Economic Development in Türkiye, The Effects of Financial Development on Environmental Sustainability: The Role of Load Capacity Factor

Savaş Durmuş; Melahat Batu Ağırkaya; Hikmet Akyol

Araştırma Makalesi

Economic Development in Türkiye, The Effects of Financial Development on Environmental Sustainability: The Role of Load Capacity Factor

Yıl 2025, Cilt: 10 Sayı: 2, 250 - 264, 19.12.2025

Savaş Durmuş , Melahat Batu Ağırkaya , Hikmet Akyol

Öz

This research examined the long and short-term effects of economic growth and financial development on environmental sustainability for the Turkish economy in the period between 1982 and 2022. In this context, he analyzed the effects of social and demographic variables. In the study, the effects of economic growth, financial development, and socio-demographic variables on the load capacity factor (LCF) were estimated using the distributed autoregressive (ARDL) bounds test approach. Our results revealed that economic development for Türkiye is an important determinant of environmental sustainability in both the long and short term. Especially in the long run, economic development promotes environmental sustainability. In this respect, encouraging financial policies supporting economic and environmental sustainability will contribute both to environmental sustainability and to Turkey's sustainable development efforts.

Anahtar Kelimeler

: Economic Growth , Environmental Sustainability , LCF , Turkey Economy , ARDL Bound Test.

