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Yenilenebilir Enerji Kullanımında Finansal Gelişme ve Ekonomik Büyümenin Rolü: Türkiye İçin Ampirik Bir Analiz

Yıl 2025, Cilt: 10 Sayı: 3, 1331 - 1354
https://doi.org/10.25229/beta.1652556

Öz

Bu çalışma, 1985-2021 yılları arasında Türkiye'de finansal gelişme ve ekonomik büyümenin yenilenebilir enerji tüketimi üzerindeki etkisini incelemektedir. Augmented Autoregressive Distributed Lag (AARDL) modelini kullanan araştırma, finansal gelişme, ekonomik büyüme, kentleşme ve yenilenebilir enerji kullanımı arasındaki dinamik ilişkileri araştırmaktadır. Bulgular, finansal gelişmenin yatırım fırsatlarını ve sermayeye erişimi iyileştirerek yenilenebilir enerjinin benimsenmesini olumlu yönde etkilediğini göstermektedir. Benzer şekilde, ekonomik büyüme de yenilenebilir enerji tüketimini artırmaktadır, ancak bu etki finansal piyasa etkinliği ve politika çerçevelerine bağlı olarak değişmektedir. Çalışma aynı zamanda kentleşme ile yenilenebilir enerji tüketimi arasında negatif bir ilişki tespit etmekte ve artan kentsel genişlemenin geleneksel enerji kaynaklarına daha fazla güvenilmesine yol açabileceğini öne sürmektedir. Ampirik sonuçlara dayanan çalışma, sürdürülebilir bir enerji geçişini kolaylaştırmak için yeşil finans mekanizmalarının, destekleyici politika teşviklerinin ve kentsel enerji planlamasının önemini vurgulamaktadır. Finansal piyasaların güçlendirilmesi, kamu-özel sektör ortaklıklarının teşvik edilmesi ve yenilenebilir enerjinin kentsel kalkınma stratejilerine entegre edilmesi, Türkiye'nin yenilenebilir enerji alanını geliştirmek ve küresel sürdürülebilirlik hedeflerine uyum sağlamak için kilit önerilerdir.

