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Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları

Year 2023, Volume: 18 Issue: 69, 1 - 18, 03.02.2023
https://doi.org/10.19168/jyasar.1141228

Abstract

Bu çalışmada; 1970-2020 döneminde Türkiye’de doğrudan yabancı yatırım girişlerinin yenilenebilir (temiz) ve fosil enerji tüketimi üzerindeki etkileri incelenmektedir. Bu amaçla çalışmada seriler arasındaki uzun dönemli ilişki, Engle-Granger (1987) eşbütünleşme yaklaşımının yanı sıra pozitif ve negatif bileşenler üzerindeki şokları ayrıştırarak dikkate alan Granger ve Yoon (2002) saklı eşbütünleşme yaklaşımı ile analiz edilmiştir. Ampirik bulgular; Türkiye’de doğrudan yabancı yatırım girişlerinin incelenen dönemde hem yenilenebilir enerji tüketimi üzerinde hem de yenilenebilir enerji tüketiminin pozitif ve negatif bileşenleri üzerinde anlamlı bir etkiye yol açmadığını göstermektedir. Buna karşın doğrudan yabancı yatırım girişleri uzun dönemde fosil yakıt tüketimi üzerinde anlamlı ve pozitif bir etkiye sahiptir. Bu bulgular; Türkiye’ye gelen doğrudan yabancı yatırımların temiz enerji tüketimini desteklemek yerine karbon temelli fosil yakıt tüketimini artırdığını ortaya koymaktadır. Dolayısıyla sürdürülebilir çevresel hedeflere ulaşmak için temiz/yenilenebilir enerji tüketimini destekleyecek doğrudan yabancı yatırım girişlerinin eşanlı olarak ekonomi ve çevre politikalarına dâhil edilmesi büyük önem taşımaktadır.

