FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ

Mümin Atalay Çetin; İbrahim Bakırtaş

doi:10.26468/trakyasobed.421105

FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ

Öz

Çevre kirliliğinin küresel çapta hissedilen ekonomik maliyetleri yenilenebilir enerji kaynaklarının önemini her geçen gün arttırmaktadır. Artan bu önem kendisini çevre ekonomisi literatüründe de göstermektedir. Özellikle son 10 yıllık dönemde alana ilişkin araştırmalar, yenilenebilir enerji kaynaklarının uzun dönem belirleyicilerinin neler olduğunu belirlemeye yöneliktir. Çevre ekonomisi literatüründeki bu eğilime uygun olacak şekilde bu çalışmanın amacı, finansal gelişmişlik ile yenilenebilir enerji tüketimi arasındaki uzun dönemli ilişkiyi G-7 ülkeleri için 1991-2011 yıllarını kapsayacak şekilde incelemektir. Araştırmanın analiz bulgularına göre, yenilenebilir enerji tüketimi ile reel GYSİH, toplam enerji tüketimi, petrol fiyatları ve finansal gelişmişlik arasında uzun dönemli bir ilişki vardır. Yenilenebilir enerji tüketimine ilişkin uzun dönem esneklik katsayı sonuçları çerçevesinde ise toplam enerji tüketimi, petrol fiyatları ve finansal gelişmişlik, yenilenebilir enerji tüketimini arttırmaktadır. Ekonomik büyümenin ise yenilenebilir enerji kaynakları tüketimi üzerinde uzun dönemde istatistiksel olarak anlamlı bir etkisi yoktur. PMG tahminci sonuçlarına göre, finansal gelişmişlik düzeyi arttıkça, yenilenebilir enerji kaynaklarına olan talepte artmaktadır. Bu çalışmanın ampirik bulguları, finansal gelişmişlik düzeyindeki artışların uzun dönemde çevre dostu enerji kaynaklarına olan talebi arttıran önemli tetikleyicilerden biri olduğunu ortaya çıkarmaktadır. Bu sonuçtan hareketle, politika yapıcılari sürdürülebilir kalkınma hedeflerine ulaşmak için finansal sistem içerisinde yer alan şirketlerin yenilenebilir enerji kaynaklarına olan taleplerini arttıracak teşvik ve vergi politikalarını uygulamaya koymalı ve finansal düzenlemeler yoluyla kamu-özel sektör işbirliğinde oluşacak yatırım imkanlarını arttırmalıdır.

Anahtar Kelimeler

Yenilenebilir Enerji,Finansal Gelişme,G-7 Ülkeleri,Panel Veri,PMG

References

Ackah, I, & Kizys, R. (2015). Green growth in oil producing African countries: A panel data analysis of renewable energy demand. Renewable and Sustainable Energy Reviews, 50, 1157-1166.
Al-Mulalı, U., Ozturk, I. & Lean, H. H. (2015). The influence of economic growth, urbanization, trade openness, financial development, and renewable energy on pollution in Europe. Natural Hazards, 79, 621-644.
Apergis, N. & Payne, J. E. (2010a). Renewable energy consumption and economic growth: Evidence from a panel of OECD countries. Energy Policy, 38, 656-660.
Apergis, N. & Payne, J. E. (2010b). Renewable energy consumption and growth in Eurasia. Energy Economics, 32, 1392-1397.
Apergis, N., Payne, J.E., Menyah, K. & Wolde-Rufael, Y. (2010). On the causal dynamics between emissions, nuclear energy, renewable energy, and economic growth. Ecological Economics, 69, 2255-2260.
Apergis, N. & Payne, J. E. (2011). The renewable energy consumption–growth nexus in Central America. Applied Energy, 88, 343-347.
Apergis, N. & Payne, J. E. (2012). Renewable and non-renewable energy consumption-growth nexus: Evidence from a panel error correction model. Energy Economics, 34, 733-738.
Apergis, N. & Payne, J. E. (2014). Renewable energy, output, CO2 emissions, and fossil fuel prices in Central America: Evidence froma nonlinear panel smooth transition vector error correction model. Energy Economics, 42, 226–232.

