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Kamu Borcunun Yenilenebilir Enerji Tüketimi Üzerindeki Rolü: BRICS-T Ülkeleri Üzerine Bir Uygulama

Yıl 2024, , 208 - 223, 31.01.2024
https://doi.org/10.29023/alanyaakademik.1313854

Öz

Çalışmanın amacı, 1990-2019 dönemi için BRICS-T ülkelerinde kamu borcunun yenilenebilir enerji tüketimi üzerindeki uzun dönemli etkisinin incelenmesidir. Çalışmada kamu borcu ve yenilenebilir enerji tüketimi arasındaki uzun dönemli ilişkinin tahmin edilmesinde Westerlund eş bütünleşme testi ve Driscoll-Kray standart hatalara sahip regresyon modeli, nedensellik ilişkisinin incelenmesinde Dumitrescu- Hurlin nedensellik testi kullanılmıştır. Çalışmadan elde edilen bulgular, BRICS-T ülkelerinde kamu borcunun yenilenebilir enerji tüketimini olumsuz olarak etkilediğini, bununla birlikte finansal gelişmenin yenilenebilir enerji tüketimi üzerinde pozitif bir katkı sağladığı ortaya koymaktadır. Çalışma bulguları, politika yapıcıların BRICS-T ülkelerinde çevresel kaliteyi artıracak ve enerji güvenliğini güçlendirecek daha etkin yenilenebilir enerji politikaları geliştirebilmeleri açısından önemli bilgiler sunmaktadır.

