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

Yıl 2015, Cilt: 20 Sayı: 2, 151 - 164, 01.06.2015

  yrd.doç.dr.fatih Burak Gümüş Arş.Gör.Mustafa Koç

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

-

Kaynakça

  • ALAM, A., MALIK, I., ABDULLAH, A., HASSAN, A., FARIDULLAH, AWAN, U., NASEEM, I. (2015). “Does Financial Development Contribute to SAARCS Energy Demand? From Energy Crisis To Energy Reforms”, Renewable and Sustainable Energy Reviews, 41: 818-829.
  • AL-MULALI, U. Ve SAB, C. (2012a). “The Impact of Energy Consumption and CO2 Emission on The Economic Growth And Financial Development İn The Sub Saharan African Countries”, Energy, (39): 180-186.
  • AL-MULALI, U., & SAB, C. (2012B). “The Impact of Energy Consumption and CO2 Emission On The Economic And Financial Development in 19 Selected Countries”, Renewable and Sustainable Energy Reviews, (16): 4365-4369.
  • ALTAY, B. ve TOPCU, M. (2015). “Relationship between Financial Development and Energy Consumption: The Case of Turkey”, Bulletin of Energy Economics, 3(1): 18-24.
  • ALTUNBAŞ, Y. ve KAPUSUZOĞLU, A. (2011). “The Causality Between Energy Consumption and Economic Growth in United Kingdom”, Economic Research, (9): 330-335.
  • ARESTIS, N. ve PAYNE, J. (2010). “Energy Consumption and Growth in South America: Evidence from a Panel Error Correction Model”, Energy Economics, (32): 1421- 1426.
  • BARTLEET, M. ve GOUNDER, R. (2010). “Energy Consumption and Economic Growth in New Zealand: Results of Trivariate and Multivariate Models”, Energy Policy, (38): 3505-3517.
  • BELLOUMI, M. (2009). “Energy Consumption and GDP in Tunisia: Cointegration and Cusality Analysis”, Energy Policy, (37): 2745-2753.
  • BREUER, J., MCNOWN, R. ve WALLACE, M. (2001). “The ReviewMisleading Inferences from Panel Unit-Root Tests with and Illustraiton from Purchasing Power Parity”, Review of International Economics, 9(3): 482-493.
  • BREUSCH, T. ve PAGAN, A. (1980). “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1): 239-253.
  • BRUNNSCHWEILER, C. (2009). “Finance for Renewable Energy: An Empirical Analysis of Developing and Transition Economies”, Economics Working Paper Series, 9(117): 1-33.
  • CHEUNG, Y. ve LAI, K. (1995). “Lag Order and Critical Values of the Augmented Dickey-Fuller Test”, Journal of Business & Economic Statistics, 13(3): 277-280.
  • CHTIOUI, S. (2012). “Does economic growth and financial development spur energy consumption in Tunisia?” Journal of Economics and International Finance, 4(7): 150-158.
  • ÇOBAN, S. ve TOPCU, M. (2013). “The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis”, Energy Economics, (39): 81-88.
  • DAN, Y. ve LIJUN, Z. (2009). “Financial Development and Energy Consumption: An Empirical Research Based on Guangdong Province”, International Conference on Information Management, Innovation Management and Industrial Engineering, 102-105.
  • DE FIORE, F. ve UHLIG, H. (2011). “Bank Finance Versus Bond Finance”, Credit and Banking, 43(7): 1399-1421.
  • DE HOYOS, R. E. ve SARAFIDIS, V. (2006). “Testing for Cross-sectional Dependence in Panel Data Models”, Stata Journals, 6(4): 482.
