Yenilenebilir ve Yenilenemez Enerjinin Finansal Gelişim Üzerindeki Etkisi: Gelişmekte Olan Ülkelerden Kanıtlar

Abstract

Enerji, ülkelerin sürdürülebilir kalkınmayı başarması için önemli bir faktördür ve yenilenebilir enerjinin önemi her geçe gün artmaktadır. Son otuz yılda yenilenebilir enerji tüketimi - ekonomik büyüme ve enerji tüketimi - finansal gelişim ilişkileri yoğun bir şekilde araştırılmıştır. Bu çalışmada Bloomberg'in en çok gelişmekte olan ülkeleri için yenilenebilir enerji tüketimi, yenilenemeyen enerji tüketimi ve finansal gelişim arasındaki ilişkiler araştırılmıştır. 1980-2018 dönemini ele alan çalışmada bankalardaki mevduatların GSYİH'ye oranı, finansal sistem mevduatının GSYİH'ye ve özel kredilerin GSYİH'ye oranı finansal gelişim göstergeleri olarak kullanılmıştır. Değişkenler arasındaki uzun vadeli ilişki Westerlund (2007) panel eşbütünleşme testi ile incelenmiş ve bu ilişkinin yönü Pesaran’ın (2006) CCE-MG panel eşbütünleşme tahmincisi ile belirlenmiştir. Dumitrescu ve Hurlin (2012) tarafından geliştirilen panel nedensellik testi vasıtasıyla ile değişkenler arasında nedenselliğin yönü araştırılmıştır. Elde edilen panel eşbütünleşme testi sonuçlarına göre, yenilenebilir enerji tüketimi ve finansal gelişim arasında uzun dönemli pozitif yönlü bir ilişki bulunmuştur. Öte yandan, yenilenebilir enerji tüketimi ile finansal gelişim arasında çift yönlü nedensellik bulgusuna rastlanmış olup, finansal gelişimden yenilenemez enerji tüketimine doğru ise tek yönlü nedensellik bulgusu söz konusudur.

Keywords

• Yenilenebilir Enerji Tüketimi
• Yenilenemeyen Enerji Tüketimi
• Finansal Gelişim
• Panel Eşbütünleşme
• Panel Nedensellik

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries

Abstract

Energy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financial development (FD) has intensely studied. In this paper the relationship between RNW, non-renewable energy consumption (non-RNW) and FD is investigated for top emerging countries of Bloomberg. The financial system deposits to GDP, deposit money bank assets to GDP and private credit to GDP have considered as FD indicators in the paper that investigates the period of 1980-2018. The long-term relationship between the variables was studied with Westerlund (2007) panel cointegration test and the direction of this relationship was examined with Pesaran (2006) CCE-MG panel cointegration estimator. The existence of causality among the variables was analyzed with Dumitrescu and Hurlin (2012) panel causality test. According to the cointegration test results, a positive long-run relationship was found between RNW and FD. Also, there is a bidirectional causality finding between RNW and FD, and there is a one-way causality finding from FD to non-RNW.

Keywords

• Financial Development
• Renewable Energy Consumption
• Non-Renewable Energy Consumption
• Panel Cointegration Test
• Panel Causality Test

References

1. Akhtar, M. H., Sheikh, M., R. and 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. Retrieved from https://www.prdb.pk/
2. Ali, H. S., Yusop, Z. B. and 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. Retrieved from https://www.econjournals.com/index.php/ijeep
3. Al-Mulali, U. and Lee, J. Y. M. (2013). Estimating the impact of the financial development on energy consumption: Evidence from the GCC (gulf cooperation council) countries. Energy, 60, 215-221. https://doi.org/10.1016/j.energy.2013.07.067
4. Al-Mulali, U. and Sab, C. N. B. C. (2012a). The impact of energy consumption and CO2 emission on the economic growth and financial development in the SubSaharan African Countries. Energy, 39, 180-186. https://doi.org/10.1016/j.energy.2012.01.032
5. Al-Mulali, U. and Sab, C. N. B. C. (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, 4365-4369. https://doi.org/10.1016/j.rser.2012.05.017
6. Bayer, C. and Hanck, C. (2013). Combining non‐cointegration tests. Journal of Time series analysis, 34(1), 83-95. https://doi.org/10.1111/j.1467-9892.2012.00814.x Bloomberg Official Websites. (2020). Top emerging countries [Dataset]. Retrieved from https://www.bloomberg.com
7. Bozoklu, Ş. ve Yılancı, V. (2013). Finansal gelişme ve iktisadi büyüme arasındaki nedensellik ilişkisi: gelişmekte olan ekonomiler için analiz. [The causality relation between financial development and economic growth: An analysis for emerging economies]. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 161-187. Retrieved from https://dergipark.org.tr/tr/pub/ije
8. Breusch, T. S. and Pagan A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47(1), 239-253. Retrieved from https://www.restud.com/

