The Effect of Financial Development on Energy Consumption: Evidence from Russia

Shahriyar Mukhtarov (), R dvan Karacan, Fuzuli Aliyev and Vuqar Ismayilov
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R dvan Karacan: Kocaeli University, Kocaeli, Turkey,
Vuqar Ismayilov: Azerbaijan Technology University, Ganja, Azerbaijan.

International Journal of Energy Economics and Policy, 2022, vol. 12, issue 1, 243-249

Abstract: This paper explores the effect of financial development, economic growth, and energy prices represented by consumer price index (CPI) on energy consumption in Russia by performing VECM, CCR, DOLS and FMOLS analyses to the annual data from 1995 to 2019. The findings of this empirical analysis reveal that financial development and economic growth have positive impact on energy consumption in Russia. Furthermore, the effect of energy prices expressed by CPI is revealed to be negative, which is consistent with the theory and expectations in practice. Based on the findings of this study, the nexus and impacts of financial development on energy consumption are discussed, as well as plausible explanations and policy implications.

Keywords: Economic Growth, Energy Consumption, Energy Prices, Financial Development; Russia, VECM (search for similar items in EconPapers)
JEL-codes: F43 G00 P18 P34 Q40 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2022-01-30

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