4 th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND EFE´2020 ENERGY POLITICAL ECONOMY OF ENERGY REVOLUTION PROCEEDING BOOK 14-15 OCTOBER 2020 AHMET NİĞDE Organised by YESEVİ ÖMER HALİSDEMİR LIVE UNIVERSITY UNIVERSITY AHMET NİĞDE YESEVİ ÖMER HALİSDEMİR UNIVERSITY UNIVERSITY EFE´2020 4 th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY POLITICAL ECONOMY OF ENERGY REVOLUTION 14-15 OCTOBER 2020 LIVE PROCEEDING BOOK EFE´2020 4 th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY “Political Economy of Energy Revolution” 14-15 OCTOBER 2020 LIVE PROCEEDING BOOK Publication Number: 68 ISBN: 978-9944-237-46-8 Prepared by Prof.Dr. Nevzat ŞİMŞEK Doç. Dr. Selim ŞANLISOY Dr. Ömer AYDIN Publications Coordinator Halil ULUSOY Contact Ahmet Yesevi Üniversitesi Mütevelli Heyet Başkanlığı Taşkent Cad. Şehit H. Temel Kuğuoğlu Sokak. 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No: 1/17 Balgat/ANKARA/TURKEY Tel: +90 312 472 37 73-74 www.sfn.com.tr III 4th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY “Political Economy of Energy Revolution” ORGANISED BY AHMET NİĞDE YESEVİ ÖMER HALİSDEMİR UNIVERSITY UNIVERSITY CONGRESS HONORARY PRESIDENTS Professor Muhittin ŞİMŞEK President of Board of Trustees of Khoja Ahmet Yassawi International Kazak-Turkish University Professor Musa YILDIZ Rector of Gazi University Professor Muhsin KAR Rector of Nigde Omer Halisdemir University CONGRESS CHAIR Professor Nevzat ŞİMŞEK Dokuz Eylül University CONGRESS COORDINATORS Professor Fatih ÇETİN Nigde Omer Halisdemir University Professor Halil İbrahim BÜLBÜL President of TURTEP Khoja Ahmet Yassawi International Kazak-Turkish University Associate Professor Vakur SÜMER Eurasian Research Institute Khoja Ahmet Yassawi International Kazak-Turkish University Associate Professor Selim ŞANLISOY Dokuz Eylül University IV 4th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY “Political Economy of Energy Revolution” SCIENTIFIC COMMITTEE Khoja Ahmet Yassawi International Professor Bolatbek ABDRASILOV Kazakh Turkish University Professor Aidar AMRABAYEV Narxoz University Professor Mehmet BALCILAR Dogu Akdeniz University Professor Evez BAYRAMOV Azerbaijan State Economic University Professor Mehmet Nejat COSKUN Ankara Haci Bayram Veli University Professor Ertugrul DELIKTAS Ege University Professor Huseyin Avni EGELI Dokuz Eylul University Professor Emeritus Aytac EKER Tunceli University Professor Metin Kamil ERCAN Gazi University Professor Anastassios GENTZOGLANIS Université de Sherbrooke Professor Omer GOKCEKUS Seton Hall University Khoja Ahmet Yassawi International Professor Serik IDIRIS Kazakh Turkish University Professor Mustafa ILBAS Gazi University Professor Nazım IMANOV Journal of Azerbaijan Professor Muhsin KAR Yıldırım Beyazit University Professor Metin KARADAG Ege University Professor Bekir KAYACAN Istanbul University Professor M. Akif KIRECCI Social Sciences University of Ankara Professor Recep KOK Dokuz Eylul University Professor Abdılbaet MAMASIDIKOV University of Economics and Entrepreneurship Professor Ozlem ONDER Ege University Professor Cusup PIRIMBAYEV Kyrgyzstan Turkey Manas University Professor Firat PURTAS Ankara Haci Bayram Veli University Professor Emeritus Colin ROBINSON University of Surrey Professor Haci Mehmet SAHIN Karabuk University Professor Hayal Ayca SIMSEK Dokuz Eylul University Professor Muhittin SIMSEK Marmara University Professor Emeritus Fikret SONMEZ Dokuz Eylul University Professor Oktay TANRISEVER Middle East Technical University Professor Subidey TOGAN Bilkent University Professor Cengiz TOMAR Marmara University V 4th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY “Political Economy of Energy Revolution” SCIENTIFIC COMMITTEE Professor Kamil TUGEN Dokuz Eylul University Professor Ercan UYGUR Ankara University Professor Ahmet Burcin YERELI Hacettepe University Professor Musa YILDIZ Gazi University Assoc. Professor Mehmet ARSLAN Al Farabi Kazakh National University Assoc. Professor Turusbek ASANOV Kyrgyzstan Turkey Manas University Azerbaijan State University of Economics Assoc. Professor Araz ASLANLI (UNEC) Assoc. Professor Elshen BAGIRZADE Azerbaijan State Economic University Azerbaijan State University of Economics Assoc. Professor Nazim CAFEROV (UNEC) ORGANIZATION COMMITTEE Dauren ABEN Eurasian Research Institute Khoja Ahmet Yassawi International Kazak-Turkish University Omer AYDIN Phd Dokuz Eylül University Associate Professor Ozge DEMIRAL Nigde Omer Halisdemir University Ozkan HAYKIR Phd Nigde Omer Halisdemir University Ozlem OZTURK CETENAK Phd Nigde Omer Halisdemir University Zhandos RANOV Eurasian Research Institute Khoja Ahmet Yassawi International Kazak-Turkish University Associate Professor Okyay UCAN