1,945
Views
59
CrossRef citations to date
0
Altmetric
Articles

On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: insights from China

, ORCID Icon, ORCID Icon &
Pages 3961-3978 | Received 24 Jun 2021, Accepted 12 Nov 2021, Published online: 29 Nov 2021

References

  • Ali, Q., Khan, M. T. I., & Khan, M. N. I. (2018). Dynamics between financial development, tourism, sanitation, renewable energy, trade and total reserves in 19 Asia cooperation dialogue members. Journal of Cleaner Production, 179, 114–131. https://doi.org/10.1016/j.jclepro.2018.01.066
  • Anton, S. G., & Nucu, A. E. A. (2020). The effect of financial development on renewable energy consumption. A panel data approach. Renewable Energy., 147, 330–338. https://doi.org/10.1016/j.renene.2019.09.005
  • Assi, A. F., Isiksal, A. Z., & Tursoy, T. (2020). Highlighting the connection between financial development and consumption of energy in countries with the highest economic freedom. Energy Policy, 147, 111897. https://doi.org/10.1016/j.enpol.2020.111897
  • Azam, A., Rafiq, M., Shafique, M., Ateeq, M., & Yuan, J. (2021a). Investigating the impact of renewable electricity consumption on sustainable economic development: A panel ARDL approach. International Journal of Green Energy, 18(11), 1185–1192. https://doi.org/10.1080/15435075.2021.1897825
  • Azam, A., Rafiq, M., Shafique, M., & Yuan, J. (2021b). An empirical analysis of the non-linear effects of natural gas, nuclear energy, renewable energy and ICT-Trade in leading CO2 emitter countries: Policy towards CO2 mitigation and economic sustainability. Journal of Environmental Management, 286, 112232. https://doi.org/10.1016/j.jenvman.2021.112232
  • Azam, A., Rafiq, M., Shafique, M., & Yuan, J. (2021c). Renewable electricity generation and economic growth nexus in developing countries: An ARDL approach. Economic Research-Ekonomska Istraživanja, 34(1), 2423–2446. https://doi.org/10.1080/1331677X.2020.1865180
  • Azam, A., Rafiq, M., Shafique, M., Zhang, H., Ateeq, M., & Yuan, J. (2021d). Analyzing the relationship between economic growth and electricity consumption from renewable and non-renewable sources: Fresh evidence from newly industrialized countries. Sustainable Energy Technologies and Assessments, 44, 100991. https://doi.org/10.1016/j.seta.2021.100991
  • Azam, A., Rafiq, M., Shafique, M., Zhang, H., & Yuan, J. (2021e). Analyzing the effect of natural gas, nuclear energy and renewable energy on GDP and carbon emissions: A multi-variate panel data analysis. Energy, 219, 119592. https://doi.org/10.1016/j.energy.2020.119592
  • Boutabba, M. A. (2014). The impact of financial development, income, energy and trade on carbon emissions: Evidence from the Indian economy. Economic Modelling, 40, 33–41. https://doi.org/10.1016/j.econmod.2014.03.005
  • BP Statistical Review of World Energy (2018). BP Statistical Review of World Energy 2018: Two steps forward, one step back. Retrieved June 2018, from https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2018-full-report.pdf
  • Brunnschweiler, C. N. (2010). Finance for renewable energy: An empirical analysis of developing and transition economies. Environment and Development Economics, 15(3), 241–274. https://doi.org/10.1017/S1355770X1000001X
  • Center, B. (2020). Annual Energy Outlook 2020. Energy Information Administration, DC.
