Next Article in Journal
A Mathematical Model of Regional Socio-Economic Development of the Russian Arctic Zone
Next Article in Special Issue
Rational Behavior of an Enterprise in the Energy Market in a Circular Economy
Previous Article in Journal / Special Issue
Bioenergy Intensity and Its Determinants in European Continental Countries: Evidence Using GMM Estimation
Article Menu
Issue 1 (March) cover image

Export Article

Open AccessArticle
Resources 2019, 8(1), 44; https://doi.org/10.3390/resources8010044

Financial Development and Bioenergy Consumption in the EU28 Region: Evidence from Panel Auto-Regressive Distributed Lag Bound Approach

Faculty of Economics and Management, Universiti Putra Malaysia, UPM Serdang, Selangor 43400, Malaysia
*
Author to whom correspondence should be addressed.
Received: 10 December 2018 / Revised: 12 January 2019 / Accepted: 17 January 2019 / Published: 26 February 2019
  |  
PDF [239 KB, uploaded 26 February 2019]

Abstract

This paper investigates the relationship between financial development and bio-energy consumption in the European Union (EU28) countries for the period from 1990 to 2013 through the panel autoregressive distributed lag (ARDL) approach and causality analysis. The empirical results show that financial development shows a significant positive impact, at a 1% statistical level, on bio-energy consumption for the EU28 during the studied period. In developing countries, the financial market indicator affects bio-energy consumption outgrowth positively and significantly at a 1% statistical level. For developed countries, there is a positive influence of financial institutions and financial market indicators on bio-energy consumption growth at the 1% and 10% levels, respectively. The study concludes that there is a significant relationship between the consumption of bio-energy and financial development factors. The study provides recommendations that are useful when formulating policy related to energy consumption and the promotion of bio-energy consumption. Financial development and economic outgrowth show a significant influence on the outgrowth of bio-energy consumption at a 1% statistical level. View Full-Text
Keywords: Financial institution; financial market; bio-energy consumption; autoregressive model Financial institution; financial market; bio-energy consumption; autoregressive model
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
SciFeed

Share & Cite This Article

MDPI and ACS Style

Alsaleh, M.; Abdul-Rahim, A.S. Financial Development and Bioenergy Consumption in the EU28 Region: Evidence from Panel Auto-Regressive Distributed Lag Bound Approach. Resources 2019, 8, 44.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Resources EISSN 2079-9276 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top