Effects of financial developments and income on energy consumption

International Review of Economics and Finance

Volumn 35, Issue , 2014, Pages 28-44

  Chang, Shu Chen ^a  

^a NATIONAL FORMOSA UNIVERSITY   (Taiwan)

Author keywords

Energy consumption; Financial development; Income

Indexed keywords

EID: 84907454002     PISSN: 10590560     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.iref.2014.08.011     Document Type: Article

References (51)

1. Abu-Bader S., Abu-Qarn A.M. Financial development and economic growth: Empirical evidence from MENA countries. Review of Development Economics 2008, 12:803-817.
2. Alfaro L., Chanda A., Kalemli-Ozcan S., Sayek S. FDI and economic growth: The role of local financial markets. Journal of International Economics 2004, 64:113-134.
3. Alfaro L., Chanda A., Kalemli-Ozcan S., Sayek S. How does foreign direct investment promote economic growth: Exploring the effects of financial markets on linkages?. Working Paper No. 07-013 2006, Harvard Business School.
4. Aziz A.A. On the causal links between energy consumption and economic growth in Malaysia. International Review of Business Research Papers 2011, 7(6):180-189.
5. Bailliu J.N. Private capital flows, financial development, and economic growth in developing countries. Working Paper No. 00-15 2000, Bank of Canada.
6. Baltagi B. Econometric analysis of panel data 2005, John Wiley & Sons, Chichester, UK. 3rd ed.
7. Barth J.R., Caprio G.J., Nolle D.E. Comparative international characteristics of banking. Office of the comptroller of the currency, economic and policy analysis. Working Paper No. 2004-1 2004.
8. Bose N., Capasso S., Murshid A. Threshold effects of corruption: Theory and evidence. World Development 2008, 36(7):1173-1191.
9. Christopoulos D.K., Tsionas E.G. Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics 2004, 73(4):55-74.
10. Dan Y., Lijun Z. Financial development and energy consumption: An empirical research based on Guangdong Province. ICIII Proceedings of the 2009 International Conference on Information Management, Innovation Management and Industrial Engineering 2009, 3:102-105.
11. Dasgupta S., Hong J.H., Laplante B., Mamingi N. Disclosure of environmental violations and stock market in the Republic of Korea. Ecological Economics 2004, 58(4):759-777.
12. De Gregorio Jose, Guidotti P.E. Financial development and economic growth. World Development 1995, 23(3):433-448.
13. Ehrlich P., Holdren J. Review of the closing circle. Environment 1972, 14(3):24-39.
14. EIA (Energy Information Administration) World energy projection system plus: Residential model 2010, (Washington, DC).
15. Fung H.K. Financial development and economic growth: Convergence or divergence?. Journal of International Money and Finance 2009, 28(1):56-78.
16. Galli R. The relationship between energy intensity and income levels: Forecasting long term energy demand in Asian emerging countries. Energy Journal 1998, 19(4):85-105.
17. Hansen B.E. Threshold effects in non-dynamic panels: Estimation, testing, and inference. Journal of Econometrics 1999, 93(2):345-368.
18. Hasanov F., Huseynov F. Bank credits and non-oil economic growth: Evidence from Azerbaijan. International Review of Economics and Finance 2013, 27:597-610.
19. Hedeker D., Mermelstein R.J. A multilevel thresholds of change model for analysis of stages of change data. Multivariate Behavioral Research 1998, 33(4):427-455.
20. Hermes N., Lensink R. Foreign direct investment, financial development and economic growth. Journal of Development Studies 2003, 40:142-163.
21. Hübler M., Keller A. Energy savings via FDI? Empirical evidence from developing countries. Environment and Development Economics 2010, 15(1):59-80.
22. Islam F., Shahbaz M., Ahmed A.U., Alam M.M. Financial development and energy consumption nexus in Malaysia: A multivariate time series analysis. Economic Modelling 2013, 30(C):435-441.
23. Javorcik B.S., Spatareanu M. To share or not to share: Does local participation matter for spillovers from foreign direct investment?. Journal of Development Economics 2008, 85(1-2):194-217.
