ii) There is an evidence of a short-run unidirectional causal
relationship from financial development to per capita energy consumption, per capita real income and the square of per capita real
income. Also an improvement on financial sector will cause the rising of energy consumption and income in the short run. This result
implies that financial development has an important role on the
higher energy consumption and income in Turkey as an emerging
market country. Therefore, the policymakers have to include the financial development indicators to estimate of the level of energy
demand or income