YENİLENEBİLİR ENERJİ TÜKETİMİ, FİNANSAL GELİŞMİŞLİK VE EKONOMİK BÜYÜME ARASINDAKİ İLİŞKİ: IEA ÜLKELERİ ÜZERİNE UYGULAMA

Yıl 2022, Cilt: 36 Sayı: 2, 632 - 656, 29.06.2022

Mustafa Koç Merve Kıymaz Kıvraklar Nilcan Mert

https://doi.org/10.48070/erciyesakademi.1089386

Öz

Enerji kaynaklarına olan ihtiyaç her geçen gün artmaktadır. Ancak sınırlı enerji kaynakları, ekonomileri yenilenebilir enerji kaynaklarını kullanmaya yöneltmektedir. Bu çalışma yenilenebilir enerji tüketimi, finansal gelişmişlik ve ekonomik büyüme arasındaki ilişkiyi incelemektedir. Çalışma, değişkenler arasındaki uzun vadeli ve kısa vadeli eşbütünleşme korelasyonlarını araştırmak için ARDL yaklaşımını kullanmaktadır. Mevcut çalışma, finansal gelişme göstergelerinin on iki IEA ülkesi için yenilenebilir enerji tüketimi üzerinde bir rol oynayıp oynayamayacağını araştırmak için 1996-2017 dönemine odaklanmaktadır. Panel eşbütünleşme testi sonuçlarına göre uzun dönemli değişkenler istatistiksel olarak anlamlıdır. Ayrıca ekonomik büyümenin kısa vadede yenilenebilir enerji tüketimini olumlu yönde etkilediği görülmektedir. Panel nedensellik testi sonuçlarına göre kısa dönemde finansal gelişmişlik ve yenilenebilir enerji tüketimi ile ekonomik büyüme ve yenilenebilir enerji tüketimi arasında ilişki bulunmaktadır. Son olarak, finansal gelişmişlik göstergesinin alt bileşenlerinin kullanımı, finansal sistemin yenilenebilir enerji tüketimini etkileyen farklı yönlerini etkin bir şekilde ortaya çıkarmıştır.

Anahtar Kelimeler

Yenilenebilir Enerji Tüketimi, Finansal Gelişmişlik, Ekonomik Büyüme

Nexus Between Renewable Energy Consumption, Financial Development, and Economic Growth: Evidence from IEA Countries

Öz

The need for energy sources is increasing day by day. However, limited energy resources lead economies to use renewable energy resources. This paper explores the relations between renewable energy consumption, financial development, and economic growth. The study employs ARDL approach to investigate the long-term and short-term cointegration correlations between variables. The current paper focuses on the period 1996-2017 to investigate whether financial development indicators can play a role on renewable energy consumption for twelve IEA countries. According to panel cointegration test results, long-term variables are statistically significant. Also economic growth is observed affecting renewable energy consumption positively in the short term. According to panel causality test results in the short-term there is relation between financial development and renewable energy consumption, and economic growth and renewable energy consumption. Finally, the use of subcomponents of financial development indicator have efficiently captured the different aspects of financial system affecting renewable energy consumption.

