Analysis of the Relationship Between Financialization and Energy Consumption: Empirical Evidence From the Organization of Turkic States

Abstract

Energy, which forms the basis of modern society, is one of the most important elements of social development and economic growth. There are many studies in the literature examining the relationship between energy consumption and economic growth. On the other hand, there have not been many studies examining the relationship between financial development and energy consumption, which is accepted as an important policy tool in contributing to the economic growth process of developing countries. The aim of this study is to investigate the relationship between financial development and energy consumption for the period of 1995-2018 in Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Turkey, which are members of the Organization of Turkic States. Dynamic panel data analysis method was used in empirical analysis. In the study, in which tests with structural breaks were applied, the existence of a long-term relationship between energy consumption and financial development was determined.

Türkiye’de Tarımsal Kredilerin Büyümeye Etkisi: Bir Panel Veri Tahmini

“…Özellikle, yapısal kırılmaların doğru zamanlamasını, miktarını ve biçimini belirlemenin kritik olduğu kabul edilmektedir. Fourier birim kök testlerinin gücü, bu tespitlerin önceden bilinmesine gerek olmaksızın hem sert hem de kademeli kırılmalara izin vermesinde yatar (Türkmen, 2022;Kar vd., 2019). Panel Fourier LM testi, bireysel istatistiğin sadece Fourier frekanslarına dayandığı ve panel istatistiğinin standart normal bir dağılıma sahip olduğu bir yapıya sahiptir.…”