 Impact of financial development and economic growth on energy consumption: A panel vector autoregressive analysis for the comparison of G7 and top 10 emerging market economiesAlper Aslan, Onur Gozbasi, Buket Altinoz () and Mehmet Altuntas Energy & Environment, 2021, vol. 32, issue 7, 1315-1330 Abstract: The aim of this paper is to investigate the relationship between energy consumption, financial development, and economic growth in the case of the G7 economies and emerging market economies. To this end, the role of the banking sector, as well as data from both the stock and the bond market, are explicitly used to proxy financial development. It is used the panel VAR method for the data period from 1990 to 2015. The results illustrate that there is a positive link between the stock market development and energy consumption in both G7 and top 10 emerging market economies in the long run. Also, while banking sector development in G7 countries decreases energy consumption in the long run, increases it in emerging market economies. Another aspect of the results is the determination of the energy-enhancing effect of the bond market development in the G7 countries. Moreover, while the results once again emphasize the existence of the link between financial development and energy consumption, they differ in terms of developed and developing countries. Keywords: Energy consumption; financial development; G7 economies; emerging economies; panel data; causality (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sae:engenv:v:32:y:2021:i:7:p:1315-1330 DOI: 10.1177/0958305X211004113 Access Statistics for this article More articles in Energy & Environment |
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