184
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Inclusive growth and the sophisticated influence of carbon emissions, renewable energy, and financial development: An introspective analysis of Africa

ORCID Icon, ORCID Icon, ORCID Icon, & ORCID Icon

References

  • Al-mulali, U., and C. N. B. Che Sab. 2018. Energy consumption, CO2 emissions, and development in the UAE. Energy Sources, Part B: Economics, Planning, and Policy 13 (4):231–23. doi:10.1080/15567249.2012.689796.
  • Ali, I., and H. H. Son. 2007. Measuring Inclusive Growth - ProQuest. Asian Development Review 24 (1):11–31.
  • Altinoz, B., and E. Dogan. 2021. How renewable energy consumption and natural resource abundance impact environmental degradation? New findings and policy implications from quantile approach. Energy Sources, Part B: Economics, Planning, and Policy 16 (4):345–56. doi:10.1080/15567249.2021.1885527.
  • Aluko, O. A., and M. Ibrahim. 2020. Institutions and the financial development–economic growth nexus in sub-Saharan Africa. Economic Notes 49 (3):12163. doi:10.1111/ecno.12163.
  • Alvarado, R., M. Iñiguez, and P. Ponce. 2017. Foreign direct investment and economic growth in Latin America. Economic Analysis and Policy 56:176–87. doi:10.1016/j.eap.2017.09.006.
  • Ampon-Wireko, S., L. Zhou, X. Xu, L. Dauda, I. A. Mensah, E. Larnyo, and E. Baah Nketiah. 2021. The relationship between healthcare expenditure, CO 2 emissions and natural resources: Evidence from developing countries. Journal of Environmental Economics and Policy 1–15. doi:10.1080/21606544.2021.1979101.
  • Anand, R., S. Mishra, and S. J. Peiris. 2013. Inclusive Growth: Measurement and Determinants. IMF Working Papers 13 (135):1. doi:10.5089/9781484323212.001.
  • Apergis, N., and J. E. Payne. 2011. The renewable energy consumption-growth nexus in Central America. Applied Energy 88 (1):1. doi:10.1016/j.apenergy.2010.07.013.
  • Appiah, M., F. Li, and D. I. Frowne. 2020. Financial Development, Institutional Quality and Economic Growth: Evidence from ECOWAS Countries. Organizations and Markets in Emerging Economies 11 (1):6–17. doi:10.15388/omee.2020.11.20.
  • Asane-Otoo, E. 2015. Carbon footprint and emission determinants in Africa. Energy 82:426–35. doi:10.1016/j.energy.2015.01.053.
  • Asumadu-Sarkodie, S., and P. A. Owusu. 2017. A multivariate analysis of carbon dioxide emissions, electricity consumption, economic growth, financial development, industrialization, and urbanization in Senegal. Energy Sources, Part B: Economics, Planning, and Policy 12 (1):77–84. doi:10.1080/15567249.2016.1227886.
  • Awodumi, O. B., and A. O. Adewuyi. 2020. The role of non-renewable energy consumption in economic growth and carbon emission: Evidence from oil producing economies in Africa. Energy Strategy Reviews 27:100434. doi:10.1016/j.esr.2019.100434.
  • Baloch, M. A., Danish, and F. Meng. 2019. Modeling the non-linear relationship between financial development and energy consumption: Statistical experience from OECD countries. Environmental Science and Pollution Research 26 (9):8838–46. doi:10.1007/s11356-019-04317-9.
  • Bank, World. (2020). World Development Indicators 19 March 2021. http://datatopics.worldbank.org/world-development-indicators/
  • Baye, R. S., A. Olper, A. Ahenkan, J. M. Surugu, S. W. Anuga, and S. Darkwah. 2020. Renewable Energy Consumption in Africa: Evidence from a Bias Corrected Dynamic Panel. Science of the Total Environment 766:142583. doi:10.1016/j.scitotenv.2020.142583.
  • Bhuiyan, M. A., K. Zaman, A. M. Shoukry, S. Gani, M. A. Sharkawy, K. Sasmoko, A. Ahmad, and S. S. Hishan. 2018. Energy, tourism, finance, and resource depletion: Panel data analysis. Energy Sources, Part B: Economics, Planning, and Policy 13 (11–12):463–74. doi:10.1080/15567249.2019.1572837.
  • Bond, S., and M. Eberhardt. 2013. Accounting for unobserved heterogeneity in panel time series models 1 (Oxford: University of Oxford) 11 https://lezme.github.io/markuseberhardt/BEMC.pdf .
