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

Year 2021, Volume: 17 Issue: 4, 1304 - 1313, 31.12.2021
https://doi.org/10.17130/ijmeb.994573

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.

References

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  • Aslan, A., N. Apergis, and M. Topcu. 2014. Banking development and energy consumption: Evidence from a panel of Middle Eastern countries. Energy 72:427–33.
  • Bera, A. K., Galvao, A. F., Montes-Rojas, G. V., & Park, S. Y. (2016). Asymmetric laplace regression: Maximum likelihood, maximum entropy and quantile regression. Journal of Econometric Methods, 5(1), 79-101.
  • BPSR: British Petroleum Statistical Review (2019) http://www.bp.com/statisticalreview
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R. (2012). Benchmarking financial development around the world. World Bank policy research working paper, 6175, 1-54.
  • Çoban, S., and M. Topcu. 2013. The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics 39:81–88.
  • De Silva, P. N. K., Simons, S. J. R., & Stevens, P. (2016). Economic impact analysis of natural gas development and the policy implications. Energy Policy, 88, 639-651.
  • Denisova, V. 2020. Financial Development and Energy Consumption: Evidence from Germany. International Journal of Energy Economics and Policy, 10(2), 35-39.
  • Destek, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 13(1), 76-81.
  • Gómez, M., & Rodríguez, J. C. (2019). Energy consumption and financial development in NAFTA countries, 1971–2015. Applied Sciences, 9(2), 302.
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.
  • Islam, F., M. Shahbaz, A. U. Ahmed, and M. M. Alam. 2013. Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling 30:435–41.
  • Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Economics, 33(2), 284-291.
  • 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(4), 1191-1194.
  • Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91(1), 74-89.
  • Koenker, R.,& Bassett Jr, G. (1978). Regression quantiles. Econometrica: journal of the Econometric Society, 33-50.
  • Kraft, J., & Kraft, A. (1978). On the relationship between energy and GNP. The Journal of Energy and Development, 401-403.
  • Lee, C. C., & Chang, C. P. (2008). Energy consumption and economic growth in Asian economies: a more comprehensive analysis using panel data. Resource and energy Economics, 30(1), 50-65.
  • Liu, L., Zhou, C., Huang, J., & Hao, Y. (2018). The impact of financial development on energy demand: evidence from China. Emerging Markets Finance and Trade, 54(2), 269-287.
  • Mahalik, M. K., & Mallick, H. (2014). Energy consumption, economic growth and financial development: exploring the empirical linkages for India. The Journal of Developing Areas, 139-159.
  • Narayan, P. K., & Smyth, R. (2008). Energy consumption and real GDP in G7 countries: new evidence from panel cointegration with structural breaks. Energy Economics, 30(5), 2331-2341.
  • Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy policy, 38(1), 340-349.
  • Ozturk, 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.
  • Ozturk, I., Aslan, A., & Kalyoncu, H. (2010). Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries. Energy Policy, 38(8), 4422-4428.
  • Payne, J. E. (2010). Survey of the international evidence on the causal relationship between energy consumption and growth. Journal of Economic Studies.
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  • Sadorsky, P. 2011. Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy 39 (2):999–1006.
  • 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.
  • Shahbaz, M., Hye, Q. M. A., Tiwari, A. K., & Leitão, N. C. (2013). Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable and Sustainable Energy Reviews, 25, 109-121.
  • Shahbaz, M., Khan, S., & Tahir, M. I. (2013). 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.
  • Sherwood, B.,& Wang, L. (2016). Partially linear additive quantile regression in ultra-high dimension. The Annals of Statistics, 44(1), 288-317.
  • Soytas, U., & Sari, R. (2003). Energy consumption and GDP: causality relationship in G-7 countries and emerging markets. Energy economics, 25(1), 33-37.
  • Tang, C. F., and B. W. Tan. 2014. The linkages among energy consumption, economic growth, relative price, foreign direct investment, and financial development in Malaysia. Quality & Quantity 48(2):781–97.
  • Topcu, M., and J. E. Payne. 2017. The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy 12(9):822–30.
  • Wang, Y., & Gong, X. (2020). Does financial development have a non-linear impact on energy consumption? Evidence from 30 provinces in China. Energy Economics, 90, 104845.
  • WB-FDSD : World Bank Financial Development and Structure Dataset (Revised: September 2019) https://www.worldbank.org/en/publication/gfdr/data/financial-structure-database
  • WDI: World Development Indicators.https://datacatalog.worldbank.org/dataset/world-development-indicators Yan, D., Kong, Y., Ren, X., Shi, Y., & Chiang, S. (2019). The determinants of urban sustainability in Chinese resource-based cities: A panel quantile regression approach. Science of the total environment, 686, 1210-1219.
  • Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy policy, 39(4), 2197-2203.
  • Zhu, H., Duan, L., Guo, Y., & Yu, K. (2016a). The effects of FDI, economic growth and energy consumption on carbon emissions in ASEAN-5: evidence from panel quantile regression. Economic Modelling, 58, 237-248.
  • Zhu, H., Guo, Y., You, W., & Xu, Y. (2016b). The heterogeneity dependence between crude oil price changes and industry stock market returns in China: Evidence from a quantile regression approach. Energy Economics, 55, 30-41.

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

Year 2021, Volume: 17 Issue: 4, 1304 - 1313, 31.12.2021
https://doi.org/10.17130/ijmeb.994573

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.

