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FİNANSAL GELİŞME VE ENERJİ TÜKETİMİ ARASINDAKİ İLİŞKİ: SEÇİLMİŞ OECD ÜLKELERİ ÜZERİNE PANEL EŞBÜTÜNLEŞME ANALİZİ

Year 2017, Volume: 12 Issue: 1, 39 - 50, 30.06.2017

Abstract

Enerji
tüketimi ile ekonomik büyüme arasındaki gerek kısa dönemli gerekse uzun dönemli
ilişki birçok çalışmada irdelenmiştir. Ancak ekonomik büyümenin önemli
unsurlarından bir tanesi olan finansal gelişmişlik düzeyi ile enerji tüketimi
arasında çok fazla bir çalışma söz konusu değildir. Bu çalışmanın temel amacı,
ülkelerin finansal gelişmişlik düzeyleri ile enerji tüketimleri arasındaki
nedensellik ilişkisini araştırmaktır. Enerji tüketimine konu olan enerji
kaynaklarını ticari enerji kaynakları ve ticari olmayan enerji kaynakları şeklinde
iki kısım halinde incelemek mümkündür. Bu kapsamda ticari nitelik taşıyan
enerji kaynakları, ulusal ve uluslararası piyasası olan geniş kapsamlı bir endüstriyel
modern ekonominin gereksinimini karşılayan enerji formlarını kapsayıcı olarak
ifade edilebilir. Ticari niteliği olmayan enerji ise, geleneksel ekonomideki
sektörlerin kullandığı enerji olarak görülebilir. Kişi başına düşen enerji
tüketimi ve enerji yoğunluğu kavramları iki önemli enerji göstergesi olarak
kabul edilebilirken enerji yoğunluğu, gayri safi milli hâsıla başına tüketilen
birincil enerji miktarını temsil eden ve tüm dünyada kullanılan bir göstergedir.
Finansal gelişme kavramı ise, bir ülkedeki finans
piyasasında kullanılan araçların çeşitliliğinin artması ve bu araçların daha
yaygın olarak kullanılır hale gelmesi şeklinde tanımlanabilirken, diğer yandan
daha genel kapsamlı olarak finansal piyasaların gelişmişliği olarak da ifade edilmektedir.
Finansal piyasaların gelişmişliğinin ölçülmesinde ulusal ve uluslararası bazdaki
tasarrufların aktif hale getirilme düzeyi önemli bir gösterge olmaktadır.
Çalışmada, OECD üyesi ülkelerden veri temini açısından sıkıntı yaşamadığımız
toplam 14 ülke için 1992 ile 2014 yılları arasındaki yıllık veriler
kullanılarak Panel Kointegrasyon analizi yapılmış, uzun dönemli ilişki
araştırması yanı sıra, nedensellik analizi de yapılarak kısa dönemli ilişki
araştırılmıştır.

