Financial Development and Energy Consumption Nexus in 32 Belt and Road Economies

Kudaybergenov Janpolat, Shoirahon Odilova, Abdusalomova Nodira, Raufhon Salahodjaev and Anastas Khachaturov
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Kudaybergenov Janpolat: Yeoju Technical Institute in Tashkent, Uzbekistan
Abdusalomova Nodira: Tashkent State University of Economics, Tashkent, Uzbekistan,

International Journal of Energy Economics and Policy, 2021, vol. 11, issue 2, 368-373

Abstract: Current study sheds the light on the financial development-energy nexus in 32 Belt and Road economies during 2000-2015. Financial development is proxied by domestic credit to private sector. We first examine the order of integration by employing five different panel unit-root tests. Further, we confirm long-term relationship between the variables by running Pedroni and Kao panel cointegration tests. Fully Modified Ordinary Least Squares (FMOLS) regression reveal positive long-term relationship between financial development and energy use. Results of Dumitrescu-Hurlin panel causality test fail to reveal causal relationship between financial development and energy in our sample.

Keywords: energy consumption; financial development; Belt and Road countries (search for similar items in EconPapers)
JEL-codes: G2 O4 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2021-02-44

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