Yükselen Piyasa Ekonomilerinde Finansal Gelişme, Enerji Tüketimi ve Ekonomik Büyüme İlişkisinin Analizi

Bu çalışmada, yedi yükselen piyasa ekonomisinde Türkiye, Çin, Hindistan, Arjantin, Brezilya, Malezya ve Meksika finansal gelişme, enerji tüketimi ve ekonomik büyüme arasındaki ilişki 1990-2014 dönemi için analiz edilmiştir. Analiz kapsamında, paneli oluşturan değişkenler arasında ve modelde yatay kesit bağımlılığının olup olmadığı test edilmiştir. Sonuçlar doğrultusunda, yatay kesit bağımlılığını dikkate alan ikinci nesil CADF birim kök testi uygulanmıştır. Daha sonra Westerlund ve Edgerton 2007 Eşbütünleşme testi uygulanmıştır. Son olarak değişkenler arasındaki nedensellik ilişkisi Konya 2006 nedensellik testi kullanılarak analiz edilmiştir. Analiz sonuçları, değişkenlerde ve modelde yatay kesit bağımlılığının olduğunu göstermiştir. Ayrıca değişkenlerin uzun dönemde eşbütünleşik oldukları görülmüştür. Konya 2006 nedensellik testinde, enerji tüketimden ekonomik büyümeye doğru herhangi bir nedensellik ilişkisine rastlanılmamıştır. Hindistan, Arjantin, Malezya ve Meksika için finansal gelişmeden ekonomik büyümeye doğru nedensellik ilişkisi olduğu görülmüştür.

Anahtar Kelimeler:

Finansal Gelişme, Enerji Tüketimi, Ekonomik Büyüme, Yükselen Piyasa Ekonomileri.

Analysis of Relationship Between Financial Development, Energy Consumption and Economic Growth in Emerging Market Economies

In this study, it have been analyzed financial development, energy consumption and economic growth in the seven emerging market economies Turkey, China, India, Argentina, Brazil, Malaysia and Mexico for the period 1990-2014. Under the analysis, it was tested whether there is horizontal section dependency between the variables making up the panel and in the model. In the direction of the results, a second generation CADF unit root test was applied considering the horizontal section dependency. Then, Westerlund and Edgerton 2007 cointegration test was applied. Finally, the causality relationship between the variables was analyzed using the Konya 2006 causality test. The results of the analysis showed that there is horizontal section dependency in the variables and model. In addition, variables were found to be cointegrated in the long run. In the causality test of Konya 2006 , no causality relation was found between energy consumption and economic growth. It is seen that there is a causality relation towards financial growth and economic growth for India, Argentina, Malaysia and Mexico.

Keywords:

Financial Development, Energy Consumption, Economic Growth, Emerging Market Economies.,

PDF

___

Ahmad, Najid, Hayat, Muhammad, Iuqman, Muhammad, “Energy Consumption and Economic Growth: Evidence from Pakistan”. Australian Journal of Business and Management Research. 2(6), 2012, s. 9-14.
Alimi, Santos, “Financial Deepening and Economic Growth: A System GMM Panel Analysis with Application to 7 SSA Count- ries”. MPRA, 2015, s.1-11.
Altıntaş, Halil, Ayrıçay, Yücel, “Türkiye’de Finansal Gelişme ve Ekonomik Büyüme İlişkisinin Sınır Testi Yaklaşımıyla Analizi: 2007.” Anadolu Üniversitesi Sosyal Bilimler Dergisi,10(2), , s. 71-98.
Al-Yousif, Khalifa Yousif, “Financial Development and Econo- mic Growth: Another Look at Evidence from Developing Co- untries.” Review of Financial Economics, 11(2), 2002,s. 131-150.
Doğan, Buhari, Değer, Osman, “Enerji Tüketimi, Finansal Ge- lişme ve Ekonomik Büyüme İlişkisi: Hindistan Örneklemi”. Journal of Yasar University. 11(44), 2016, s.326-338.
Erim, Neşe, Türk, Armağan, “Finansal Gelişme ve İktisadi Bü- yüme.” Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (2), 2005, s.21-45.
Fatai, Basiru, “Energy Consumption and Economic Growth Nexus: Panel Co-integration and Causality Tests for Sub- Saharan Africa.” Journal of Energy in Southern Africa. 25(4), , 93-100.
Khadraoui, Noureddine, Smida, Mounir, “Financial Develop- ment and Economic Growth: Static and Dynamic Panel Data Analysis.” International Journal of Economics and Finance. 4(5), , s. 94-104.
Konya, Laszlo, “Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach”. Economic Modeling, 23, 2006, s. 978-992.
Leitao, Nuno, “Financial Development and Economic Growth: A Panel Data Approach.” Theoretical and Applied Economics, (10), 2010,s. 15-24.
Nanthakumar, Loganathan, Subramaniam, Thirunaukarasu, “Dynamic Cointegration Link between Energy Consumption and Economic Performance: Empirical Evidence from Malay- sia.” International Journal of Trade, Economics and Finance, (3), 2010,s. 261-267.
Nondo, Chali, Kahsai, Mulugeta, “Energy Consumption and Economic Growth: Evidence from COMESA Countries.” Sout- hern Agricultural Economics Association Annual Meeting, At- lanta, Georgia. 2009,s.1-17.
Özcan, Burcu, Arı, Ayşe. “Finansal Gelişme ve Ekonomik Bü- yüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örne- ği.” Business and Economics Research Journal, 2(1), 2011,s. 121
Pesaran, M. Hashem, “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence.” Journal of Applied Econometrics, 22, 2007, s. 365-312.
Pesaran, M.Hashem, Yamagata, Takashi, “Testing Slope Ho- mogeneity in Large Panels.” Journal of Econometrics, 142, 2008, s.50-93.
Pesaran, M.Hashem, Ullah, Aaman, Yamagata, Takashi, A Bias-adjusted LM Test of Error Cross-Section Independence. Econometrics Journal, 11, 2008, s.105-127.
Rana, Rezwanul Hasan, Barua, Suborna, “Financial Develop- ment and Economic Growth: Evidence from A Panel Study on South Asian Countries.” Asian Economic and Financial Review. (10), 2015, s. 1159-1173.
Saidi, Kais, Hammami, Sami, “Energy Consumption and Eco- nomic Growth Nexus: Empirical Evidence from Tunisia.” Ame- rican Journal of Energy Research, 2(4), 2014, s.81-89.
Sghaier, Imen Mohamed, Abida, Zouheir , “Foreign Direct In- vestment, Financial Development and Economic Growth: Em- pirical Evidence from North African Countries.” Journal of International and Global Economic Studies, 6(1), 2013, s. 1-13.
Shahateet, Mohammed, Al-Majali, Khalid Ali, Al-Hahabashnen, Fedel, “Causality and Cointegration between Economic Growth and Energy Consumption: Econometric Evidence from Jordan.” International Journal of Economics and Finance, 6(10), : 270-279.
Vafaeirad, Mohammad, Mohammadiha, Mohsen, Goodarzy, Yazdan, “Energy Consumption and GDP in Selected Asian Countries: A Cointegrated Panel Analysis.” Journal of Asian Scientific Research, 2015, 5(4), 2015, s.177-184.
Westerlund, Joakim, Edgerton, David, “A Panel Boostrap Coin- tegration Test.” Economic Letters, 97, 2007, s. 185-190.