Yükselen Piyasa Ekonomilerinde Finansal Gelişme, Enerji Tüketimi ve Ekonomik Büyüme İlişkisinin Analizi

Öz

Bu çalışmada, yedi yükselen piyasa ekonomisinde Türkiye, Çin, Hindistan, Arjantin, Brezilya, Malezya ve Meksika finansal gelişme, enerji tüketimi ve ekonomik büyüme arasındaki ilişki 1990-2014 dönemi için analiz edilmiştir. Analiz kapsamında, paneli oluşturan değişkenler arasında ve modelde yatay kesit bağımlılığının olup olmadığı test edilmiştir. Sonuçlar doğrultusunda, yatay kesit bağımlılığını dikkate alan ikinci nesil CADF birim kök testi uygulanmıştır. Daha sonra Westerlund ve Edgerton 2007 Eşbütünleşme testi uygulanmıştır. Son olarak değişkenler arasındaki nedensellik ilişkisi Konya 2006 nedensellik testi kullanılarak analiz edilmiştir. Analiz sonuçları, değişkenlerde ve modelde yatay kesit bağımlılığının olduğunu göstermiştir. Ayrıca değişkenlerin uzun dönemde eşbütünleşik oldukları görülmüştür. Konya 2006 nedensellik testinde, enerji tüketimden ekonomik büyümeye doğru herhangi bir nedensellik ilişkisine rastlanılmamıştır. Hindistan, Arjantin, Malezya ve Meksika için finansal gelişmeden ekonomik büyümeye doğru nedensellik ilişkisi olduğu görülmüştür.

Anahtar Kelimeler

• Finansal Gelişme, Enerji Tüketimi, Ekonomik Büyüme, Yükselen Piyasa Ekonomileri.

Analysis of Relationship Between Financial Development, Energy Consumption and Economic Growth in Emerging Market Economies

Öz

In this study, it have been analyzed financial development, energy consumption and economic growth in the seven emerging market economies Turkey, China, India, Argentina, Brazil, Malaysia and Mexico for the period 1990-2014. Under the analysis, it was tested whether there is horizontal section dependency between the variables making up the panel and in the model. In the direction of the results, a second generation CADF unit root test was applied considering the horizontal section dependency. Then, Westerlund and Edgerton 2007 cointegration test was applied. Finally, the causality relationship between the variables was analyzed using the Konya 2006 causality test. The results of the analysis showed that there is horizontal section dependency in the variables and model. In addition, variables were found to be cointegrated in the long run. In the causality test of Konya 2006 , no causality relation was found between energy consumption and economic growth. It is seen that there is a causality relation towards financial growth and economic growth for India, Argentina, Malaysia and Mexico.

Anahtar Kelimeler

• Financial Development, Energy Consumption, Economic Growth, Emerging Market Economies.

Kaynakça

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