Finansal Gelişme ve Enerji Tüketimi Arasındaki İlişkinin Analizi: Türkiye Üzerine Bir Uygulama

Öz

Bu çalışmada Türkiye için 1985-2021 dönemi kapsamında finansal gelişme ile yenilenebilir enerji tüketimi arasında ters-U şeklindeki ilişkiyi ifade eden Finansal Kuznets Eğrisi’nin varlığı araştırılmıştır. Bu amaçla yenilenebilir enerji tüketimi bağımlı değişken, finansal gelişme açıklayıcı değişken, gayri safi yurtiçi hasıla ve yabancı doğrudan yatırım ise kontrol değişkenleri olarak kullanılmıştır. Finansal gelişme değişkeni olarak finansal piyasalar gelişim endeksi kullanılmış ve her bir değişkene ilişkin yıllık veriler kullanılmıştır. Finansal gelişme ile yenilenebilir enerji tüketimi arasındaki doğrusal olmayan ilişkinin araştırılmasında, durağanlık ilişkisi geleneksel ADF birim kök testi ve Sollis 2009 doğrusal olmayan birim kök testi ile, uzun dönem ilişkisi ise Hepsag 2021 doğrusal olmayan yumuşak geçişli asimetrik ESTAR eşbütünleşme testi ile analiz edilmiştir. Uzun dönem katsayıları OLS, FMOLS ve CCR testleri ile ortaya konmuştur. Elde edilen sonuçlara göre Türkiye’de finansal gelişme değişkeni ile yenilenebilir enerji tüketimi arasında ters-U şeklinde bir ilişkiye yani finansal kuznets eğrisi’nin varlığına ulaşılmıştır. Ayrıca ekonomik büyüme ve yabancı doğrudan yatırım ile yenilenebilir enerji tüketimi arasında sırasıyla istatistiksel olarak anlamlı pozitif ve negatif ilişkiler elde edilmiştir. Çalışma bulguları, finansal gelişmenin yenilenebilir enerji tüketimine yönelik politikalar oluşturmaya yardımcı olabileceğini göstermektedir.

Anahtar Kelimeler

• Finansal Kuznets Eğrisi
• Yenilenebilir enerji tüketimi
• Finansal gelişme
• Türkiye

Analysis of the Relationship Between Financial Development and Energy Consumption: An Application for Turkey

Öz

The present study examines the presence of the Financial Kuznets Curve (FKC), which indicates an inverted U-shaped relationship between financial development (FD) and renewable energy consumption (REC), for Turkey for the period between 1985 and 2021. For this purpose, REC was used as the dependent variable, FD as the explanatory variable, and gross domestic product (GDP) and foreign direct investment (FDI) as control variables. The financial market development index was used as the proxy for FD, and annual data for all variables were analyzed. The stationarity of the variables was examined using the traditional ADF unit root test and the nonlinear unit root test introduced by Sollis (2009) to address the nonlinear relationship between FD and REC. Long-run relationships were analyzed using the nonlinear smooth transition asymmetric ESTAR cointegration test introduced by Hepsag (2021). Long-run coefficients were estimated using the OLS, FMOLS, and CCR methods. The results revealed the presence of an inverted U-shaped relationship, confirming the FKC hypothesis between FD and REC in Turkey. Furthermore, statistically significant positive and negative relationships were found between economic growth and REC and between FDI and REC, respectively. The results suggest that FD can be useful in developing policies aiming to promote REC.

Anahtar Kelimeler

• Financial Kuznets Curve
• Renewable Energy Consumption
• Financial Development
• Turkey

Kaynakça

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