References

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  • Batten, Jonathan. A. ve Vo, Xuan Vinh. 2009. ‘’An analysis of the relationship between foreign direct investment and economic growth’’. Applied Economics, 41(13):1621-1641.
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  • Cole, Matthew. A. 2004. ‘’Trade, the pollution haven hypothesis and the environmental Kuznets curve: examining the linkages’’. Ecological Economics, 48(1):71-81.
  • Cole, Matthew. A., Elliott, Robert. J. ve Strobl, Eric. 2008.’’The environmental performance of firms: The role of foreign ownership, training, and experience’’. Ecological Economics, 65(3):538-546.
  • Doytch, Nadia ve Narayan, Seema. 2016. ‘’Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption’’. Energy Economics, 54: 291-301.
  • Engle, Robert F. ve Granger, Clive WJ. 1987. ‘’Co-integration and error correction: representation, estimation, and testing’’. Econometrica: Journal of the Econometric Society, 251-276.
  • Fan, Weiyang ve Hao, Yu. 2020. ‘’An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China’’. Renewable Energy, 146: 598-609.
  • Grabara, Janusz., Tleppayev, Arsen., Dabylova, Malika., Mihardjo, Leonardus. W.W. ve Dacko-Pikiewicz, Zdzislawa. 2021. ‘’Empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in Kazakhstan and Uzbekistan’’. Energies, 14(2):332.
  • Granger, Clive W.J. ve Yoon, Gawon. 2002. ‘’Hidden cointegration. U of California’’. Economics Working Paper, (2002-02).
  • Holechek, Jerry L., Geli, Hatim M. E., Sawalhah, Mohammed N. ve Valdez, Raul. 2022. ‘’A global assessment: can renewable energy replace fossil fuels by 2050?’’. Sustainability, 14(8):4792.
  • Islam, Monirul. M.D., Irfan, Muhammad., Shahbaz, Muhammad. ve Vo, Xuan Vinh. 2022. ‘’Renewable and non-renewable energy consumption in Bangladesh: The relative influencing profiles of economic factors, urbanization, physical infrastructure and institutional quality’’. Renewable Energy, 184:1130-1149.
  • Kang, Xueqing., Khan, Farman U., Ullah, Raza., Arif, Muhammad., Rehman, Shams Ur ve Ullah, Farid. 2021. ‘’Does foreign direct investment influence renewable energy consumption? empirical evidence from south Asian countries’’. Energies, 14(12):3470.
  • Khandker, Lamia L., Amin, Sakib. B.ve Khan, Farhan. 2018. ‘’Renewable energy consumption and foreign direct investment: Reports from Bangladesh’’. Journal of Accounting, 8(3):72-87.
  • Kilicarslan, Zerrin. 2019. ‘’The relationship between foreign direct investment and renewable energy production: Evidence from Brazil, Russia, India, China, South Africa and Turkey’’. International Journal of Energy Economics and Policy (IJEEP) , 9(4):291-297.
  • Kuriqi, Alban., Pinheiro, Antonio. N., Sordo-Ward, Alvaro ve Garrote, Luis. 2019.’’Influence of hydrologically based environmental flow methods on flow alteration and energy production in a run-of-river hydropower plant’’. Journal of Cleaner Production, 232:1028-1042.
  • Lee, Jung Wan. 2013. ‘’The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth’’. Energy Policy, 55:483-489.
  • Lin, Boqiang ve Benjamin, I. Nelson. 2018. ‘’Causal relationships between energy consumption, foreign direct investment and economic growth for MINT: Evidence from panel dynamic ordinary least square models’’. Journal of Cleaner Production, 197:708-720.
  • Mert, Mehmet ve Çağlar, Adullah Emre. 2019. Eviews ve Gauss Uygulamalı Zaman Serileri Analizi, 1. Baskı, Ankara:Detay Yayıncılık.
  • Paramati, Sudharshan Reddy., Ummalla, Mallessh ve Apergis, Nicholas. 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.
  • Phillips, Peter C. ve Hansen, Bruce E. 1990. ‘’Statistical inference in instrumental variables regression with I(1) processes’’. The Review of Economic Studies, 57(1):99-125.
  • Saikkonen, Pentti. 1992. ‘’Estimation and testing of cointegrated systems by an autoregressive approximation’’. Econometric Theory, 8(1):1-27.
  • Salim, Ruhul., Yao, Yao., Chen, George ve Zhang, Lin. 2017. ‘’Can foreign direct investment harness energy consumption in China? A time series investigation’’. Energy Economics, 66:43-53.
  • Samour, Ahmed., Baskaya, M. Mine ve Tursoy, Turgut. 2022. ‘’The impact of financial development and FDI on renewable energy in the UAE: a path towards sustainable development’’. Sustainability, 14(3):1208.
  • Sbia, Rashid., Shahbaz, Muhammad ve Hamdi, Helmi. 2014. ‘’A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE’’. Economic Modelling, 36:191-197.
  • Stock, James H. ve Watson, Mark W. 1993. ‘’A simple estimator of cointegrating vectors in higher order integrated systems’’. Econometrica: Journal of the Econometric Society, 783-820.
  • T.C. Enerji ve Tabii Kaynaklar Bakanlığı. 2022. Enerji İşleri Genel Müdürlüğü (EİGM) Raporları. https://enerji.gov.tr/eigm-raporlari (Erişim Tarihi: 10.03.2022)
  • United Nations. 2015. The role of fossil fuels in a sustainable energy system. Sustainable Energy. 3(LII), https://www.un.org/en/chronicle/article/role-fossil-fuels-sustainable-energy-system (Erişim Tarihi: 05.04.2022)
  • Uzar, Umut ve Eyuboglu, Kemal. 2019. ‘’Is foreign direct investment an engine for energy consumption? An empirical investigation for Turkey’’. Environmental Science and Pollution Research, 26(27):28092-28105.
  • World Bank. 2022. World Development Indicators. https://databank.worldbank.org/source/world-development-indicators (Erişim Tarihi: 05.02.2022)
  • World Nuclear Association. 2017. Climate change-the science. Global Warming and Climate Change - The Science - World Nuclear Association (world-nuclear.org) (Erişim Tarihi: 05.04.2022)
  • Yilanci, Veli, Ozgur, Onder ve Gorus, Muhammed Sehid. 2019. ‘’The asymmetric effects of foreign direct investment on clean energy consumption in BRICS countries: A recently introduced hidden cointegration test’’. Journal of Cleaner Production, 237: 117786.

Effects of Foreign Direct Investments on Renewable and Fossil Energy Consumption: Hidden Cointegration Analysis Findings for Turkey

Year 2023, Volume: 18 Issue: 69, 1 - 18, 03.02.2023
https://doi.org/10.19168/jyasar.1141228

Abstract

This study investigates the effects of foreign direct investment inflows on renewable (clean) and fossil energy consumption in Turkey during the period 1970-2020. For this purpose, the long-term relationship between the series are analyzed with the Engle-Granger cointegration approach and the hidden cointegration approach of Granger and Yoon (2002) which considers shocks on the positive and negative components of the series by separating. Empirical findings show that foreign direct investment inflows do not have a significant effect on both renewable energy consumption and the positive and negative components of renewable energy consumption in the examined period in Turkey. On the other hand, foreign direct investment inflows have a significant and positive effect on fossil fuel consumption in the long run. These findings reveal that foreign direct investments to Turkey increase carbon-based fossil fuel consumption instead of supporting clean energy consumption. Therefore, it is of great importance to simultaneously include foreign direct investment inflows that will support clean/renewable energy consumption in economic and environmental policies in order to achieve sustainable environmental goals.