  • Charfeddine, L., & Kahia, M. (2019). Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: A panel vector autoregressive (PVAR) analysis. Renewable Energy, 139, 198–213. https://doi.org/10.1016/j.renene.2019.01.010
  • Chishti, M. Z., Ullah, S., Ozturk, I., & Usman, A. (2020). Examining the asymmetric effects of globalization and tourism on pollution emissions in South Asia. Environmental Science and Pollution Research International, 27(22), 27721–27731. https://doi.org/10.1007/s11356-020-09057-9
  • Darrat, A. F. (1999). Are financial deepening and economic growth causally related? Another look at the evidence. International Economic Journal, 13(3), 19–35. https://doi.org/10.1080/10168739900000002
  • Dedeoğlu, D., & Kaya, H. (2013). Energy use, exports, imports and GDP: New evidence from the OECD countries. Energy Policy, 57, 469–476. https://doi.org/10.1016/j.enpol.2013.02.016
  • Destek, M. A., & Aslan, A. (2017). Renewable and non-renewable energy consumption and economic growth in emerging economies: Evidence from bootstrap panel causality. Renewable Energy, 111, 757–763. https://doi.org/10.1016/j.renene.2017.05.008
  • Destek, M. A., Ulucak, R., & Dogan, E. (2018). Analyzing the environmental Kuznets curve for the EU countries: The role of ecological footprint. Environmental Science and Pollution Research International, 25(29), 29387–29396.
  • Eren, B. M., Taspinar, N., & Gokmenoglu, K. K. (2019). The impact of financial development and economic growth on renewable energy consumption: Empirical analysis of India. Science of the Total Environment, 663, 189–197. https://doi.org/10.1016/j.scitotenv.2019.01.323
  • Hatemi-J, A. (2012). Asymmetric causality tests with an application. Empirical Economics, 43(1), 447–456. https://doi.org/10.1007/s00181-011-0484-x
  • International Energy Agency. (2017). Energy technology perspectives 2017: Catalysing energy technology transformations. OECD.
  • Jarrett, U., Mohaddes, K., & Mohtadi, H. (2019). Oil price volatility, financial institutions and economic growth. Energy Policy, 126, 131–144. https://doi.org/10.1016/j.enpol.2018.10.068
  • Kahouli, B. (2017). The short and long run causality relationship among economic growth, energy consumption and financial development: Evidence from South Mediterranean Countries (SMCs). Energy Economics, 68, 19–30. https://doi.org/10.1016/j.eneco.2017.09.013
  • Khan, S. A. R., Zhang, Y., Kumar, A., Zavadskas, E., & Streimikiene, D. (2020). Measuring the impact of renewable energy, public health expenditure, logistics, and environmental performance on sustainable economic growth. Sustainable Development, 28(4), 833–843. https://doi.org/10.1002/sd.2034
  • Koçak, E., & Şarkgüneşi, A. (2017). The renewable energy and economic growth nexus in Black Sea and Balkan countries. Energy Policy, 100, 51–57. https://doi.org/10.1016/j.enpol.2016.10.007
  • Lei, W., Liu, L., Hafeez, M., & Sohail, S. (2021). Do economic policy uncertainty and financial development influence the renewable energy consumption levels in China? Environmental Science and Pollution Research, 1–10. https://doi.org/10.1007/s11356-021-16194-2
  • Lin, B., Omoju, O. E., & Okonkwo, J. U. (2016). Factors influencing renewable electricity consumption in China. Renewable and Sustainable Energy Reviews, 55, 687–696. https://doi.org/10.1016/j.rser.2015.11.003
  • McKinnon, R. I. (1973). Money and Capital in Economic Development. The Brookings Institution.
  • Ouyang, Y., & Li, P. (2018). On the nexus of financial development, economic growth, and energy consumption in China: New perspective from a GMM panel VAR approach. Energy Economics, 71, 238–252.
