ECONOMIC POLICY UNCERTAINTY AND RENEWABLE ENERGY- IS THERE A RELATION? CASE - STUDY G7

Year 2023, Volume: 7 Issue: 1, 823 - 843, 31.05.2023

Başak Özarslan Doğan , Alfred Williams , Adedolapo Williams

https://doi.org/10.30561/sinopusd.1267695

Cited By: 1

Abstract

Ekonomik belirsizlik, ülkelerin makroekonomik performanslarını ve birçok sektörü önemli ölçüde etkilemektedir. Bu kapsamda ekonomik belirsizliğin etkilediği sektörlerden birisi de yenilenebilir enerji sektörüdür. Söz konusu sektör nispeten yeni bir sektör olduğu için yüksek maliyetlere sahip ve aynı zamanda sermaye ve teknoloji yoğun bir sektördür. Bu nedenle özellikle gelişmekte olan ülkelerde çoğu yatırım kaleminde olduğu gibi yenilenebi-lir enerji yatırımlarında da yurt içi tasarrufların yanı sıra yurt dışından yabancı sermaye akımlarına ihtiyaç duyulmaktadır. Yurt dışından sermaye akışı, ülkenin ekonomik istikrarı-na ve uygulanan ekonomi politikasına bağlıdır. Bu kapsamda çalışmada ekonomi politikası belirsizliği ve yenilenebilir enerji yatırımları arasındaki ilişki G7 ülke örneği özelinde Han ve Phillips (2010) metodu yardımı ile, 1997-2021 dönemi için ampirik olarak incelenmiş-tir. Elde edilen sonuçlar, örneklem grubu olarak seçilen ülkelerde ve çalışma periyodu boyunca ekonomi politikası belirsizliğindeki artışların yenilenebilir enerji yatırımlarını azalt-tığını göstermektedir.

Keywords

Ekonomi Politika Belirsizliği, Yenilenebilir Enerji Yatırımları, Panel Veri, Ekonomik İstikrar

ECONOMIC POLICY UNCERTAINTY AND RENEWABLE ENERGY- IS THERE A RELATİON? CASE - STUDY G7

Abstract

Economic uncertainty significantly affects the macroeconomic performances of countries and many sectors. In this context, one of the sectors affected by economic uncertainty is the renewable energy sector. Since the sector in question is a relatively new sector, it is a capi-tal and technology intensive sector with high costs. For this reason, in addition to domes-tic savings, foreign capital flows from abroad are needed in renewable energy investments, as in most investment items, especially in developing countries. Capital flow from abroad depends on the economic stability of the country and the applied economic policy. In this context, in this study, the relationship between economic policy uncertainty and renewable energy investments has been empirically examined for the 1997-2021 period, with the help of Han and Phillips (2010) method in the case of G7 countries. The results show that increases in economic policy uncertainty reduce renewable energy investments in the countries selected as the sample group and throughout the study period.

Keywords

Economic policy uncertainty, Renewable energy investments, Panel data, Economic stability

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