  • Breusch, T. S., and A. R. Pagan. 1980. The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies 47 (1):2297111. doi:10.2307/2297111.
  • Chakroun, M. 2020. Threshold effects in the relationship between financial development and income inequality. International Journal of Finance & Economics 25 (3):365–87. doi:10.1002/ijfe.1757.
  • Chudik, A., M. H. Pesaran, and E. Tosetti. 2011. Weak and strong cross‐section dependence and estimation of large panels. The Econometrics Journal 14 (1):C45–C90. doi:10.1111/j.1368-423X.2010.00330.x.
  • Chudik, A., and M. H. Pesaran. 2015. Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics 188 (2):393–420. doi:10.1016/j.jeconom.2015.03.007.
  • Cordemans, N. (2019). Inclusive growth: A new societal paradigm? NBB Economic Review, June 3 April 2021, 1–22. https://www.nbb.be/doc/ts/publications/economicreview/2019/ecorevi2019_h2.pdf
  • Dauda, L., X. Long, C. N. Mensah, and M. Salman. 2019. The effects of economic growth and innovation on CO2 emissions in different regions. Environmental Science and Pollution Research 26 (15):15028–38. doi:10.1007/s11356-019-04891-y.
  • Dong, F., Y. Li, C. Qin, and J. Sun. 2021a. How industrial convergence affects regional green development efficiency: A spatial conditional process analysis. Journal of Environmental Management 300:113738. doi:10.1016/j.jenvman.2021.113738.
  • Dong, F., Y. Pan, Y. Li, and S. Zhang. 2021b. How public and government matter in industrial pollution mitigation performance: Evidence from China. Journal of Cleaner Production 306:127099. doi:10.1016/j.jclepro.2021.127099.
  • Driscoll, J. C., and A. C. Kraay. 1998. Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics 80 (4):549–60. doi:10.1162/003465398557825.
  • Eberhardt, M., and S. Bond (2009). Cross-section dependence in nonstationary panel models: A novel estimator. In Social Research 12 April 2021 ( No. 17870,; Issue 17870). https://mpra.ub.uni-muenchen.de/17870/
  • Eberhardt, M., and F. Teal (2010). Department of Economics Discussion Paper Series Productivity Analysis in Global Manufacturing Production Productivity Analysis in. In Working Paper (Issue 515).
  • Efogo, F. O. 2020. Financial Development and African Participation in Global Value Chains (Switzerland: Springer Nature). 33–52. doi: 10.1007/978-3-030-46482-0_3.
  • El-Karimi, M., and A. EI Ghini. 2020. Renewable Energy Consumption-Economic Growth Nexus: Empirical Evidence from Morocco. Advances in Intelligent Systems and Computing 189–99. doi:10.1007/978-3-030-49889-4_17.
  • Fang, D., and B. Yu. 2021. Driving mechanism and decoupling effect of PM2.5 emissions: Empirical evidence from China’s industrial sector. Energy Policy 149:112017. doi:10.1016/j.enpol.2020.112017.
  • Fiamos, A., J. Psarras, and J. E. Samouilidis. 2020. The Integrated Development and Environmental Additionally Assessment System (IDEAAS). In New and Renewable Energy Technologies for Sustainable Development, 3–24 9781003078883 doi:https://doi.org/10.1201/9781003078883 . London: Taylor& Francis - CRC Press.
  • Gnangnon, S. K. 2020. Export product diversification and tax performance quality in developing countries. International Economics and Economic Policy 17 (4):849–76. doi:10.1007/s10368-020-00462-6.
  • Gujarati, D. N., and D. C. Porter. 2009. Econometric modeling: Model specification and diagnostic testing. In Basic econometrics, 5th ed. 467–522. New York: McGraw Hill.
  • Ibrahim, M., and P. Alagidede. 2018. Effect of financial development on economic growth in sub-Saharan Africa. Journal of Policy Modeling 40 (6):1104–25. doi:10.1016/j.jpolmod.2018.08.001.
  • Im, K. S., M. H. Pesaran, and Y. Shin. 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics 115 (1):53–74. doi:10.1016/S0304-4076(03)00092-7.
  • IMF. (2020). World Economic Outlook 10 March 2021. https://www.imf.org/en/Publications/WEO/weo-database/2020/October
  • Işik, C., E. Kasımatı, and S. Ongan. 2017. Analyzing the causalities between economic growth, financial development, international trade, tourism expenditure and/on the CO 2 emissions in Greece. Energy Sources, Part B: Economics, Planning, and Policy 12 (7):665–73. doi:10.1080/15567249.2016.1263251.
