Enerji Tüketimi ve Finansal Gelişme: Saklı Eşbütünleşme ile MENA Ülkelerinden Kanıtlar

Year 2022, Volume: 7 Issue: 1, 253 - 264, 30.06.2022

Eda Bozkurt , Yılmaz Toktaş , Ali Altıner

Abstract

Enerji, ekonomilerin gelişmeleri hakkında ipucu veren önemli bir parametredir. Ülkelerdeki enerji tüketimi ekonomik yapıyı özetlemektedir. Günümüzde ekonomik büyümenin reel sektör belirleyicileri dışında dikkat çeken bileşeni finansal gelişme olarak kabul edilmektedir. Bu çalışmada enerji tüketimi ve finansal gelişme ilişkisi MENA ülkeleri için incelenmiştir. 1980-2017 dönemini ele alan araştırmada ekonometrik analizler Hatemi J (2011) Panel Saklı Eşbütünleşme Testi ve Panel VECM analizi ile gerçekleştirilmiştir. Test sonuçları değişkenlerin orijinal değerleri arasında eşbütünleşme olmadığını, fakat pozitif ve negatif bileşenlerinin bazıları arasında uzun dönemli bir ilişkinin olduğunu göstermiştir. Dolayısıyla seriler arasında saklı eşbütünleşme olduğu tespit edilmiştir. Bu bulgular ışığında değişkenlerinin bileşenleri arasında eşbütünleşme ve özellikle de uzun dönem nedensellik ilişkisi olması finansal gelişme göstergelerindeki değişikliğin enerji tüketimi üzerinde etkili olduğunu ortaya koymaktadır.

Keywords

Enerji, Finansal Gelişme, MENA Ülkeleri, Panel Saklı Eşbütünleşme

Energy Consumption and Financial Development: Evidence from MENA Countries with Panel Hidden Cointegration

Abstract

Energy is an important parameter that gives clues about the developments in economies. Energy consumption (EC) in countries gives a summary of the economic structures of those countries. Today, the attention-grabbing component of economic growth, apart from the real sector determinants, is considered to be financial development. In this study, the relationship between EC and financial development in MENA countries is examined. Econometric analyzes are carried out by Hatemi J (2011) Panel Hidden Cointegration Test and Panel VECM analysis in the study covering the period between 1980 and 2017. The test results have showed that there is no cointegration between the original values of the variables, but there is a long-term relationship between some of the positive and negative components. Therefore, it has been determined that there is a hidden cointegration between the series. In light of these findings, the cointegration and especially the long-term causality relationship between the components of the variables reveal that the change in financial development indicators is effective on energy consumption.

