THE IMPACT OF FINANCIAL MARKETS ON GREEN GROWTH: EMPIRICAL FINDINGS IN TÜRKİYE SAMPLE

Yıl 2025, Cilt: 10 Sayı: 1, 147 - 165, 23.06.2025

Bertaç Şakir Şahin

https://doi.org/10.54452/jrb.1435208

Öz

The concept of green growth focuses on the compatibility between sustainability efforts and economic growth. This study analyzes the impact of FDI, financial development and R&D expenditures on green growth in Turkey during the period 1990-2021. The study applies ARDL bounds test and Toda Yamamoto causality test. According to the ARDL bounds test, foreign direct investments, domescit credit provided by banks to the private sector and stock market return have a significant and positive effect on green growth. The Toda Yamamoto causality test also supports the results of the ARDL bounds test. There is a Granger causality relationship from foreign direct investments, domestic credit provided by banks to the private sector and stock market return to green growth.

Anahtar Kelimeler

Green Growth , Sustainability , Financial Development , financial markets and institutions

FİNANSAL PİYASALARIN YEŞİL BÜYÜME ÜZERİNDEKİ ETKİSİ: TÜRKİYE ÖRNEKLEMİNDE AMPİRİK BULGULAR

Öz

Yeşil büyüme kavramı sürdürülebilirlik çabaları ve ekonomik büyüme arasındaki uyuma odaklanır. Bu çalışma Türkiye’de 1990- 2021 döneminde doğrudan yabancı yatırımlar, finansal gelişme ve ar-ge harcamalarının yeşil büyüme üzerindeki etkisini ele alır. Çalışma kapsamında ARDL sınır testi ve Toda Yamamoto nedensellik testi uygulanmıştır. ARDL sınır testine göre doğrudan yabancı yatırımlar, krediler ve borsa getirisinin yeşil büyüme üzerinde anlamlı ve pozitif bir etkisi mevcuttur. Toda Yamamoto nedensellik testi de ARDL sınır testinin sonuçlarını desteklemektedir. Doğrudan yabancı yatırımlar, bankalar tarafından özel sektöre sağlanan krediler ve borsa getirisinden yeşil büyümeye doğru Granger nedensellik ilişkisi vardır.

Anahtar Kelimeler

Yeşil Büyüme , Sürdürülebilirlik , Finansal Gelişme , finansal piyasalar ve kurumlar

