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

Yıl 2025, Cilt: 7 Sayı: 2, 134 - 160, 31.12.2025

Mustafa Uysal , Özgür Doğan

https://doi.org/10.51541/nicel.1707115

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

• Abdelhamid, A., Ozatac, N. and Taspinar, N. (2023), Investigating the nexus between energy consumption and financial development via considering structural breaks: Empirical evidence from Argentina, Sustainability, 15, 8482.
• Adom, P. K. and Amuakwa-Mensah, F. (2016), What drives the energy saving role of FDI and industrialization in East Africa?, Renewable and Sustainable Energy Review, 65, 925-942.
• Ahmed, K., Bhattacharya, M., Qazi A.Q. and Long, W. (2016), Energy consumption in China and underlying factors in a changing landscape: Empirical evidence since the reform period. Renewable and Sustainable Energy Reviews, 58, 224-234.
• Akkaya, S. and Hepsag, A. (2021), Does fuel tax decrease carbon dioxide emissions in Turkey? Evidence from an asymmetric nonlinear cointegration test and error correction model, Environmental Science and Pollution Research, 28, 35094-35101.
• Alshagri, R., Alsabhan, T. H. and Binsuwadan, J (2024). Investigating the role of financial development in encouraging the transition to renewable energy: A fractional response model approach, Sustainability, 16, 8153.
• Amin, A., Tariq, A. and Ahmad, M. (2023), Non-linear dynamics in finance–inequality nexus: time series evidence from the Indian economy, Journal of Economic and Administrative Sciences, 1026-4116.
• Anton, S. G. and Nucu A. E. A. (2020), The effect of financial development on renewable energy consumption: A panel data approach, Renewable Energy, 147, 330-338.
• Ashena, M. and Shahpari, G. (2024), Energy poverty and developments in finance, economic complexity and economic conditions, International Journal of Energy Sector Management, 1750-6220.
• Baiardi, D. and Morana, C. (2016), The financial Kuznets curve: Evidence for the euro area. Journal of Empirical Finance, 39, 265-269.
• Bakhsh, S., Zhang, W., Kishwar, A. and Anas, M. (2023), Can digital financial inclusion facilitate renewable energy consumption? Evidence from nonlinear analysis, Energy & Environment, 1–31.
• Baloch, M. A., and Danish Meng, F. (2019), Modeling the non-linear relationship between financial development and energy consumption: Statistical experience from OECD countries, Environmental Science and Pollution Research, 26(9), 8838-8846.
• Bin Amin, S., Khan, F. and Rahman, Md A (2022), The relationship between financial development and renewable energy consumption in South Asian countries. Environmental Science and Pollution Research, 29, 58022-58036.
• Cetin, M., Demir, H. and Saygin, S (2021), Financial development, technological innovation and income inequality: Time series evidence from Turkey, Social Indicators Research, 156 (1), 47–69.
• Chiu, Y-B. and Lee, C-C. (2020), Effects of financial development on energy consumption: The role of country risks, Energy Economics, 90, 104833.
• Coban, S. and Topcu, M. (2013), The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis, Energy Economics, 39, 81-88.
• Danish and Ulucak, R. (2021), A revisit to the relationship between financial development and energy consumption: Is globalization paramount?, Energy, 227, 120337.
• Doytch, N., Elheddad, M. and Hammoudeh, S (2023), The financial Kuznets curve of energy consumption: Global evidence, Energy Policy, 177, 113498.
• Dumrul, C., Ilkay S. C. and Dumrul, Y. (2021), The financial Kuznets curve hypothesis: An empirical analysis of the Turkish economy with structural breaks co-integration tests, Sosyoekonomi, 29(50), 337-359.
• Elike, U., Anorou, E. and Nwala, K. (2019), Causal nexus between financial development and energy consumption: Evidence from Bootstrap Panel Granger Causality approach, Journal of Applied Economics and Business Research, 9(2), 01-14.
