FİNANSAL GELİŞMENİN ENERJİ TÜKETİMİNE ETKİSİ: OECD ÜLKELERİ ÜZERİNE BİR UYGULAMA

Bu çalışmanın amacı,1995-2014 yılları için OECD ülkelerinde finansal gelişmenin enerji tüketimi üzerindeki etkisini analiz etmektir. Bu amaçla panel eşbütünleşme, panel nedensellik ve panel eşbütünleşme FMOLS ve DOLS tahmincileri kullanılmıştır. Finansal gelişme ve enerji tüketimi değişkenleri arasındaki uzun dönemli ilişki Pedroni eşbütünleşme testi ile ortaya konulmuştur. Uygulanan Granger nedensellik test sonuçlarına göre finansal gelişme enerji tüketiminin nedenidir. Nedensellik testi sonuçları koruma hipotezini desteklemektedir. Eşbütünleşme testinin güvenilirliğini ölçmek için model, DOLS ve FMOLS ile tahmin edilmiştir. Her iki tahmin yöntemine göre de regresyon katsayılarının yönleri açısından aynı ancak katsayı büyüklükleri diğer bir deyişle etki güçleri ve istatistiksel anlamlılıkları bakımından farklı sonuçlar elde edilmiştir. Çalışma, finansal gelişmenin hem kısa ve hem de uzun dönemde OECD ülkelerinde enerji tüketimini etkileyen faktörlerden birisi olduğunu ortaya koymaktadır.

Anahtar Kelimeler:

Finansal Gelişme, Enerji Tüketimi, OECD Ülkeleri, Panel Veri Analizi

THE IMPACT OF FINANCIAL DEVELOPMENT ON ENERGY CONSUMPTION: AN APPLICATION ON OECD COUNTRIES

This study examines the impact of financial development on energy consumption in OECD countries using panel cointegration, panel causality and panel cointegration DOLS&FMOLS estimation techniques over the period 1995-2014. The long-run relationship between the variables of financial development and energy consumption is revealed by the Pedroni cointegration test. The Granger causality results show unidirectional causal relationship running from financial development to energy consumption. Causality test results support the conservation hypothesis. To test the reliability of the cointegration test, the model was estimated by DOLS and FMOLS. According to the two estimation methods, the regression coefficients are the same in terms of the directions, but different results are obtained in terms of coefficient magnitudes, in other words, their influence powers and statistical significance. The study revealed that financial development is one of the factors affecting energy consumption in OECD countries in both short and long term.

Keywords:

Financial Development, Energy Consumption, OECD Countries, Panel Data Analysis,

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