Kaynakça

• Abro, A. A., Alam, N., Murshed, M., Mahmood, H., Musah, M., & Rahman, A. A. (2023). Drivers of green growth in the Kingdom of Saudi Arabia: can financial development promote environmentally sustainable economic growth?. Environmental Science and Pollution Research, 30(9), 23764-23780.
• Abu-Qdais, H. A., Shatnawi, N., & Al-Shahrabi, R. (2023). Modeling the Impact of Fees and Circular Economy Options on the Financial Sustainability of the Solid Waste Management System in Jordan. Resources, 12(3), 32.
• Açcı, Y., Akarsu, G. ve Cafrı, R. (2023). “Döngüsel Ekonomi ve Yeşil Büyüme Çerçevesinde Sürdürülebilir Kalkınma Göstergelerinin Ekonomik Büyüme Üzerine Etkisi: Seçilmiş AB Ülkelerinden Ampirik Kanıtlar”, Verimlilik Dergisi, Döngüsel Ekonomi ve Sürdürülebilirlik Özel Sayısı, 53-67.
• Akyol, M., & Emrullah, M. E. T. E. (2022). Çevresel inovasyon, ekonomik büyüme ve doğrudan yabancı yatırımların yenilenebilir enerji tüketimi üzerine etkisi. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (48), 393-406.
• Al, İ. (2019). Sürdürülebilir kalkınma ve yeşil ekonomi: Türkiye için bir endeks önerisi. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 12(1), 112-124.
• Arif, A., Sadiq, M., Shabbir, M.S., Yahya, G., Zamir, A. and Bares Lopez, L. (2022), “The role of globalization in financial development, trade openness, and sustainable environmentaleconomi growth: evidence from selected South Asian economies”, Journal of Sustainable Finance and Investment, 12(4), 1027-1044.
• Atalay, A. Ç., & Akan, Y. (2023). OECD ülkelerinin yeşil ekonomi verilerinin çevresel kuznets eğrisi hipotezine göre test edilmesi. Trends in Business and Economics, 37(1), 57-67.
• Ateş, S. A., & Ateş, M. (2015). Sosyo-ekolojik dönüşüm karşısında Türkiye: Bir alternatif olarak yeşil büyüme. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi, 3(4), 69-94.
• Aydın, H. İ., & Nasıroğlu, M. M. (2020). Avrupa birliği üyelik sürecinde Türkiye’nin yeşil büyüme göstergelerinin değerlendirilmesi. Toros Üniversitesi İİSBF Sosyal Bilimler Dergisi, 7(13), 1-30.
• Baloch, M. A., Zhang, J., Iqbal, K., & Iqbal, Z. (2019). The effect of financial development on the ecological footprint in BRI countries: evidence from panel data estimation. Environmental Science and Pollution Research, 26(6), 6199-6208.
• Bayrak, M. R. (2012). Sürdürülebilir kalkınma için Türkiye’de düşük karbon ekonomisi ve kyoto protokolü’nün finansman kaynakları/low carbon economy and financial sources of the kyoto protocol for sustainable development ın Turkey. Journal of History Culture and Art Research, 1(4), 266-279.
• Cao, J., Law, S. H., Samad, A. R. B. A., Mohamad, W. N. B. W., Wang, J., & Yang, X. (2021). Impact of financial development and technological innovation on the volatility of green growth—evidence from China. Environmental Science and Pollution Research, 28, 48053-48069.
• Cao, J., Law, S. H., Samad, A. R. B. A., Mohamad, W. N. B. W., Wang, J., & Yang, X. (2022). Effect of financial development and technological innovation on green growth—Analysis based on spatial Durbin model. Journal of Cleaner Production, 365, 132865.
• Chen, R., Ramzan, M., Hafeez, M., & Ullah, S. (2023a). Green innovation-green growth nexus in BRICS: Does financial globalization matter? Journal of Innovation & Knowledge, 8(1), 100286.
• Chen, Y., Lyulyov, O., Pimonenko, T., & Kwilinski, A. (2023b). Green development of the country: Role of macroeconomic stability. Energy & Environment. (https://journals.sagepub.com/doi/ abs/10.1177/0958305X231151679) (08.01.2024).
• Contuk, F. Y. (2021). Covid-19’un Borsa İstanbul üzerindeki etkisi: Bir ARDL sınır testi modeli. Muhasebe ve Finansman Dergisi, (89), 101-112.
• Desalegn, G., & Tangl, A. (2022). Enhancing green finance for inclusive green growth: A systematic approach. Sustainability, 14(12), 7416.
• Duasa, J. (2007). Malaysian foreign direct investment and growth: does stability matter?. Journal of Economic Cooperation Among Islamic Countries, 28(2), 83-98.
• Gülmez, A. (2015). Türkiye’de dış finansman kaynakları ekonomik büyüme ilişkisi: ARDL sinir testi yaklaşımı. Ekonomik ve Sosyal Araştırmalar Dergisi, 11(2), 139-152.
• Hallegatte, S., Heal, G., Fay, M., & Treguer, D. (2012). From growth to the green growth-a framework (No. w17841). National Bureau of Economic Research.
• Hickel, J., & Kallis, G. (2020). Is green growth possible?. New Political Economy, 25(4), 469-486.
• Jiang, C. and Ma, X. (2019) ‘The impact of financial development on carbon emissions: a global perspective. Sustainability, 11(19), 1-22.
• Kararach, G., Nhamo, G., Mubila, M., Nhamo, S., Nhemachena, C., & Babu, S. (2018). Reflections on the green growth ındex for developing countries: A focus of selected African countries. Development Policy Review, 36, 432-454.
