
• Shumpeter J. A. (1911). The theory of economic development. Cambridge, MA, US: Harvard University Press.
• Tamazian, A., Chousa, J. P. &Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37 (1): 246–253.
• Tang, C. F. & Tan, B. W. (2014). The linkages among energy consumption, economic growth, relative price, foreign direct investment, and financial development in Malaysia. Quality and Quantity, 48 (2): 781–797.
• Topcu, M. & Altay, B. (2017). New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors, International Journal of Financial Studies, 5 (1):1-16.
• Ziaei, M. S. (2015). Effects of financial development indicators on energy consumption and CO2 emission of European, EastAsian and Oceania countries, Renewable and Sustainable Energy Reviews, 42: 752-759.