Kaynakça

  • Alsagr, N., & Van Hemmen, S. (2021). The impact of financial development and geopolitical risk on renewable energy consumption: evidence from emerging markets. Environmental Science and Pollution Research, 28, 25906-25919.
  • 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.
  • Armeanu, D. Ş., Vintilă, G., & Gherghina, Ş. C. (2017). Does renewable energy drive sustainable economic growth? Multivariate panel data evidence for EU-28 countries. Energies, 10(3), 381.
  • Baturevich, A., Spirenkov, V., & Stakhanova, K. (2018). The Impact of the Financial Sector on the Development of the Industry of Renewable Energy. Scientific Research of Faculty of Economics. Electronic Journal. 10(2), 88-98.
  • Belloumi, M., & Aljazea, A. (2024). Impact of economic growth and financial development on renewable energy use in selected oil-exporting countries. Asian Journal of Economic Modelling, 12(2), 108-123.
  • Bhattacharya, M., Churchill, S. A., & Paramati, S. R. (2017). The dynamic impact of renewable energy and institutions on economic output and CO2 emissions across regions. Renewable Energy, 111, 157-167.
  • 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.
  • Brunnschweiler, C. N. (2010). Finance for renewable energy: an empirical analysis of developing and transition economies. Environment and development economics, 15(3), 241-274.
  • Candra, O., Chammam, A., Alvarez, J. R. N., Muda, I., & Aybar, H. Ş. (2023). The impact of renewable energy sources on the sustainable development of the economy and greenhouse gas emissions. Sustainability, 15(3), 2104.
  • Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: a panel vector autoregressive (PVAR) analysis. Renewable energy, 139, 198-213.
  • Christopoulos, D. K. & León-Ledesma, M. A. (2010). Smooth breaks and non-linear mean reversion: Post-Bretton Woods real exchange rates. Journal of International Money and Finance, 29(6), 1076–1093.
  • Dickey DA, Fuller WA (1979) Distribution of the Estimators for Autoregressive Time Series With a Unit Root. J Am Stat Assoc 74:427–431.
  • Egbe, A. A., Usman, M., Ike, G. N., & Shah, M. I. (2024). The impact of renewable energy consumption, economic growth, globalization and financial development on CO₂ emissions in G7 economies: A panel ARDL approach. Sustainability Research, 6(1), 1–23.
  • Enders, W., and J. Lee. (2012). The flexible form and dickey-fuller type unit root tests. Economics Letters, 117 (1):196–9. doi:10.1016/j. econlet.2012.04.081.
  • 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.
  • Gómez, M., & Rodríguez, J. C. (2019). Energy consumption and financial development in NAFTA countries, 1971–2015. Applied Sciences, 9(2), 302.
  • Ji, Q., & Zhang, D. (2019). How much does financial development contribute to renewable energy growth and upgrading of energy structure in China? Energy policy, 128, 114-124.
  • Jia, H., Fan, S., & Xia, M. (2023). The impact of renewable energy consumption on economic growth: Evidence from countries along the belt and road. Sustainability, 15(11), 8644.
  • Khah, A. M., & Ahmad, M. (2025). Assessing the impact of output growth, renewable energy consumption and financial development on environmental quality: Empirical evidence from India. Journal of Financial Economic Policy, 17(1), 45–66.
  • Kim, J., & Park, K. (2016). Financial development and deployment of renewable energy technologies. Energy Economics, 59, 238-250.
  • Kwiatkowski, D., Phillips, P. C., Schmidt, P. & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of Econometrics, 54(1-3), 159-178.
  • Lahiani, A., Mefteh-Wali, S., Shahbaz, M., & Vo, X. V. (2021). Does financial development influence renewable energy consumption to achieve carbon neutrality in the USA?. Energy Policy, 158, 112524.
  • Le, T. H., Nguyen, C. P., & Park, D. (2020). Financing renewable energy development: Insights from 55 countries. Energy Research & Social Science, 68, 101537.
  • Marques, A. C., & Fuinhas, J. A. (2012). Is renewable energy effective in promoting growth?. Energy Policy, 46, 434-442.
  • McNown R, Sam CY, Goh SK (2018) Bootstrapping the autoregressive distributed lag test for cointegration. Appl Econ 50:1509–1521.
  • Narayan, P. K. (2005). The saving and investment nexus for China: evidence from cointegration tests. Applied Aconomics, 37(17), 1979-1990.
  • Ngcobo, R., & De Wet, M. C. (2024). The impact of financial development and economic growth on renewable energy supply in South Africa. Sustainability, 16(6), 2533.
  • Pata, U. K., Yilanci, V., Zhang, Q., & Shah, S. A. R. (2022). Does financial development promote renewable energy consumption in the USA? Evidence from the Fourier-wavelet quantile causality test. Renewable Energy, 196, 432-443.
  • Pesaran MH, Shin Y, Smith RJ (2001) Bounds testing approaches to the analysis of level relationships. J Appl Econom 16:289–326.
  • Pham, L. (2019). Does financial development matter for innovation in renewable energy?. Applied Economics Letters, 26(21), 1756-1761.
  • Polat, B. (2021). The impact of financial development on renewable and non-renewable energy consumption. Energy Economics Letters, 8(1), 42-48.
  • Raza, S. A., Shah, N., Qureshi, M. A., Qaiser, S., Ali, R., & Ahmed, F. (2020). Non-linear threshold effect of financial development on renewable energy consumption: evidence from panel smooth transition regression approach. Environmental Science and Pollution Research, 27, 32034-32047.
  • Sam CY, McNown R, Goh SK (2019) An augmented autoregressive distributed lag bounds test for cointegration. Econ Model 80:130–141.
  • Saygin, O., & Iskenderoglu, O. (2022). The nexus between financial development and renewable energy consumption: a review for emerging countries. Environmental Science and Pollution Research, 29(10), 14522-14533.
  • Shahbaz, M., Raghutla, C., Chittedi, K. R., Jiao, Z., & Vo, X. V. (2020). The effect of renewable energy consumption on economic growth: Evidence from the renewable energy country attractive index. Energy, 207, 118162.
  • Shahbaz, M., Topcu, B. A., Sarıgül, S. S., & Vo, X. V. (2021). The effect of financial development on renewable energy demand: The case of developing countries. Renewable Energy, 178, 1370-1380.
  • Sun, Z., Zhang, X., & Gao, Y. (2023). The impact of financial development on renewable energy consumption: A multidimensional analysis based on global panel data. International journal of environmental research and public health, 20(4), 3124.

