The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy
Abstract
:1. Introduction
2. Theoretical and Empirical Literature Review
3. Model and Data
3.1. Data
3.2. Econometric Methodology
4. Empirical Results and Discussion
5. Conclusions and Policy Implications
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
References
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Author(s) | Time Period | Country | Method(s) | Result |
---|---|---|---|---|
Sadorsky [42] | 1996–2006 | 9 CEE frontier economies | GMM | Strong and positive impact of FD on EC |
Kakar et al. [43] | 1980–2009 | Pakistan | 1. CT 2. VECM, GCT | 1. CR between FD to EC. 2. UC from FD to EC |
Al-Mulali and Sab [44] | 1980–2008 | 30 SSA countries | 1. Pedroni CT 2. VECM, GCT | 1. CR between FD, EG and EC 2. LRC between EC, FD and EG |
Al-Mulali and Sab [45] | 1980–2008 | 19 countries | 1. Pedroni CT 2. VECM, GCT | 1. CR between FD, EG and EC 2. NC between FD and EC |
Shahbaz and Lean [46] | 1971–2008 | Tunisia | 1. ARDL 2. VECM, GCT | 1. CR between FD, EG and EC 2. LRC between FD and EC |
Mehrara and Musai [47] | 1970–2009 | Iran | ARDL | 1. CR between EC, EG and, FD |
Islam et al. [28] | 1971–2009 | Malaysia | 1. ARDL 2. VECM, GCT | 1. CR between FD, EG and EC 2. SRC from FD to EC |
Shahbaz et al. [48] | 1971–2011 | China | 1. ARDL 2. GCT | 1. CR between FD, EG and EC 2. NC between FD and EC |
Çoban and Topcu [27] | 1990-2011 | EU countries | GMM | NC between FD and EC |
Shahbaz et al. [26] | 1975–2011 | Indonesia | 1. ARDL bounds CT 2. VECM, GCT | 1. CR between FD, EG and EC 2. NC between FD and EC |
Tang and Tan [30] | 1972–2009 | Malaysia | 1. ARDL 2. Johansen CT | 1. CR between FD, EG and EC 2. LRC between FD and EC |
Khan et al. [49] | 1975–2011 | South Asia | 1. ARDL 2. GCT | 1. CR between FD, EG and EC 2. Bidirectional LRC between FD and EC |
Omri and Kahouli [50] (2014) | 1990–2011 | 65 countries | GMM | UC from FD to EC |
Alam et al. [51] | 1975–2011 | SAARC countries | Panel CT | Significant relationship between EC, EG and FD |
Salah et al. [31] | 2000–2010 | Lebanon | 1. ARDL 2. VECM, GCT | 1. CR between FD, EG and EC 2. Bidirectional LRC between FD and EC |
Paramati et al. [52] | 1991–2012 | 20 emerging market economies | 1. Westerlund panel CT 2. Dumitrescu and Hurlin heterogeneous panel causality test | 1. EG, FD positively impact on EC UC from FD to clean EC |
Mahalik et al. [53] | 1971–2011 | Saudi Arabia | 1. CT 2. VECM | UC from FD to clean EC |
Bekhet et al. [54] | 1980–2011 | GCC countries | 1. ARDL | CR between EC and FD |
Legend: ARDL = Autoregressive Distributed Lags Bounds Testing, GMM = Generalized Method of Moments and VECM = Vector Error Correction Method. CT = cointegration test, GCT = Granger causality test, CR = cointegration relationship, UC = Unidirectional causality, NC = No causality, LRC = Long-run causality, SRC = Short-run causality. | ||||
Notes: CEE = Central and Eastern Europe, SSA = Sub-Saharan Africa, EU = European Union, SAARC = South Asian Association for Regional Cooperation, GCC = Gulf Cooperation Council, FD = Financial Development, EG = Economic Growth, EC = Energy Consumption. |
Mean | Standard Deviation | Coefficient of Variation, % | |||||||
---|---|---|---|---|---|---|---|---|---|
1992–2015 | 2006–2015 | 2011–2015 | 1992–2015 | 2006–2015 | 2011–2015 | 1992–2015 | 2006–2015 | 2011–2015 | |
EC | 13,053.8 ×106 | 13,167 × 106 | 13,895.8 × 106 | 1729.5 × 106 | 1052.9 × 106 | 809.5 × 106 | 13 | 8 | 6 |
