Sürdürülebilir Kalkınma Amaçları
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- MakaleAçık Erişim2026Electricity Prices, Technology, Productivity, And Environmental Degradation: Implications For Financial Stability
Çakir, Mehmet Ali; Ökte, Mehmet Kutlughan Savas
The limited availability of fossil fuels and the financial pressure they create for countries that do not have the resources have led countries to search for new energy sources. In particular, renewable energy sources and therefore electrical energy obtained from these sources have been proposed in the literature as an alternative to fossil fuels. Thus, this study investigates the impact of electricity prices on financial stability in European Union countries from 2010 to 2021 using Driscoll Kraay fixed effects estimation. Financial stability is measured using the bank z-score, while productivity-intensive technology, environmental quality, and economic growth are included as control variables. The findings indicate that an increase in electricity prices negatively affects the bank z-score. In contrast, productivity-intensive technology positively impacts the bank z-score. Similarly, environmental quality contributes to an increase in the bank z-score. Additionally, economic growth enhances financial stability. Considering that rising electricity prices negatively affect financial stability, policymakers should encourage companies to produce electricity from renewable sources, such as solar panels or wind turbines. This can be supported through incentives such as tax breaks or low-cost financing for firms investing in on-site renewable energy systems. In this way, electricity price fluctuations will have less impact on companies and, in turn, help protect financial stability.
AtıfWoS1
İncele - MakaleAçık Erişim2026Scopus SJRQ3Energy Consumption in the EU: The Role of Productivity and Efficiency-Driven Technology; [AB’de Enerji Tüketimi: Üretkenlik ve Verimlilik Odaklı Teknolojinin Rolü]
Çakır, Mehmet Ali; Ökte, Mehmet Kutluğhan Savaş
This study investigates how productivity and productivity-intensive technologies affect energy consumption in selected EU countries from 1996 to 2021. Despite technological progress, fossil fuels still dominate, posing environmental and economic concerns. Using the AMG method, results show that multifactor productivity significantly reduces energy use, while productivity-intensive technologies offer smaller but meaningful reductions. In contrast to prior research linking technology to higher energy demand, this study highlights the importance of efficiency-focused innovation. Findings support the EU’s 2030 energy reduction target and suggest policymakers should prioritise productivity-intensive technologies, on-the-job training, and digital tools to decouple growth from energy consumption.
