The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries
Energy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financ...
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| Format: | Article |
| Language: | English |
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Ekonomi ve Finansal Araştırmalar Derneği
2021-04-01
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| Series: | Ekonomi, Politika & Finans Araştırmaları Dergisi |
| Subjects: | |
| Online Access: | https://dergipark.org.tr/tr/download/article-file/1073966 |
| _version_ | 1797289561444843520 |
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| author | Süleyman Serdar Karaca Feyyaz Zeren |
| author_facet | Süleyman Serdar Karaca Feyyaz Zeren |
| author_sort | Süleyman Serdar Karaca |
| collection | DOAJ |
| description | Energy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financial development (FD) has intensely studied. In this paper the relationship between RNW, non-renewable energy consumption (non-RNW) and FD is investigated for top emerging countries of Bloomberg. The financial system deposits to GDP, deposit money bank assets to GDP and private credit to GDP have considered as FD indicators in the paper that investigates the period of 1980-2018. The long-term relationship between the variables was studied with Westerlund (2007) panel cointegration test and the direction of this relationship was examined with Pesaran (2006) CCE-MG panel cointegration estimator. The existence of causality among the variables was analyzed with Dumitrescu and Hurlin (2012) panel causality test. According to the cointegration test results, a positive long-run relationship was found between RNW and FD. Also, there is a bidirectional causality finding between RNW and FD, and there is a one-way causality finding from FD to non-RNW. |
| first_indexed | 2024-03-07T19:06:45Z |
| format | Article |
| id | doaj.art-dcd62c4ecced4985a6117e26d73dbb90 |
| institution | Directory Open Access Journal |
| issn | 2587-151X |
| language | English |
| last_indexed | 2024-03-07T19:06:45Z |
| publishDate | 2021-04-01 |
| publisher | Ekonomi ve Finansal Araştırmalar Derneği |
| record_format | Article |
| series | Ekonomi, Politika & Finans Araştırmaları Dergisi |
| spelling | doaj.art-dcd62c4ecced4985a6117e26d73dbb902024-03-01T08:32:22ZengEkonomi ve Finansal Araştırmalar DerneğiEkonomi, Politika & Finans Araştırmaları Dergisi2587-151X2021-04-016111510.30784/epfad.727864957The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging CountriesSüleyman Serdar Karaca0Feyyaz Zeren1GAZİOSMANPAŞA ÜNİVERSİTESİYALOVA ÜNİVERSİTESİEnergy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financial development (FD) has intensely studied. In this paper the relationship between RNW, non-renewable energy consumption (non-RNW) and FD is investigated for top emerging countries of Bloomberg. The financial system deposits to GDP, deposit money bank assets to GDP and private credit to GDP have considered as FD indicators in the paper that investigates the period of 1980-2018. The long-term relationship between the variables was studied with Westerlund (2007) panel cointegration test and the direction of this relationship was examined with Pesaran (2006) CCE-MG panel cointegration estimator. The existence of causality among the variables was analyzed with Dumitrescu and Hurlin (2012) panel causality test. According to the cointegration test results, a positive long-run relationship was found between RNW and FD. Also, there is a bidirectional causality finding between RNW and FD, and there is a one-way causality finding from FD to non-RNW.https://dergipark.org.tr/tr/download/article-file/1073966yenilenebilir enerji tüketimiyenilenemeyen enerji tüketimifinansal gelişimpanel eşbütünleşmepanel nedensellikfinancial developmentrenewable energy consumptionnon-renewable energy consumptionpanel cointegration testpanel causality test |
| spellingShingle | Süleyman Serdar Karaca Feyyaz Zeren The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries Ekonomi, Politika & Finans Araştırmaları Dergisi yenilenebilir enerji tüketimi yenilenemeyen enerji tüketimi finansal gelişim panel eşbütünleşme panel nedensellik financial development renewable energy consumption non-renewable energy consumption panel cointegration test panel causality test |
| title | The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries |
| title_full | The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries |
| title_fullStr | The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries |
| title_full_unstemmed | The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries |
| title_short | The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence from Emerging Countries |
| title_sort | impact of renewable and non renewable energy consumption on financial development evidence from emerging countries |
| topic | yenilenebilir enerji tüketimi yenilenemeyen enerji tüketimi finansal gelişim panel eşbütünleşme panel nedensellik financial development renewable energy consumption non-renewable energy consumption panel cointegration test panel causality test |
| url | https://dergipark.org.tr/tr/download/article-file/1073966 |
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