G-7 ÜLKELERİ İÇİN PANEL KANTİL REGRESYON YAKLAŞIMIYLA ENERJİ TÜKETİMİ-FİNANSAL GELİŞME İLİŞKİSİ

Abstract

Bu çalışma G-7 ülkelerinde 1980-2018 dönemi için enerji fiyatları, finansal gelişme, doğrudan yabancı yatırım ve ekonomik büyümenin enerji tüketimi ilişkini incelemeye odaklanmıştır. İlgili ülkelerin enerji tüketimi değişkeni için enerji kullanımı değişkenini, finansal gelişme için BankDindex ve BondDindex değişkenlerini, ekonomik büyüme için kişi başına hasıla değişkenini, doğrudan yabancı yatırımlar için net girşleri, enerji fiyatları için Brent ham petrol fiyatları ele alınmıştır. Yeni bir güçlü ekonometrik yöntem olan panel kantil regresyon modeli uygulanmış ve iki model kurulmuştur. Ampirik bulgular, farklı değişkenlerin enerji kullanımı üzerinde açıkça heterojen bir etkiye sahip olduğunu göstermektedir. Hem enerji fiyatlarındaki hem de doğrudan yabancı yatırımlardaki artış enerji tüketimini artırmaktadır. Model 1'de, düşük enerji tüketimi seviyelerinde finansal gelişmenin etkisi daha düşükken, orta ve yüksek enerji tüketimi olan ülkelerde Bankacılık sektörünün etkisi daha yüksektir. Model 2'de, tahvil sektörü, düşük enerji tüketimi olan ülkelerde yüksek etkiye sahiptir ancak anlamsızdır. Orta ve yüksek enerji tüketimi seviyelerinde olumlu ve anlamlı bir etkiye sahiptir. Bankacılık sektörünün enerji tüketimi üzerindeki etkisi, borç sektöründen üç kat daha fazladır. Ayrıca, bankacılık sektörünün düşük enerji tüketimi kantili üzerinde önemli bir etkisi vardır. Politika yapıcıların Ekonomik Büyüme Sürecinde finansal gelişme rolünü kullanmaları için başka bir sonuç bulunmuştur.

Keywords

• Enerji Tüketimi
• Finansal Gelişme
• Ekonomik Büyüme
• Panel kantil regresyon
• G-7 Ülkeleri

THE ENERGY CONSUMPTION-FINANCIAL DEVELOPMENT RELATIONSHIP FOR G-7 COUNTRIES FROM PANEL QUANTILE REGRESSION APPROACH

Abstract

Abstract This study focused on examining the relationship among energy prices, financial development, foreign direct investments and economic growth on energy consumption for G-7 countries covered the 1980-2018 data period. We take into energy use as a dependent variable to project countries energy consumption and also financial development is measured by using BankDindex and BondDindex variables, for economic growth GDP per capita, net inflows for foreign direct investment and Brent crude oil price for energy prices. It has been applied the panel quantile regression model which is a new robust econometric method and two models are established. The empirical findings suggest that diverse variables have a clearly heterogeneous effect on energy use. An increase in both energy prices and foreign direct investments increases energy consumption. In Model 1, the effect of financial development on low energy consumption levels is lower, while the effect of the Banking sector is higher in countries with medium and high energy consumption. In Model 2, the Bond sector has a high impact in countries with low energy consumption but is meaningless. It has a positive and significant effect at levels with medium and high energy consumption. The impact of the banking sector on energy consumption is three times greater than the debt sector. In addition, the banking sector has a significant effect on the quantiles of low EC. We found another results for policymakers, to use financial development role in the economic growth process.

Keywords

• Energy Consumption
• Financial Development
• Economic Growth
• Panel quantile regression
• G-7 Countries

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