• Kavas, Y. B., & Çoban, M. N. (2023). Finansal gelişmenin yenilenebilir enerji tüketimine etkisinin toplamsal olmayan sabit etkili panel kantil yöntemiyle analizi: CIVETS ülkelerinden ampirik kanıtlar. Yaşar Üniversitesi E-Dergisi, 18(69), 60-78.
• Kazaz, D., Dinçsoy, M. O., & Şenalp, U. E. (2023). Doğrudan yabancı yatırım, ekonomik büyüme ve karbon emısyonu ilişkisinin yeşil ve kahverengi alan yatırımları açısından analizi. Trakya Üniversitesi Sosyal Bilimler Dergisi, 25(Özel Sayı), 429-446.
• Kim, S. E., Kim, H., & Chae, Y. (2014). A new approach to measuring green growth: Application to the OECD and Korea. Futures, 63, 37-48.
• Kutan A. M., Paramati S.R., Ummalla M., Zakari A. (2018) Financing renewable energy projects in major emerging market economies: evidence in the perspective of sustainable economic development. Emerg Mark Financ Trade, 54(8),1761–1777.
• Lee, J. W. (2020). Green finance and sustainable development goals: The case of China. Lee, Jung Wan (2020). Green Finance and Sustainable Development Goals: The Case of China. Journal of Asian Finance Economics and Business, 7(7), 577–586.
• Naimoğlu, M. (2022). Yenilenebilir enerji kullanımının yeşil büyüme üzerindeki etkisi: Yükselen ekonomiler örneği. Akdeniz İİBF Dergisi, 22(2), 1-13.
• Narayan, P. K. & Smyth, R. (2005), “Trade Liberalization and Economic Growth in Fiji. An empirical assessment using the ardl approach”, Journal of The Asia Pacific Economy, 10(1), 96-115.
• Nasir, M. A., Canh, N. P., & Le, T. N. L. (2021). Environmental degradation and the role of financialization, economic development, industrialization, and trade liberalization. Journal of Environmental Management, 277, 111471.
• Ofori, I. K., Figari, F., & Ojong, N. (2023). Towards sustainability: The relationship between foreign direct investment, economic freedom and inclusive green growth. Journal of Cleaner Production, 406, 137020.
• Özbek, S. (2023). Yeşil büyümenin belirleyicileri: Çin örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (40), 17-32.
• Paroussos, L., Fragkiadakis, K., & Fragkos, P. (2020). Macro-economic analysis of green growth policies: the role of finance and technical progress in Italian green growth. Climatic Change, 160(4), 591-608.
• Pesaran, M. H. & Shin, Y. (1999), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis”, Econometrics and Economic Theory in The 20th Century: The Ragnar Frish Centennial Symposium. Ed. / Steinar Strom. Cambridge: Cambridge University Press”, 371-413.
• Pesaran, M. H., Shin, Y., Smith, R. J. (2001), “Bounds testing approaches to the analysis of level relationships”, Journal of Applied Econometrics, 16(3), 289–326.
• Phiri, A. and Ngeendepi, E. (2021), “Do foreıgn dırect ınvestments and public investment crowd in/out domestic private investment in the SADC region?”, Managing Global Transitions, 19(1), 3-25.
• Polat, M. A., & Ergün, S. (2022). COVID-19 Pandemisi Türkiye’nin Yeşil büyüme göstergeleri bakımından OECD karşısındaki performansını değiştirdi mi?. İnsan ve İnsan, 10(35), 29-46.
• Ponta, L., Puliga, G. and Manzini, R. (2021), “A measure of innovation performance: the Innovation Patent Index”, Management Decision, 59(13), 73-98.
• Qamri, G. M., Sheng, B., Adeel-Farooq, R. M., & Alam, G. M. (2022). The criticality of FDI in Environmental Degradation through financial development and economic growth: Implications for promoting the green sector. Resources Policy, 78, 102765.
• Razzaq, A., & Yang, X. (2023). Digital finance and green growth in China: Appraising inclusive digital finance using web crawler technology and big data. Technological Forecasting and Social Change, 188, 122262.
• Rehman, A., Ma, H., Radulescu, M., Sinisi, C. I., Paunescu, L. M., Alam, M. S., & Alvarado, R. (2021). The energy mix dilemma and environmental sustainability: interaction among greenhouse gas emissions, nuclear energy, urban agglomeration, and economic growth. Energies, 14(22), 7703.
• Reilly, J. M. (2012). Green growth and the efficient use of natural resources. Energy Economics, 34, S85-S93.
• Sadiq, M., Amayri, M. A., Paramaiah, C., Mai, N. H., Ngo, T. Q., & Phan, T. T. H. (2022). How green finance and financial development promote green economic growth: deployment of clean energy sources in South Asia. Environmental Science and Pollution Research, 29(43), 65521-65534.
• Sadorsky, P. (2010), “The impact of financial development on energy consumption in emerging economies”, Energy Policy, 38(5), 2528-2535.
• Sadorsky, P. (2011) ‘Financial development and energy consumption in Central and Eastern European Frontier Economies’. Energy Policy, 39(2), 999-1006.
