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Relationship between Financial Development and Energy Consumption: The Case of Turkey

Author

Listed:
  • Bülent Altay

    (Afyon Kocatepe University, Department of Economics)

  • Mert Topcu

    (Nevsehir Haci Bektas Veli University, Department of Economics)

Abstract

This paper examines the relationship between financial development and energy consumption in Turkey over the period 1980-2011 adopting cointegration and causality methodologies. Cointegration results indicate that there is no long run relation among the variables. Causality results, on the other hand, indicate that energy-finance nexus supports neutrality hypothesis in Turkey in the short run. The inconsistency across the papers in the case of Turkey clearly addresses the fact that it does really matter which financial development indicators are proxied.

Suggested Citation

  • Bülent Altay & Mert Topcu, 2015. "Relationship between Financial Development and Energy Consumption: The Case of Turkey," Bulletin of Energy Economics (BEE), The Economics and Social Development Organization (TESDO), vol. 3(1), pages 18-24, March.
  • Handle: RePEc:ijr:beejor:v:3:y:2015:i:1:p:18-24
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    Citations

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    Cited by:

    1. repec:eee:eneeco:v:63:y:2017:i:c:p:199-212 is not listed on IDEAS
    2. Shahbaz, Muhammad & Hoang, Thi Hong Van & Mahalik, Mantu Kumar & Roubaud, David, 2017. "Energy consumption, financial development and economic growth in India: New evidence from a nonlinear and asymmetric analysis," Energy Economics, Elsevier, vol. 63(C), pages 199-212.
    3. repec:eee:enepol:v:125:y:2019:i:c:p:405-417 is not listed on IDEAS
    4. Mehmet Akif Destek, 2015. "Energy Consumption, Economic Growth, Financial Development and Trade Openness in Turkey: Maki Cointegration Test," Bulletin of Energy Economics (BEE), The Economics and Social Development Organization (TESDO), vol. 3(4), pages 162-168, December.
    5. repec:eee:energy:v:128:y:2017:i:c:p:487-495 is not listed on IDEAS
    6. Benkraiem, Ramzi & Lahiani, Amine & Miloudi, Anthony & Shahbaz, Muhammad, 2019. "The asymmetric role of shadow economy in the energy-growth nexus in Bolivia," Energy Policy, Elsevier, vol. 125(C), pages 405-417.
    7. Noh, Nadia Mohd & Masih, Mansur, 2017. "The relationship between energy consumption and economic growth: evidence from Thailand based on NARDL and causality approaches," MPRA Paper 86384, University Library of Munich, Germany.
    8. Roubaud, David & Shahbaz, Muhammad, 2018. "Financial Development, Economic Growth, and Electricity Demand: A Sector Analysis of an Emerging Economy," MPRA Paper 87212, University Library of Munich, Germany, revised 06 Jun 2018.

    More about this item

    Keywords

    Financial Development; Energy Consumption;

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • P28 - Economic Systems - - Socialist Systems and Transition Economies - - - Natural Resources; Environment

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