Keywords

Energy, Financial Development, MENA Countries, Panel Hidden Cointegration

References

• Akinlo, A. E. (2008). Energy Consumption and Economic Growth: Evidence from 11 Sub-Sahara African Countries. Energy Economics, 30(5), 2391-2400.
• Al-mulali, U., & 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.
• Apergis, N. & Payne, J.E. (2010). Energy Consumption and Growth in South America: Evidence from a Panel Correction Model. Energy Economics, 32, 1421-14216.
• Baloch, M. A., Danish, & Meng, F. C. (2019). Modeling the Non-Linear Relationship between Financial Development and Energy Consumption: Statistical Experience from OECD Countries. Environmental Science and Pollution Research, 26(9), 8838-8846.
• Beck, T., Feyen, E., Ize, A., Moizeszowicz, F. (2008). Benchmarking Financial Development. The World Bank.
• Bekhet, H. A., Matar, A., & Yasmin, T. (2017). CO2 Emissions, Energy Consumption, Economic Growth, and Financial Development in GCC Countries: Dynamic Simultaneous Equation Models. Renewable & Sustainable Energy Reviews, 70, 117-132.
• Chontanawat. J., Hunt, L.C. & Pierse, R. Does Energy Consumption Cause Economic Growth?: Evidence from a Systematic Study of over 100 Countries. Journal of policy modeling, 30(2), 209-20.
• Čihák, M., Demirgüč-Kunt. A., Feyen, E. & Levine, R. (2013). Financial Development in 205 Economies, 1960 to 2010. National Bureau of Economic Research.
• Çoban, S., & Topçu, M. (2013). The Nexus between Financial Development and Energy Consumption in the EU: A Dynamic Panel Data Analysis. Energy Economics, 39, 81-88.
• EIA (2020). Energy Data. (Accessed Date:26.10.2020), https://www.eia.gov/
• Engle, R.F. & Granger, C.W (1987). Co-integration and Error Correction: Representation, Estimation, and Testing. Econometrica. 55(2), 251-276.
• Furuoka, F. (2015). Financial Development and Energy Consumption: Evidence from a Heterogeneous Panel of Asian Countries. Renewable & Sustainable Energy Reviews, 52, 430-444.
• Gaies, B., Kaabia, O., Ayadi, R., Guesmi, K., & Abid, I. (2019). Financial Development and Energy Consumption: Is the MENA Region Different? Energy Policy, 135, 111000.
• Gomez, M., Rodriguez, J.C. (2019). Energy Consumption and Financial Development in NAFTA Countries, 1971-2015. Applied Sciences, 9(2), 302.
• Granger, C.W., & Yoon, G. (2002). Hidden Cointegration. Department of Economics, Working Paper. University of California. San Diego.
• Gümüş, F.B. & Koç, M. (2015).The Relationship between Financial Develpoment and Energy Comsumption of Countries: Example of Four Contients. Suleyman Demirel University The Journal of Faculty of Econonics and Administrative Sciences, 20(2), 51-64.
• Hao, Y., Wang, L.-O., & Lee, C.-C. (2020). Financial Development, Energy Consumption and China's Economic Growth: New Evidence From Provincial Panel Data. International Review of Economics & Finance, 69, 1132-1151.
• Hamilton, J.D. (1983). Oil and the Macroeconomy Since World War II. Journal of Political Economy, 91(2), 228-48.
• Hatemi-J, A. (2011). Hidden Panel Cointegration. University Library of Munich, Germany.
• Hechmy, B. (2019). Testing for VECM Granger Causality and Cointegration between Economic Growth and Renewable Energy: Evidence from MENA Net Energy Importing Countries. Econometric Research in Finance, 4(2), 111-131.
• Hondroyiannis, G., Lolos, S. &Papapetrou, E. (2002). Energy Consumption and Economic Growth: Assessing the Evidence from Greece. Energy Economics, 24(4), 319-36.
• Im, K.S., Pesaran, M.H., & Shin, Y., (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 109, 53–74.
• IMF (2020). Financial Development Index Database. (Accessed Date: 26.10.2020), https://www.imf.org/en/Home.
• 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, 435-441.
• Kao, C. (1999). Spurious Regression and Residual-Based Tests for Cointegration in Panel Data. Journal of Econometrics. 90(1), 1-44.
• Komal, R. & Abbas, F. (2015). Linking Financial Development, Economic Growth and Energy Consumption in Pakistan. Renewable & Sustainable Energy Reviews, 44, 211-20.
• Kraft, J. & Kraft, A. (1978). On the Relationship between Energy and GNP. The Journal of Energy and Development, 3, 401-403.
• Levine, R. (2004). Finance and Growth: Theory and Evidence, National Bureau of Economic Research Working Paper No 10766.
• Liu, C,. Li, F., Ma, L.P. & Cheng, H.M. (2010). Advanced Materials for Energy Storage. Advanced Materials, 22(8), E28-E62.
• Liu, L., Zhou, C., Huang, J., & Hao, Y. (2018). The Impact of Financial Development on Energy Demand: Evidence from China. Emerging Markets Finance Trade, 54(2), 269-287.
• Lynch, D. (1996). Measuring Financial Sector Development: A Study of Selected Asia‐Pacific Countries. The Developing Economies, 34(1), 1-27.
• Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2020). The Effect of Financial Development on Energy Consumption in the Case of Kazakhstan. Journal of Applied Economics, 23(1), 75-88.
• Ouyang, Y. F., & Li, P. (2018). On the Nexus of Financial Development, Economic Growth and Energy Consumption in China: New Perspective from a GMM Panel VAR Approach. Energy Economics, 71, 238-252.
• Öcal, O., & Han, V. (2021). The Energy Consumption-Financial Development Relationship For G-7 Countries From Panel Quantile Regression Approach. International Journal of Management Economics and Business, 17(4), 1304-1313.
• Paramati, S. R., Ummalla, M., & Apergis, N. (2016). The Effect of Foreign Direct Investment and Stock Market Growth on Clean Energy Use across a Panel of Emerging Market Economies. Energy Economics, 56, 29-41.
• Pradhan, R. P., Arvin, M. B., Nair, M., Bennett, S. E., & Hall, J. H. (2018). The Dynamics between Energy Consumption Patterns, Financial Sector Development and Economic Growth in Financial Action Task Force (FATF) countries. Energy, 159, 42-53.
• Rafindadi, A. A., & Öztürk, İ. (2017). Dynamic Effects of Financial Development, Trade Openness and Economic Growth on Energy Consumption: Evidence from South Africa. International Journal of Energy Economics Policy, 7(3), 74-85.
• Ritchie H. (2014). Access to Energy. Our World in Data. (Accessed Date: 26.10.2020), https://ourworldindata.org/
• Sadorsky, P. (2010). The Impact of Financial Development on Energy Consumption in Emerging Economies. Energy Policy, 38(5), 2528-2535.
• Sadorsky, P. (2011). Financial Development and Energy Consumption in Central and Eastern European Frontier Economies. Energy Policy, 39(2), 999-1006.
• Shahbaz, M., Hye, Q. M. A., Tiwari, A. K., & Leitao, N. C. (2013). 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. (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.
• Shahbaz, M., Solarin, S. A., Mahmood, H., & Arouri, M. (2013). Does Financial Development Reduce CO2 Emissions in Malaysian Economy? A Time Series Analysis. Economic Modelling, 35, 145-152.
• Shahbaz, M., Van Hoang, T.H., Mahalik, M.K. & Roubaud, D. (2017). Energy Consumption, Financial Development and Economic Growth in India: New evidence from a Nonlinear and Asymmetric Analysis. Energy Economics, 63, 199-212.
• Shahzad, S. J. H., Kumar, R. R., Zakaria, M., & Hurr, M. (2017). Carbon Emission, Energy Consumption, Trade Openness and Financial Development in Pakistan: A Revisit, Renewable & Sustainable Energy Reviews, 70, 185-192.
• Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi: Stata Uygulamalı. İstanbul: Beta Yayınevi.
• Uslu H. (2020). Türkiye’de Finansal Gelişme ve Enerji Tüketiminin Ekonomik Büyüme Üzerindeki Etkisi Teori, Araştırma ve Uygulama. Ankara: IKSAD Publishing House.
• WorldBank (2020). World Bank Development Indicators. (Accessed Date:26.10.2020), https://www.worldbank.org/en/home
• Yue, S., Lu, R., Shen, Y., & Chen, H. (2019). How does Financial Development Affect Energy Consumption? Evidence from 21 Transitional Countries. Energy Policy, 130, 253-262.
• Zeren, F., & Koc, 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 Policy, 4(1), 83-91.
• Ziaei, S. M. (2015). Effects of Financial Development Indicators on Energy Consumption and CO2 Emission of European, East Asian and Oceania Countries. Renewable & Sustainable Energy Reviews, 42, 752-759.