Anahtar Kelimeler

Renewable energy consumption, Economic growth, Financial development

Kaynakça

• Abbasi, F., & Riaz, K. (2016). CO2 emissions and financial development in an emerging economy: An augmented VAR approach. Energy Policy, 90, 102–114. https://doi.org/10.1016/j.enpol.2015.12.017
• Abosedra, S., & Baghestani, H. (1989). New evidence on the causal relationship between United States energy consumption and gross national product. The Journal of Energy and Development, 14(2), 285-292.
• Abosedra, S., & Baghestani, H. (1989). New evidence on the causal relationship between United States energy consumption and gross national product. The Journal of Energy and Development, 14(2), 285-292.
• Akhtar, M., Sheikh, M., & Anam, A. (2016). Financial Development, Energy Consumption and Trade Openness Nexus: Empirical Evidence from Selected South Asian Countries. Pakistan Journal of Social Sciences (PJSS), 36(1), 505–518.
• Akhtar, M., Sheikh, M., & Anam, A. (2016). Financial Development, Energy Consumption and Trade Openness Nexus: Empirical Evidence from Selected South Asian Countries. Pakistan Journal of Social Sciences (PJSS), 36(1), 505–518.
• Al-mulali, U., & Binti Che Sab, C. N. (2012). The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub Saharan African countries. Energy, 39(1), 180–186. https://doi.org/10.1016/j.energy.2012.01.032
• Al-mulali, U., & Binti Che Sab, C. N. (2012). The impact of energy consumption and CO2 emission on the economic growth and financial development in the Sub Saharan African countries. Energy, 39(1), 180–186. https://doi.org/10.1016/j.energy.2012.01.032
• Alam, A., Azam, M., Abdullah, A. Bin, Malik, I. A., Khan, A., Hamzah, T. A. A. T., Faridullah, Khan, M.M., Zahoor,H., & Zaman, K. (2015). Environmental quality indicators and financial development in Malaysia: unity in diversity. Environmental Science and Pollution Research, 22(11), 8392–8404. https://doi.org/10.1007/s11356-014-3982-5
• Alam, A., Azam, M., Abdullah, A. Bin, Malik, I. A., Khan, A., Hamzah, T. A. A. T., Faridullah, Khan, M.M., Zahoor,H., & Zaman, K. (2015). Environmental quality indicators and financial development in Malaysia: unity in diversity. Environmental Science and Pollution Research, 22(11), 8392–8404. https://doi.org/10.1007/s11356-014-3982-5
• Alam, A., Malik, I. A., Abdullah, A. Bin, Hassan, A., Faridullah, Awan, U., Ali, G., Zaman, K., & Naseem, I. (2015). Does financial development contribute to SAARC'S energy demand? from energy crisis to energy reforms. Renewable and Sustainable Energy Reviews, 41, 818–829. https://doi.org/10.1016/j.rser.2014.08.071
• Alam, A., Malik, I. A., Abdullah, A. Bin, Hassan, A., Faridullah, Awan, U., Ali, G., Zaman, K., & Naseem, I. (2015). Does financial development contribute to SAARC'S energy demand? from energy crisis to energy reforms. Renewable and Sustainable Energy Reviews, 41, 818–829. https://doi.org/10.1016/j.rser.2014.08.071
• Ali, H. S., Hook, L. S., & Yusop, Z. Bin. (2015). Financial development and energy consumption nexus in Nigeria: An application of autoregressive distributed lag bound testing approach. International Journal of Energy Economics and Policy, 5(3), 816–821.
• Ali, H. S., Hook, L. S., & Yusop, Z. Bin. (2015). Financial development and energy consumption nexus in Nigeria: An application of autoregressive distributed lag bound testing approach. International Journal of Energy Economics and Policy, 5(3), 816–821.
• Alsaleh, M., & Abdul-Rahim, A. S. (2019). Financial development and bioenergy consumption in the EU28 Region: Evidence from panel auto-regressive distributed lag bound approach. Resources, 8(1), 1–13. https://doi.org/10.3390/resources8010044
• Alsaleh, M., & Abdul-Rahim, A. S. (2019). Financial development and bioenergy consumption in the EU28 Region: Evidence from panel auto-regressive distributed lag bound approach. Resources, 8(1), 1–13. https://doi.org/10.3390/resources8010044
• Asafu-Adjaye, J. (2000). The relationship between energy consumption, energy prices and economic growth: time series evidence from Asian developing countries. Energy economics, 22(6), 615-625