Apergis, N. & Payne, J. E. (2015). Renewable energy, output, carbon dioxide emissions, and oil prices: Evidence from South America. Energy Sources, Part B: Economics, Planning and Policy, 10, 281-287.
Aquirre, M. & Ibikunle, G. (2014). Determinants of renewable energy growth: A global sample analysis. Energy Policy, 69, 374-384
Awerbuch, S. & Sauter, R. (2006). Exploiting the oil–GDP effect to support renewables deployment. Energy Policy, 34, 2805-2819.
Bhattacharya, M., Paramati, S.R., Ozturk, I. & Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733–741.
Birleşmiş Milletler (UN). (2018). Sustainable energy for all. http://www.se4all.org/decade (10.01.2018).
Blackburne, E., & Frank, M. (2007). Estimation of nonstationary heterogeneous panels. Stata Journal, 7(2), 197-208.
Bloch, H., Rafiq, S. & Salim, R. (2015). Economic growth with coal, oil and renewable energy consumption in China: Prospects for fuel substitution. Economic Modelling, 44, 104–115.
Bowden, N. & Payne, J. E. (2010). Sectoral analysis of the causal relationship between renewable and non-renewable energy consumption and real output in the US. Energy Sources, Part B: Economics, Planning and Policy, 5, 400-408.
British Petrol (BP). (2017). Statistical review of world energy. https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html (01.08.2017).
Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253.
Chang, T. H., Huang, C.M. & Lee, M.C. (2009). Threshold effect of the economic growth rate on the renewable energy development from a change in energy price:Evidence from OECD countries. Energy Policy, 37, 5796-5802.
Chang, T., Gupta, R., Inglesi-Lotz, R., Simo-Kengne, B., Smithers, D. & Trembling, A. (2015). Renewable energy and growth:Evidence from heterogeneous panel of G7countries using Granger causality. Renewable and Sustainable Energy Reviews, 52, 1405–1412.
Chien, T. & Hu, J.L. (2008). Renewable energy: An efficient mechanism to improve GDP. Energy Poliecy, 36, 3045– 3052.
Claessens, S. & Fijen, E. (2006). Financial sector development and the millennium development goals. World Bank Working Paper, No. 89, Washington D.C.
Demirgüç-Kunt, A. & Levine, R. (1996a). Stock market development and financial intermediaries: Stylized facts. The World Bank Economic Review, 10(2), 291-321.
Demirgüç-Kunt, A. & Levine, R. (1996b). Stock markets, corporate finance, and economic growth: An overview. The World Bank Economic Review, 10(2), 223-239.
Dinda, S., Coondoo, D. & Pal, M. (2000). Air quality and economic growth: an empirical study. Ecological Economics, 34, 409–423.
Doytch, N. & Narayan, S. (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.
Ekonomik Kalkınma ve İş Birliği Örgütü (OECD). (2016). The Economic consequences of outdoor air pollution, http://www.oecd.org/env/the-economic-consequences-of-outdoor-air-pollution-9789264257474-en.htm (17.02.2018).
Grossman, G.M. & Krueger, A.B. (1991). Environmental impacts of a North American Free Trade Agreement. NBER Working Papers Series, No. 3914. Cambridge, MA, National Bureau of Economic Research.
Grossman, G. M. & Krueger, A. B. (1995). Economic growth and the environment. The Quarterly Journal of Economics, 110 (2), 353-377.
Hoechle D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35, 688-726.
Lin, B, & Moubarak, M. (2014). Renewable energy consumption – Economic growth nexus for China. Renewable and Sustainable Energy Reviews, 40, 111–117.
Liu, X., Zhang, S. & Bae, J. (2018). Renewable energy, trade, and economic growth in the Asia-Pacific region, Energy Sources, Part B: Economics, Planning and Policy, 13(2): 96-102.
Lloyd, B. & Subbarao, S. (2009). Development challenges under the Clean Development Mechanism (CDM)—Can renewable energy initiatives be put in place before peak oil. Energy Policy, 37, 237-245.
Margues, A. C., Fuinhas, J. A. & Manso, J.R.P. (2010). Motivations driving renewable energy in European countries: A panel data approach. Energy Policy, 38, 6877-6885.
Margues, A. C. & Fuinhas, J. A. (2012). Is renewable energy effective in promoting growth?. Energy Policy, 46, 434-442.
Menegaki, A. N. (2011). Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis. Energy Economics, 33, 257-263.
Menyah, K. & Wolde-Rufael, Y. (2010). CO2 emissions, nuclear energy, renewable energy and economic growth in the US. Energy Policy, 38, 2911–2915.
Mert, M. & Bölük, G. (2016). Do foreign direct investment and renewable energy consumption affect the CO2 emissions? New evidence from a panel ARDL approach to Kyoto Annex countries. Environmental Science and Pollution Research, 23, 21669–21681.
