Does financial development intensify energy consumption in Saudi Arabia?
Mantu Mahalik (),
M. Suresh Babu,
Nanthakumar Loganathan () and
Muhammad Shahbaz ()
Renewable and Sustainable Energy Reviews, 2017, vol. 75, issue C, 1022-1034
Using annual data for the period 1971–2011, this study explores the relationship between financial development and energy consumption for Saudi Arabia by endogenizing economic growth, capital and urbanization as additional determinants in the energy demand function. The combined cointegration test proposed by Bayer-Hanck (2013) is used to estimate the long-run and short-run relationships among the series. The robustness of cointegration results is also tested by employing Pesaran’s et al. (2001) Autoregressive Distributed Lag (ARDL) model accommodating structural break in the series. Both conventional and structural break unit root tests are applied in order to test the stationarity properties of the series. The causal relationship between the variables is further investigated by applying Innovative Accounting Approach (IAA).
Keywords: Financial Development; Energy Consumption; Saudi Arabia (search for similar items in EconPapers)
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Working Paper: Does Financial Development Intensify Energy Consumption in Saudi Arabia? (2016)
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