  • Ozturk, I. (2010). A literature survey on energy–growth nexus. Energy Policy, 38(1), 340–349. https://doi.org/10.1016/j.enpol.2009.09.024
  • Ozturk, I., & Salah Uddin, G. (2012). Causality among carbon emissions, energy consumption and growth in India. Economic Research-Ekonomska Istraživanja, 25(3), 752–775. https://doi.org/10.1080/1331677X.2012.11517532
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
  • Qin, Z., & Ozturk, I. (2021). Renewable and non-renewable energy consumption in BRICS: Assessing the dynamic linkage between foreign capital inflows and energy consumption. Energies, 14(10), 2974. https://doi.org/10.3390/en14102974
  • Rasoulinezhad, E., & Saboori, B. (2018). Panel estimation for renewable and non-renewable energy consumption, economic growth, CO2 emissions, the composite trade intensity, and financial openness of the commonwealth of independent states. Environmental Science and Pollution Research, 25(18), 17354–17370. https://doi.org/10.1007/s11356-018-1827-3
  • Sadorsky, P. (2009). Renewable energy consumption and income in emerging economies. Energy Policy, 37(10), 4021–4028. https://doi.org/10.1016/j.enpol.2009.05.003
  • Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economics. Energy Policy, 38, 2528–2535.
  • Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999–1006. https://doi.org/10.1016/j.enpol.2010.11.034
  • Shahbaz, M., Sinha, A., Raghutla, C., & Vo, X. V. (2021). Decomposing scale and technique effects of financial development and foreign direct investment on renewable energy consumption. Energy, 238, 121758.
  • Shahbaz, M., Van Hoang, T. H., Mahalik, M. K., & Roubaud, D. (2017). Energy consumption, financial development and economic growth in India: New evidence from a nonlinear and asymmetric analysis. Energy Economics, 63, 199–212. https://doi.org/10.1016/j.eneco.2017.01.023
  • Shaw, E. S. (1973). Financial deepening in economic development. Oxford University Press.
  • Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in honor of Peter Schmidt. (pp. 281–314). Springer.
  • Skare, M., Tomic, D., & Stjepanovic, S. (2020). Energy consumption and green GDP in Europe: A panel cointegration analysis 2008–2016. Acta Montanistica Slovaca, 25(1), 46–56.
  • Topcu, M., & Payne, J. E. (2017). The financial development–energy consumption nexus revisited. Energy Sources, Part B: Economics, Planning, and Policy, 12(9), 822–830. https://doi.org/10.1080/15567249.2017.1300959
  • Ullah, S., Ozturk, I., Majeed, M. T., & Ahmad, W. (2021). Do technological innovations have symmetric or asymmetric effects on environmental quality? Evidence from Pakistan. Journal of Cleaner Production, 316, 128239. https://doi.org/10.1016/j.jclepro.2021.128239
  • Ullah, S., Ozturk, I., Usman, A., Majeed, M. T., & Akhtar, P. (2020). On the asymmetric effects of premature deindustrialization on CO2 emissions: Evidence from Pakistan. Environmental Science and Pollution Research International, 27(12), 13692–13702.
  • Usman, A., Ozturk, I., Hassan, A., Zafar, S. M., & Ullah, S. (2021a). The effect of ICT on energy consumption and economic growth in South Asian economies: An empirical analysis. Telematics and Informatics, 58, 101537. https://doi.org/10.1016/j.tele.2020.101537
  • Usman, A., Ozturk, I., Ullah, S., & Hassan, A. (2021b). Does ICT have symmetric or asymmetric effects on CO2 emissions? Evidence from selected Asian economies. Technology in Society, 67, 101692. https://doi.org/10.1016/j.techsoc.2021.101692
  • Wandji, Y. D. F. (2013). Energy consumption and economic growth: Evidence from Cameroon. Energy Policy, 61, 1295–1304.
  • WDI. (2018). World Development Indicators (WDI), World Bank Data. Retrieved from https://data.worldbank.org/indicator
  • Zhao, W., Zhong, R., Sohail, S., Majeed, M. T., & Ullah, S. (2021). Geopolitical risks, energy consumption, and CO2 emissions in BRICS: An asymmetric analysis. Environmental Science and Pollution Research, 28(29), 39668–39679. https://doi.org/10.1007/s11356-021-13505-5