The Role of Financial Development and Economic Growth in Renewable Energy Use: An Empirical Analysis for Türkiye

Yıl 2025, Cilt: 10 Sayı: 3, 1331 - 1354
https://doi.org/10.25229/beta.1652556

Öz

This study examines the impact of financial development and economic growth on renewable energy consumption in Turkey between 1985 and 2021. Using the Augmented Autoregressive Distributed Lag (AARDL) model, the study explores the dynamic relationships between financial development, economic growth, urbanization and renewable energy use. The findings show that financial development positively affects renewable energy adoption by improving investment opportunities and access to capital. Similarly, economic growth also increases renewable energy consumption, but this effect varies depending on financial market efficiency and policy frameworks. The study also finds a negative relationship between urbanization and renewable energy consumption, suggesting that increased urban sprawl may lead to a greater reliance on traditional energy sources. Based on the empirical results, the study emphasizes the importance of green finance mechanisms, supportive policy incentives and urban energy planning to facilitate a sustainable energy transition. Strengthening financial markets, promoting public-private partnerships, and integrating renewable energy into urban development strategies are key recommendations to develop Turkey's renewable energy space and align with global sustainability goals.

Kaynakça

  • Alsagr, N., & Van Hemmen, S. (2021). The impact of financial development and geopolitical risk on renewable energy consumption: evidence from emerging markets. Environmental Science and Pollution Research, 28, 25906-25919.
  • 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.
  • Armeanu, D. Ş., Vintilă, G., & Gherghina, Ş. C. (2017). Does renewable energy drive sustainable economic growth? Multivariate panel data evidence for EU-28 countries. Energies, 10(3), 381.
  • Baturevich, A., Spirenkov, V., & Stakhanova, K. (2018). The Impact of the Financial Sector on the Development of the Industry of Renewable Energy. Scientific Research of Faculty of Economics. Electronic Journal. 10(2), 88-98.
  • Belloumi, M., & Aljazea, A. (2024). Impact of economic growth and financial development on renewable energy use in selected oil-exporting countries. Asian Journal of Economic Modelling, 12(2), 108-123.
  • Bhattacharya, M., Churchill, S. A., & Paramati, S. R. (2017). The dynamic impact of renewable energy and institutions on economic output and CO2 emissions across regions. Renewable Energy, 111, 157-167.
  • 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.
  • Brunnschweiler, C. N. (2010). Finance for renewable energy: an empirical analysis of developing and transition economies. Environment and development economics, 15(3), 241-274.
  • Candra, O., Chammam, A., Alvarez, J. R. N., Muda, I., & Aybar, H. Ş. (2023). The impact of renewable energy sources on the sustainable development of the economy and greenhouse gas emissions. Sustainability, 15(3), 2104.
  • Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: a panel vector autoregressive (PVAR) analysis. Renewable energy, 139, 198-213.
  • Christopoulos, D. K. & León-Ledesma, M. A. (2010). Smooth breaks and non-linear mean reversion: Post-Bretton Woods real exchange rates. Journal of International Money and Finance, 29(6), 1076–1093.
  • Dickey DA, Fuller WA (1979) Distribution of the Estimators for Autoregressive Time Series With a Unit Root. J Am Stat Assoc 74:427–431.
  • Egbe, A. A., Usman, M., Ike, G. N., & Shah, M. I. (2024). The impact of renewable energy consumption, economic growth, globalization and financial development on CO₂ emissions in G7 economies: A panel ARDL approach. Sustainability Research, 6(1), 1–23.
  • Enders, W., and J. Lee. (2012). The flexible form and dickey-fuller type unit root tests. Economics Letters, 117 (1):196–9. doi:10.1016/j. econlet.2012.04.081.
  • 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.
  • Gómez, M., & Rodríguez, J. C. (2019). Energy consumption and financial development in NAFTA countries, 1971–2015. Applied Sciences, 9(2), 302.
  • Ji, Q., & Zhang, D. (2019). How much does financial development contribute to renewable energy growth and upgrading of energy structure in China? Energy policy, 128, 114-124.