References

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  • -Al-Yousif, Y.K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Rev. Financ. Econ. 11 (2), 131–150.
  • -Antonios, A. (2010). Financial development and economics growth a comperative study between 15 European Union member states. Int. Res. J. Financ. Econ. 35, 143–149.
  • -Apergis, N., Payne, J.E. (2010). Energy Consumption and Growth in South America: Evidence From a Panel Error Correction Model. Energy Economy. 32 (6), 1421–1426.
  • -Apergis, N., Tang, C.F. (2013). Is the Energy-Led Growth Hypothesis Valid? New Evidence From a Sample of 85 Countries. Energy Economy. 38, 24–31.
  • -Aydın, F. F. (2010). Enerji Tüketimi ve Ekonomik Büyüme, E.Ü. İİBF Dergisi, Sayı:35, Ocak-Temmuz 2010.
  • -Baltagi, B.H., 2005. Econometric analysis of panel data. 3rd Edn., USA: John Wiley & Sons.
  • -Bardhan, P. (1989). The New Institutional Economics and Development Theory: A Brief Critical Assessment, World Development, 17(9), pp.1389- 95.
  • -Ceylan, A. (2001). İşletmelerde Finansal Yönetim, 7.b. Ekin Kitabevi, Bursa.
  • -Chtioui, S. (2012). Does Economic Growth and Financial Development Spur Energy Consumption in Tunisia? J. Econ. Int. Financ. 4 (7), 150–158.
  • -Ciaretta, A., Zarraga, A. (2010). Economic Growth-electricity Consumption Causality in 12 European Countries: A Dynamic Panel Data Approach. Energy Policy 38 (7), 3790–3796.
  • -Çil Yavuz N. 2015 Finansal Ekonometri, DER Yayınları, İstanbul.
  • -Çoban S., Topçu M.(2013). The Nexus Between Financial Development and Energy Consumption in the EU: A Dynamic Panel Data Analysis, Energy Economics, 39 (2013) p.81-88.
  • -Erim N., Türk A. (2005). Finansal Gelişme ve İktisadi Büyüme, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü (10)/2 ss.21-45.
  • -Floro, Sagrario ve Yotopoulos, Pan (1992). “Income Distribution, Transaction Costs and Market Fragmentation in Informal Credit Markets”, Cambridge Journal of Economics, Vol.16. ss:303-326.
  • -Fung, M.K. (2009). Financial Development and Economic Growth: Convergence or Divergence? J. Int. Money Finance 28 (1), 56–67.
  • -Hsiao, C. 2014. Analysis of panel data (No. 54). Cambridge university press.:
  • -IEA (2016). Energy Policies of IEA Countries Turkey, http://www.iea.org/countries/membercountries/turkey/
  • -Im, K.S., M.H. Pesaran and Y. Shin, 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1): 53-74.
  • -Islam F., Shahbaz M., Ahmed A., Alam M. (2013). Financial Development and Energy Consumption Nexus in Malaysia: A Multivariate Time Series Analysis, Economic Modelling, 30 (2013) p.435-441.
  • -Kao, C., 1999. Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1): 1-44.
  • -Kumar, P.C. (1994). Financial Intermediation Through Development Banks, Internal Sources of Development Finance, Quorum Books, 1994:167.
  • -Levin, C.F. Lin and C.S.J. Chu, 2002. Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1): 1-24.
  • -Masten, A.B. Coricelli, F., Masten, I., (2008). Non-linear growth effects of financial development: does financial integration matter? J. Int. Money Finance 27 (2), 295–313.
  • -Medlock, K. B. ve Soligo R. (2001). Economic Development and End-Use Energy Demand, The Energy Journal, 22(2), pp. 77105.
  • -Menegaki, A.N. (2011). Growth and renewable energy in Europe: a random effect model with evidence for neutrality hypothesis. Energy Econ. 33 (2), 257–263.
  • -Narayan, P.K., Smyth, R. (2008). Energy consumption and real GDP in G7 countries: new evidence from panel cointegration with structural breaks. Energy Econ. 30 (5), 2331–2341.
  • -Nazlioglu, S. and U. Soytaş, 2012. Oil price, agricultural commodity prices, and the dollar: A panel cointegration and causality analysis. Energy Economics, 34(4): 1098-1104.
  • -Pedroni, P., 1999. Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(November Special Issue): 653–669.
  • -Pedroni, P., 2000. Fully modified OLS for heterogeneous cointegrated panels. Adv. Econ, 15(1): 93–130.
  • -Pedroni, P., 2004. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(03): 597-625
  • -Pirlogea, C., Cicea, C. (2012). Econometric perspective of the energy consumption and economic growth relation in European Union. Renew. Sustain. Energy Rev. 16 (8), 5718–5726.
  • -Sadorsky, P. (2011). Financial Development and Energy Consumption in Central and Eastern European Frontier Economies. Energy Policy 39 (2), 999–1006.
  • -Sarı, R. Soytaş, U. (2007). The growth of income and energy consumption in six developing countries. Energy Policy 35 (2), 889–898.
  • -Shahbaz M., Lean H.H. (2011). Does Financial Development Increase Energy Consumption? The Role of Industrialization and Urbanization in Tunisia, Energy Policy, 40 (2012) p. 473-479.
  • -WEO, (2012). World Energy Outlook, http://www.worldenergyoutlook.org/weo2012/
  • -Wu, J.L., Hou, H., Cheng, S.Y. (2010). The dynamic impacts of financial instutuions on economics growth: evidence from the European Union. J. Macroecon. 32, 879–891.
  • -Zagorchev, A., Vasconcellos, G., Bae, Y. (2011). Financial development, technology, growth and performance: evidence from the accession to the EU. J. Int. Financ. Mark. Inst. Money 21 (5), 743–759.
Year 2017, Volume: 12 Issue: 1, 39 - 50, 30.06.2017

