ENERJİ TÜKETİMİ, FİNANSAL GELİŞME VE EKONOMİK BÜYÜME İLİŞKİSİ: ASEAN ÜLKELERİ ÜZERİNE BİR ANALİZ
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Dosyalar
Tarih
2017
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Namık Kemal Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Finansal teori pay senedi piyasası ile döviz kurları arasında iki yönlü ilişki olabileceğini öne sürmektedir. Bu bağlamda ticaret dengesi modeline göre döviz kurlarının pay piyasasını etkilediği kabul edilirken, portföy dengesi modeli pay piyasasından döviz kurlarına yönelik bir nedensellik ilişkisi olduğunu belirtmektedir. Pay senedi endeksi ve döviz kurları iki önemli finansal enstrüman olduğundan dolayı, bu iki piyasa arasındaki dinamik ilişkinin araştırılması literatürde oldukça ilgi görmektedir. Bu çalışmada 2003-2016 yılları arasında BİST100 endeks getirisi ile Dolar ve Euro getirileri arasındaki nedensellik ilişkisinin varlığı araştırılmıştır. Literatürde yer alan çalışmalardan farklı olarak, Hong vd. (2009) tarafından geliştirilen aşağı yönlü nedensellik testi kullanılmıştır. Bu amaçla ilk olarak her bir getiri serisi için Riske Maruz Değerler (RMD) GARCH model ile tahmin edilmiş ve gerçekleşen kayıpların RMD'yi aştığı durumlar aşırı risk dönemleri olarak belirlenmiştir. Analiz sonuçları, risk durumunda döviz kurlarından pay piyasasına yönelik nedensellik ilişkisinin olduğunu belirtmektedir
Since the early ages, energy is one of the main factors social and economic development. In order to provide and sustain economic growth, energy have to be supplied continuously and sustainably. Energy consumption is closely related to economic performance. In addition to energy consumption increases significantly depend on income and social welfare. Financial infrastructure has the power to increase economic growth and effect on energy demand. In particular, many of the studies show that energy and financial development increase process of economic growth in an economy. In other words, financial development indirectly affects energy consumption through economic growth. This effect can be negative or positive according to the effect of economic growth. This study evaluates the relationship between energy consumption, financial development and economic growth for the Southeast Asian Countries (ASEAN) with China, Japan and South Korea between 1989-2013 years through panel data analysis. In the study; The bank deposits / GDP ratio (%) and the ratio of the private sector loans / GDP (%) are selected as financial advanced indicators. As a result of the analysis, there is cointegration the relationship between energy consumption, financial development and economic growth. There is unidirectional causality relationship from economic growth to energy consumption, and private sector credits. While it is found that there is a unidirectional relationship from bank deposits to energy consumption and from energy consumption to private sector credits, and also it is determined bidirectional relationship between private sector credits and bank deposits
Since the early ages, energy is one of the main factors social and economic development. In order to provide and sustain economic growth, energy have to be supplied continuously and sustainably. Energy consumption is closely related to economic performance. In addition to energy consumption increases significantly depend on income and social welfare. Financial infrastructure has the power to increase economic growth and effect on energy demand. In particular, many of the studies show that energy and financial development increase process of economic growth in an economy. In other words, financial development indirectly affects energy consumption through economic growth. This effect can be negative or positive according to the effect of economic growth. This study evaluates the relationship between energy consumption, financial development and economic growth for the Southeast Asian Countries (ASEAN) with China, Japan and South Korea between 1989-2013 years through panel data analysis. In the study; The bank deposits / GDP ratio (%) and the ratio of the private sector loans / GDP (%) are selected as financial advanced indicators. As a result of the analysis, there is cointegration the relationship between energy consumption, financial development and economic growth. There is unidirectional causality relationship from economic growth to energy consumption, and private sector credits. While it is found that there is a unidirectional relationship from bank deposits to energy consumption and from energy consumption to private sector credits, and also it is determined bidirectional relationship between private sector credits and bank deposits
Açıklama
Anahtar Kelimeler
Financial Development, Economic Growth, Energy Consumption, ASEAN., Finansal Gelişme, Ekonomik Büyüme, Enerji Tüketimi, ASEAN.
Kaynak
Balkan Sosyal Bilimler Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
6
Sayı
12