References

  • Amri, Fethi. 2016. ‘’The relationship amongst energy consumption, foreign direct investment and output in developed and developing countries’’. Renewable and Sustainable Energy Reviews, 64:694-702.
  • Batten, Jonathan. A. ve Vo, Xuan Vinh. 2009. ‘’An analysis of the relationship between foreign direct investment and economic growth’’. Applied Economics, 41(13):1621-1641.
  • Bose, Bimal. K. 2010. ‘’Global warming: Energy, environmental pollution, and the impact of power electronics’’. IEEE Industrial Electronics Magazine, 4(1): 6-17.
  • British Petroleum. 2022. Statistical Review of World Energy. https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html (Erişim Tarihi: 10.03.2022).
  • Cole, Matthew. A. 2004. ‘’Trade, the pollution haven hypothesis and the environmental Kuznets curve: examining the linkages’’. Ecological Economics, 48(1):71-81.
  • Cole, Matthew. A., Elliott, Robert. J. ve Strobl, Eric. 2008.’’The environmental performance of firms: The role of foreign ownership, training, and experience’’. Ecological Economics, 65(3):538-546.
  • Doytch, Nadia ve Narayan, Seema. 2016. ‘’Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption’’. Energy Economics, 54: 291-301.
  • Engle, Robert F. ve Granger, Clive WJ. 1987. ‘’Co-integration and error correction: representation, estimation, and testing’’. Econometrica: Journal of the Econometric Society, 251-276.
  • Fan, Weiyang ve Hao, Yu. 2020. ‘’An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China’’. Renewable Energy, 146: 598-609.
  • Grabara, Janusz., Tleppayev, Arsen., Dabylova, Malika., Mihardjo, Leonardus. W.W. ve Dacko-Pikiewicz, Zdzislawa. 2021. ‘’Empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in Kazakhstan and Uzbekistan’’. Energies, 14(2):332.
  • Granger, Clive W.J. ve Yoon, Gawon. 2002. ‘’Hidden cointegration. U of California’’. Economics Working Paper, (2002-02).
  • Holechek, Jerry L., Geli, Hatim M. E., Sawalhah, Mohammed N. ve Valdez, Raul. 2022. ‘’A global assessment: can renewable energy replace fossil fuels by 2050?’’. Sustainability, 14(8):4792.
  • Islam, Monirul. M.D., Irfan, Muhammad., Shahbaz, Muhammad. ve Vo, Xuan Vinh. 2022. ‘’Renewable and non-renewable energy consumption in Bangladesh: The relative influencing profiles of economic factors, urbanization, physical infrastructure and institutional quality’’. Renewable Energy, 184:1130-1149.
  • Kang, Xueqing., Khan, Farman U., Ullah, Raza., Arif, Muhammad., Rehman, Shams Ur ve Ullah, Farid. 2021. ‘’Does foreign direct investment influence renewable energy consumption? empirical evidence from south Asian countries’’. Energies, 14(12):3470.
  • Khandker, Lamia L., Amin, Sakib. B.ve Khan, Farhan. 2018. ‘’Renewable energy consumption and foreign direct investment: Reports from Bangladesh’’. Journal of Accounting, 8(3):72-87.
  • Kilicarslan, Zerrin. 2019. ‘’The relationship between foreign direct investment and renewable energy production: Evidence from Brazil, Russia, India, China, South Africa and Turkey’’. International Journal of Energy Economics and Policy (IJEEP) , 9(4):291-297.
  • Kuriqi, Alban., Pinheiro, Antonio. N., Sordo-Ward, Alvaro ve Garrote, Luis. 2019.’’Influence of hydrologically based environmental flow methods on flow alteration and energy production in a run-of-river hydropower plant’’. Journal of Cleaner Production, 232:1028-1042.
  • Lee, Jung Wan. 2013. ‘’The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth’’. Energy Policy, 55:483-489.
  • Lin, Boqiang ve Benjamin, I. Nelson. 2018. ‘’Causal relationships between energy consumption, foreign direct investment and economic growth for MINT: Evidence from panel dynamic ordinary least square models’’. Journal of Cleaner Production, 197:708-720.
  • Mert, Mehmet ve Çağlar, Adullah Emre. 2019. Eviews ve Gauss Uygulamalı Zaman Serileri Analizi, 1. Baskı, Ankara:Detay Yayıncılık.
  • Paramati, Sudharshan Reddy., Ummalla, Mallessh ve Apergis, Nicholas. 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.
  • Phillips, Peter C. ve Hansen, Bruce E. 1990. ‘’Statistical inference in instrumental variables regression with I(1) processes’’. The Review of Economic Studies, 57(1):99-125.
  • Saikkonen, Pentti. 1992. ‘’Estimation and testing of cointegrated systems by an autoregressive approximation’’. Econometric Theory, 8(1):1-27.
  • Salim, Ruhul., Yao, Yao., Chen, George ve Zhang, Lin. 2017. ‘’Can foreign direct investment harness energy consumption in China? A time series investigation’’. Energy Economics, 66:43-53.
  • Samour, Ahmed., Baskaya, M. Mine ve Tursoy, Turgut. 2022. ‘’The impact of financial development and FDI on renewable energy in the UAE: a path towards sustainable development’’. Sustainability, 14(3):1208.
  • Sbia, Rashid., Shahbaz, Muhammad ve Hamdi, Helmi. 2014. ‘’A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE’’. Economic Modelling, 36:191-197.
  • Stock, James H. ve Watson, Mark W. 1993. ‘’A simple estimator of cointegrating vectors in higher order integrated systems’’. Econometrica: Journal of the Econometric Society, 783-820.
  • T.C. Enerji ve Tabii Kaynaklar Bakanlığı. 2022. Enerji İşleri Genel Müdürlüğü (EİGM) Raporları. https://enerji.gov.tr/eigm-raporlari (Erişim Tarihi: 10.03.2022)
  • United Nations. 2015. The role of fossil fuels in a sustainable energy system. Sustainable Energy. 3(LII), https://www.un.org/en/chronicle/article/role-fossil-fuels-sustainable-energy-system (Erişim Tarihi: 05.04.2022)
  • Uzar, Umut ve Eyuboglu, Kemal. 2019. ‘’Is foreign direct investment an engine for energy consumption? An empirical investigation for Turkey’’. Environmental Science and Pollution Research, 26(27):28092-28105.
  • World Bank. 2022. World Development Indicators. https://databank.worldbank.org/source/world-development-indicators (Erişim Tarihi: 05.02.2022)
  • World Nuclear Association. 2017. Climate change-the science. Global Warming and Climate Change - The Science - World Nuclear Association (world-nuclear.org) (Erişim Tarihi: 05.04.2022)
  • Yilanci, Veli, Ozgur, Onder ve Gorus, Muhammed Sehid. 2019. ‘’The asymmetric effects of foreign direct investment on clean energy consumption in BRICS countries: A recently introduced hidden cointegration test’’. Journal of Cleaner Production, 237: 117786.
There are 33 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Kumru Türköz 0000-0002-0640-4212

