Dynamics of energy consumption, financial development, trade openness and economic growth in India: an autoregressive distributed lag bounds cointegration approach

Harishankar Vidyarthi and Santosh Kumar Tiwari

International Journal of Economic Policy in Emerging Economies, 2024, vol. 20, issue 3/4, 370-382

Abstract: The study examines the dynamics between energy consumption, growth, trade openness, and financial development using multivariate ARDL bounds testing approach to cointegration approach for India during 1971-2018. The findings confirm long-run equilibrium relationship among underlying variables. Estimated income elasticity indicates that 1% rise in energy consumption per capita leads to 2.9220% increase in GDP per capita. Further, study confirms improvement in energy access, financial development and trade openness may enhance economic growth for India in long run.

Keywords: energy consumption; economic growth; ARDL bounds test; financial development; India. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijepee:v:20:y:2024:i:3/4:p:370-382

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