Türkiye’de Doğrudan Yabancı Yatırımlar, Karbon Emisyonu ve İktisadi Büyüme: Veriye Dayalı Bir Analiz

Doğrudan yabancı yatırımların ülkelerin kalkınmalarında oynadığı önemli rolün ötesinde, literatürde üzerinde sıkça durulan bir diğer konu ise, doğrudan yabancı yatırımların enerji tüketimi üzerindeki etkisi ve çevresel sonuçlarıdır. Bu çalışmada, 1974 – 2014 dönemi için Türkiye’de doğrudan yabancı yatırımlar, karbon emisyonu, enerji tüketimi, ekonomik büyüme ve bazı diğer ekonomik değişkenler arasındaki tümevarımlı nedensel çıkarım şablonları, Yönlendirilmiş Döngüsüz Graflar (DAGs) metodu kullanılarak incelenmiştir. Böylece bu değişkenler arasındaki dolaylı ve dolaysız nedenselliklerin ortaya çıkarılması ve doğrudan yabancı yatırımların çevresel sonuçlarının ortaya çıkarılması amaç edinilmiştir. Elde edilen DAGs şablonları, doğrudan yabancı yatırımların dolaylı olarak ticaret üzerinden karbon emisyonlarını tetiklediğini, karbon emisyonları ve enerji tüketiminin ise ekonomik büyümeyi takip ettiğini ortaya koymaktadır. DAG şablonları ayrıca, kirliliğin, enerji tüketimi ve çalışmada enerji tüketiminin doğrudan nedeni olduğu tespit edilen iç yatırımların önemli bir belirleyicisi olduğunu göstermektedir.

Foreign Direct Investment, Carbon Emission And Economic Growth in Turkey: A Data Driven Analysis

Beyond the important role of foreign direct investments in the development of countries, the impact of foreign direct investment on energy consumption and its environmental consequences are also of interest in the literature. In this study, we empirically examine the causal patterns among foreign direct investment, CO2 emissions, economic growth, and some other economic factors in Turkey for the period 1974 – 2014 using Directed Acyclic Graphs (DAGs). In doing so, we attempt to shed light on both the direct and indirect causation between these factors and reveal the environmental consequences of foreign direct investment. The resulting DAG patterns suggest that foreign direct investment has an indirect effect on CO2 emissions through an intermediate variable, trade, whereas both carbon emissions and energy consumption follows economic growth. The DAGs pattern also signifies that pollution is a significant determinant of energy consumption and domestic investment which seems to be the direct cause of energy consumption. 

___

  • Abosedra, S. ve Baghestani, H. (1991). New Evidence on The Causal Relationship between United States Energy Consumption and Gross National Product. Journal of Energy and Development, 14, 285-292.
  • Acar, Y., Gürdal, T. ve Ekeryılmaz, Ş. (2018). Environmental Kuznets Curve for CO2 Emissions: An Analysis for Developing, Middle East, OECD and OPEC Countries. Environmental & Socio-economic Studies, 6(4), 48-58.
  • Akarca, A. T. ve Long, T. V. (1980). On The Relationship Between Energy and GNP: A Reexamination. Journal of Energy Development, 5, 326-331.
  • Akın, C. S. (2014). The Impact of Foreign Trade, Energy Consumption And Income on CO2 Emissions. International Journal of Energy Economics and Policy, 4(3), 465-475.
  • Akinlo, A. E. (2008). Energy Consumption and Economic Growth: Evidence from 11 Sub-Sahara African Countries. Energy Economics, 30, 2391-2400.
  • Akpan, G. E. ve Akpan, U. F. (2012). Electricity Consumption, Carbon Emissions and Economic Growth in Nigeria. International Journal of Energy Economics and Policy, 2(4), 293-308.
  • Ang, J. (2007). CO2 Emissions, Energy Consumption, and Output in France. Energy Policy, 35, 4772 - 4778.
  • Apergis, N. ve Payne, J. E. (2009). Energy Consumption and Economic Growth in Central America: Evidence from a Panel Co-integration and Error Correction Model. Energy Economics, 31, 211-216.
  • Arora, V. ve Shi, S. (2016). Energy Consumption and Economic Growth in the United States. Applied Economics, 48(39), 3763-3773.
