Financial development and energy consumption in Turkey: Empirical evidence from cointegration and causality tests
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Dosyalar
Tarih
2015
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Yayıncı
IGI Global
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This chapter investigates the cointegration and causal relationship between financial development and energy consumption in the case of Turkey over the period 1960-2011. In doing so, the ARDL bounds testing and Johansen-Juselius approaches to cointegration and Granger causality test based on vectorerror correction model are employed. The empirical results show that the series are cointegrated. The empirical results also show a positive and statistically significant relationship between financial development and energy consumption in the long run. In addition, a unidirectional causality running from financial development to energy consumption is found in the short and long run. Thus, this chapter provides an empirical evidence that financial development is a determinant of energy consumption in Turkey. This chapter also presents some implications for Turkey's energy policy. © 2015, IGI Global. All rights reserved.
Açıklama
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Kaynak
Handbook of Research on Behavioral Finance and Investment Strategies: Decision Making in the Financial Industry