Kaynakça

  • Akram, R., Chen, F., Khalid, F., Huang, G., & Irfan, M. (2021). Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis. Energy 215, 119019.
  • Akram, R., Umar, M., Xlaoli, G., & Chen, F. (2022). Dynamic linkages between energy efficiency, renewable energy along with economic growth and carbon emission. A case of MINT countries an asymmetric analysis. Energy Reports, 8, 2119-2130.
  • Al-Mulali, U., Fereidouni, H.G., Lee, J.Y., & Sab, C.N.B.C. (2013). Examining the bi-directional long run relationship between renewable energy consumption and GDP growth. Renewable and Sustainable Energy Reviews, 22, 209-222.
  • Altarhouni, A., Danju, D., & Samour, A. (2021). Insurance market development, energy consumption, and Turkey’s CO2 emissions. New perspectives from a bootstrap ARDL test, Energies, 14(23), 7830.
  • Anton, S.G., & Nucu, A.E.A. (2020). The effect of financial development on renewable energy consumption. A panel data approach. Renewable Energy, 147, 330-338.
  • Apergis, N., & Payne, J.E. (2011). On the causal dynamics between renewable and non-renewable energy consumption and economic growth in developed and developing countries. Energy Systems, 2(3), 299-312.
  • Aslan, A., Apergis, N., & Topcu, M. (2014). Banking development and nergy consumption: Evidence from a panel of middle Eastern countries. Energy, 72, 427-433.
  • Bamati, N., & Raoofi, A. (2020). Development level and the impact of technological factor on renewable energy production. Renewable Energy, 151, 946-955.
  • Barro, R.J. (1974). Are government bonds net wealth? Journal of Political Economy, 82(6), 1095-1117.
  • Barro, R.J. (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37-54.
  • Belaid, F., & Youssef, M. (2017). Environmental degradation, renewable and non-renewable electricity consumption, and economic growth: Assessing the evidence from Algeria. Energy Policy, 102, 277-287.
  • Ben Mbarek, M., Saidi, K., & Rahman, M.M. (2018). Renewable and non-renewable energy consumption, environmental degradation and economic growth in Tunisia. Quality & Quantity, 52(3), 1105-1119.
  • Bese, E., Friday, H.S., & Özden, C. (2021). The effect of external debt on emissions: Evidence from China. Int. J. Energy Econ. Policy 11, 440–447. doi: 10.32479/ijeep.10605
  • Best, R. (2017). Switching towards coal or renewable energy? The effects of financial capital on energy transitions. Energy Economics, 63, 75-83.
  • Breusch, T.S., & Pagan, A.R. (1980). The Lagrange Multiplier test and its applications to model specification in econometric. The Review of Economic Studies, 47(1), 239-253.
  • Chen, C., Pinar, M., & Stengos, T. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295.
  • Chen, Y., Wang, Z., & Zhong, Z. (2019). CO₂ emissions, economic growth, renewable and non-renewable energy production and foreign trade in China, Renewable Energy, 131, 208-216.
  • Cochrane, J.H. (2011). Inflation and debt. National Affairs, 9(2), 56-78.
  • Destek, M.A., & Aslan, A. (2017). Renewable and non-renewable energy consumption and economic growth in emerging economies: Evidence from bootstrap panel causality. Renewable Energy, 111, 757-763.
  • Dogan, E., & Seker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. Renewable and Sustainable Energy Reviews, 60, 1074-1085.
  • Dogan, B., Driha, M., Balsalore Lorente, D., & Shahza, U. (2021). The mitigating effects of economic complexity and renewable energy on carbon emissions in developed countries. Sustainable Development, 29(1), 1-2.
  • Driscoll, J.C., & Kraay, A.C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
  • Eggertsson, G.B., & Krugman, P. (2012). Debt, deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach. The Quarterly Journal of Economics, 127(3), 1469-1513.
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  • Eren, B.M., Taspinar, N., & Gokmenoglu, K.K. (2019). The impact of financial development and economic growth on renewable energy consumption: Empirical analysis of India. Science of the Total Environment, 663, 189-197.
  • Florea, N.M., Badircea, R.M., Meghisan-Toma, G.M., Puiu, S., Manta, A.G., & Berceanu, D. (2021). Linking public finances’ performance to renewable-energy consumption in emerging economies of the European Union. Sustainability, 13(11), 6344.
  • Gill, A.R., Hassan, S., & Haseeb, M. (2019). Moderating role of financial development in environmental Kuznets: A case ttudy of Malaysia. Environmental Science and Pollution Research, 26, 34468-34478.
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  • Haseeb, A., Xia, E., Baloch, M.A., & Abbas, K. (2018). Financial development, globalization, and CO2 emission in the presence of EKC: Evidence from BRICS countries. Environmental Science and Pollution Research, 25(31), 31283-31296.
  • Hashemizadeh, A., Bui, Q., & Kongbuamai, N. (2021). Unpacking the role of public debt in renewable energy consumption: New insights from the emerging countries. Energy, 224, 120187.
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  • Katircioglu, S., & Celebi, A. (2018). “Testing the role of external debt in environmental degradation: Empirical evidence from Turkey”, Environ. Sci. Pollut. Res. 25, 8843–8852.
  • Kaygusuz, O., Ayhan, T., Kaygusuz, K. (2021). Renewable energy for low carbon economy and sustainable development in Turkey. Journal of Engineering Research and Applied Science, 10(1), 1717–29.
  • Keynes, J.M. (1936). The supply of gold. The Economic Journal, 46(183), 412-418.
  • Khan, M.K., Ali, S., Zahid, R.A., Huo, C., & Nazir, M.S. (2022). Does whipping tournament incentives spur CSR performance? An empirical evidence from Chinese dub-national institutional contingencies. Frontiers in Psychology, 13, 841163-841163.
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  • Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253-268.
  • Lei, W., Ozturk, I., Muhammad, H., & Ullah, S. (2021). On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: Insights from China. Econ. Res. 35(1), 1-18.
  • Lora, E., & Olivera, M. (2007). Public debt and social expenditure: Friends or foes?. Emerging Markets Review, 8(4), 299-310.
  • Majeed, A., Wang, L., Zhang, X., & Kirikkaleli, D. (2021). Modeling the dynamic links among natural resources, economic globalization, disaggregated energy consumption, and environmental quality: Fresh evidence from GCC economies. Resources Policy, 73, 102204.
  • Mikayilov, J.I., Mukhtarov, S., Mammadov, J., & Aliyev, S. (2020). Environmental consequences of tourism: Do oil-exporting countries import more CO2 emissions? Energy Sources, Part B: Economics, Planning, and Policy, 15(3), 172-185.
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  • Murshed, M. (2021). Can regional trade integration facilitate renewable energy transition to ensure energy sustainability in South Asia? Energy Rep. 7, 808–821.
  • Murshed, M., Elheddad, M., Ahmed, R., Bassim, M., & Than, E.T. (2021). Foreign direct investments, renewable electricity output, and ecological footprints: Do financial globalization facilitate renewable energy transition and environmental welfare in Bangladesh? Asia-Pacific Financial Markets, 1-46.
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The Role of Public Debt on Renewable Energy Consumption: An Evidence of BRICS-T Countries

Yıl 2024, , 208 - 223, 31.01.2024
https://doi.org/10.29023/alanyaakademik.1313854