Abstract

References

  • -Agir, H., M. Kar and Ş. Nazlioglu, 2011. Do remittances matter for financial development in the MENA region? Panel cointegration and causality analysis. Empirical Economics Letters, 10(5): 449-456.
  • -Al-Yousif, Y.K. (2002). Financial development and economic growth: another look at the evidence from developing countries. Rev. Financ. Econ. 11 (2), 131–150.
  • -Antonios, A. (2010). Financial development and economics growth a comperative study between 15 European Union member states. Int. Res. J. Financ. Econ. 35, 143–149.
  • -Apergis, N., Payne, J.E. (2010). Energy Consumption and Growth in South America: Evidence From a Panel Error Correction Model. Energy Economy. 32 (6), 1421–1426.
  • -Apergis, N., Tang, C.F. (2013). Is the Energy-Led Growth Hypothesis Valid? New Evidence From a Sample of 85 Countries. Energy Economy. 38, 24–31.
  • -Aydın, F. F. (2010). Enerji Tüketimi ve Ekonomik Büyüme, E.Ü. İİBF Dergisi, Sayı:35, Ocak-Temmuz 2010.
  • -Baltagi, B.H., 2005. Econometric analysis of panel data. 3rd Edn., USA: John Wiley & Sons.
  • -Bardhan, P. (1989). The New Institutional Economics and Development Theory: A Brief Critical Assessment, World Development, 17(9), pp.1389- 95.
  • -Ceylan, A. (2001). İşletmelerde Finansal Yönetim, 7.b. Ekin Kitabevi, Bursa.
  • -Chtioui, S. (2012). Does Economic Growth and Financial Development Spur Energy Consumption in Tunisia? J. Econ. Int. Financ. 4 (7), 150–158.
  • -Ciaretta, A., Zarraga, A. (2010). Economic Growth-electricity Consumption Causality in 12 European Countries: A Dynamic Panel Data Approach. Energy Policy 38 (7), 3790–3796.
  • -Çil Yavuz N. 2015 Finansal Ekonometri, DER Yayınları, İstanbul.
  • -Çoban S., Topçu M.(2013). The Nexus Between Financial Development and Energy Consumption in the EU: A Dynamic Panel Data Analysis, Energy Economics, 39 (2013) p.81-88.
  • -Erim N., Türk A. (2005). Finansal Gelişme ve İktisadi Büyüme, Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü (10)/2 ss.21-45.
  • -Floro, Sagrario ve Yotopoulos, Pan (1992). “Income Distribution, Transaction Costs and Market Fragmentation in Informal Credit Markets”, Cambridge Journal of Economics, Vol.16. ss:303-326.
  • -Fung, M.K. (2009). Financial Development and Economic Growth: Convergence or Divergence? J. Int. Money Finance 28 (1), 56–67.
  • -Hsiao, C. 2014. Analysis of panel data (No. 54). Cambridge university press.:
  • -IEA (2016). Energy Policies of IEA Countries Turkey, http://www.iea.org/countries/membercountries/turkey/
  • -Im, K.S., M.H. Pesaran and Y. Shin, 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1): 53-74.
  • -Islam F., Shahbaz M., Ahmed A., Alam M. (2013). Financial Development and Energy Consumption Nexus in Malaysia: A Multivariate Time Series Analysis, Economic Modelling, 30 (2013) p.435-441.
  • -Kao, C., 1999. Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1): 1-44.