Minier, J. (2009). Opening a stock exchange. Journal of Development Economics, 90, 135-143.
Ocal, O. & Aslan, A. (2013). Renewable energy consumption–economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494-499.
Omri, A. & Nguyen, D. K. (2014). On the determinants of renewable energy consumption: International evidence. Energy, 72, 554-560.
Pao, H.T. & Fu, H.C. (2013). Renewable energy, non-renewable energy and economic growth in Brazil. Renewable and Sustainable Energy Reviews, 25: 381-392.
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.
Paramati, S.R., Mo, D. & Gupta, R. (2017a). The effects of stock market growth and renewable energy use on CO2 emissions: Evidence from G20 countries. Energy Economics, 66, 360-371.
Paramati, S.R., Apergis, N. & Ummalla, M. (2017b). Financing clean energy projects through domestic and foreign capital: The role of political cooperation among the EU, the G20 and OECD countries. Energy Economics, 61, 62-71.
Payne, J. E. (2011). On Biomass energy consumption and real output in the US. Energy Sources, Part B: Economics, Planning and Policy, 6, 47-52.
Panye, J. E. (2012). The causal dynamics between US renewable energy consumption, output, emissions, and oil prices. Energy Sources, Part B: Economics, Planning and Policy,7,323-330.
Pesaran H.M. (2003). A simple panel unit root test in the presence of cross-section dependence. Cambridge Working Papers in Economics, No. 0346. Faculty of Economics (DAE), University of Cambridge.
Pesaran, H. M. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics, No. 0435, Faculty of Economics, University of Cambridge.
Pesaran, H.M. (2007). A simple panel unit root test in the presence of cross section dependence. Journal of Applied Econometrics, 22, 265-312.
Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68, 79-113.
Pesaran, M. H., Shin, Y., & Smith, R. P. (1997). Pooled estimation of long-run relationships in dynamic heterogeneous panels. Cambridge Working Papers in Economics, No. 9721, Faculty of Economics, University of Cambridge.
Pesaran, M. H., Shi, Y., & Smith, R. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94, 621-634.
Rentschler, J. E. (2013). Oil Price volatility – its risk on economic growth and development, http://blogs.worldbank.org/developmenttalk/oil-price-volatility-its-risk-economic-growth-and-development (07.02.2018).
Sadorsky, P. (2009a). Renewable energy consumption and income in emerging economies. Energy Policy, 37, 4021-4028.
Sadorsky, P. (2009b). Renewable energy consumption, CO2 emissions and oil prices in the G7 countries. Energy Economics, 31, 456-462.
Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38, 2528-2535.
Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39, 999-1006.
Salim, R. A. & Rafiq, S. (2012). Why do some emerging economies proactively accelerate the adoption of renewable energy. Energy Economics, 1051-1057.
Shahbaz, M., Loganathan, N., Zeshan, M. & Zaman, K. (2015). Does renewable energy consumption add in economic growth?An application of auto-regressive distributed lag modelin Pakistan. Renewable and Sustainable Energy Reviews, 44, 576-585.
Tamazıan, A., Chousa, J. P. & Vadlamannati, K.C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37, 246-253.
Tamazıan, A. & Rao, B. B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32, 137-145.
Troster, V., Shahbaz, M. & Uddin, G. S. (2018). Renewable energy, oil prices, and economic activity: A Granger-causality in quantiles analysis. Energy Economics, 70, 440-452.
Tuğcu, C. T., Ozturk, I. & Aslan, A. (2012). Renewable and non-renewable energy consumption and economic growth relationship revisited: Evidence from G7 countries. Energy Economics, 34, 1942–1950.
Uluslararası Enerji Ajansı (IEA). (2017a). Commentary: A new approach to energy and sustainable development - the Sustainable Development Scenario. https://www.iea.org/newsroom/news/2017/november/a-new-approach-to-energy-and-sustainable-development-the-sustainable-development.html. (10.04.2018)
Uluslararası Enerji Ajansı (IEA). (2017b). World energy outlook 2017. https://www.iea.org/weo2017/ . (15.04.2018).
Ulusoy, V. & Demiralay, S. (2017). Energy demand and stock market development in OECD countries: A panel data analysis. Renewable and Sustainable Energy Reviews, 71, 141-149.
van Ruijven, B., Van Vuuren, D. P. (2009). Oil and natural gas prices and green house gas emission mitigation. Energy Policy, 37, 4797-4808.
Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748.
Westerlund J., Hosseinkouchhack M., Solberger M. (2016). The local power of the CADF and CIPS panel unit root tests. Econometric Reviews, 35(5), 845-870.