Öz

This study aims to examine the long-run effect of public debt on renewable energy consumption in BRICS-T countries for the period 1990-2019. In this study, Westerlund cointegration test and regression with Driscoll-Kraay standard errors are used to estimate long-run relationship between public debt and renewable energy consumption and Dumitrescu-Hurlin test is applied to examine casuality relationship among these variables. The findings from this study show that public debt negatively affects renewable energy consumption while financial development positively influences it in BRICS-T countries. The findings present important information for policy makers in terms of developing effective policies increasing enviromental quality and supporting to energy security.
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Kaynakça

  • Akram, R., Chen, F., Khalid, F., Huang, G., & Irfan, M. (2021). Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: A fixed effect panel quantile regression analysis. Energy 215, 119019.
  • Akram, R., Umar, M., Xlaoli, G., & Chen, F. (2022). Dynamic linkages between energy efficiency, renewable energy along with economic growth and carbon emission. A case of MINT countries an asymmetric analysis. Energy Reports, 8, 2119-2130.
  • Al-Mulali, U., Fereidouni, H.G., Lee, J.Y., & Sab, C.N.B.C. (2013). Examining the bi-directional long run relationship between renewable energy consumption and GDP growth. Renewable and Sustainable Energy Reviews, 22, 209-222.
  • Altarhouni, A., Danju, D., & Samour, A. (2021). Insurance market development, energy consumption, and Turkey’s CO2 emissions. New perspectives from a bootstrap ARDL test, Energies, 14(23), 7830.
  • Anton, S.G., & Nucu, A.E.A. (2020). The effect of financial development on renewable energy consumption. A panel data approach. Renewable Energy, 147, 330-338.
  • Apergis, N., & Payne, J.E. (2011). On the causal dynamics between renewable and non-renewable energy consumption and economic growth in developed and developing countries. Energy Systems, 2(3), 299-312.
  • Aslan, A., Apergis, N., & Topcu, M. (2014). Banking development and nergy consumption: Evidence from a panel of middle Eastern countries. Energy, 72, 427-433.
  • Bamati, N., & Raoofi, A. (2020). Development level and the impact of technological factor on renewable energy production. Renewable Energy, 151, 946-955.
  • Barro, R.J. (1974). Are government bonds net wealth? Journal of Political Economy, 82(6), 1095-1117.
  • Barro, R.J. (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37-54.
  • Belaid, F., & Youssef, M. (2017). Environmental degradation, renewable and non-renewable electricity consumption, and economic growth: Assessing the evidence from Algeria. Energy Policy, 102, 277-287.
  • Ben Mbarek, M., Saidi, K., & Rahman, M.M. (2018). Renewable and non-renewable energy consumption, environmental degradation and economic growth in Tunisia. Quality & Quantity, 52(3), 1105-1119.
  • Bese, E., Friday, H.S., & Özden, C. (2021). The effect of external debt on emissions: Evidence from China. Int. J. Energy Econ. Policy 11, 440–447. doi: 10.32479/ijeep.10605
  • Best, R. (2017). Switching towards coal or renewable energy? The effects of financial capital on energy transitions. Energy Economics, 63, 75-83.
  • Breusch, T.S., & Pagan, A.R. (1980). The Lagrange Multiplier test and its applications to model specification in econometric. The Review of Economic Studies, 47(1), 239-253.
  • Chen, C., Pinar, M., & Stengos, T. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295.
  • Chen, Y., Wang, Z., & Zhong, Z. (2019). CO₂ emissions, economic growth, renewable and non-renewable energy production and foreign trade in China, Renewable Energy, 131, 208-216.
  • Cochrane, J.H. (2011). Inflation and debt. National Affairs, 9(2), 56-78.
  • Destek, M.A., & Aslan, A. (2017). Renewable and non-renewable energy consumption and economic growth in emerging economies: Evidence from bootstrap panel causality. Renewable Energy, 111, 757-763.
  • Dogan, E., & Seker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. Renewable and Sustainable Energy Reviews, 60, 1074-1085.
  • Dogan, B., Driha, M., Balsalore Lorente, D., & Shahza, U. (2021). The mitigating effects of economic complexity and renewable energy on carbon emissions in developed countries. Sustainable Development, 29(1), 1-2.
  • Driscoll, J.C., & Kraay, A.C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