24. Kalyoncu H., Gürsoy F., Göcen H. Causality relationship between GDP and energy consumption in Georgia, Azerbaijan and Armenia. International Journal of Energy Economics and Policy 2013, 3(1):111-117.
25. Karanfil F. Energy consumption and economic growth revisited: Does the size of unrecorded economy matter?. Energy Policy 2008, 36(8):3019-3025.
26. Karanfil F. How many times again will we examine the energy-income nexus using a limited range of traditional econometric tools?. Energy Policy 2009, 37(4):1191-1194.
27. Keller W. International technology diffusion. Journal of Economic Literature 2004, 42(3):752-782.
28. King R.G., Levine R. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 1993, 108(3):717-737.
29. Kumbaroglu G., Karali N., Arikan Y. CO2, GDP and RET: An aggregate economic equilibrium analysis for Turkey. Energy Policy 2008, 36(7):2694-2708.
30. Lee Chien-Chiang, Chiu Yi-Bin Modeling OECD energy demand: An international panel smooth transition error-correction model. International Review of Economics and Finance 2013, 25:372-383.
31. Levin A., Lin C., Chu C.-J. Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics 2002, 108(1):1-24.
32. Levine R., Zervos S. Stock market, banks, and economic growth. American Economic Review 1998, 88(3):537-558.
33. Mahadevan R., Asafu-Adjaye J. Energy consumption, economic growth and prices: A reassessment using panel VECM for developed and developing countries. Energy Policy 2007, 35(4):2481-2490.
34. Mazzanti M., Musolesi A., Zoboli R. A Bayesian approach to the estimation of EKC for CO2. Applied Economics 2010, 42(18):2275-2287.
35. Mielnik O., Goldemberg J. Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy 2002, 30(2):87-89.
36. Minier J. Opening a stock exchange. Journal of Development Economics 2009, 90(1):135-143.
37. Öztürk I., Aslan A., Kalyoncu H. Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries. Energy Policy 2010, 38(8):4422-4428.
38. Pesaran M.H. General diagnostic tests for cross section dependence in panels. Working Papers in Economics No. 0435 2004, University of Cambridge, Cambridge.
39. Pesaran M.H. A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics 2007, 22:265-312.
40. Phillips P.C.B., Perron P. Testing for unit roots in time series regression. Biometrika 1988, 75(2):335-346.
41. Sadorsky P. The impact of financial development on energy consumption in emerging economies. Energy Policy 2010, 38(5):2528-2535.
42. Selden T.M., Song D. Environmental quality and development: Is there a Kuznets curve for air pollution?. Journal of Environmental Economics and Environmental Management 1994, 27(2):147-162.
43. 2 emissions: Evidence from ARDL approach for Pakistan. MPRA Papers, No. 30138 2011.
44. Shahbaz M., Islam F., Islam M.M. The impact of financial development on energy consumption in Pakistan: Evidence from ARDL bounds testing approach to cointegration. Proceedings of the Second International Conference on the Role of Social Sciences and Humanities in Engineering 2010, 12-14 November 2010 2010, Bayview Beach Resort, Penang, Malaysia.
45. Shahbaz M., Tiwari A., Nasir M. The effects of financial development, economic growth, coal consumption and trade openness on environmental performance in South Africa. MPRA Papers, No.32723 2011.
46. Stern D.I., Cleveland J.C. Energy and economic growth. Rensselaer Working Papers in Economics, No. 0410 2004, Rensselaer Polytechnic Institute, Troy, NY.
47. Tadesse S. Financial development and technology. Working Paper No. 749 2005, William Davidson Institute.
48. Tamazian A., Chousa J.P., Vadlamannati K.C. Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy 2009, 37(1):246-253.
49. Toman M.A., Jemelkova B. Energy and economic development: An assessment of the state of knowledge. Energy Journal 2003, 24(4):93-112.
50. Wagner Martin The carbon Kuznets curve: A cloudy picture emitted by bad econometrics?. Resource and Energy Economics 2008, 30(3):388-408.
51. Zhang Y.J. The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy 2011, 39(4):2197-2203.