Yenilenebilir ve Yenilenemez Enerjinin Finansal Gelişim Üzerindeki Etkisi: Gelişmekte Olan Ülkelerden Kanıtlar

Öz

Enerji, ülkelerin sürdürülebilir kalkınmayı başarması için önemli bir faktördür ve yenilenebilir enerjinin önemi her geçe gün artmaktadır. Son otuz yılda yenilenebilir enerji tüketimi - ekonomik büyüme ve enerji tüketimi - finansal gelişim ilişkileri yoğun bir şekilde araştırılmıştır. Bu çalışmada Bloomberg'in en çok gelişmekte olan ülkeleri için yenilenebilir enerji tüketimi, yenilenemeyen enerji tüketimi ve finansal gelişim arasındaki ilişkiler araştırılmıştır. 1980-2018 dönemini ele alan çalışmada bankalardaki mevduatların GSYİH'ye oranı, finansal sistem mevduatının GSYİH'ye ve özel kredilerin GSYİH'ye oranı finansal gelişim göstergeleri olarak kullanılmıştır. Değişkenler arasındaki uzun vadeli ilişki Westerlund (2007) panel eşbütünleşme testi ile incelenmiş ve bu ilişkinin yönü Pesaran’ın (2006) CCE-MG panel eşbütünleşme tahmincisi ile belirlenmiştir. Dumitrescu ve Hurlin (2012) tarafından geliştirilen panel nedensellik testi vasıtasıyla ile değişkenler arasında nedenselliğin yönü araştırılmıştır. Elde edilen panel eşbütünleşme testi sonuçlarına göre, yenilenebilir enerji tüketimi ve finansal gelişim arasında uzun dönemli pozitif yönlü bir ilişki bulunmuştur. Öte yandan, yenilenebilir enerji tüketimi ile finansal gelişim arasında çift yönlü nedensellik bulgusuna rastlanmış olup, finansal gelişimden yenilenemez enerji tüketimine doğru ise tek yönlü nedensellik bulgusu söz konusudur.

Anahtar Kelimeler

• Yenilenebilir Enerji Tüketimi
• Yenilenemeyen Enerji Tüketimi
• Finansal Gelişim
• Panel Eşbütünleşme
• Panel Nedensellik

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries

Öz

Energy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financial development (FD) has intensely studied. In this paper the relationship between RNW, non-renewable energy consumption (non-RNW) and FD is investigated for top emerging countries of Bloomberg. The financial system deposits to GDP, deposit money bank assets to GDP and private credit to GDP have considered as FD indicators in the paper that investigates the period of 1980-2018. The long-term relationship between the variables was studied with Westerlund (2007) panel cointegration test and the direction of this relationship was examined with Pesaran (2006) CCE-MG panel cointegration estimator. The existence of causality among the variables was analyzed with Dumitrescu and Hurlin (2012) panel causality test. According to the cointegration test results, a positive long-run relationship was found between RNW and FD. Also, there is a bidirectional causality finding between RNW and FD, and there is a one-way causality finding from FD to non-RNW.

Anahtar Kelimeler

• Financial Development
• Renewable Energy Consumption
• Non-Renewable Energy Consumption
• Panel Cointegration Test
• Panel Causality Test

Kaynakça

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