  • -Kumar, P.C. (1994). Financial Intermediation Through Development Banks, Internal Sources of Development Finance, Quorum Books, 1994:167.
  • -Levin, C.F. Lin and C.S.J. Chu, 2002. Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1): 1-24.
  • -Masten, A.B. Coricelli, F., Masten, I., (2008). Non-linear growth effects of financial development: does financial integration matter? J. Int. Money Finance 27 (2), 295–313.
  • -Medlock, K. B. ve Soligo R. (2001). Economic Development and End-Use Energy Demand, The Energy Journal, 22(2), pp. 77105.
  • -Menegaki, A.N. (2011). Growth and renewable energy in Europe: a random effect model with evidence for neutrality hypothesis. Energy Econ. 33 (2), 257–263.
  • -Narayan, P.K., Smyth, R. (2008). Energy consumption and real GDP in G7 countries: new evidence from panel cointegration with structural breaks. Energy Econ. 30 (5), 2331–2341.
  • -Nazlioglu, S. and U. Soytaş, 2012. Oil price, agricultural commodity prices, and the dollar: A panel cointegration and causality analysis. Energy Economics, 34(4): 1098-1104.
  • -Pedroni, P., 1999. Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(November Special Issue): 653–669.
  • -Pedroni, P., 2000. Fully modified OLS for heterogeneous cointegrated panels. Adv. Econ, 15(1): 93–130.
  • -Pedroni, P., 2004. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(03): 597-625
  • -Pirlogea, C., Cicea, C. (2012). Econometric perspective of the energy consumption and economic growth relation in European Union. Renew. Sustain. Energy Rev. 16 (8), 5718–5726.
  • -Sadorsky, P. (2011). Financial Development and Energy Consumption in Central and Eastern European Frontier Economies. Energy Policy 39 (2), 999–1006.
  • -Sarı, R. Soytaş, U. (2007). The growth of income and energy consumption in six developing countries. Energy Policy 35 (2), 889–898.
  • -Shahbaz M., Lean H.H. (2011). Does Financial Development Increase Energy Consumption? The Role of Industrialization and Urbanization in Tunisia, Energy Policy, 40 (2012) p. 473-479.
  • -WEO, (2012). World Energy Outlook, http://www.worldenergyoutlook.org/weo2012/
  • -Wu, J.L., Hou, H., Cheng, S.Y. (2010). The dynamic impacts of financial instutuions on economics growth: evidence from the European Union. J. Macroecon. 32, 879–891.
  • -Zagorchev, A., Vasconcellos, G., Bae, Y. (2011). Financial development, technology, growth and performance: evidence from the accession to the EU. J. Int. Financ. Mark. Inst. Money 21 (5), 743–759.
There are 38 citations in total.

Details

Journal Section Articles
Authors

Mehmet Emin Erçakar

Çağatay Başarır

Publication Date June 30, 2017
Published in Issue Year 2017 Volume: 12 Issue: 1

Cite

APA Erçakar, M. E., & Başarır, Ç. (2017). FİNANSAL GELİŞME VE ENERJİ TÜKETİMİ ARASINDAKİ İLİŞKİ: SEÇİLMİŞ OECD ÜLKELERİ ÜZERİNE PANEL EŞBÜTÜNLEŞME ANALİZİ. Bilgi Ekonomisi Ve Yönetimi Dergisi, 12(1), 39-50.