• Asongu, S. A., Agboola, M. O., Alola, A. A., & Bekun, F. V. (2020). The criticality of growth, urbanization, electricity and fossil fuel consumption to environment sustainability in Africa. Science of the Total Environment, 712, 136376. https://doi.org/10.1016/j.scitotenv.2019.136376
• Asongu, S. A., Agboola, M. O., Alola, A. A., & Bekun, F. V. (2020). The criticality of growth, urbanization, electricity and fossil fuel consumption to environment sustainability in Africa. Science of the Total Environment, 712, 136376. https://doi.org/10.1016/j.scitotenv.2019.136376
• Assi, A. F., Isiksal, A. Z., & Tursoy, T. (2020). Highlighting the connection between financial development and consumption of energy in countries with the highest economic freedom. Energy Policy, 147, 111897.
• Assi, A. F., Isiksal, A. Z., & Tursoy, T. (2020). Highlighting the connection between financial development and consumption of energy in countries with the highest economic freedom. Energy Policy, 147, 111897.
• Assi, A. F., Zhakanova Isiksal, A., & Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN + 3 group: Evidence from (P-ARDL) model. Renewable Energy, 165, 689–700. https://doi.org/10.1016/j.renene.2020.11.052
• Assi, A. F., Zhakanova Isiksal, A., & Tursoy, T. (2021). Renewable energy consumption, financial development, environmental pollution, and innovations in the ASEAN + 3 group: Evidence from (P-ARDL) model. Renewable Energy, 165, 689–700. https://doi.org/10.1016/j.renene.2020.11.052
• Baltagi, B. H, Feng, Q., and C. Kao (2012). A Lagrange Multiplier test for Cross-sectional Dependence in a Fixed Effects Panel Data Model. Journal of the Econometrics, 170, 164–177.
• Baltagi, B. H, Feng, Q., and C. Kao (2012). A Lagrange Multiplier test for Cross-sectional Dependence in a Fixed Effects Panel Data Model. Journal of the Econometrics, 170, 164–177.
• Bulut, U., & Muratoglu, G. (2018). Renewable energy in Turkey: Great potential, low but increasing utilization, and an empirical analysis on renewable energy-growth nexus. Energy Policy, 123(September), 240–250. https://doi.org/10.1016/j.enpol.2018.08.057
• Bulut, U., & Muratoglu, G. (2018). Renewable energy in Turkey: Great potential, low but increasing utilization, and an empirical analysis on renewable energy-growth nexus. Energy Policy, 123(September), 240–250. https://doi.org/10.1016/j.enpol.2018.08.057
• 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.
• 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.
• Zeidan, M. (2020, October 1). Arab oil embargo. Encyclopedia Britannica. https://www.britannica.com/event/Arab-oil-embargo
• Zeidan, M. (2020, October 1). Arab oil embargo. Encyclopedia Britannica. https://www.britannica.com/event/Arab-oil-embargo
• Burakov, D., & Freidin, M. (2017). Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach. International Journal of Energy Economics and Policy, 7(6), 39–47.
• Burakov, D., & Freidin, M. (2017). Financial development, economic growth and renewable energy consumption in Russia: A vector error correction approach. International Journal of Energy Economics and Policy, 7(6), 39–47.
• Chai, J., Xing, L., Lu, Q., Liang, T., Lai, K. K., & Wang, S. (2016). The non-linear effect of Chinese financial developments on energy supply structures. Sustainability (Switzerland), 8(10), 1–21. https://doi.org/10.3390/su8101021
• Chai, J., Xing, L., Lu, Q., Liang, T., Lai, K. K., & Wang, S. (2016). The non-linear effect of Chinese financial developments on energy supply structures. Sustainability (Switzerland), 8(10), 1–21. https://doi.org/10.3390/su8101021
• Destek, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning and Policy, 13(1), 76–81. https://doi.org/10.1080/15567249.2017.1405106
• Destek, M. A. (2018). Financial development and energy consumption nexus in emerging economies. Energy Sources, Part B: Economics, Planning and Policy, 13(1), 76–81. https://doi.org/10.1080/15567249.2017.1405106
• 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. https://doi.org/10.1016/j.rser.2016.02.006
• 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. https://doi.org/10.1016/j.rser.2016.02.006
• Durusu-Ciftci, D., Soytas, U., & Nazlioglu, S. (2020). Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics, 87, 104729. https://doi.org/10.1016/j.eneco.2020.104729
