What is the role of Financial Development and Energy Consumption on Economic Growth? New Evidence from North African Countries

Salman, Doaa; Atya, Eyad M.

doi:10.20525/.v3i1.175

Cited by 8 publications

(7 citation statements)

References 39 publications

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“…However, they could not achieve this result for South Africa. Salman and Atya (2014) studied three Northern African countries such as Algeria, Egypt and Tunisia. In their study, they dealt with the period of 1980-2010 with the granger causality test.…”

Section: Previous Literature Reviewmentioning

confidence: 99%

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence From Emerging Countries

Zeren¹,

Karaca²

2020

Ekonomi, Politika &Amp; Finans Araştırmaları Dergisi

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Energy is an essential factor for countries to accomplish sustainable development and the importance of renewable energy has enhancing day by day. Over the last three decades the relationship between renewable energy consumption (RNW) and economic growth as well as energy consumption (EC) and financial development (FD) has intensely studied. In this paper the relationship between RNW, non-renewable energy consumption (non-RNW) and FD is investigated for top emerging countries of Bloomberg. The financial system deposits to GDP, deposit money bank assets to GDP and private credit to GDP have considered as FD indicators in the paper that investigates the period of 1980-2018. The long-term relationship between the variables was studied with Westerlund ( 2007) panel cointegration test and the direction of this relationship was examined with Pesaran (2006) CCE-MG panel cointegration estimator. The existence of causality among the variables was analyzed with Dumitrescu and Hurlin (2012) panel causality test. According to the cointegration test results, a positive long-run relationship was found between RNW and FD. Also, there is a bidirectional causality finding between RNW and FD, and there is a one-way causality finding from FD to non-RNW.

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Section: Previous Literature Reviewmentioning

confidence: 99%

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence From Emerging Countries

Zeren¹,

Karaca²

2020

Ekonomi, Politika &Amp; Finans Araştırmaları Dergisi

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“…The ARDL approach suggests that energy consumption is positively and significantly affected by proportion of urban population in total population, while the same is negatively and significantly impacted by financial development, economic growth and proportion of industrial output in total output. Salman and Atya (2014) test the causality flow among financial development, economic growth and energy consumption in Algeria, Egypt and Tunisia. The ECM results are mixed.…”

Section: Literature Reviewmentioning

confidence: 99%

GDP, energy consumption and financial development in Italy

Magazzino

2017

IJESM

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Purpose This study aims to explore the relationship among energy consumption, real income, financial development and oil prices in Italy over the period 1960-2014. Design/methodology/approach Different econometric techniques – such as the General Methods of Moment (GMM) or the AutoRegressive Distributed Lags (ARDL) bounds test – are usually used in the empirical analysis. Moreover, both the Toda and Yamamoto causality tests and the Granger causality tests are applied to the data. Findings The results of unit root and stationarity tests show that the variables are non-stationary at levels, but stationary in first-differences form, or I(1). The ARDL bounds F-test reveals an evidence of a long-run relationship among the four variables at 1% significance level. Moreover, an increase in real GDP and oil prices has a significant effect on energy consumption in the long run. The coefficients of estimated error correction term are also negative and statistically significant. In addition, the paper explores the causal relationship between the variables by using a VAR framework, with Toda and Yamamoto but also Granger causality tests, within both multivariate and bivariate systems. The findings indicate that energy consumption is affected by real GDP. Originality/value The study also filled the literature gap of applying ARDL technique to examine this relevant issue for Italy.

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“…The ARDL approach suggest that energy consumption is positively and significantly affected by proportion of urban population in total population, while the same is negatively and significantly impacted by financial development, economic growth and proportion of industrial output in total output. Salman and Atya [6] test the causality flow among financial development, economic growth and energy consumption in Algeria, Egypt, and Tunisia. The results are mixed.…”

Section: Literature Reviewmentioning

confidence: 99%

Energy consumption, real GDP, and financial development nexus in Italy: an application of an auto-regressive distributed lag bound testing approach

Magazzino

2016

WIT Transactions on Ecology and the Environment

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This study aims to explore the relationship among energy consumption, real income, financial development, and oil prices in Italy over the period 1960-2014. The results of unit root and stationarity tests show that the variables are nonstationary at levels, but stationary in first-differences form, or I(1). The ARDL bounds F-test reveals an evidence of a long-run relationship among the four variables at 1% significance level. The results show that an increase in real GDP and oil prices have a significant effect on energy consumption in the long-run. The coefficients of estimated ECT are also negative and statistically significant. In addition, the paper explores the causal relationship among the variables by using a VAR framework, with Toda and Yamamoto but also Granger causality tests, within both multivariate and bivariate systems. The findings indicate that energy consumption is affected by real GDP.

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What is the role of Financial Development and Energy Consumption on Economic Growth? New Evidence from North African Countries

Cited by 8 publications

References 39 publications

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence From Emerging Countries

The Impact of Renewable and Non-Renewable Energy Consumption on Financial Development: Evidence From Emerging Countries

GDP, energy consumption and financial development in Italy

Energy consumption, real GDP, and financial development nexus in Italy: an application of an auto-regressive distributed lag bound testing approach

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