FİNANSAL GELİŞME VE ENERJİ TÜKETİMİ ARASINDA SAKLI EŞ BÜTÜNLEŞME İLİŞKİSİ VAR MIDIR?
IS THERE A HIDDEN COINTEGRATION RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ENERGY CONSUMPTION?

Summary/Abstract: Energy is indispensable of the economy and important for economic growth. Energy is a fundamental necessity for human survival and economic growth, and energy forms the basis of modern societies. It is the lifeblood and backbone of economic development. It plays an important role in increasing trade and the level of growth. According to the literature, it increases the level of growth. In the economic literature; dynamic relations including economic growth, trade, energy and financial development are noteworthy. The aim of this study is to investigate the existence of a hidden relationship between financial development, energy consumption, and economic growth for E-7 countries (Brazil, China, India, Indonesia, Mexico, Russia and Turkey) in the time 2003-2016 period. Within this scope, hidden cointegration analysis developed by Hatemi-J (2011) and asymmetric causality analysis of Hatemi-j (2012) were used. According to the results of the analyzes, a hidden cointegration relationship was found between the negative components.

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