• Durusu-Ciftci, D., Soytas, U., & Nazlioglu, S. (2020). Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics, 87, 104729. https://doi.org/10.1016/j.eneco.2020.104729
• Eden, S. H., & Hwang, B. K. (1984). The relationship between energy and GNP: further results. Energy Economics, 6(3), 186-190.
• Eden, S. H., & Hwang, B. K. (1984). The relationship between energy and GNP: further results. Energy Economics, 6(3), 186-190.
• Eluwole, K. K., Akadiri, S. Saint, Alola, A. A., & Etokakpan, M. U. (2020). Does the interaction between growth determinants a drive for global environmental sustainability? Evidence from world top 10 pollutant emissions countries. Science of the Total Environment, 705, 135972. https://doi.org/10.1016/j.scitotenv.2019.135972
• Eluwole, K. K., Akadiri, S. Saint, Alola, A. A., & Etokakpan, M. U. (2020). Does the interaction between growth determinants a drive for global environmental sustainability? Evidence from world top 10 pollutant emissions countries. Science of the Total Environment, 705, 135972. https://doi.org/10.1016/j.scitotenv.2019.135972
• Emirmahmutoglu F. & Kose N. (2011). Testing for Granger causality in heterogeneous mixed panels, Economic Modelling, 28 (3), 870-876, https://doi.org/10.1016/j.econmod.2010.10.018.
• Fernandes, K., & Reddy, Y. V. (2020). Determinants of energy consumption in newly industrialised countries of asia. International Journal of Energy Economics and Policy, 11(1), 93–100. https://doi.org/10.32479/ijeep.10725
• Fernandes, K., & Reddy, Y. V. (2020). Determinants of energy consumption in newly industrialised countries of asia. International Journal of Energy Economics and Policy, 11(1), 93–100. https://doi.org/10.32479/ijeep.10725
• Hafeez, M., Yuan, C., Shahzad, K., Aziz, B., Iqbal, K., & Raza, S. (2019). An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environmental Science and Pollution Research, 26(24), 25026–25036. https://doi.org/10.1007/s11356-019-05757-z
• Hafeez, M., Yuan, C., Shahzad, K., Aziz, B., Iqbal, K., & Raza, S. (2019). An empirical evaluation of financial development-carbon footprint nexus in One Belt and Road region. Environmental Science and Pollution Research, 26(24), 25026–25036. https://doi.org/10.1007/s11356-019-05757-z
• Halicioglu, F. (2009). An econometric study of CO2 emissions, energy consumption, income and foreign trade in Turkey. Energy policy, 37(3), 1156-1164.
• Hermes, N., & Lensink, R. (2003). Foreign direct investment, financial development and economic growth. Journal of Development Studies, 40(1), 142–163. https://doi.org/10.1080/00220380412331293707.
• International Energy Agency, (2020). World Energy Outlook, IEA. https://www.iea.org/reports/world-energy-outlook-2020
• International Energy Agency, (2020). World Energy Outlook, IEA. https://www.iea.org/reports/world-energy-outlook-2020
• Islam, F., Shahbaz, M., Ahmed, A. U., & Alam, M. M. (2013). Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling, 30(1), 435–441. https://doi.org/10.1016/j.econmod.2012.09.033
• Islam, F., Shahbaz, M., Ahmed, A. U., & Alam, M. M. (2013). Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling, 30(1), 435–441. https://doi.org/10.1016/j.econmod.2012.09.033
• Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. Energy Economics, 33(2), 284–291. https://doi.org/10.1016/j.eneco.2010.10.003
• Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. Energy Economics, 33(2), 284–291. https://doi.org/10.1016/j.eneco.2010.10.003
• Karanfil, F., 2009. How many times again will we examine the energy–income nexus using a limited range of traditional econometric tools?. Energy Policy, 37, 1191–1194.
• Karanfil, F., 2009. How many times again will we examine the energy–income nexus using a limited range of traditional econometric tools?. Energy Policy, 37, 1191–1194.
• Kraft, J., & Kraft, A. (1978). On the relationship between energy and GNP. The Journal of Energy and Development, 401-403.
• Magazzino, C. (2018). GDP, energy consumption and financial development in Italy. International Journal of Energy Sector Management, 12(1), 28–43. https://doi.org/10.1108/IJESM-01-2017-0004
• Mahalik, M. K., Babu, M. S., Loganathan, N., & Shahbaz, M. (2017). Does financial development intensify energy consumption in Saudi Arabia? Renewable and Sustainable Energy Reviews, 75(February 2016), 1022–1034. https://doi.org/10.1016/j.rser.2016.11.081
