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

Bülent Altay and Mert Topcu
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Bülent Altay: Afyon Kocatepe University, Department of Economics

Bulletin of Energy Economics (BEE), 2015, vol. 3, issue 1, 18-24

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.

Keywords: Financial Development; Energy Consumption (search for similar items in EconPapers)
JEL-codes: D33 P28 (search for similar items in EconPapers)
Date: 2015
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