  • Arouri, M. E., Youssef, A., M’henni, H. ve Rault, C. (2012). Energy Consumption, Economic Growth and CO2 Emissions in Middle East and North African Countries. Energy Policy, 45, 342-349.
  • Aslanidis, N. ve Iranzo, S. (2009). Environment and Development: Is There a Kuznets Curve for CO2 Emissions? Applied Economics, 41(6), 803-810.
  • Aye, G. C. ve Edoja, P. E. (2017). Effect of Economic Growth on CO2 Emission in Developing Countries: Evidence from a Dynamic Panel Threshold Model. Cogent Economics and Finance, 5(1), 1-22.
  • Bartleet, M. ve Gounder, R. (2010). Energy Consumption and Economic Growth in New Zealand: Results of Trivariate and Multivariate Models. Energy Policy, 38(7), 3508-3517.
  • Belke, A., Dobnik, F. ve Dreger, C. (2011). Energy Consumption and Economic Growth: New Insights into the Co-integration Relationship. Energy Economics, 33(5), 782-789.
  • Belloumi, M. (2009). Energy Consumption and GDP in Tunisia: Cointegration and Causality Analysis. Energy Policy, 37(7), 2745-2753.
  • Benli, M. (2019). Yabancı Portföy Yatırımı – İktisadi Büyüme İlişkisi: Yönlendirilmiş Döngüsüz Graflar Analizi. Erciyes Üniversitesi İ.İ.B.F. Dergisi, Sayı: 53, 59-72.
  • Birdsall, N. ve Wheeler, D. (1993). Trade Policy and Industrial Pollution in Latin America: Where are the Pollution Havens? Journal of Environment and Development, 2, 137-149.
  • Bloch, H., Rafiq, S. ve Salim, R. A. (2012). Coal Consumption, CO2 Emission and Economic Growth in China: Empirical Evidence and Policy Responses. Energy Economics, 34, 518-528.
  • Bölük, G. ve Mert, M. (2014). Fossil & Renewable Energy Consumption, GHGS (Greenhouse Gases) and Economic Growth: Evidence from a Panel of EU (European Union) Countries. Energy, 74, 439-446.
  • Bölük, G. ve Mert, M. (2015). The Renewable Energy, Growth and Environmental Kuznets Curve in Turkey: An ARDL Approach. Renewable and Sustainable Energy Reviews, 52, 587-595.
  • Bouttabba, M. A. (2014). The Impact of Financial Development, Income, Energy and Trade on Carbon Emissions: Evidence from the Indian Economy. Economic Modelling, 40, 33-41.
  • Chandran, V. G. R. ve Tang, C. F. (2013). The Impacts of Transport Energy Consumption, Foreign Direct Investment and Income on CO2 Emissions in ASEAN-5 Economies. Renewable and Sustainable Energy Reviews, 24, 445-453.
  • Cole, M. A. (2005). Re-Examining the Pollution–Income Relationship: A Random Coefficients Approach. Economics Bulletin, 14, 1-7.
  • Demiralp, S. ve Hoover, K. D. (2003). Searching for the Causal Structure of a Vector Autoregression. Oxford Bulletin of Economics and Statistics, 65(1), 745-767.
  • Erol, U. ve Yu, E. S. H. (1987). On the Causal Relationship between Energy and Income for Industrialized Countries. Journal of Energy and Development, 13, 113-122.
  • Eskeland, G. S. ve Harrison, A. E. (2003). Moving to Greener Pasture? Multinationals and The Pollution Haven Hypothesis. Journal of Development Economics, 70(1), 1-23.
  • Farhani, S. ve Rejeb, J. B. (2012). Energy Consumption, Economic Growth and CO2 Emissions: Evidence from Panel Data for MENA Region. International Journal of Energy Economics and Policy, 2(2), 71-81.
  • Galeotti, M., Lanza, A. ve Pauli, F. (2006). Reassessing the Environmental Kuznets Curve for CO2 Emissions: A Robustness Exercise. Ecological Economics, 57, 152-163.
  • Ghali, K. H. ve El-Sakka, M. I. T. (2004). Energy and Output Growth in Canada: A Multivariate Co-integration Analysis. Energy Economics, 26, 225-238.
  • Grimes, P. ve Kentor, J. (2003). Exporting the Greenhouse: Foreign Capital Penetration and CO2 Emissions 1980-1996. Journal of World-Systems Research, 9, 261-276.