Nigde Omer Halisdemir University Halil ULUSOY Khoja Ahmet Yassawi International Kazak- Turkish University Burcin YAPICI Khoja Ahmet Yassawi International Kazak- Turkish University Zhengizkhan ZHANALTAY Eurasian Research Institute Khoja Ahmet Yassawi International Kazak-Turkish University SECRETARIAT Meliksah AYDIN Nigde Omer Halisdemir University Hilal BUDAK Nigde Omer Halisdemir University Bakıtcan OSPANOV Eurasian Research Institute Khoja Ahmet Yassawi International Kazak-Turkish University VI FOREWORD Professor Nevzat SIMSEK The Chair of EFE’2020 Dokuz Eylul University Considering the fact that energy is a multi-dimensional concept, the aim of organizing International Congresses on Economics, Finance and Energy is to discuss energy issues from economic and financial perspe- ctives. In this broad perspective, we have been biannually organizing international congresses with different themes. In the 1st International Congress on Economics, Finance and Energy which was organized in 2014 with the theme of ‘’World Energy Mar- kets and Central Asia and Causcasus’’, the importance of Central Asian and Causcasus countries for world energy markets was discussed. In EFE’2014 Congress, which was organized together with Khodja Akh- met Yassawi International Turkish-Kazakh University and International Turkic Academy between 12-13 June 2014 in Almaty in Kazakhstan, Prof Ercan Uygur, the President of Turkish Economic Association and Jaksıbek Kulekeyev, the President of Kazakh Institute of Oil and Gas made valuable contributions as invited speakers. In the 2nd International Congress on Economics, Finance and Ener- gy which was organized in 18 May 2016, the main theme was chosen as ‘’Political Stability and Economic Development’’ because year 2016 was the 25th Year of Independence for the Central Asian countries. In this Congress, the relation between political stability and economic development was discussed for the world countries in general and for the Eurasian countries in particular. In EFE’2016 Congress, which was organized together with the Eurasian Research Institute of Khodja Akh- met Yassawi International Turkish-Kazakh University and Al-Farabi Kazakh National University, Prof Sabden Orazaly from the Committee of Science of the Ministry of Education and Science of the Republic of Kazakhstan, Prof Recep Kok from Dokuz Eylul University and Prof VII 4th INTERNATIONAL CONGRESS ON ECONOMICS FINANCE AND ENERGY “Political Economy of Energy Revolution” Winston Nagan from the University of Florida made valuable contribu- tions as invited speakers. The 3rd International Congress on Economics, Finance and Energy was organized with the contributions of the Eurasian Research Institute of Khodja Akhmet Yassawi International Turkish-Kazakh University, KI- MEP University, Dokuz Eylul University and Nigde Omer Halisdemir University in 16-18 April 2018 with the theme of “Understanding the Geopolitical Shifts in Real Activites and Financial Sectors”. Prof Aziz Sancar, the Turkish scientist who won the Nobel Prize in Chemistry in 2015, attended EFE’2018 Congress as an invited speaker and made gre- at contributions by embracing the transformation process in the field of science with some examples from history. Considering various reports of International Energy Agency, e.i. Wor- ld Energy Outlook, we witness serious transformations in the field of energy such as cost reductions in renewables, especially in solar energy; trend changes in electricity and increases in the number of electric ve- hicles; transformation in China’s energy policy. As many energy importer countries like Turkey are highly dependent to global system in energy, the transformations mentioned above deep- ly affect these countries and necessitates these countries to implement appropriate policies without wasting time. For this reason, in the 4th International Congress on Economics, Finance and Energy “Political Economy of Energy Revolution” is chosen as the main theme. With this theme, we aim to open such transformations in energy into discussion. Actually, in 2020, we planned to organize the EFE2020 on 14-15 April together with Khodja Akhmet Yassawi International Turkish-Kazakh University and Nigde Omer Halisdemir University in Nigde, Turkey. However, due to Covid 19 pandemic, we have decided to organize 4th International Congress on Economics, Finance and Energy EFE’2020 online. Our Congress attracted great attention. In this sense, I should mention that we received 126 applications from 15 different countries and 88 different universities, international institutions and firms (22 from dif- ferent countries and 66 from Turkey). However, we are able to accept VIII 4th INTERNATIONAL