9. Brunnschweiler, C. N. (2009). Oil and growth in transition countries. (CER-ETH-Center of Economic Research at ETH Zurich, Working Paper, 09/108). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1403313
10. Çağlar, A. E. ve Kubar, Y. (2017). Finansal gelişme enerji tüketimini destekler mi?. Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 27, 96-121. Retrieved from https://dergipark.org.tr/tr/pub/sbe
11. Çetin, M. A. ve Bakırtaş, İ. (2018). Finansal gelişmişliğin yenilenebilir enerji tüketimi üzerindeki uzun dönemli etkileri: G-7 ülkeleri örneği. [The long run impacts of financial development on renewable energy consumption: A case of G-7 countries]. Trakya Üniversitesi Sosyal Bilimler Dergisi, 20(2), 37-54. https://doi.org/10.26468/trakyasobed.421105
12. Chang, S. C. (2015). Effects of financial developments and income on energy consumption. International Review of Economics and Finance, 35, 28-44. https://doi.org/10.1016/j.iref.2014.08.011
13. Chtioui, S. (2012). Does economic growth and financial development spur energy consumption in Tunisia?. Journal of Economics and International Finance, 4(7), 150–158. https://doi.org/10.5897/IJPS12.014
14. Çoban, S. and Topcu, M. (2013). The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics, 39, 81-88. https://doi.org/10.1016/j.eneco.2013.04.001.
15. Dan, Y. and Lijun, Z. (2009). Financial development and energy consumption: An empirical research based on Guangdong province. Papers presented at 2009 International Conference on Information Management, Innovation Management and Industrial Engineering, Xi’an, China. doi:10.1109/ICIII.2009.334
16. Destek, M. A. (2017). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 13(1), 76-81. https://doi.org/10.1080/15567249.2017.1405106
17. Dumitrescu, E. and Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
18. Emirmahmutoglu, F. and Kose, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28, 870–876. https://doi.org/10.1016/j.econmod.2010.10.018
19. Energy Information Administration of United Stated (2019). Energy [Dataset]. Retrieved from https://www.eia.gov/
20. Eren. B.M., Taspinar, N. and 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. https://doi.org/10.1016/j.scitotenv.2019.01.323
21. Fisher, A. (2011). Critical thinking: An introduction. Cambridge: Cambridge university press.
22. Güngör, S., Korkmaz, Ö., Karaca, S. S. ve Keskin Benli, Y. (2017). Küresel gelişmeler bağlamında enerjide dışa bağımlı gelişmekte olan ülkelerde birincil enerji tüketimiyle finansal gelişme arasındaki ilişki. [The relationship between primary energy consumption and financial development in developing countries that were dependent on energy in context of global development]. Maliye Finans Yazıları, (108), 123-142. https://doi.org/10.33203/mfy.311742
23. Islam, F., Shahbaz, M., Ahmed, A. U. and Alam, M. (2013). Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling, 30, 435–441. https://doi.org/10.1016/j.econmod.2012.09.033
24. Kakar, Z.H., Khilji, B.A. and Khan, M. J. (2011). Financial development and energy consumption: Empirical evidence from Pakistan. International Journal of Trade, Economics and Finance, 2(6), 469-471. http://dx.doi.org/10.7763/IJTEF.2011.V2.150
25. Mahalik, M. K., Babu, M. S., Loganathan, N. and Shahbaz, M. (2017). Does financial development intensify energy consumption in Saudi Arabia?. Renewable and Sustainable Energy Reviews, 75, 1022–1034. http://dx.doi.org/10.1016/j.rser.2016.11.081
26. Mehrara, M. and Musai, M. (2012). Energy consumption, financial development and economic growth: An ARDL approach for the case of Iran. International Journal of Business and Behavioral Sciences, 2(6), 92-99.
27. Paramati, S. R., Ummalla, M. and Apergis, N. (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging markets economies. Energy Economics, 56, 29-41. https://doi.org/10.1016/j.eneco.2016.02.008
28. Pesaran, M. H., Shin, Y. and Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationship. Journal of Applied Econometrics, 16, 289–326. https://doi.org/10.1002/jae.616
29. Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967–1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
30. Pesaran, M. H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50–93. http://dx.doi.org10.1016/j.jeconom.2007.05.010
31. Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38, 2528–2535. https://doi.org/10.1016/j.enpol.2009.12.048
32. Sadorsky, P. (2011). Financial development and energy consumption in central and eastern European frontier economies. Energy Policy, 39(2), 999-1006. https://doi.org/10.1016/j.enpol.2010.11.034
33. 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), 137-149. Retrieved from https://www.ssbfnet.com/ojs/index.php/ijfbs
34. 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. https://doi.org/10.1016/j.enpol.2011.10.050
35. Topcu, M. and Altay, B. (2017). New insight into the finance-energy nexus: disaggregated evidence from Turkish sectors. International Journal of Financial Studies, 5(1), 1-16. https://doi.org/10.3390/ijfs5010001
36. Topcu, M. and Payne, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822-830. https://doi.org/10.1080/15567249.2017.1300959
37. Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-747. https://doi.org/10.1111/j.1468-0084.2007.00477.x
38. Xu, S. J. (2012). The impact of financial development on energy consumption in China: based on SYS-GMM estimation. Advanced Materials Research, 524-527, 2977–2981. https://doi.org/10.4028/www.scientific.net/AMR.524-527.2977
39. Zeren, F. and 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. Retrieved from https://www.econjournals.com/index.php/ijeep