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Int. J. Financial Stud. 2017, 5(1), 1; doi:10.3390/ijfs5010001

New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors

Department of Economics, Faculty of Economics and Administrative Sciences, Nevsehir Haci Bektas Veli University, 50300 Nevsehir, Turkey
Department of Economics, Faculty of Economics and Administrative Sciences, Afyon Kocatepe University, 03200 Afyonkarahisar, Turkey
Author to whom correspondence should be addressed.
Academic Editor: Nicholas Apergis
Received: 31 July 2016 / Revised: 24 November 2016 / Accepted: 12 December 2016 / Published: 1 January 2017
(This article belongs to the Special Issue Energy Finance)
View Full-Text   |   Download PDF [725 KB, uploaded 1 January 2017]


Seeing that reshaped energy economics literature has adopted some new variables in energy demand function, the number of papers looking into the relationship between financial development and energy consumption at the aggregate level has been increasing over the last few years. This paper, however, proposes a new framework using disaggregated data and investigates the nexus between financial development and sectoral energy consumption in Turkey. To this end, panel time series regression and causality techniques are adopted over the period 1989–2011. Empirical results confirm that financial development does have a significant impact on energy consumption, even with disaggregated data. It is also proved that the magnitude of financial development is larger in energy-intensive industries than in less energy-intensive ones. View Full-Text
Keywords: financial development; energy consumption; Turkey financial development; energy consumption; Turkey
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Topcu, M.; Altay, B. New Insight into the Finance-Energy Nexus: Disaggregated Evidence from Turkish Sectors. Int. J. Financial Stud. 2017, 5, 1.

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