• Mahalik, M. K., Babu, M. S., Loganathan, N., & Shahbaz, M. (2017). Does financial development intensify energy consumption in Saudi Arabia? Renewable and Sustainable Energy Reviews, 75(February 2016), 1022–1034. https://doi.org/10.1016/j.rser.2016.11.081
• Masih, A. M., & Masih, R. (1996). Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques. Energy economics, 18(3), 165-183.
• Masih, A. M., & Masih, R. (1996). Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques. Energy economics, 18(3), 165-183.
• Miola, I., Junqueira, G. de O., Prol, F., Vecchione-Gonçalves, M., Ferrando, T., & Herrera, H. (2021). Green bonds in the world-ecology: capital, nature and power in the financialized expansion of the forestry industry in Brazil. Relaciones Internacionales, (46), 161–180. https://doi.org/10.15366/relacionesinternacionales2021.46.009
• Miola, I., Junqueira, G. de O., Prol, F., Vecchione-Gonçalves, M., Ferrando, T., & Herrera, H. (2021). Green bonds in the world-ecology: capital, nature and power in the financialized expansion of the forestry industry in Brazil. Relaciones Internacionales, (46), 161–180. https://doi.org/10.15366/relacionesinternacionales2021.46.009
• Mironiuc, M., & Huian, M. C. (2017). Empirical study on the interdependence between environmental wellbeing, financial development and economic growth. Environmental Engineering and Management Journal, 16(11), 2625–2635. https://doi.org/10.30638/eemj.2017.273
• Mironiuc, M., & Huian, M. C. (2017). Empirical study on the interdependence between environmental wellbeing, financial development and economic growth. Environmental Engineering and Management Journal, 16(11), 2625–2635. https://doi.org/10.30638/eemj.2017.273
• Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2019). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75–88. https://doi.org/10.1080/15140326.2019.1709690
• Mukhtarov, S., Humbatova, S., Seyfullayev, I., & Kalbiyev, Y. (2019). The effect of financial development on energy consumption in the case of Kazakhstan. Journal of Applied Economics, 23(1), 75–88. https://doi.org/10.1080/15140326.2019.1709690
• Nkalu, C. N., Ugwu, S. C., Asogwa, F. O., Kuma, M. P., & Onyeke, Q. O. (2020). Financial Development and Energy Consumption in Sub-Saharan Africa: Evidence From Panel Vector Error Correction Model. SAGE Open, 10(3). https://doi.org/10.1177/2158244020935432
• Nkalu, C. N., Ugwu, S. C., Asogwa, F. O., Kuma, M. P., & Onyeke, Q. O. (2020). Financial Development and Energy Consumption in Sub-Saharan Africa: Evidence From Panel Vector Error Correction Model. SAGE Open, 10(3). https://doi.org/10.1177/2158244020935432
• Omri, A., & Kahouli, B. (2014). Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneous-equations models. Energy Policy, 67, 913-922.
• Omri, A., & Kahouli, B. (2014). Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneous-equations models. Energy Policy, 67, 913-922.
• Our World in Data. (2020). Renewable Energy, Our World in Data. https://ourworldindata.org/renewable-energy
• Our World in Data. (2020). Renewable Energy, Our World in Data. https://ourworldindata.org/renewable-energy
• Our World in Data. (2020). https://ourworldindata.org/explorers/energy? tab=chart&xScale=linear&yScale=linear&stackMode=null&endpointsOnly=0&time=earliest..latest&country=United%20States~United%20Kingdom~China~World~India~Brazil~South%20Africa&region= World&Total%20or%20Breakdown%20=Total&Select%20a%20source%20=Low-carbon&Energy%20or%20Electricity%20=Primary%20energy&Metric%20=Per%20capita%20consumption
• Our World in Data. (2020). https://ourworldindata.org/explorers/energy? tab=chart&xScale=linear&yScale=linear&stackMode=null&endpointsOnly=0&time=earliest..latest&country=United%20States~United%20Kingdom~China~World~India~Brazil~South%20Africa&region= World&Total%20or%20Breakdown%20=Total&Select%20a%20source%20=Low-carbon&Energy%20or%20Electricity%20=Primary%20energy&Metric%20=Per%20capita%20consumption
• Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy policy, 38(1), 340-349.