  • Grossman, G. M. ve Krueger, A. B. (1995). Economic Growth and the Environment. The Quarterly Journal of Economics, 110(2), 353-77.
  • Halıcıoğlu, F. (2009). An Econometric Study Of CO2 Emissions, Energy Consumption, Income and Foreign Trade in Turkey. Energy Policy, 37, 1156-1164.
  • Haughton, D., Kamis, A. ve Scholten, P. (2006). A Review of Three Directed Acyclic Graphs Software Packages: MIM, Tetrad, and WinMine, The American Statistician, 60(3), 272-286.
  • Herrerias, M. J., Joyeux, R. ve Girardin, E. (2013). Short-and Long-Run Causality between Energy Consumption and Economic Growth: Evidence Across Regions in China. Applied Energy, 112, 1483-1492.
  • Hoffman, R., Lee, C. G., Ramasamy, B. ve Yeung, M. (2005). FDI and Pollution: A Granger Causality Test Using Panel Data. Journal of International Development, 17(3), 311-317.
  • Holtz-Eakin, D. ve Selden T. (1995). Stoking the Fires? CO2 Emissions and Economic Growth? Journal of Public Economics, 57, 85-101.
  • Hondroyiannis, G., Lolos, S. ve Papapetrou, E. (2002). Energy Consumption and Economic Growth: Assessing the Evidence From Greece. Energy Economics, 24, 319-336.
  • Huang, B. N., Hwang, M. J. ve Yang, C. W. (2008). Causal Relationship between Energy Consumption and GDP Growth Revisited: A Dynamic Panel Data Approach. Ecological Economics, 67, 41-54.
  • Iwata, H., Okada, K. ve Samreth, S. (2010). Empirical Study on the Environmental Kuznets Curve for CO2 in France: The Role of Nuclear Energy. Energy Policy, 38(8), 4057-4063.
  • Jayanthakumaran, K., Verma R. ve Liu, Y. (2012). CO2 Emissions, Energy Consumption, Trade and Income: A Comparative Analysis of China And India. Energy Policy, 42, 450-460.
  • Jinke, L., Hualing, S. Ve Dianming G. (2008). Causality Relationship between Coal Consumption and GDP: Difference of Major OECD and non-OECD Countries. Applied Energy, 85, 421-429.
  • Khachoo, Q. ve Sofi, I. (2014). The Emissions, Growth, Energy Use and FDI Nexus: Evidence from BRICSAM. International Journal of IT, Engineering and Applied Sciences Research, 3(8), 1-9.
  • Kijima, M., Nishibe K. ve Ohyama A. (2010). Economic Modeling for the Enviromental Kuznets Curve: A Survey. Journal of Economic Dynamics & Control, 34, 1187-1201.
  • Kivyiro, P. ve Arminen, H. (2014). Carbon Dioxide Emissions, Energy Consumption, Economic Growth, and Foreign Direct Investment: Causality Analysis for Sub-Saharan Africa. Energy, 74, 595-606.
  • Kohler, M. (2013). CO2 Emissions, Energy Consumption, Income and Foreign Trade: A South African Perspective. Economic Research Southern Africa, ERSA Working Paper 356.
  • Kraft, J. ve Kraft, A. (1978). On the Relationship between Energy and GNP. Journal of Energy and Development, 3, 401-403.
  • Kuznets S. (1955). Economic Growth and Income Inequality. American Economic Review, 45, 1-28.
  • Lau, L., Choong C. ve Eng, K. (2014). Investigation of The Environmental Kuznets Curve for Carbon Emissions in Malaysia: Do Foreign Direct Investment And Trade Matter? Energy Policy, 68, 490-497.
  • Lee, C. C. and Chang, C. P. (2005). Structural Breaks, Energy Consumption, and Economic Growth Revisited: Evidence from Taiwan. Energy Economics, 27, 857-872.
  • Lee, C.C. and Chang, C. P. (2008). Energy Consumption and Economic Growth in Asian Economies: A More Comprehensive Analysis Using Panel Data. Resource and Energy Economics, 30, 50-65.
  • Lee, J. W. (2013). The Contribution of Foreign Direct Investment to Clean Energy Use, Carbon Emissions and Economic Growth. Energy Policy, 55, 483-489.
  • Letchumanan, R. and Kodama, F. (2000). Reconciling the Conflict between The ‘Pollution Havens’ Hypothesis and an Emerging Trajectory of International Technology Transfer. Research Policy, 29, 59-79.