  • Eggertsson, G.B., & Krugman, P. (2012). Debt, deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach. The Quarterly Journal of Economics, 127(3), 1469-1513.
  • Elmendorf, D.W., & Mankiw, N.G. (1999). Government debt. Handbook of Macroeconomics, 1, 1615-1669.
  • Eren, B.M., Taspinar, N., & Gokmenoglu, K.K. (2019). The impact of financial development and economic growth on renewable energy consumption: Empirical analysis of India. Science of the Total Environment, 663, 189-197.
  • Florea, N.M., Badircea, R.M., Meghisan-Toma, G.M., Puiu, S., Manta, A.G., & Berceanu, D. (2021). Linking public finances’ performance to renewable-energy consumption in emerging economies of the European Union. Sustainability, 13(11), 6344.
  • Gill, A.R., Hassan, S., & Haseeb, M. (2019). Moderating role of financial development in environmental Kuznets: A case ttudy of Malaysia. Environmental Science and Pollution Research, 26, 34468-34478.
  • Grobety, M. (2018). Government debt and growth: The role of liquidity. Journal of International Money and Finance, 83, 1-22.
  • Haseeb, A., Xia, E., Baloch, M.A., & Abbas, K. (2018). Financial development, globalization, and CO2 emission in the presence of EKC: Evidence from BRICS countries. Environmental Science and Pollution Research, 25(31), 31283-31296.
  • Hashemizadeh, A., Bui, Q., & Kongbuamai, N. (2021). Unpacking the role of public debt in renewable energy consumption: New insights from the emerging countries. Energy, 224, 120187.
  • Helm, D. (2012). The carbon crunch: How we're getting climate change wrong -- and how to fix it. New Haven and London: Yale University Press.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
  • Hussain, Z., Khan, M.K., & Shaheen, W.A. (2022). Effect of economic development, income inequality, transportation, and environmental expenditures on transport emissions: Evidence from OECD countries. Environ. Sci. Pollut. Res. 29, 56642–56657.
  • IPCC (2018). Special report on global warming of 1.5 _C. Incheon, Republic of Korea: Intergovernmental panel on climate change. https://www.ipcc.ch/site/assets/uploads/2018/11/pr_181008_P48_spm_en. pdf (accessed October 8,2022).
  • Jiahhua, L. (2022). Exploring the asymmetric impact of public debt on renewable energy consumption behavior. Frontiers in Psychology, 13.
  • Katircioglu S., & Katircioglu, S. (2018). Testing the role of fiscal policy in the environmental degradation: The case of Turkey. Environmental Science and Pollution Research, 25(6):5616–30.
  • Katircioglu, S., & Celebi, A. (2018). “Testing the role of external debt in environmental degradation: Empirical evidence from Turkey”, Environ. Sci. Pollut. Res. 25, 8843–8852.
  • Kaygusuz, O., Ayhan, T., Kaygusuz, K. (2021). Renewable energy for low carbon economy and sustainable development in Turkey. Journal of Engineering Research and Applied Science, 10(1), 1717–29.
  • Keynes, J.M. (1936). The supply of gold. The Economic Journal, 46(183), 412-418.
  • Khan, M.K., Ali, S., Zahid, R.A., Huo, C., & Nazir, M.S. (2022). Does whipping tournament incentives spur CSR performance? An empirical evidence from Chinese dub-national institutional contingencies. Frontiers in Psychology, 13, 841163-841163.
  • Khan, M.K., Kaleem, A., Zulfigar, S., & Akram, U. (2019). Innovation investment: Behaviour of Chinese firms towards financing sources. International Journal of Innovation Management, 23(07).
  • Kim, J., & Park, K. (2016). Financial development and deployment of renewable energy Technologies. Energy Economics, 59, 238-250.
  • Krugman, P. (1988). Financing vs. forgiving a debt overhang. Journal of Development Economics, 29(3), 253-268.
  • Lei, W., Ozturk, I., Muhammad, H., & Ullah, S. (2021). On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: Insights from China. Econ. Res. 35(1), 1-18.
  • Lora, E., & Olivera, M. (2007). Public debt and social expenditure: Friends or foes?. Emerging Markets Review, 8(4), 299-310.
  • Majeed, A., Wang, L., Zhang, X., & Kirikkaleli, D. (2021). Modeling the dynamic links among natural resources, economic globalization, disaggregated energy consumption, and environmental quality: Fresh evidence from GCC economies. Resources Policy, 73, 102204.
  • Mikayilov, J.I., Mukhtarov, S., Mammadov, J., & Aliyev, S. (2020). Environmental consequences of tourism: Do oil-exporting countries import more CO2 emissions? Energy Sources, Part B: Economics, Planning, and Policy, 15(3), 172-185.
  • Mohamed, B.M. (2013). Assessing the short‐and long‐run real effects of public external debt: The case of Tunisia. African Development Review, 25(4), 587-606.