  • Jochmans, K., and V. Verardi. 2020. Fitting exponential regression models with two-way fixed effects. The Stata Journal: Promoting Communications on Statistics and Stata 20 (2):468–80. doi:10.1177/1536867X20931006.
  • Jonkutė, G., R. Norvaišienė, K. Banionis, E. Monstvilas, and R. Bliūdžius. 2021. Analysis of carbon dioxide emissions in residential buildings through energy performance certification in Lithuania. Energy Sources, Part B: Economics, Planning, and Policy 16 (2):198–215. doi:10.1080/15567249.2020.1773581.
  • Khoshnevis Yazdi, S., and B. Shakouri. 2018. The effect of renewable energy and urbanization on CO 2 emissions: A panel data. Energy Sources, Part B: Economics, Planning, and Policy 13 (2):121–27. doi:10.1080/15567249.2017.1400607.
  • Kong, Y., E. B. Nketia, S. K. Antwi, and M. Musah. 2020. Scrutinizing the complex relationship between Financial Development Gross Fixed Capital Formation and Economic Growth in Africa by adopting CCEMG and AMG estimation techniques. International Journal of Science and Business 4750:160–74. doi:10.5281/zenodo.4282943.
  • Korankye, B., X. Wen, A. Michael, and E. Baah-nketiah. 2020. Analyzing Economic Growth and Its impact on Poverty Reduction in Africa. International Journal of Science and Business 4750:93–105. doi:10.5281/zenodo.4277360.
  • Kouton, J. 2020. The impact of renewable energy consumption on inclusive growth: Panel data analysis in 44 African countries. Economic Change and Restructuring 0123456789. doi:10.1007/s10644-020-09270-z.
  • Le, H. P., and S. A. Sarkodie. 2020. Dynamic linkage between renewable and conventional energy use, environmental quality and economic growth: Evidence from Emerging Market and Developing Economies. Energy Reports 6:965–73. doi:10.1016/j.egyr.2020.04.020.
  • Le, H. P., and D. T. B. Van. 2020. The energy consumption structure and African EMDEs’ sustainable development. Heliyon 6 (4):e03822. doi:10.1016/j.heliyon.2020.e03822.
  • Lin, J., R. Inglesi-Lotz, and T. Chang. 2018. Revisiting CO 2 emissions convergence in G18 countries. Energy Sources, Part B: Economics, Planning, and Policy 13 (5):269–80. doi:10.1080/15567249.2018.1460422.
  • Maji, I. K. 2019. Impact of clean energy and inclusive development on CO2 emissions in sub-Saharan Africa. Journal of Cleaner Production 240:118186. doi:10.1016/j.jclepro.2019.118186.
  • Maji, I. K., C. Sulaiman, and A. S. Abdul-Rahim. 2019. Renewable energy consumption and economic growth nexus: A fresh evidence from West Africa. Energy Reports 5:384–92. doi:10.1016/j.egyr.2019.03.005.
  • Mardani, A., D. Streimikiene, F. Cavallaro, N. Loganathan, and M. Khoshnoudi. 2019. Carbon dioxide (CO2) emissions and economic growth: A systematic review of two decades of research from 1995 to 2017. Science of the Total Environment 649:31–49. doi:10.1016/j.scitotenv.2018.08.229.
  • Marinakis, V., A. Flamos, G. Stamtsis, I. Georgizas, Y. Maniatis, and H. Doukas. 2020. The Efforts towards and Challenges of Greece’s Post-Lignite Era: The Case of Megalopolis. Sustainability 12 (24):10575. doi:10.3390/su122410575.
  • Mensah, I. A., M. Sun, C. Gao, H. Sun, A. Y. Omari-sasu, B. C. Ampimah, and A. Quarcoo (2019). Estimating The Determinants Of Energy Consumption In Mutlisectoral African Economies: Evidence From Panel Methods Efficient To Heterogeneity And Cross-Sectional Reliance. Applied Energy Symposium 2019: Low Carbon Cities and Urban Energy Systems Xiamen, China.
  • Müller, F., S. Claar, M. Neumann, and C. Elsner. 2020. Is green a Pan-African colour? Mapping African renewable energy policies and transitions in 34 countries. Energy Research & Social Science 68:101551. doi:10.1016/j.erss.2020.101551.