  • DOĞRU, B. (2013). “Euro Bölgesinde İşsizlik Histerezisinin İkinci Nesil Panel Birim Kök Testleri ile Analizi” Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(3): 77-86.
  • DUMITRESCU, E., & HURLIN, C. (2012). “Testing for Granger non-causality in heterogeneous panels”, Economic Modelling, 29: 1450-1460.
  • EMİRMAHMUTOĞLU, F. ve KOSE, N. (2011). “Testing For Granger Causality İn Heterogeneous Mixed Panels”, Economic Modelling, 28: 870-876.
  • GIANNETTI, M., GUISO, L., JAPELLI, T., PADULA, M. ve PAGANO, M. (2002). “Financial Integration, Corporate Financing and Economic Growth”, European Economy. Economic Papers. 10.09.2014
  • https://ideas.repec.org/p/euf/ecopap/0179.html,
  • HATEMI-J, A. (2012). “Asymmetric Causality Tests with an Application”, Emprical Economics, (43): 447-456.
  • ISLAM, F., SHAHBAZ, M., AHMED, A. ve ALAM, M. (2013). “Financial Development And Energy Consumption Nexus İn Malaysia: A Multivariate Time Series Analysis”, Economic Modelling, (30): 435-441.
  • KAKAR, Z., KHILJI, B. Ve KHAN, M. (2011). “Financial Development and Energy Consumption: Empirical Evidence from Pakistan”, International Journal of Trade, Economics and Finance, 2(6): 469-471.
  • KARANFİL, F. (2009). “How Many Times Again Will We Examine The Energy-İncome Nexus Using A Limited Range Of Traditional Econometric Tools?”, Energy Policy, (37): 1191-1194.
  • KHAN, M. ve SENHADJI, A. (2000). “Financial Development and Economic Growth: An Overview” https://www.google.com.tr/books, 21.09.2014
  • LEVINE, R. Ve ZERVOS, S. (1998). “Stock Markets, Banks, and Economic Growth”, American Economic Review, 88(3): 537-558.
  • MADDALA, G. ve SHAOWEN, W. (1999). “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”. Oxford Bulletın Of Economıcs And Statıstıcs, (özel sayı): 631-632.
  • MEHRARA, M. ve MUSAİ, M. (2012). “Energy Consumption, Financial Development and Economic Growth: an ARDL Approach for the Case of Iran”, International Journal of Business and Behavioral Sciences, 2(6): 92-99.
  • MERTON, R. (2004). “On Financial Innovation and Economic Growth”, Foreword in Harvard China Review, 5(1): 231-248.
  • ÖZTÜRK, I. ve ACARAVCI, A. (2010). “The Casual Relationship Between Energy Consumption and GDP in Albania, Bulgaria, Hungary and Romania: Evidence from ARDL Bound Testing Approach”, Applied Energy, (88): 1938-1943.
  • PESARAN, M. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, papers.cfm?abstract_id=572504, 01.10.2014 Paper(1240).
  • http://papers.ssrn.com/sol3/
  • SADORSKY, P. (2010). “The İmpact Of Financial Development On Energy Consumption İn Emerging Economies”, Energy Policy, (38): 2528-2535.
  • SADORSKY, P. (2011). “Financial Development And Energy Consumption in Central and Eastern European Frontier Economies”, Energy Policy, (39): 999-1006.
  • SHAHBAZ, M. ve LEAN, H. (2012). “Does Financial Development Increase Energy Consumption? The Role Of Industrialization And Urbanization in Tunisia”, Energy Policy, (49): 473-479.
  • TODA, H., & YAMAMOTO, T. (1995). “Statistical İnference İn Vector Autoregressions With Possible İntegrated Processes”, Journal of Econometrics, (66): 225-250.
  • YILANCI, V. (2013). Sakarya Üniversitesi Ekonometri Kursu Ders Notları. Sakarya

