Türkiye’de Ekonomik Politika Belirsizliği Ve Enerji Tüketimi İlişkisi: Finans Sektörü Gelişiminin Aracı Rolü
Year: 2026
Type: article
Abstract: This study analyses the short- and long-term effects of economic policy uncertainty on total energy consumption in Turkey between 1997 and 2023, focusing particularly on the role of financial sector development as a mediator. As the included variables demonstrate different degrees of integration, the presence of long-term relationships was investigated via the ARDL bounds testing methodology. To avoid potential endogeneity and interaction bias between economic policy uncertainty (EPU) and financial sector development (FSD), three separate models were developed. The effect of economic policy uncertainty on energy consumption is evaluated by Model 1. The results of the empirical study reveal that EPU has a statistically negative influence on total energy consumption in the long run. Model 2 explores the role of financial sector development and reveals a statistically significant, positive long-run relationship between financial development and energy consumption. Model 3 incorporates interaction terms to assess the mediating role of financial sector development in the EPU–energy consumption relationship. The estimated interaction coefficient (EPU × FSD) is positive and statistically considerable, indicating that financial sector development mitigates the contractionary impact of economic policy uncertainty on energy consumption. These findings imply that a more developed financial system in Türkiye could offset the adverse effects of policy-related uncertainty to some extent by supporting energy demand and facilitating investment activities. Therefore, improving coordination between the financial and energy sectors is recommended to enhance the effectiveness and sustainability of energy policies. This is because improved financial support mechanisms could help to mitigate the constraints on energy-related investments and consumption induced by uncertainty.
Source: DergiPark (Istanbul University)
Author: Akgemci, Mehmet Akif
Institution: Harran University
Language: Turkish
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7208800115