Kaynakça

Aboagye, S. (2017). Economic expansion and environmental sustainability nexus in Ghana. African Development Review, 29, 155–168.
Agila, T., Khalifa, W., Akadiri, S., Adebayo, T., & Altuntaş, M.. (2022). Determinants of load capacity factor in South Korea: Does structural change matter? Environmental Science and Pollution Research, 29, 69932–69948.
Ak, M., Altıntaş, N., & Şimşek, A. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkinin nedensellik analizi. Doğuş Üniversitesi Dergisi, 17(2), 151–160.
Alexiou, C., Vogiazas, S., & Nellis, J. (2018). Reassessing the relationship between the financial sector and economic growth: Dynamic panel evidence. International Journal of Finance & Economics, 23(2), 155–171.
Alhassan, H., Kwakwa, P., & Donkoh, S. (2022). The interrelationships among financial development, economic growth and environmental sustainability: Evidence from Ghana. Environmental Science and Pollution Research, 29, 37057–37070.
Annor, L., Robaina, M., & Vieira, E. (2024). Climbing the green ladder in Sub-Saharan Africa: Dynamics of financial development, green energy, and load capacity factor. Environment Systems and Decisions, 44, 607–623.
Artan, S., Hayaloğlu, P., & Seyhan, B. (2015). Türkiye’de çevre kirliliği, dışa açıklık ve ekonomik büyüme ilişkisi. Yönetim ve Ekonomi Araştırmaları Dergisi, 13(1), 308–325.
Baloch, M., Ozturk, I., Bekun, F., & Khan, D. (2021). Modeling the dynamic linkages between financial development, energy innovation, and environmental quality: Does globalization matter? Business Strategy and the Environment, 30(1), 176–184. https://doi.org/10.1002/bse.2
Barro, R. (1997). Determinants of economic growth. MIT Press.
Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300.
Benramdane, A. (2017). Oil price volatility and economic growth in Algeria. Energy Sources, Part B: Economics, Planning and Policy, 12(4), 338–343.
Birdsall, N., & Wheeler, D. (1993). Trade policy and industrial pollution in Latin America: Where are the pollution havens? Journal of Environment and Development, 2(1), 137–149.
Boldeanu, F., & Constantinescu, L. (2015). The main determinants affecting economic growth. Bulletin of the Transilvania University of Braşov – Series V: Economic Sciences, 8(57), 330–338.
Caglar, A., Daştan, M., Mehmood, U., & Avci, S. (2024). Assessing the connection between competitive industrial performance on load capacity factor within the LCC framework: Implications for sustainable policy in BRICS economies. Environmental Science and Pollution Research, 31, 67197–67214.
Cecchetti, S., & Kharroubi, E. (2019). Why does credit growth crowd out real economic growth? National Bureau of Economic Research, 87(1), 1–28.
Cheng, C., Chien, M., & Lee, C. (2021). ICT diffusion, financial development, and economic growth: An international cross-country analysis. Econometric Modelling, 94, 662–671.
Chiu, Y., & Lee, C. (2019). Financial development, income inequality, and country risk. Journal of International Money and Finance, 93, 1–18.
Christopoulos, D., & Tsionas, E. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55–74.
Dagar, V., Khan, M., Alvarado, R., Rehman, A., Irfan, M., Adekoya, O., & Fahad, S. (2022). Impact of renewable energy consumption, financial development and natural resources on environmental degradation in OECD countries with dynamic panel data. Environmental Science and Pollution Research, 29(12), 182020–18212.
Davis, L. (1965). The Investment Market, 1870-1914: The Evolution of a National Market. The Journal of Economic History, 25(3), 355-399. doi: https://doi.org/101017/S0022050700057363
Deidda, L. (2006). Interaction between economic and financial development. Journal of Monetary Economics, 53(2), 233-248. doi: https://doi.org/10.1016/j.jmoneco. 2005.03.007
Destek, M., & Aslan, A. (2020). Disaggregated renewable energy consumption and environmental pollution nexus in G-7 countries. Renewable Energy, 151, 1298-1306. doi: https://doi.org/10.1016/j.renene.2019.11.138
Dinda, S. (2004). Environmental Kuznets curve hypothesis: A survey. Ecological Economics, 49, 431–455.
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Eyüboğlu, K., & Akan, K. (2020). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi: RALS-EG eşbütünleşme testi [Nexus between financial development and economic growth in Türkiye: A RALS-EG cointegration test]. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974–988.
Fakher, H., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. (2021). New insight into examining the role of financial development in economic growth: Effect on a composite environmental quality index. Environmental Science and Pollution Research, 28, 61096–61114.
Fase, M., & Abma, R. (2003). Financial environment and economic growth in selected Asian countries. Journal of Asian Economics, 14(1), 11–21.
Fischer, S. (1993). The role of macroeconomic factors in growth. Journal of Monetary Economics, 32(3), 485–512.
Frankel, J., & Rose, A. (2002). An estimate of the effect of common currencies on trade and income. Quarterly Journal of Economics, 117(2), 437–466.
Gerschenkron, A. (1962). Economic backwardness in historical perspective. Harvard University Press.
Ghali, K. (1999). Financial Development and Economic Growth: The Tunisian Experience. Review of Development Economics, 3(3), 310-322.
Ghirmay, T. (2004). Financial development and economic growth in Sub-Saharan African countries: Evidence from time series analysis. African Development Review, 16(3), 415–432.
Greenwood, J., & Jovanovic, B. (1990). Financial development and economic development. Economic Development and Cultural Change, 15, 257–268.
Gregorio, J., & Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433–448.
Guloglu, B., Caglar, A., & Pata, U. (2023). Analyzing the determinants of the load capacity factor in OECD countries: Evidence from advanced quantile panel data methods. Gondwana Research, 118, 92–104.
Güneysu, Y. (2023). Türkiye’de finansal gelişme, küreselleşme ve sanayileşmenin yük kapasite faktörü üzerindeki etkisi. Gümüşhane Üniversitesi Sosyal Bilimler Dergisi, 14(3), 934–946.
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Türkiye’de Ekonomik Kalkınma, Finansal Gelişimin Çevresel Sürdürülebilirlik Üzerindeki Etkileri: Yük Kapasite Faktörü Rolü

Yıl 2025, Cilt: 10 Sayı: 2, 250 - 264, 19.12.2025

Savaş Durmuş , Melahat Batu Ağırkaya , Hikmet Akyol

Öz

Bu araştırmanın amacı Türkiye ekonomisi için 1982-2022 arasındaki dönemde ekonomik büyüme ve finansal gelişmenin çevresel sürdürülebilirlik üzerindeki uzun ve kısa dönemli etkilerini incelemektir. Bu çerçevede sosyal ve demografik değişkenlerin etkileri analiz edilmiştir. Araştırmada ekonomik büyüme, finansal gelişme, sosyo-demografik değişkenlerin yük kapasite faktörü (LCF) üzerindeki etkileri gecikmesi dağıtılmış otoregresif (ARDL) sınır testi yaklaşımı kullanılarak tahmin edilmiştir. Sonuçlarımız Türkiye için ekonomik kalkınmanın hem uzun hem de kısa dönemde çevresel sürdürülebilirliğin önemli bir belirleyicisi olduğunu ortaya koymuştur. Özellikle uzun dönemde ekonomik kalkınma çevresel sürdürülebilirliği teşvik etmektedir. Bu bakımdan ekonomik ve çevresel sürdürülebilirliği destekleyecek finansal politikaların özendirilmesi hem çevresel sürdürülebilirliğe hem de Türkiye’nin sürdürülebilir kalkınma çabalarına katkı sağlayacaktır.

