Financial development and energy consumption nexus in emerging economies

Mehmet Destek

MPRA Paper from University Library of Munich, Germany

Abstract: This study aims to examine the relationship between financial development, energy price, real income and energy consumption in 17 emerging economies. In doing so, the financial development has been handled with three different dimensions (banking sector, stock market and bond market i.e) and the effects of each financial development dimension on energy consumption is investigated. For this purpose, the annual data of 1991-2015 is analyzed using with common correlated effect (CCE) estimator to take into account the cross-sectional dependence. The results show that bond market development is the most efficient dimension to reduce the energy consumption.

Keywords: Energy consumption; financial development; energy price; cross-sectional dependence; emerging economies (search for similar items in EconPapers)
JEL-codes: Q40 Q43 (search for similar items in EconPapers)
Date: 2017-10-13
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in Energy Sources, Part B: Economics, Planning, and Policy 1.13(2017): pp. 76-81

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:106956

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