Crd | 21.24 | 22.58 | 22.76 | 14.99 | 7.50 | 8.04 | 71 | 33 | 30 |
GDP | 29,349.3 × 106 | 50,607.7 × 106 | 56,337.3 × 106 | 18,935.6 × 106 | 7738.9 × 106 | 2399 × 106 | 65 | 15 | 4 |
Variable | The ADF Test | The PP Test | The ZA Test | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Level | k | First Difference | k | Level | First Difference | Level | k | First Difference | k | |
EC | −2.941 | 0 | −6.786 *** | 0 | −2.859 | −3.629 ** | −2.253 | 0 | −5.387 *** | 0 |
Crd | −2.938 | 0 | −4.692 *** | 0 | −2.141 | −3.890 *** | −2.581 | 0 | −5.649 *** | 0 |
y | −2.212 | 1 | −3.240 ** | 1 | −0.268 | −2.921 * | −0.305 | 1 | −3.377 * | 0 |
Information Criteria | ||||||
---|---|---|---|---|---|---|
Lag | LogL | LR | FPE | AIC | SC | HQ |
0 | 49.93246 | NA | 1.15 × 10−5 | −2.902951 | −2.010280 | −2.692664 |
1 | 103.2121 | 62.96688 | 2.29 × 10−7 | −6.928375 | −5.589368 | −6.612945 |
2 | 125.4650 | 20.22991 * | 8.78 × 10−8* | −8.133184 * | −6.347842 * | −7.712611 * |
Panel A: LM test for Serial Correlation a | Panel E: Johansen Cointegration Rank Test (Trace) | ||||||||
Lags | LM-Statistic | P-value | Null hypothesis | Eigenvalue | Trace statistics | 0.05 Critical value | P-value | ||
1 | 14.576 | 0.103 | None * | 0.828983 | 48.91819 | 29.79707 | 0.0001 | ||
2 | 15.766 | 0.071 | At most 1 | 0.329521 | 10.06641 | 15.49471 | 0.2756 | ||
3 | 7.8435 | 0.550 | At most 2 | 0.056163 | 1.271634 | 3.841466 | 0.2595 | ||
4 | 11.096 | 0.26 | |||||||
Panel B: Normality Test b | Panel F: Johansen Cointegration Rank Test (Maximum Eigenvalue) | ||||||||
Statistic | d.f. | P-value | Null hypothesis: | Eigenvalue | Max-Eigen Statistic | 0.05 Critical value | P-value | ||
Jarque-Bera | 12.065 | 6 | 0.060 | None * | 0.828983 | 38.85177 | 21.13162 | 0.0001 | |
At most 1 | 0.329521 | 8.794780 | 14.26460 | 0.3036 | |||||
At most 2 | 0.056163 | 1.271634 | 3.841466 | 0.2595 | |||||
Panel C: Test for Heteroscedasticity c | |||||||||
White | d.f. | P-value | |||||||
Statistic | 112.16 | 114 | 0.531 | ||||||
Panel D: Test for Stability d | |||||||||
Modulus | Root | ||||||||
0.8784 | 0.856 − 0.196i | ||||||||
0.8784 | 0.856 + 0.196i | ||||||||
0.7198 | 0.610 − 0.381i | ||||||||
0.7198 | 0.610 + 0.381i |
Panel: A | Panel: B | |||||||
---|---|---|---|---|---|---|---|---|
TT | MT | GH | GDP | Crd | Price | c | c1 | trend |
ADF | C | −4.016 | 0.007 | 0.122 | −0.045 ** | 22.918 *** | 0.063 | |
C/T | −4.734 | 0.037 | 0.113 * | −0.040 | 22.266 *** | 0.076 | −0.004 | |
C/S | NA | Panel: C | ||||||
Za | C | −20.374 | 0.115 *** | 0.188 *** | −0.286 *** | 21.140 *** | ||
C/T | −21.225 | Panel: D | ||||||
C/S | NA | F-stat | LM stat | White test | JB test | Ramsey RESET | ||
Zt | C | −4.107 | 14.568 *** | 1.665 *** | 0.536 | 0.823 | 0.189 | |
C/T | −4.269 |
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Mukhtarov, S.; Mikayilov, J.I.; Mammadov, J.; Mammadov, E. The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy. Energies 2018, 11, 1536. https://doi.org/10.3390/en11061536
Mukhtarov S, Mikayilov JI, Mammadov J, Mammadov E. The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy. Energies. 2018; 11(6):1536. https://doi.org/10.3390/en11061536
Chicago/Turabian StyleMukhtarov, Shahriyar, Jeyhun I. Mikayilov, Jeyhun Mammadov, and Elvin Mammadov. 2018. "The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy" Energies 11, no. 6: 1536. https://doi.org/10.3390/en11061536