Details

Primary Language

Turkish

Subjects

-

Journal Section

Research Article

Authors

Mümin Atalay Çetin ^*
Türkiye

İbrahim Bakırtaş
Türkiye

Publication Date

December 27, 2018

Submission Date

May 4, 2018

Acceptance Date

October 9, 2018

Published in Issue

Year 2018 Volume: 20 Number: 2

DOI

https://doi.org/10.26468/trakyasobed.421105

IZ

https://izlik.org/JA85YX43JW

Cite

RIS / Bibtex

APA

Çetin, M. A., & Bakırtaş, İ. (2018). FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ. Trakya Üniversitesi Sosyal Bilimler Dergisi, 20(2), 37-54. https://doi.org/10.26468/trakyasobed.421105

AMA

1.Çetin MA, Bakırtaş İ. FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ. Trakya Üniversitesi Sosyal Bilimler Dergisi. 2018;20(2):37-54. doi:10.26468/trakyasobed.421105

Chicago

Çetin, Mümin Atalay, and İbrahim Bakırtaş. 2018. “FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ”. Trakya Üniversitesi Sosyal Bilimler Dergisi 20 (2): 37-54. https://doi.org/10.26468/trakyasobed.421105.

EndNote

Çetin MA, Bakırtaş İ (December 1, 2018) FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ. Trakya Üniversitesi Sosyal Bilimler Dergisi 20 2 37–54.

IEEE

[1]M. A. Çetin and İ. Bakırtaş, “FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ”, Trakya Üniversitesi Sosyal Bilimler Dergisi, vol. 20, no. 2, pp. 37–54, Dec. 2018, doi: 10.26468/trakyasobed.421105.

ISNAD

Çetin, Mümin Atalay - Bakırtaş, İbrahim. “FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ”. Trakya Üniversitesi Sosyal Bilimler Dergisi 20/2 (December 1, 2018): 37-54. https://doi.org/10.26468/trakyasobed.421105.

JAMA

1.Çetin MA, Bakırtaş İ. FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ. Trakya Üniversitesi Sosyal Bilimler Dergisi. 2018;20:37–54.

MLA

Çetin, Mümin Atalay, and İbrahim Bakırtaş. “FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ”. Trakya Üniversitesi Sosyal Bilimler Dergisi, vol. 20, no. 2, Dec. 2018, pp. 37-54, doi:10.26468/trakyasobed.421105.

Vancouver

1.Mümin Atalay Çetin, İbrahim Bakırtaş. FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ. Trakya Üniversitesi Sosyal Bilimler Dergisi. 2018 Dec. 1;20(2):37-54. doi:10.26468/trakyasobed.421105

Hydropower Energy Consumption, Financial Development, Foreign Direct Investment, and Economic Growth: Further Evidence from Newly Industrialized Countries

Journal of the Knowledge Economy

https://doi.org/10.1007/s13132-023-01135-w

Transition towards clean energy consumption in G7: Can financial sector, ICT and democracy help?

Resources Policy

https://doi.org/10.1016/j.resourpol.2023.103447

Could financial development eliminate energy poverty through renewable energy in Poland?

Energy Policy

https://doi.org/10.1016/j.enpol.2023.113747

FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ

FİNANSAL GELİŞMİŞLİĞİN YENİLENEBİLİR ENERJİ TÜKETİMİ ÜZERİNDEKİ UZUN DÖNEMLİ ETKİLERİ: G-7 ÜLKELERİ ÖRNEĞİ

Öz

Anahtar Kelimeler

References

Details

Primary Language

Subjects

Journal Section

Authors

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

Cite

Cited By

THE IMPACT OF RENEWABLE AND NON-RENEWABLE ENERGY CONSUMPTION ON FINANCIAL DEVELOPMENT: EVIDENCE FROM EMERGING COUNTRIES

YENİLENEBİLİR ENERJİ TÜKETİMİ FİNANSAL GELİŞME İLİŞKİSİ: GELİŞMİŞ ÜLKELER ÜZERİNE BİR ARAŞTIRMA

The effect of financial development on renewable energy demand: The case of developing countries

Hydropower Energy Consumption, Financial Development, Foreign Direct Investment, and Economic Growth: Further Evidence from Newly Industrialized Countries

Transition towards clean energy consumption in G7: Can financial sector, ICT and democracy help?

Could financial development eliminate energy poverty through renewable energy in Poland?