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

Yıl 2015, Cilt: 20 Sayı: 2, 151 - 164, 01.06.2015

  yrd.doç.dr.fatih Burak Gümüş Arş.Gör.Mustafa Koç

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

Kaynakça

  • ALAM, A., MALIK, I., ABDULLAH, A., HASSAN, A., FARIDULLAH, AWAN, U., NASEEM, I. (2015). “Does Financial Development Contribute to SAARCS Energy Demand? From Energy Crisis To Energy Reforms”, Renewable and Sustainable Energy Reviews, 41: 818-829.
  • AL-MULALI, U. Ve SAB, C. (2012a). “The Impact of Energy Consumption and CO2 Emission on The Economic Growth And Financial Development İn The Sub Saharan African Countries”, Energy, (39): 180-186.
  • AL-MULALI, U., & SAB, C. (2012B). “The Impact of Energy Consumption and CO2 Emission On The Economic And Financial Development in 19 Selected Countries”, Renewable and Sustainable Energy Reviews, (16): 4365-4369.
  • ALTAY, B. ve TOPCU, M. (2015). “Relationship between Financial Development and Energy Consumption: The Case of Turkey”, Bulletin of Energy Economics, 3(1): 18-24.
  • ALTUNBAŞ, Y. ve KAPUSUZOĞLU, A. (2011). “The Causality Between Energy Consumption and Economic Growth in United Kingdom”, Economic Research, (9): 330-335.
  • ARESTIS, N. ve PAYNE, J. (2010). “Energy Consumption and Growth in South America: Evidence from a Panel Error Correction Model”, Energy Economics, (32): 1421- 1426.
  • BARTLEET, M. ve GOUNDER, R. (2010). “Energy Consumption and Economic Growth in New Zealand: Results of Trivariate and Multivariate Models”, Energy Policy, (38): 3505-3517.
  • BELLOUMI, M. (2009). “Energy Consumption and GDP in Tunisia: Cointegration and Cusality Analysis”, Energy Policy, (37): 2745-2753.
  • BREUER, J., MCNOWN, R. ve WALLACE, M. (2001). “The ReviewMisleading Inferences from Panel Unit-Root Tests with and Illustraiton from Purchasing Power Parity”, Review of International Economics, 9(3): 482-493.
  • BREUSCH, T. ve PAGAN, A. (1980). “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1): 239-253.
  • BRUNNSCHWEILER, C. (2009). “Finance for Renewable Energy: An Empirical Analysis of Developing and Transition Economies”, Economics Working Paper Series, 9(117): 1-33.
  • CHEUNG, Y. ve LAI, K. (1995). “Lag Order and Critical Values of the Augmented Dickey-Fuller Test”, Journal of Business & Economic Statistics, 13(3): 277-280.
  • CHTIOUI, S. (2012). “Does economic growth and financial development spur energy consumption in Tunisia?” Journal of Economics and International Finance, 4(7): 150-158.
  • ÇOBAN, S. ve TOPCU, M. (2013). “The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis”, Energy Economics, (39): 81-88.
  • DAN, Y. ve LIJUN, Z. (2009). “Financial Development and Energy Consumption: An Empirical Research Based on Guangdong Province”, International Conference on Information Management, Innovation Management and Industrial Engineering, 102-105.
  • DE FIORE, F. ve UHLIG, H. (2011). “Bank Finance Versus Bond Finance”, Credit and Banking, 43(7): 1399-1421.
  • DE HOYOS, R. E. ve SARAFIDIS, V. (2006). “Testing for Cross-sectional Dependence in Panel Data Models”, Stata Journals, 6(4): 482.
  • DOĞRU, B. (2013). “Euro Bölgesinde İşsizlik Histerezisinin İkinci Nesil Panel Birim Kök Testleri ile Analizi” Anadolu Üniversitesi Sosyal Bilimler Dergisi, 14(3): 77-86.
  • DUMITRESCU, E., & HURLIN, C. (2012). “Testing for Granger non-causality in heterogeneous panels”, Economic Modelling, 29: 1450-1460.