• Pan, X., Uddin, M. K., Saima, U., Guo, S., & Guo, R. (2019). Regime switching effect of financial development on energy intensity: Evidence from Markov-switching vector error correction model. Energy Policy, 135(2), 110995. https://doi.org/10.1016/j.enpol.2019.110995
• Pao, H. T., & Tsai, C. M. (2011). Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy, 36(1), 685-693.
• Pao, H. T., & Tsai, C. M. (2011). Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy, 36(1), 685-693.
• Pata, U. K. (2018). Renewable energy consumption, urbanization, financial development, income and CO2 emissions in Turkey: Testing EKC hypothesis with structural breaks. Journal of Cleaner Production, 187, 770–779. https://doi.org/10.1016/j.jclepro.2018.03.236
• Pata, U. K. (2018). Renewable energy consumption, urbanization, financial development, income and CO2 emissions in Turkey: Testing EKC hypothesis with structural breaks. Journal of Cleaner Production, 187, 770–779. https://doi.org/10.1016/j.jclepro.2018.03.236
• Pesaran M. H. & Smith, R. P. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79-113. https://doi.org/10.1016/0304-4076(94)01644-F.
• Pesaran M. H. & Smith, R. P. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79-113. https://doi.org/10.1016/0304-4076(94)01644-F.
• Pesaran M. H., Shin, Y. & Smith, R. P. (1999) Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
• Pesaran M. H., Shin, Y. & Smith, R. P. (1999) Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634. https://doi.org/10.1080/01621459.1999.10474156
• Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Paper University of Cambridge, 0435.
• Pesaran, M.H., (2007). A Simple panel unit root test in the presence of cross-section dependence, Journal of Applied Econometrics, 22, 365-312.
• Pesaran, M. H. & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
• Rahman, M. M., & Velayutham, E. (2020). Renewable and non-renewable energy consumption-economic growth nexus: new evidence from South Asia. Renewable Energy, 147, 399-408.
• Roser, M. (2020, December 1). The world's energy problem. Our World in Data. https://ourworldindata.org/worlds-energy-problem
• Roser, M. (2020, December 1). The world's energy problem. Our World in Data. https://ourworldindata.org/worlds-energy-problem
• 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. https://doi.org/10.1016/j.renene.2020.06.069
• 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. https://doi.org/10.1016/j.renene.2020.06.069
• Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38(5), 2528–2535. https://doi.org/10.1016/j.enpol.2009.12.048
• Salahuddin, M., Gow, J., & Ozturk, I. (2015). Is the long-run relationship between economic growth, electricity consumption, carbon dioxide emissions and financial development in Gulf Cooperation Council Countries robust? Renewable and Sustainable Energy Reviews, 51, 317–326. https://doi.org/10.1016/j.rser.2015.06.005
• Salahuddin, M., Gow, J., & Ozturk, I. (2015). Is the long-run relationship between economic growth, electricity consumption, carbon dioxide emissions and financial development in Gulf Cooperation Council Countries robust? Renewable and Sustainable Energy Reviews, 51, 317–326. https://doi.org/10.1016/j.rser.2015.06.005
• Shahbaz, M., & Balsalobre-Lorente, D. (2020). Econometrics of Green Energy Handbook. Econometrics of Green Energy Handbook. https://doi.org/10.1007/978-3-030-46847-7
• Shahbaz, M., & Balsalobre-Lorente, D. (2020). Econometrics of Green Energy Handbook. Econometrics of Green Energy Handbook. https://doi.org/10.1007/978-3-030-46847-7
• Shahbaz, M., Khan, S., & Tahir, M. I. (2013). The dynamic links between energy consumption, economic growth, financial development and trade in China: Fresh evidence from multivariate framework analysis. Energy Economics, 40, 8–21. https://doi.org/10.1016/j.eneco.2013.06.006
• Shahbaz, M., Khan, S., & Tahir, M. I. (2013). The dynamic links between energy consumption, economic growth, financial development and trade in China: Fresh evidence from multivariate framework analysis. Energy Economics, 40, 8–21. https://doi.org/10.1016/j.eneco.2013.06.006
• Shahbaz, M., & Lean, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy Policy, 40(1), 473–479. https://doi.org/10.1016/j.enpol.2011.10.050