  • Linh, D. H. and Lin, S. (2014). CO2 Emissions, Energy Consumption, Economic Growth and FDI In Vietnam. Managing Global Transitions, 12(3), 219-232.
  • List, J. A. and Co, C. Y. (2000). The Effect of Environmental Regulation on Foreign Direct Investment. Journal of Environmental Economics and Management, 40, 1-20.
  • Magazzino, C. (2016). The Relationship between Real GDP, CO2 Emissions, and Energy Use in The GCC Countries: A Time Series Approach. Cogent Economics & Finance, 4(1), 1-20.
  • Managi, S. ve Pradyot R. J. (2008). Environmental Productivity and Kuznets Curve in India. Ecological Economics, 65, 432 – 440.
  • Masih, A. M. M. ve Masih, R. (1996). Energy Consumption, Real Income and Temporal Causality: Results from A Multi-country Study Based on Co-Integration and Error-Correction Modeling Techniques. Energy Economics, 18, 165-183.
  • Narayan, P. K. ve Narayan, S. (2010). Carbon Dioxide Emissions and Economic Growth: Panel Data Evidence from Developing Countries. Energy Policy, 38(1), 661-666.
  • Narayan, P. K. ve Smyth, R. (2007). Energy Consumption and Real GDP in G7 Countries: New Evidence from Panel Co-integration with Structural Breaks. Energy Economics, 30, 2331-2341.
  • Osabuohien E. S., Efobi U. R. ve Gitau C. M. (2004). Beyond the Environmental Kuznets Curve in Africa: Evidence from Panel Cointegration. Journal of Environmental Policy and Planning, 16(4), 517-538.
  • Özokçu, S. ve Özdemir, Ö. (2017). Economic Growth, Energy and Environmental Kuznets Curve. Renewable and Sustainable Energy Reviews, 72, 639-647.
  • Öztürk, İ. ve Acaravcı, A. (2010). CO2 Emissions, Energy Consumption and Economic Growth in Turkey. Renewable and Sustainable Energy Reviews, 14, 3220-3225.
  • Öztürk, Z. ve Öz, D. (2016). The Relationship between Energy Consumption, Income, Foreign Direct Investment, and CO2 Emissions: The Case of Turkey. Çankırı Karatekin Üniversitesi İİBF Dergisi, 6(2), 269-288.
  • Pao, H. ve Tsai, C. (2011). Multivariate Granger Causality between CO2 Emissions, Energy Consumption, FDI (Foreign Direct Investment) and GDP (Gross Domestic Product): Evidence From a Panel Of BRIC (Brazil, Russian Federation, India, And China) Countries. Energy, 36, 685-693.
  • Paul, S. ve Bhattacharya, R. N. (2004). Causality between Energy Consumption and Economic Growth in India: A Note on Conflicting Results. Energy Economics, 26, 977-983.
  • Pearl, J. (1995). Causal Diagrams for Empirical Research, Biometrika, 82(4), 669-688.
  • Pesaran, M. H., Shin, Y. ve Smith R. J. (2001). Bounds Testing Approaches to the Analysis ff Level Relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Porter, M. E. ve van der Linde, C. (1995). Towards a New Conception of the Environmental-Competitiveness Relationship. Journal of Economic Perspective, 9, 97-118.
  • Richmond, A. K. ve Kaufmann, R. K. (2006). Is There a Turning Point in the Relationship between Income and Energy Use and/or Carbon Emissions? Ecological Economics, 56(2), 176-189.
  • Roberts, J. T. ve Grimes, P. E. (1997). Carbon Intensity and Economic Development 1962-91: A Brief Exploration of the Environmental Kuznets Curve. World Development, 25(2), 191-8.
  • Saboori, B. ve Sulaiman, J. (2013). Environmental Degradation, Economic Growth and Energy Consumption: Evidence of the Environmental Kuznets Curve in Malaysia. Energy Policy, 60, 892-905.
  • Saboori, B., Sulaiman, J. ve Mohammed, S. (2012). Economic Growth And CO2 Emissions in Malaysia: A Cointegration Analysis of the Environmental Kuznets Curve. Energy Policy, 51, 184-191.
  • Saidi, K. ve Hammami, S. (2015). The Impact of Energy Consumption and CO2 Emissions on Economic Growth: Fresh Evidence from Dynamic Simultaneous-Equations Models. Sustainable Cities and Society, 14, 178-186.