Anahtar Kelimeler

Ekonomik Büyüme , Çevresel Sürdürülebilirlik , LCF , Türkiye Ekonomisi , ARDL Sınır Testi.

Kaynakça

Aboagye, S. (2017). Economic expansion and environmental sustainability nexus in Ghana. African Development Review, 29, 155–168.
Agila, T., Khalifa, W., Akadiri, S., Adebayo, T., & Altuntaş, M.. (2022). Determinants of load capacity factor in South Korea: Does structural change matter? Environmental Science and Pollution Research, 29, 69932–69948.
Ak, M., Altıntaş, N., & Şimşek, A. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkinin nedensellik analizi. Doğuş Üniversitesi Dergisi, 17(2), 151–160.
Alexiou, C., Vogiazas, S., & Nellis, J. (2018). Reassessing the relationship between the financial sector and economic growth: Dynamic panel evidence. International Journal of Finance & Economics, 23(2), 155–171.
Alhassan, H., Kwakwa, P., & Donkoh, S. (2022). The interrelationships among financial development, economic growth and environmental sustainability: Evidence from Ghana. Environmental Science and Pollution Research, 29, 37057–37070.
Annor, L., Robaina, M., & Vieira, E. (2024). Climbing the green ladder in Sub-Saharan Africa: Dynamics of financial development, green energy, and load capacity factor. Environment Systems and Decisions, 44, 607–623.
Artan, S., Hayaloğlu, P., & Seyhan, B. (2015). Türkiye’de çevre kirliliği, dışa açıklık ve ekonomik büyüme ilişkisi. Yönetim ve Ekonomi Araştırmaları Dergisi, 13(1), 308–325.
Baloch, M., Ozturk, I., Bekun, F., & Khan, D. (2021). Modeling the dynamic linkages between financial development, energy innovation, and environmental quality: Does globalization matter? Business Strategy and the Environment, 30(1), 176–184. https://doi.org/10.1002/bse.2
Barro, R. (1997). Determinants of economic growth. MIT Press.
Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1–2), 261–300.
Benramdane, A. (2017). Oil price volatility and economic growth in Algeria. Energy Sources, Part B: Economics, Planning and Policy, 12(4), 338–343.
Birdsall, N., & Wheeler, D. (1993). Trade policy and industrial pollution in Latin America: Where are the pollution havens? Journal of Environment and Development, 2(1), 137–149.
Boldeanu, F., & Constantinescu, L. (2015). The main determinants affecting economic growth. Bulletin of the Transilvania University of Braşov – Series V: Economic Sciences, 8(57), 330–338.
Caglar, A., Daştan, M., Mehmood, U., & Avci, S. (2024). Assessing the connection between competitive industrial performance on load capacity factor within the LCC framework: Implications for sustainable policy in BRICS economies. Environmental Science and Pollution Research, 31, 67197–67214.
Cecchetti, S., & Kharroubi, E. (2019). Why does credit growth crowd out real economic growth? National Bureau of Economic Research, 87(1), 1–28.
Cheng, C., Chien, M., & Lee, C. (2021). ICT diffusion, financial development, and economic growth: An international cross-country analysis. Econometric Modelling, 94, 662–671.
Chiu, Y., & Lee, C. (2019). Financial development, income inequality, and country risk. Journal of International Money and Finance, 93, 1–18.
Christopoulos, D., & Tsionas, E. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55–74.
Dagar, V., Khan, M., Alvarado, R., Rehman, A., Irfan, M., Adekoya, O., & Fahad, S. (2022). Impact of renewable energy consumption, financial development and natural resources on environmental degradation in OECD countries with dynamic panel data. Environmental Science and Pollution Research, 29(12), 182020–18212.
Davis, L. (1965). The Investment Market, 1870-1914: The Evolution of a National Market. The Journal of Economic History, 25(3), 355-399. doi: https://doi.org/101017/S0022050700057363
Deidda, L. (2006). Interaction between economic and financial development. Journal of Monetary Economics, 53(2), 233-248. doi: https://doi.org/10.1016/j.jmoneco. 2005.03.007
Destek, M., & Aslan, A. (2020). Disaggregated renewable energy consumption and environmental pollution nexus in G-7 countries. Renewable Energy, 151, 1298-1306. doi: https://doi.org/10.1016/j.renene.2019.11.138
Dinda, S. (2004). Environmental Kuznets curve hypothesis: A survey. Ecological Economics, 49, 431–455.
Ember. (2024). Global electricity review. https://ember-energy.org/app/uploads/ 2024/05/ Report-Global-Electricity-Review-2024.pdf
Energy Institute. (2024). Statistical review o_f world energy. https://www.energyinst.org/__ data/assets/pdf_ file/0004/1055542/EI_Stat_ReviewPDF_single_3.pdf
Eyüboğlu, K., & Akan, K. (2020). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi: RALS-EG eşbütünleşme testi [Nexus between financial development and economic growth in Türkiye: A RALS-EG cointegration test]. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 22(4), 974–988.
Fakher, H., Panahi, M., Emami, K., Peykarjou, K., & Zeraatkish, S. (2021). New insight into examining the role of financial development in economic growth: Effect on a composite environmental quality index. Environmental Science and Pollution Research, 28, 61096–61114.
Fase, M., & Abma, R. (2003). Financial environment and economic growth in selected Asian countries. Journal of Asian Economics, 14(1), 11–21.
Fischer, S. (1993). The role of macroeconomic factors in growth. Journal of Monetary Economics, 32(3), 485–512.
Frankel, J., & Rose, A. (2002). An estimate of the effect of common currencies on trade and income. Quarterly Journal of Economics, 117(2), 437–466.
Gerschenkron, A. (1962). Economic backwardness in historical perspective. Harvard University Press.
Ghali, K. (1999). Financial Development and Economic Growth: The Tunisian Experience. Review of Development Economics, 3(3), 310-322.
Ghirmay, T. (2004). Financial development and economic growth in Sub-Saharan African countries: Evidence from time series analysis. African Development Review, 16(3), 415–432.
Greenwood, J., & Jovanovic, B. (1990). Financial development and economic development. Economic Development and Cultural Change, 15, 257–268.
Gregorio, J., & Guidotti, P. (1995). Financial development and economic growth. World Development, 23(3), 433–448.
Guloglu, B., Caglar, A., & Pata, U. (2023). Analyzing the determinants of the load capacity factor in OECD countries: Evidence from advanced quantile panel data methods. Gondwana Research, 118, 92–104.
Güneysu, Y. (2023). Türkiye’de finansal gelişme, küreselleşme ve sanayileşmenin yük kapasite faktörü üzerindeki etkisi. Gümüşhane Üniversitesi Sosyal Bilimler Dergisi, 14(3), 934–946.
Gurley, J., & Shaw, E. (1955). Financial Aspects of Economic Development. American Economic Review, 45(4), 515-538. https://www.jstor.org/stable/1811632
Harvey, D. (2005). A Brief History of Neoliberalism. Oxford, Oxford Univercity Press.
Hassan, M., Sanchez, B., & Yu, J. (2011). Financial development and economic growth: New evidence from panel data. The Quarterly Review of Economics and Finance, 51(1), 88–104.
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Toplam 92 adet kaynakça vardır.