  • Murshed, M. (2021). Can regional trade integration facilitate renewable energy transition to ensure energy sustainability in South Asia? Energy Rep. 7, 808–821.
  • Murshed, M., Elheddad, M., Ahmed, R., Bassim, M., & Than, E.T. (2021). Foreign direct investments, renewable electricity output, and ecological footprints: Do financial globalization facilitate renewable energy transition and environmental welfare in Bangladesh? Asia-Pacific Financial Markets, 1-46.
  • Obstfeld, M., & Rogoff, K. (2001). “The six major puzzles in international macroeconomics: Is there a common cause”, In: Bernanke, B., Rogoff, K. (Eds.), NBER Macroeconomics Annual 2000. MIT Press, Cambridge MA, 339–412.
  • Ocal, O., & Aslan, A. (2013). Renewable energy consumption–economic growth nexus in Turkey. Renewable and Sustainable Energy Reviews, 28, 494-499.
  • Olaoye, O.O., Tabash, M.I., Omokanmi, O.J., Ogunjumo, R.A., Ojelade, M.O., & Ishola, J.A. (2022). Macroeconomic implications of escalating stock of public debt: Evidence from Sub‐Saharan African economies. African Development Review, 34(4), 527-540.
  • Pattillo, C.A., Poirson, H., & Ricci, L.A. (2002). External debt and growth, IMF Working Paper, No. 02/69. Pesaran, M.H. (2004). General diagnostic tests for cross-section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • Qamruzzaman, M. (2022). Nexus between foreign direct investments renewable energy consumption: What is the role of government debt. International Journal of Multidisciplinary Research and Growth Evaluation, 3(3), 514-522.
  • Qamruzzaman, M., & Jianguo, W. (2020). The Asymmetric relationship between financial development, trade openness, foreign capital flows, and renewable energy consumption: Fresh evidence from panel NARDL investigation. Renewable Energy, 159, 827-842.
  • Qamruzzaman, M., Karim, S., & Jahan, I. (2022). Nexus between economic policy uncertainty, foreign direct investment, government debt and renewable energy consumption in 13 Top oil importing nations: Evidence from the symmetric and asymmetric investigation”, Renewable Energy.
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  • Qi, W., Huang, Z., Dinçer, H., Korsakiene, R., & Yüksel, S. (2020). “Corporate governance-based strategic approach to sustainability in energy industry of emerging economies with a novel interval-valued intuitionistic fuzzy hybrid decision making model. Sustainability, 12(8), 3307.
  • Rahman, M.M., & Vu, X.B. (2020). The nexus between renewable energy, economic growth, trade, urbanisation and environmental quality: A comparative study for Australia and Canada. Renewable Energy, 155, 617-627.
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  • Wahab, S., Imran, M., Safi, A., Wahab, Z., & Kirikkaleli, D. (2022). Role of financial stability, technological innovation, and renewable energy in achieving sustainable development goals in BRICS countries. Environmental Science and Pollution Research, 29(32), 48827-48838.
  • Wang J., Zhang, S., & Zhang, Q. (2021). The relationship of renewable energy consumption to financial development and economic growth in China. Renewable Energy, 170, 897-904.
  • Wang, Z., Bui, Q., Zhang, B., Nawarathna, C.L.K., & Mombeuil, C. (2021). The nexus between renewable energy consumption and human development in BRICS countries: The moderating role of public debt. Renewable Energy, 165, 381-390.
  • Wang, Z., Pham, T.L.H., Sun, K., Wang, B., Bui, Q., & Hashemizadeh, A. (2022). The moderating role of financial development in the renewable energy consumption-CO2 emissions linkage: The case study of next-11 countries. Energy, 254, 124386.
  • Wooldridge, J.M. (2002). Econometric analysis of cross section and panel data. MIT press. Cambridge, ma, 108(2), 245-254.
  • Yüksel, S., Zhel, L., Dinçer, H., Mukhtarov, S., & Azizov, M. (2019). The positive influences of renewable energy consumption on financial development and economic growth. SAGE Open July-September 2021, 1–10.
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Toplam 77 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Uygulamalı Makro Ekonometri, Maliye Politikası
Bölüm Makaleler
Yazarlar

Elif Erer 0000-0002-2238-4602

Yayımlanma Tarihi 31 Ocak 2024
Kabul Tarihi 15 Ekim 2023
Yayımlandığı Sayı Yıl 2024

Kaynak Göster

APA Erer, E. (2024). Kamu Borcunun Yenilenebilir Enerji Tüketimi Üzerindeki Rolü: BRICS-T Ülkeleri Üzerine Bir Uygulama. Alanya Akademik Bakış, 8(1), 208-223. https://doi.org/10.29023/alanyaakademik.1313854