  • Salahuddin, M. ve Gow, J. (2014). Economic Growth, Energy Consumption and CO2 Emissions in Gulf Cooperation Council Countries. Energy, 73, 44-58.
  • Selden, T. ve Song, D. (1994). Environmental Quality and Development: Is There a Kuznets Curve for Air Pollution Emissions? Journal of Environmental Economics and Management, 27, 147-162.
  • Shahbaz, M., Zeshan, M. and Afza, T. (2012). Is Energy Consumption Effective to Spur Economic Growth in Pakistan? New Evidence from Bounds Test to Level Relationships and Granger Causality Tests. Economic Modeling, 29(6), 2310-2319.
  • Soytaş, U. ve Sarı, R. (2003). Energy Consumption and GDP: Causality Relationship in G-7 And Emerging Markets. Energy Economics, 25, 33-37.
  • Soytaş, U. ve Sarı, R. (2006). Energy Consumption and Income in G7 Countries. Journal Of Policy Modeling, 28, 739-750.
  • Soytaş, U. ve Sarı, R. (2009). Energy Consumption, Economic Growth, and Carbon Emissions: Callenges Faced by an EU Candidate Member. Ecological Economics, 68, 667-75.
  • Spirtes, P., Glymour, C. ve Scheines, R. (2000). Causation, Prediction, and Search. Second Edition, Cambridge, MA: MIT Press.
  • Squalli, J. (2007). Electricity Consumption and Economic Growth: Bounds and Causality Analysis of OPEC Members. Energy Economics, 29(6), 1192-1205.
  • Stern, D. I. (1993). Energy and Economic Growth in The USA: A Multivariate Approach. Energy Economics, 15, 137-150.
  • Stern, D. I. (2000). A Multivariate Co-integration Analysis of the Role of Energy in the US Macroeconomy. Energy Economics, 22, 267-283.
  • Suri, V. ve Chapman, D. (1998). Economic Growth, Trade and Energy: Implications for the Environmental Kuznets Curve. Ecological Economics, 25, 195-208.
  • Tang, C. F. Ve Tan, B. W. (2015). The Impact of Energy Consumption, Income and Foreign Direct Investment on Carbon Dioxide Emissions In Vietnam. Energy, 79, 447-454.
  • Tsani, S. Z. (2010). Energy Consumption and Economic Growth: A Causality Analysis for Greece. Energy Economics, 32(3), 582-590.
  • Van Beers, C. ve van den Bergh J. M. (1997). An Empirical Multi-Country Analysis of the Impact of Environmental Regulations on Foreign Trade Flows. Kyklos, 50, 29-46.
  • Verma, T. S. ve Pearl, J. (1990). Causal Networks: Semantics and Expressiveness. Machine Intelligence and Pattern Recognition, 9, 69-76.
  • Wang, S., Li, Q., Fang, C. ve Zhou, C. (2016). The Relationship between Economic Growth, Energy Consumption, and CO2 Emissions: Empirical Evidence from China. Science of The Total Environment, 542, Part A: 360 – 371.
  • Yu, E. S. H. ve Choi, J. Y. (1985). The Causal Relationship between Energy and GNP: An International Comparison. Journal of Energy and Development, 10, 249-272
  • Yuan, J., Kang, J., Zhao, C. ve Hu, Z. (2008). Energy Consumption and Economic Growth: Evidence from China at Both Aggregated and Disaggregated Levels. Energy Economics, 30, 3077-3094.
  • Zanin, L. ve Marra, G. (2012). Assessing the Functional Relationship between CO2 Emissions and Economic Development Using an Additive Mixed Model Approach. Economic Modelling, 29(4), 1328-1337.
  • Zarnikau, J. (1997). A Reexamination of the Causal Relationship between Energy Consumption and Gross National Product. Journal of Energy and Development, 21, 229-239.
  • Zhang, J., Bessler, D. A. ve Leatham, D. J. (2006). Does Consumer Debt Cause Economic Recession? Evidence Using Directed Acyclic Graphs. Applied Economics Letters, 13(7), 401-407.
  • Zhang, X-P. ve Cheng, X-M. (2009). Energy Consumption, Carbon Emissions, and Economic Growth In China. Ecological Economics, 68, 2706-2712.