Ayrıntılar

Birincil Dil	İngilizce
Konular	Yeşil Ekonomi
Bölüm	Araştırma Makalesi
Yazarlar	Savaş Durmuş 0000-0003-4156-4526 Melahat Batu Ağırkaya 0000-0002-8703-5622 Hikmet Akyol 0000-0001-9119-7416
Gönderilme Tarihi	19 Mayıs 2025
Kabul Tarihi	30 Kasım 2025
Erken Görünüm Tarihi	5 Aralık 2025
Yayımlanma Tarihi	19 Aralık 2025
Yayımlandığı Sayı	Yıl 2025 Cilt: 10 Sayı: 2

Kaynak Göster

APA	Durmuş, S., Batu Ağırkaya, M., & Akyol, H. (2025). Economic Development in Türkiye, The Effects of Financial Development on Environmental Sustainability: The Role of Load Capacity Factor. JOEEP: Journal of Emerging Economies and Policy, 10(2), 250-264.

Makale Dosyaları

Tam Metin

The sole purpose of JOEEP is to be a prestigious journal which contributes to scientific knowledge. In order to keep this purpose, JOEEP, adopts and follows the publication policies of world’s prestigious scientific journals. All original and qualified works which may contribute to the scientific knowledge, are evaluated through a rigorous editorial and peer review process. Hereby, JOEEP is a peer reviewed and scientific journal. It strictly depends on the scientific principles, rules and ethical framework that are required to this qualification.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.