Early Pub Date March 31, 2023
Publication Date February 3, 2023
Published in Issue Year 2023 Volume: 18 Issue: 69

Cite

APA Türköz, K. (2023). Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları. Yaşar Üniversitesi E-Dergisi, 18(69), 1-18. https://doi.org/10.19168/jyasar.1141228
AMA Türköz K. Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları. Yaşar Üniversitesi E-Dergisi. February 2023;18(69):1-18. doi:10.19168/jyasar.1141228
Chicago Türköz, Kumru. “Doğrudan Yabancı Yatırımların Yenilenebilir Ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları”. Yaşar Üniversitesi E-Dergisi 18, no. 69 (February 2023): 1-18. https://doi.org/10.19168/jyasar.1141228.
EndNote Türköz K (February 1, 2023) Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları. Yaşar Üniversitesi E-Dergisi 18 69 1–18.
IEEE K. Türköz, “Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları”, Yaşar Üniversitesi E-Dergisi, vol. 18, no. 69, pp. 1–18, 2023, doi: 10.19168/jyasar.1141228.
ISNAD Türköz, Kumru. “Doğrudan Yabancı Yatırımların Yenilenebilir Ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları”. Yaşar Üniversitesi E-Dergisi 18/69 (February 2023), 1-18. https://doi.org/10.19168/jyasar.1141228.
JAMA Türköz K. Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları. Yaşar Üniversitesi E-Dergisi. 2023;18:1–18.
MLA Türköz, Kumru. “Doğrudan Yabancı Yatırımların Yenilenebilir Ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları”. Yaşar Üniversitesi E-Dergisi, vol. 18, no. 69, 2023, pp. 1-18, doi:10.19168/jyasar.1141228.
Vancouver Türköz K. Doğrudan Yabancı Yatırımların Yenilenebilir ve Fosil Enerji Tüketimi Üzerindeki Etkileri: Türkiye için Saklı Eşbütünleşme Analizi Bulguları. Yaşar Üniversitesi E-Dergisi. 2023;18(69):1-18.