• Furuoka, F. (2015), Financial development and energy consumption: Evidence from a heterogeneous panel of Asian countries, Renewable and Sustainable Energy Reviews, 52, 430-444.
• Gaies, B., Kaabia, O., Ayadi, R., Guesmi, K. and Abid, I. (2019), Financial development and energy consumption: Is the MENA region different?, Energy Policy, 135, 111000.
• Hepsag, A. (2021), Testing for cointegration in nonlinear asymmetric smooth transition error correction models, Communications in Statistics - Simulation and Computation, 50(2), 400-412.
• International Energy Agency (2024), https://www.iea.org/countries/turkiye, Accessed on 25.09.2024.
• Khatatbeh, I. N. and Moosa, I. A. (2023), Financialization and income inequality: An investigation of the financial Kuznets curve hypothesis among developed and developing countries, Heliyon, 9(4), 14947.
• Khatatbeh, I. N., Al Samat, W., Abu-Alfoul, M. N. and Jaber, J. J. (2022), Is there any financial kuznets curve in Jordan? A structural time series analysis, Cogent Economics & Finance, 10(1), 2061103.
• Kılıç, C., Akcan, A. T, Topkaya, O. and Arık, M. (2024), Financial development, renewable energy consumption and industrial output relation: Testing Fourier ARDL for Turkey, Studies in Business and Economics, 19(1), 97-117.
• Kor, S. and Qamruzzaman, Md. (2023), Nexus between FDI, financial development, capital formation and renewable energy consumption; Evidence from Bangladesh, International Journal of Energy Economics and Policy, 13(6), 129-145.
• Le, T-H (2016), Dynamics between energy, output, openness and financial development in sub-Saharan African countries, Applied Economics, 48(10), 914-933.
• Lefatsa, P. M., Sibanda, K. and Garidzirai, R. (2021), The relationship between financial development and energy consumption in South Africa, Economies, 9(4), 158.
• Mahalik, M. K., Babu, M. S., Loganathan, N. and Shahbaz, M. (2017). Does financial development intensify energy consumption in Saudi Arabia?, Renewable and Sustainable Energy Reviews, 75, 1022-1034.
• Majeed, M. T. and Hussain, Z. (2022), Heterogeneous effects of financial development on renewable energy consumption: Evidence from Global Dynamic Panel Threshold Approach, Pakistan Journal of Commerce and Social Sciences, 16(1), 70-98.
• Majeed, M. T. and Hussain, Z (2024), Financial sector development and renewable energy consumption nexus: Evidence from global dynamic panel threshold analysis, Natural Resources Forum, 1-25.
• Moosa, I. A. (2018), Does financialization retard growth? Time series and cross-sectional evidence, Applied Economics, 50, 3405-3415.
• Mukhtarov, S., Humbatova, S., Seyfullayev, I. and Kalbiyev, Y. (2020), The effect of financial development on energy consumption in the case of Kazakhstan, Journal of Applied Economics, 23(1), 75-88.
• Nikoloski, Z. (2013), Financial sector development and inequality: Is there a Financial Kuznets Curve?, Journal of International Development, 25(7), 897-911.
• Nkalu, C. N., Ugwu, S. C., Asogwa, F. O., Kuma, M. P. and Onyeke, Q. O. (2020), Financial development and energy consumption in Sub-Saharan Africa: Evidence from Panel Vector Error Correction Model, SAGE Open, 10(3), 1-12.
• Ondes, H. and Kızılgol O (2024), Financial development and income inequality in newly industrialized countries: Does Financial Kuznets Curve exists? Journal of the Knowledge Economy, 15(4), 15618-15651.
• Ozdemir, O. (2019), Rethinking the financial Kuznets curve in the framework of income inequality: Empirical evidence on advanced and developing economies, Economics and Business Letters, 8(4), 176-190.
• Rafindadi, A.A. (2016), Does the need for economic growth influence energy consumption and CO2 emissions in Nigeria? Evidence from the innovation accounting test, Renewable and Sustainable Energy Reviews, 62, 1209-1225.
• Raza, S.A., Shah, N., Qureshi, M.A., Qaiser. S., Ali, R. and Ahmed, F. (2020), Non-linear threshold effect of financial development on renewable energy consumption: Evidence from panel smooth transition regression approach, Environmental Science and Pollution Research, 27(25), 32034–32047.
