Financial development and energy consumption: evidence from a heterogeneous panel of Asian countries
This paper examined relationships between financial development and energy consumption in Asia for the period of 1980-2012. For the purpose of the empirical analysis, it performed the heterogeneous panel causality test suggested by Dumitrescu and Hurlin [1]. The findings of the panel cointegration t...
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| Format: | Article |
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Elsevier
2015
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| Online Access: | http://eprints.um.edu.my/16385/ https://doi.org/10.1016/j.rser.2015.07.120 |
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| Summary: | This paper examined relationships between financial development and energy consumption in Asia for the period of 1980-2012. For the purpose of the empirical analysis, it performed the heterogeneous panel causality test suggested by Dumitrescu and Hurlin [1]. The findings of the panel cointegration test indicated that there was a long run equilibrium relationship between finance and energy consumption in the region. Moreover, the heterogeneous panel causality test detected a unidirectional causality from energy consumption to financial development but not vice versa. These results indicate that an expansion of energy usage could be a driving force behind financial development in Asia. (C) 2015 Elsevier Ltd. All rights reserved. |
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