Ülkelerin Finansal Gelişmişlikleri İle Enerji Tüketimleri Arasındaki İlişki: Dört Kıta Örneği

Öz

In this study, the causality relationship between financial development and energy consumption of countries is researched. In the context of the study, 57 countries from 4 different continents are examined and the annual data of these countries in the period 1971-2010 is used. Deposit money bank assets to GDP (Fin1), financial system deposits to GDP (Fin2) and private credit to GDP (Fin3) are determined as three different financial indicators. The data of energy consumption is used as kg of oil equivalent per capita

Anahtar Kelimeler

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ÜLKELERİN FİNANSAL GELİŞMİŞLİKLERİ İLE ENERJİ TÜKETİMLERİ ARASINDAKİ İLİŞKİ: DÖRT KITA ÖRNEĞİ

Öz

Bu çalışmada ülkelerin finansal gelişmişlikleri ile enerji tüketimleri arasındaki nedensellik ilişkisi tespit edilmeye çalışılmıştır. Çalışma kapsamında dört farklı kıtadan 57 ülke incelenmiş, bu ülkelere ait 1971-2010 yılları aralığındaki veriler kullanılmıştır. Finansal gelişmişlik göstergeleri olarak banka mevduat varlıklarının GSYİH’ye oranı (Fin1), finansal sistem mevduatlarının GSYİH’ye oranı (Fin2), özel kredilerin GSYİH’ye oranı (Fin3) kullanılmıştır. Enerji tüketimi verileri kilogram cinsinden kişi başı tüketilen petrol miktarı olarak kabul edilmiştir. Analiz kapsamında öncelikle panelin durağanlık seviyesini belirlemek üzere yatay kesit bağımlılığını dikkate alan ikinci nesil panel birim kök testlerinden SURADF panel birim kök testi uygulanmıştır. Aynı seviyede durağan olan değişkenler arasındaki nedensellik ilişkisinin tespitinde yatay-kesit bağımlılığını dikkate alan Dumitrescu & Hurlin (2012), farklı seviyede durağan olan değişkenler için ise yine yatay-kesit bağımlılığını dikkate alan Emirmahmutoğlu & Köse (2011) panel nedensellik testi kullanılmıştır. Çalışmanın sonucunda, sadece kıyı ülkelerinde finansal gelişim ile enerji tüketimi arasında ilişki tespit edilmiştir. Beklenenin aksine finansal gelişmişliğin, enerji tüketimi üzerine etkisi gelişmemiş ülkelerde de ortaya çıkmış ve bu durum seçilen finansal gelişmişlik göstergeleri sebebiyle olduğu açıklanmıştır.

Anahtar Kelimeler

• Finansal Gelişmişlik, Enerji Tüketimi, Yatay Kesit Bağımlılığı, Panel Birim Kök, Panel Nedensellik Testi

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