1 Assoc. Prof. Dr. Kayseri University, Faculty of Applied Sciences, Department of International Trade and Logistics, oguzocal@kayseri.edu.tr, ORCID ID: 0000-0002-5729-7218. 2 Asst. Prof. Dr., Nevşehir Hacı Bektaş Veli University, Faculty of Economics and Administrative Sciences, Department of International Trade and Logistics, volkanhan@nevsehir.edu.tr, ORCID ID: 0000-0003-3180-4186 I10, I14, I15 Sivas Cumhuriyet University Journal of Economics and Administrative Sciences E-ISSN: 2687-4032 2021, 22 (1), pp.25-40. Doi: 10.18505/cumiibf.698791 Abstract The aim of this research is to identify the socio-economic determinants of divorce in Turkey and four sub regions in the 2008-2017 period by the panel data analysis. Also, this research examine whether the female employment on divorce differs by sector or not. According to analysis findings, per capita income level, female employment in agriculture sector, female education level and male unemployment level have a positive effect on divorce across the Turkey. These impacts differ between regions classified by socio-economic development. Income level and education level of women are the main determinants of divorce in the regions with high socio-economic development level, whereas female education level and male unemployment level are the main determinants of divorce in low socio-economic development level regions. In addition, the effect of female employment on divorce rate varies between agriculture and non-agricultural sectors. The reason for this difference is that the independence effect is more dominant than the income effect on working woman in the agricultural sector and the independence and income effects are not dominant over each other on working woman in the industry and service sectors. Article History: Date submitted: 19 November 2021 Date accepted: 30 December 2021 Jel Codes: F43, O13, G1 Keywords: Economic Growth, Energy Consumption, Financial Development, Turkic Republics Suggested Citation: Öcal, O. & Han, V. (2022). How Does Financial Development and Economic Growth Affect Energy Consumption; The Panel Var Analysis of 5 Turk Countries. Cumhuriyet University Journal of Economics and Administrative Sciences, 23(1), 385-402. HOW DOES FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH AFFECT ENERGY CONSUMPTION; THE PANEL VAR ANALYSIS OF 5 TURK COUNTRIES Oğuz ÖCAL 1 Volkan HAN 2 Cumhuriyet University Journal of Economics and Administrative Sciences E-ISSN: 2687-4032 2022, 23(1), pp.385-402. Doi: 10.37880/cumuiibf.1025975 Abstract In this study, the linkage among energy consumption, financial development, foreign direct investments and economic growth in 5 Turkic countries (Turkey, Azerbaijan, Kazakhstan, Kyrgyz Republic and Tajikistan) were examined during the 1992-2017 observation period. Panel Var methodology was applied by using 3 different financial development indicators. According to analysis results, the increase in bank deposits, which is one of the financial development indicators, positively affects the energy demand, while the increase in private loans negatively affects the energy demand. On the other hand, energy consumption increases have a negative impact on financial development. When the economic growth and energy consumption relation are examined, the increase in energy consumption affects economic growth positively, foreign direct investment has an inverse relationship with energy consumption. The causality results suggest that there is two-way causality between energy consumption and all other variables except liquid liabilities, and there is one-way causality running from energy consumption to liquid liabilities. An increase in energy consumption, foreign direct investments and, liquid liabilities are the drivers of economic growth. However, although the increase in energy consumption has a positive effect on economic growth, it has a negative effect on financial development. Therefore, reducing foreign dependency and turning to renewable energy sources and energy-efficient technologies will reduce energy costs on the financial market and increase the welfare of the country in the long run.