• Shahbaz, M., & Lean, H. H. (2012). Does financial development increase energy consumption? The role of industrialization and urbanization in Tunisia. Energy Policy, 40(1), 473–479. https://doi.org/10.1016/j.enpol.2011.10.050
• Shahbaz, M., Shahzad, S. J. H., Ahmad, N., & Alam, S. (2016). Financial development and environmental quality: The way forward. Energy Policy, 98, 353–364. https://doi.org/10.1016/j.enpol.2016.09.002
• Soytas, U., & Sari, R. (2003). Energy consumption and GDP: causality relationship in G-7 countries and emerging markets. Energy economics, 25(1), 33-37.
• Tamazian, 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(1), 246–253. https://doi.org/10.1016/j.enpol.2008.08.025
• Tamazian, 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(1), 246–253. https://doi.org/10.1016/j.enpol.2008.08.025
• Temin, P. (1991). Lessons from the great depression. MIT Press.
• The Shift Data Portal. (2020). World Primary Energy Production. The Shift Data Portal. https://www.theshiftdataportal.org/energy/primary-energy?chart-type=line&chart-types=line&chart- types=ranking&disable-en=false&energy-families=Oil&energy-families=Coal&energy-families=Gas&energy-families=Nuclear&energy-families=Hydroelectricity&energy-fam
• The Shift Data Portal. (2020). World Primary Energy Production. The Shift Data Portal. https://www.theshiftdataportal.org/energy/primary-energy?chart-type=line&chart-types=line&chart- types=ranking&disable-en=false&energy-families=Oil&energy-families=Coal&energy-families=Gas&energy-families=Nuclear&energy-families=Hydroelectricity&energy-fam
• Topcu, M., & Altay, B. (2017). New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors. International Journal of Financial Studies, 5(1), 1. https://doi.org/10.3390/ijfs5010001
• Topcu, M., & Altay, B. (2017). New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors. International Journal of Financial Studies, 5(1), 1. https://doi.org/10.3390/ijfs5010001
• Topcu, M., & Payne, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning and Policy, 12(9), 822–830. https://doi.org/10.1080/15567249.2017.1300959
• Topcu, M., & Payne, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning and Policy, 12(9), 822–830. https://doi.org/10.1080/15567249.2017.1300959
• Tsaurai, K. (2020). Information and communication technology, energy consumption and financial development in africa. International Journal of Energy Economics and Policy, 10(3), 429–437. https://doi.org/10.32479/ijeep.8721
• Tsaurai, K. (2020). Information and communication technology, energy consumption and financial development in africa. International Journal of Energy Economics and Policy, 10(3), 429–437. https://doi.org/10.32479/ijeep.8721
• Vasanth, V., Selvam, M., Lingaraja, K., & Ramkumar, R. R. (2015). Nexus between profitability and environmental performance of Indian firms: An analysis with Granger Causality. International Journal of Energy Economics and Policy, 5(2), 433–439.
• Vasanth, V., Selvam, M., Lingaraja, K., & Ramkumar, R. R. (2015). Nexus between profitability and environmental performance of Indian firms: An analysis with Granger Causality. International Journal of Energy Economics and Policy, 5(2), 433–439.
• Vernon, R. (1976). Oil Crisis. United States.
• Vernon, R. (1976). Oil Crisis. United States.
• Westerlund, J. (2007). Testing for error correction in panel data. METEOR, Maastricht University School of Business and Economics, 56. https://doi.org/10.26481/umamet.2006056
• Westerlund, J. (2007). Testing for error correction in panel data. METEOR, Maastricht University School of Business and Economics, 56. https://doi.org/10.26481/umamet.2006056
• World Bank. (2020). World Bank Database. https://data.worldbank.org/indicator/EG.USE.PCAP.KG.OE
• World Bank. (2020). World Bank Database. https://data.worldbank.org/indicator/EG.USE.PCAP.KG.OE
• Zeren, F., & Koc, M. (2014). The nexus between energy consumption and financial development with asymmetric causality test: New evidence from newly Industrialized countries. International Journal of Energy Economics and Policy, 4(1), 83–91.
• Zeren, F., & Koc, M. (2014). The nexus between energy consumption and financial development with asymmetric causality test: New evidence from newly Industrialized countries. International Journal of Energy Economics and Policy, 4(1), 83–91.