Show/Hide Menu
Hide/Show Apps
anonymousUser
Logout
Türkçe
Türkçe
Search
Search
Login
Login
OpenMETU
OpenMETU
About
About
Open Science Policy
Open Science Policy
Communities & Collections
Communities & Collections
Help
Help
Frequently Asked Questions
Frequently Asked Questions
Videos
Videos
Thesis submission
Thesis submission
Publication submission with DOI
Publication submission with DOI
Publication submission
Publication submission
Contact us
Contact us
Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages
Date
2020-03-01
Author
Durusu-Ciftci, Dilek
Soytaş, Uğur
NAZLIOĞLU, ŞABAN
Metadata
Show full item record
This work is licensed under a
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
.
Item Usage Stats
18
views
0
downloads
Cite This
This study examines the dynamic interrelationships among financial development, energy consumption, and economic growth in emerging markets by focusing on accounting for structural changes in causal linkages. We first employ the Toda-Yamamoto causality framework and then augment it with a Fourier approximation which captures structural shifts as a gradual/smooth process. The empirical findings show that taking into account gradual structural shifts matters for the causal linkages between financial development and energy consumption. While the causality analysis which does not account for structural changes supports a causality between financial development and energy consumption only in 4 out of 21 emerging markets, the causality analysis with structural changes provides a causal linkage in half of the sample. This finding is consistent with the fact that emerging markets have experienced structural changes in either finance or energy sectors or both. We also conduct additional analyses which point out that cross-sectional dependency and the quantiles of the distribution matter for the causal linkages. Our results further shed light on the evidence that the economic activity mainly causes the financial development and energy consumption at the highest quantile of distribution in the fast-growing emerging economies.
Subject Keywords
General Energy
,
Economics and Econometrics
URI
https://hdl.handle.net/11511/42839
Journal
ENERGY ECONOMICS
DOI
https://doi.org/10.1016/j.eneco.2020.104729
Collections
Department of Business Administration, Article
Citation Formats
IEEE
ACM
APA
CHICAGO
MLA
BibTeX
D. Durusu-Ciftci, U. Soytaş, and Ş. NAZLIOĞLU, “Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages,”
ENERGY ECONOMICS
, vol. 87, pp. 0–0, 2020, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/42839.