• 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.
• Salim, R., Yao, Y., Chen, G. and Zhang, L. (2017), Can foreign direct investment harness energy consumption in China? A time series investigation, Energy Economics, 66, 43-53.
• Sare, Y.A. (2019), Effect of financial sector development on energy consumption in Africa: Is it threshold specific?, International Journal of Green Energy, 16(15), 1637-1645.
• Sarkodie, S.A. and Ozturk, I. (2020), Investigating the Environmental Kuznets Curve hypothesis in Kenya: A multivariate analysis, Renewable and Sustainable Energy Reviews, 117, 109481.
• Sayar, G., Erdas, M. L. and Destek, G. (2020), The effects of financial development, democracy and human capital on income distribution in developing countries: Does Financial Kuznets Curve Exists?, Journal of Applied Economics and Business Research JAEBR, 10(2), 76-95.
• Saygin, O. and Iskenderoglu, O. (2022a), Does the level of financial development affect renewable energy? Evidence from developed countries with system generalized method of moments (System-GMM) and cross sectionally augmented autoregressive distributed lag (CS-ARDL), Sustainable Development, 30, 1326–1342.
• Saygin, O. and Iskenderoglu, O. (2022b), The nexus between financial development and renewable energy consumption: A review for emerging countries. Environmental Science and Pollution Research, 29, 14522–14533.
• Shahbaz, M, Topçu, B. A., Sarıgül, S.S. and Vo, XV. (2021), The effect of financial development on renewable energy demand: The case of developing countries, Renewable Energy, 178, 1370-1380.
• Shahbaz, M., Islam, F. and Butt, M.S. (2016), Finance–growth–energy nexus and the role of agriculture and modern sectors: Evidence from ARDL Bounds Test approach to cointegration in Pakistan. Global Business Review, 17(5), 1037-1059.
• Shahbaz, M., Loganathan, N., Tiwari, A. K. and Jahromi R.S. (2015). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?, Soc Indicators Research, 124, 357–382.
• Sollis, R. (2009), A simple unit root test against asymmetric STAR nonlinearity with an application to real exchange rates in Nordic countries, Economic Modelling, 26, 118-125.
• Su, C-W., Song, Y., Ma, Y-T. and Tao, R. (2019), Is financial development narrowing the urban rural income gap? A cross‐regional study of China, Papers in Regional Science, 98(4), 1779-1800.
• Svirydzenka, K. (2016), Introducing a new broad-based index of financial development, SSRN Electronic Journal.
• Thebuho, W., Opperman, P. and Steenkamp, L-A. (2022), The asymmetric effect of financial development on energy consumption in sub-Saharan Africa, Cogent Economics & Finance, 10(1), 2095770.
• Topcu, M. and Altay, B. (2017), New insight into the finance-energy nexus: Disaggregated evidence from Turkish sectors, International Journal of Financial Studies, 5(1), 1-16.
• Wang, L-M., Wu, X-L. and Chu, N-C. (2023), Financial development, technological innovation and urban-rural income gap: Time series evidence from China, PLOS ONE, 18(2), e0279246.
• Wang, Q. and Dong, Z. (2021), Does financial development promote renewable energy? Evidence of G20 economies, Environmental Science and Pollution Research, 28, 64461–64474.
• Wang, Y. and Gong, X. (2020), Does financial development have a non-linear impact on energy consumption? Evidence from 30 provinces in China, Energy Economics, 90, 104845.
• Yu, M., Jin, H., Zhang, H. and Chong, A.Y.L. (2023), ICT, Financial development and renewable energy consumption, Journal of Computer Information Systems, 63(1), 190-203.
• Yue, S., Lu, R., Shen, Y. and Chen, H. (2019), How does financial development affect energy consumption? Evidence from 21 transitional countries, Energy Policy, 130, 253-262.
• Ziaei, S. M. (2015), Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries, Renewable and Sustainable Energy Reviews, 42, 752–759.