INVESTIGATION OF THE CONNECTION BETWEEN FOREIGN DIRECT INVESTMENTS, FINANCIAL DEVELOPMENT AND ELECTRICITY CONSUMPTION IN TURKEY

Abstract

The relationship between foreign direct investment and electricity consumption is a topic studied in the economic literature and is of particular importance for the economic and social development of any country. In this study, the relationship of foreign direct investments with electricity consumption, economic growth and financial development in Turkey was investigated. In the study, time series data extending from 2016: q1 to 2022: q2 received from the Central Bank of Turkey were used. Analyzes were performed with autoregressive distributed lag test (ARDL) and Granger causality approach. ARDL analysis results provided evidence of a long-term relationship between electricity consumption, foreign direct investment, financial development and economic growth. While long-term findings reveal a statistically significant positive relationship between electricity consumption and foreign direct investment and economic growth, no significant relationship was found between financial development and electricity consumption. From Granger causality analysis, there is a bidirectional relationship between electricity consumption and economic growth; A bidirectional causality relationship was found between electricity consumption and financial development, and a unidirectional causality relationship between electricity consumption and foreign direct investments. As a result, improvements in foreign direct investments, economic growth and financial development in Turkey have a positive impact on electricity consumption.

Keywords

• Foreign Direct Investments
• Electricity Consumption
• Financial Development
• ARDL
• Granger Causality

TÜRKİYE’DE DOĞRUDAN YABANCI YATIRIMLAR, FİNANSAL GELİŞME VE ELEKTRİK TÜKETİMİ ARASINDAKİ BAĞLANTININ İNCELENMESİ

Abstract

Doğrudan yabancı yatırım ile elektrik tüketimi arasındaki ilişki, ekonomi literatüründe incelenen ve herhangi bir ülkenin ekonomik ve sosyal gelişimi için özellikle önem taşıyan bir konudur. Bu çalışmada, Türkiye’de doğrudan yabancı yatırımlar ile elektrik tüketimi, ekonomik büyüme ve finansal gelişme arasındaki ilişki araştırılmıştır. Çalışmada, Türkiye Merkez Bankası’ndan alınan, 2016q1’den 2023q2’ye kadar uzanan zaman serisi verileri kullanılmıştır. Analizler Otoregresif Gecikmesi Dağıtılmış Sınır Testi (ARDL) ve Granger nedensellik yaklaşımıyla gerçekleştirilmiştir. ARDL analiz sonuçları elektrik tüketimi, doğrudan yabancı yatırım, finansal gelişme ve ekonomik büyüme arasında uzun vadeli bir ilişki olduğuna dair kanıtlar sunmuştur. Uzun dönem bulguları elektrik tüketimi ile doğrudan yabancı yatırım ve ekonomik büyüme arasında istatistiksel olarak anlamlı pozitif ilişkiyi ortaya koyarken, finansal gelişme ile elektrik tüketimi arasında anlamlı bir ilişki bulunamamıştır. Granger nedensellik analizinden elektrik tüketimi ile ekonomik büyüme arasında çift yönlü, elektrik tüketimi ile finansal gelişme arasında çift yönlü ve elektrik tüketimi ile doğrudan yabancı yatırımlar arasında tek yönlü bir nedensellik ilişkisi tespit edilmiştir. Sonuç olarak, Türkiye’de doğrudan yabancı yatırımlar, ekonomik büyüme ve finansal gelişmedeki iyileşmeler elektrik tüketimine olumlu yansımaktadır.

Keywords

• Doğrudan Yabancı Yatırımlar
• Elektrik Tüketimi
• Finansal Gelişme
• ARDL
• Granger Nedensellik

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