• Saufi, N. A. A., Daud, S., & Hassan, H. (2016). Green growth and corporate sustainability performance. Procedia Economics and Finance, 35, 374-378.
• Scrieciu, S., Rezai, A., & Mechler, R. (2013). On the economic foundations of green growth discourses: the case of climate change mitigation and macroeconomic dynamics in economic modeling. Wiley Interdisciplinary Reviews: Energy and Environment, 2(3), 251-268.
• She, W., & Mabrouk, F. (2023). Impact of natural resources and globalization on green economic recovery: Role of foreıgn dırect ınvestments and green innovations in BRICS economies. Resources Policy, 82, 103479.
• Siami-Namini, S. (2017). Granger causality between exchange rate and stock price: A Toda Yamamoto approach. International Journal of Economics and Financial Issues, 7(4), 603-607.
• Smulders, S., Toman, M., & Withagen, C. (2014). Growth theory and ‘green growth’. Oxford Review of Economic Policy, 30(3), 423-446.
• Sohag, K., Taskın, F.D. and Malik, M.N. (2019), “Green economic growth, cleaner energy, and militarization: evidence from Turkey”, Resources Policy, 63, 101407.
• Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.
• Stavins, R. N. (2003). Experience with market-based environmental policy instruments. In Handbook of Environmental Economics (Vol. 1, pp. 355-435). Elsevier.
• Sun, Y., Ding, W., Yang, Z., Yang, G., & Du, J. (2020). Measuring China’s regional inclusive green growth. Science of the Total Environment, 713, 136367.
• Şimşek, O., & Tunalı, H. (2022). Yeşil finansman uygulamalarının sürdürülebilir kalkınma üzerindeki rolü: Türkiye projeksiyonu. Ekonomi ve Finansal Araştırmalar Dergisi, 4(1), 16-45.
• The Intergovernmental Panel on Climate Change. (2021) AR6 climate change 2021: The physical science basis. https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_Full_Report.pdf (04.01.2024).
• The Sustainable Development Knowledge Platform, (2025) Green growth. https://sustainabledevelopment. un.org/index.php?menu=1447 (12.02.2025).
• Tian, Y., Wang, R., Liu, L., & Ren, Y. (2021). A spatial effect study on financial agglomeration promoting the green development of urban agglomerations. Sustainable Cities and Society, 70, 102900.
• Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of Econometrics, 66(1-2), 225-250.
• Turguttopbaş, N. (2020). Sürdürülebilirlik, yeşil finans ve ilk Türk yeşil tahvil ihracı. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(22), 267-283.
• UNEP (2022) Green Growth, Resources and Resilience. https://sustainabledevelopment.un.org/index. php?page=view&type=400&nr=693&menu=1515 (05.01.2024).
• UNESCAP, (2025) Green Growth. https://www.unescap.org/our-work/environment-development/green-growth (12.03.2025).
• UNFCCC (2022) The Paris Agreement. Https://Unfccc.Int/Process-And-Meetings/The-Paris-Agreement/The-Paris-Agreement (05.01.2024).
• United Nations (2022) What is Climate Change? https://www.un.org/en/climatechange/what-is-climate-change#:~:text=But%20since%20the%201800s%2C%20human,sun’s%20heat%20and%20raising%20 temperatures (04.01.2024).
• Verma, S., & Kandpal, D. (2021). Green economy and sustainable development: A macroeconomic perspective. In Environmental sustainability and economy (pp. 325-343). Elsevier.
• Wang, N., Ullah, A., Lin, X., Zhang, T., & Mao, J. (2022). Dynamic ınfluence of urbanization on ınclusive green growth in belt and road countries: The moderating role of governance. Sustainability, 14(18), 11623.
• Wang, X., & Shao, Q. (2019). Non-linear effects of heterogeneous environmental regulations on green growth in G20 countries: Evidence from panel threshold regression. Science of the Total Environment, 660, 1346- 1354
• World Bank (2024) World Development Indicators.https://databank.worldbank.org/source/world-development-indicators (29.01.2024).
• Yang, L., & Ni, M. (2022). Is financial development beneficial to improve the efficiency of green development? Evidence from the “Belt and Road” countries. Energy Economics, 105, 105734.
• Yılmaz, V. (2018). Sürdürülebilir kalkınma ve yeşil büyüme arasındaki ilişki. Journal of International Management Educational and Economics Perspectives, 6(2), 79-89.
• Yılmaz, V., & Doğan, A. (2024). Türkiye’nin yeşil büyüme uygulamalarının etkinliği. The Journal of Academic Social Science, 57(57), 277-295.
• Yue, S., Yang, Y., & Hu, Y. (2016). Does foreign direct investment affect green growth? Evidence from China’s experience. Sustainability, 8(2), 158.
• Zhao, J., Taghizadeh-Hesary, F., Dong, K., & Dong, X. (2023). How green growth affects carbon emissions in China: the role of green finance. Economic research-Ekonomska istraživanja, 36(1), 2090-2111.6.