An Empirical Analysis of the Impact of Energy Consumption on the Financial Development of the Emerging Economies: A Moderating Role of Oil Prices

Faisal Mahmood and Maria Saleem

International Journal of Economics and Finance, 2016, vol. 8, issue 9, 26-33

Abstract: This research empirically analyzes the relationship between energy consumption and financial development by making use of secondary data for 22 emerging economies over the period of 1999-2012. Moreover, this paper also spotlights the moderating role of oil prices. Furthermore, financial development is measured by utilizing of various proxies relevant to banking sector and stock market as well. Hence, the findings of the research reveals that oil prices negatively moderates the relationship between energy consumption and financial development. Moreover, results highlight that measures used to calculate financial development are also of key concern to explore the relationship between energy consumption and financial development.

Keywords: energy consumptions; oil prices; emerging economies; financial development (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:8:y:2016:i:9:p:26-33

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