  • EMİRMAHMUTOĞLU, F. ve KOSE, N. (2011). “Testing For Granger Causality İn Heterogeneous Mixed Panels”, Economic Modelling, 28: 870-876.
  • GIANNETTI, M., GUISO, L., JAPELLI, T., PADULA, M. ve PAGANO, M. (2002). “Financial Integration, Corporate Financing and Economic Growth”, European Economy. Economic Papers. 10.09.2014
  • https://ideas.repec.org/p/euf/ecopap/0179.html,
  • HATEMI-J, A. (2012). “Asymmetric Causality Tests with an Application”, Emprical Economics, (43): 447-456.
  • ISLAM, F., SHAHBAZ, M., AHMED, A. ve ALAM, M. (2013). “Financial Development And Energy Consumption Nexus İn Malaysia: A Multivariate Time Series Analysis”, Economic Modelling, (30): 435-441.
  • KAKAR, Z., KHILJI, B. Ve KHAN, M. (2011). “Financial Development and Energy Consumption: Empirical Evidence from Pakistan”, International Journal of Trade, Economics and Finance, 2(6): 469-471.
  • KARANFİL, F. (2009). “How Many Times Again Will We Examine The Energy-İncome Nexus Using A Limited Range Of Traditional Econometric Tools?”, Energy Policy, (37): 1191-1194.
  • KHAN, M. ve SENHADJI, A. (2000). “Financial Development and Economic Growth: An Overview” https://www.google.com.tr/books, 21.09.2014
  • LEVINE, R. Ve ZERVOS, S. (1998). “Stock Markets, Banks, and Economic Growth”, American Economic Review, 88(3): 537-558.
  • MADDALA, G. ve SHAOWEN, W. (1999). “A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test”. Oxford Bulletın Of Economıcs And Statıstıcs, (özel sayı): 631-632.
  • MEHRARA, M. ve MUSAİ, M. (2012). “Energy Consumption, Financial Development and Economic Growth: an ARDL Approach for the Case of Iran”, International Journal of Business and Behavioral Sciences, 2(6): 92-99.
  • MERTON, R. (2004). “On Financial Innovation and Economic Growth”, Foreword in Harvard China Review, 5(1): 231-248.
  • ÖZTÜRK, I. ve ACARAVCI, A. (2010). “The Casual Relationship Between Energy Consumption and GDP in Albania, Bulgaria, Hungary and Romania: Evidence from ARDL Bound Testing Approach”, Applied Energy, (88): 1938-1943.
  • PESARAN, M. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, papers.cfm?abstract_id=572504, 01.10.2014 Paper(1240).
  • http://papers.ssrn.com/sol3/
  • SADORSKY, P. (2010). “The İmpact Of Financial Development On Energy Consumption İn Emerging Economies”, Energy Policy, (38): 2528-2535.
  • SADORSKY, P. (2011). “Financial Development And Energy Consumption in Central and Eastern European Frontier Economies”, Energy Policy, (39): 999-1006.
  • SHAHBAZ, M. ve LEAN, H. (2012). “Does Financial Development Increase Energy Consumption? The Role Of Industrialization And Urbanization in Tunisia”, Energy Policy, (49): 473-479.
  • TODA, H., & YAMAMOTO, T. (1995). “Statistical İnference İn Vector Autoregressions With Possible İntegrated Processes”, Journal of Econometrics, (66): 225-250.
  • YILANCI, V. (2013). Sakarya Üniversitesi Ekonometri Kursu Ders Notları. Sakarya
Toplam 39 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

  yrd.doç.dr.fatih Burak Gümüş Bu kişi benim

Arş.Gör.Mustafa Koç Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 20 Sayı: 2

Kaynak Göster

APA Gümüş, .B., & Koç, A. (2015). ÜLKELERİN FİNANSAL GELİŞMİŞLİKLERİ İLE ENERJİ TÜKETİMLERİ ARASINDAKİ İLİŞKİ: DÖRT KITA ÖRNEĞİ. Süleyman Demirel Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 20(2), 151-164.