  • Jia, H., Fan, S., & Xia, M. (2023). The impact of renewable energy consumption on economic growth: Evidence from countries along the belt and road. Sustainability, 15(11), 8644.
  • Khah, A. M., & Ahmad, M. (2025). Assessing the impact of output growth, renewable energy consumption and financial development on environmental quality: Empirical evidence from India. Journal of Financial Economic Policy, 17(1), 45–66.
  • Kim, J., & Park, K. (2016). Financial development and deployment of renewable energy technologies. Energy Economics, 59, 238-250.
  • Kwiatkowski, D., Phillips, P. C., Schmidt, P. & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of Econometrics, 54(1-3), 159-178.
  • Lahiani, A., Mefteh-Wali, S., Shahbaz, M., & Vo, X. V. (2021). Does financial development influence renewable energy consumption to achieve carbon neutrality in the USA?. Energy Policy, 158, 112524.
  • Le, T. H., Nguyen, C. P., & Park, D. (2020). Financing renewable energy development: Insights from 55 countries. Energy Research & Social Science, 68, 101537.
  • Marques, A. C., & Fuinhas, J. A. (2012). Is renewable energy effective in promoting growth?. Energy Policy, 46, 434-442.
  • McNown R, Sam CY, Goh SK (2018) Bootstrapping the autoregressive distributed lag test for cointegration. Appl Econ 50:1509–1521.
  • Narayan, P. K. (2005). The saving and investment nexus for China: evidence from cointegration tests. Applied Aconomics, 37(17), 1979-1990.
  • Ngcobo, R., & De Wet, M. C. (2024). The impact of financial development and economic growth on renewable energy supply in South Africa. Sustainability, 16(6), 2533.
  • Pata, U. K., Yilanci, V., Zhang, Q., & Shah, S. A. R. (2022). Does financial development promote renewable energy consumption in the USA? Evidence from the Fourier-wavelet quantile causality test. Renewable Energy, 196, 432-443.
  • Pesaran MH, Shin Y, Smith RJ (2001) Bounds testing approaches to the analysis of level relationships. J Appl Econom 16:289–326.
  • Pham, L. (2019). Does financial development matter for innovation in renewable energy?. Applied Economics Letters, 26(21), 1756-1761.
  • Polat, B. (2021). The impact of financial development on renewable and non-renewable energy consumption. Energy Economics Letters, 8(1), 42-48.
  • Raza, S. A., Shah, N., Qureshi, M. A., Qaiser, S., Ali, R., & Ahmed, F. (2020). Non-linear threshold effect of financial development on renewable energy consumption: evidence from panel smooth transition regression approach. Environmental Science and Pollution Research, 27, 32034-32047.
  • Sam CY, McNown R, Goh SK (2019) An augmented autoregressive distributed lag bounds test for cointegration. Econ Model 80:130–141.
  • Saygin, O., & Iskenderoglu, O. (2022). The nexus between financial development and renewable energy consumption: a review for emerging countries. Environmental Science and Pollution Research, 29(10), 14522-14533.
  • Shahbaz, M., Raghutla, C., Chittedi, K. R., Jiao, Z., & Vo, X. V. (2020). The effect of renewable energy consumption on economic growth: Evidence from the renewable energy country attractive index. Energy, 207, 118162.
  • Shahbaz, M., Topcu, B. A., Sarıgül, S. S., & Vo, X. V. (2021). The effect of financial development on renewable energy demand: The case of developing countries. Renewable Energy, 178, 1370-1380.
  • Sun, Z., Zhang, X., & Gao, Y. (2023). The impact of financial development on renewable energy consumption: A multidimensional analysis based on global panel data. International journal of environmental research and public health, 20(4), 3124.
Toplam 37 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Zaman Serileri Analizi, Çevre Ekonomisi, Yeşil Ekonomi
Bölüm Araştırma Makaleleri
Yazarlar

Murat Akça 0000-0002-9974-8697

Erken Görünüm Tarihi 20 Ekim 2025
Yayımlanma Tarihi 27 Ekim 2025
Gönderilme Tarihi 6 Mart 2025
Kabul Tarihi 5 Eylül 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 10 Sayı: 3

Kaynak Göster

APA Akça, M. (2025). Yenilenebilir Enerji Kullanımında Finansal Gelişme ve Ekonomik Büyümenin Rolü: Türkiye İçin Ampirik Bir Analiz. Bulletin of Economic Theory and Analysis, 10(3), 1331-1354. https://doi.org/10.25229/beta.1652556

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