References

  • Apergis, N., & Payne, J. E. (2009). Energy consumption and economic growth in Central America: evidence from a panel cointegration and error correction model. Energy Economics, 31(2), 211-216.
  • Aslan, A., N. Apergis, and M. Topcu. 2014. Banking development and energy consumption: Evidence from a panel of Middle Eastern countries. Energy 72:427–33.
  • Bera, A. K., Galvao, A. F., Montes-Rojas, G. V., & Park, S. Y. (2016). Asymmetric laplace regression: Maximum likelihood, maximum entropy and quantile regression. Journal of Econometric Methods, 5(1), 79-101.
  • BPSR: British Petroleum Statistical Review (2019) http://www.bp.com/statisticalreview
  • Čihák, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R. (2012). Benchmarking financial development around the world. World Bank policy research working paper, 6175, 1-54.
  • Çoban, S., and M. Topcu. 2013. The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis. Energy Economics 39:81–88.
  • De Silva, P. N. K., Simons, S. J. R., & Stevens, P. (2016). Economic impact analysis of natural gas development and the policy implications. Energy Policy, 88, 639-651.
  • Denisova, V. 2020. Financial Development and Energy Consumption: Evidence from Germany. International Journal of Energy Economics and Policy, 10(2), 35-39.
  • Destek, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning, and Policy, 13(1), 76-81.
  • Gómez, M., & Rodríguez, J. C. (2019). Energy consumption and financial development in NAFTA countries, 1971–2015. Applied Sciences, 9(2), 302.
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.
  • Islam, F., M. Shahbaz, A. U. Ahmed, and M. M. Alam. 2013. Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling 30:435–41.
  • Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: a cointegration analysis. Energy Economics, 33(2), 284-291.
  • 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(4), 1191-1194.
  • Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91(1), 74-89.
  • Koenker, R.,& Bassett Jr, G. (1978). Regression quantiles. Econometrica: journal of the Econometric Society, 33-50.
  • Kraft, J., & Kraft, A. (1978). On the relationship between energy and GNP. The Journal of Energy and Development, 401-403.
  • Lee, C. C., & Chang, C. P. (2008). Energy consumption and economic growth in Asian economies: a more comprehensive analysis using panel data. Resource and energy Economics, 30(1), 50-65.
  • Liu, L., Zhou, C., Huang, J., & Hao, Y. (2018). The impact of financial development on energy demand: evidence from China. Emerging Markets Finance and Trade, 54(2), 269-287.
  • Mahalik, M. K., & Mallick, H. (2014). Energy consumption, economic growth and financial development: exploring the empirical linkages for India. The Journal of Developing Areas, 139-159.
  • Narayan, P. K., & Smyth, R. (2008). Energy consumption and real GDP in G7 countries: new evidence from panel cointegration with structural breaks. Energy Economics, 30(5), 2331-2341.
  • Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy policy, 38(1), 340-349.
  • Ozturk, 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.
  • Ozturk, I., Aslan, A., & Kalyoncu, H. (2010). Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries. Energy Policy, 38(8), 4422-4428.
  • Payne, J. E. (2010). Survey of the international evidence on the causal relationship between energy consumption and growth. Journal of Economic Studies.
  • Sadorsky, P. 2010. The impact of financial development on energy consumption in emerging economies. Energy Policy 38 (5):2528–35.
  • Sadorsky, P. 2011. Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy 39 (2):999–1006.
  • 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.
  • Shahbaz, M., Hye, Q. M. A., Tiwari, A. K., & Leitão, N. C. (2013). Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia. Renewable and Sustainable Energy Reviews, 25, 109-121.
  • Shahbaz, M., Khan, S., & Tahir, M. I. (2013). 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.
  • Sherwood, B.,& Wang, L. (2016). Partially linear additive quantile regression in ultra-high dimension. The Annals of Statistics, 44(1), 288-317.
  • Soytas, U., & Sari, R. (2003). Energy consumption and GDP: causality relationship in G-7 countries and emerging markets. Energy economics, 25(1), 33-37.
  • Tang, C. F., and B. W. Tan. 2014. The linkages among energy consumption, economic growth, relative price, foreign direct investment, and financial development in Malaysia. Quality & Quantity 48(2):781–97.
  • Topcu, M., and J. E. Payne. 2017. The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy 12(9):822–30.
  • Wang, Y., & Gong, X. (2020). Does financial development have a non-linear impact on energy consumption? Evidence from 30 provinces in China. Energy Economics, 90, 104845.
  • WB-FDSD : World Bank Financial Development and Structure Dataset (Revised: September 2019) https://www.worldbank.org/en/publication/gfdr/data/financial-structure-database
  • WDI: World Development Indicators.https://datacatalog.worldbank.org/dataset/world-development-indicators Yan, D., Kong, Y., Ren, X., Shi, Y., & Chiang, S. (2019). The determinants of urban sustainability in Chinese resource-based cities: A panel quantile regression approach. Science of the total environment, 686, 1210-1219.
  • Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy policy, 39(4), 2197-2203.
  • Zhu, H., Duan, L., Guo, Y., & Yu, K. (2016a). The effects of FDI, economic growth and energy consumption on carbon emissions in ASEAN-5: evidence from panel quantile regression. Economic Modelling, 58, 237-248.
  • Zhu, H., Guo, Y., You, W., & Xu, Y. (2016b). The heterogeneity dependence between crude oil price changes and industry stock market returns in China: Evidence from a quantile regression approach. Energy Economics, 55, 30-41.
There are 40 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Oğuz Öcal 0000-0002-5729-7218

Volkan Han 0000-0003-3180-4186

Publication Date December 31, 2021
Submission Date September 13, 2021
Acceptance Date October 4, 2021
Published in Issue Year 2021 Volume: 17 Issue: 4

Cite

APA Öcal, O., & Han, V. (2021). THE ENERGY CONSUMPTION-FINANCIAL DEVELOPMENT RELATIONSHIP FOR G-7 COUNTRIES FROM PANEL QUANTILE REGRESSION APPROACH. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 17(4), 1304-1313. https://doi.org/10.17130/ijmeb.994573