Munich Personal RePEc Archive

Financial development and energy consumption nexus in emerging economies

Destek, Mehmet Akif (2017): Financial development and energy consumption nexus in emerging economies. Published in: Energy Sources, Part B: Economics, Planning, and Policy , Vol. 13, No. 1 (27 November 2017): pp. 76-81.

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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.

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