  • Musah, M., Y. Kong, I. A. Mensah, S. K. Antwi, and M. Donkor. 2020. The link between carbon emissions, renewable energy consumption, and economic growth: A heterogeneous panel evidence from West Africa. Environmental Science and Pollution Research 27 (23):28867–89. doi:10.1007/s11356-020-08488-8.
  • Nathaniel, S. P., and C. O. Iheonu. 2019. Carbon dioxide abatement in Africa: The role of renewable and non-renewable energy consumption. Science of the Total Environment 679:337–45. doi:10.1016/j.scitotenv.2019.05.011.
  • Neofytou, H., Y. Sarafidis, N. Gkonis, S. Mirasgedis, and D. Askounis. 2020. Energy Efficiency contribution to sustainable development: A multi-criteria approach in Greece. Energy Sources, Part B: Economics, Planning, and Policy 15 (10–12):572–604. doi:10.1080/15567249.2020.1849449.
  • Nikas, A., V. Stavrakas, A. Arsenopoulos, H. Doukas, M. Antosiewicz, J. Witajewski-Baltvilks, and A. Flamos. 2020. Barriers to and consequences of a solar-based energy transition in Greece. Environmental Innovation and Societal Transitions 35:383–99. doi:10.1016/j.eist.2018.12.004.
  • Nketia, E. B., Y. Kong, and B. Korankye. 2020. Institutional Quality and Economic Growth Correlation in Africa; An Augmented Mean Group and Common Correlated Effects Mean Group Approach. SSRN Electronic Journal. doi:10.2139/ssrn.3555652.
  • Nketia, E. B., and Y. Kong. 2021. Deciphering African Financial Development Interaction With Institutional Quality And Economic Growth Nexus. ETIKONOMI 20 (1):23–44. doi:10.15408/etk.v20i1.16177.
  • Ntow-Gyamfi, M., G. A. Bokpin, A. Q. Q. Aboagye, and C. G. Ackah. 2019. Financial Development, Institutional Quality and Inclusive Growth in Africa. Global Business Review, December 097215091987536. doi:10.1177/0972150919875367.
  • Obama, B. 2017. The irreversible momentum of clean energy. Science 355 (6321):126–29. doi:10.1126/science.aam6284.
  • Obeng-Odoom, F. 2020. Property, Institutions, and Social Stratification in Africa. In Property, Institutions, and Social Stratification in Africa, Cambridge, England: Cambridge University Press 236–281 https://www.cambridge.org/core/books/property-institutions-and-social-stratification-in-africa/067CBB649A314F83C41ABCD12A6BD293#fndtn-contents . doi:10.1017/9781108590372.
  • Ouyang, A. Y., and R. S. Rajan. 2019. The impact of financial development on the effectiveness of inflation targeting in developing economies. Japan and the World Economy 50 (March):25–35. doi:10.1016/j.japwor.2019.03.003.
  • Oyinlola, M. A., and A. A. Adedeji. 2019. Human capital, financial sector development and inclusive growth in sub-Saharan Africa. Economic Change and Restructuring 52 (1):43–66. doi:10.1007/s10644-017-9217-2.
  • Oyinlola, M. A., A. A. Adedeji, M. O. Bolarinwa, and N. Olabisi. 2020. Governance, domestic resource mobilization, and inclusive growth in sub-Saharan Africa. Economic Analysis and Policy 65:68–88. doi:10.1016/j.eap.2019.11.006.
  • Özokcu, S., and Ö. Özdemir. 2017. Economic growth, energy, and environmental Kuznets curve. Renewable and Sustainable Energy Reviews 72:639–47. doi:10.1016/j.rser.2017.01.059.
  • Pan, Y., and F. Dong. 2022. Design of energy use rights trading policy from the perspective of energy vulnerability. Energy Policy 160:112668. doi:10.1016/j.enpol.2021.112668.
  • Paramati, S. R., and E. Roca. 2019. Does tourism drive house prices in the OECD economies? Evidence from augmented mean group estimator. Tourism Management 74 (April):392–95. doi:10.1016/j.tourman.2019.04.023.
  • Pesaran, M. H. (2004). General Diagnostic Tests For Cross Section Dependence In Panels. No. 1229.
  • Pesaran, M. H. 2006. Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure. Econometrica 74 (4):967–1012. doi:10.1111/j.1468-0262.2006.00692.x.
  • Pesaran, M. H. 2007. A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics 22 (2):265–312. doi:10.1002/jae.951.
  • Pesaran, M. H., and T. Yamagata. 2008. Testing slope homogeneity in large panels. Journal of Econometrics 142 (1):50–93. doi:10.1016/j.jeconom.2007.05.010.
  • Pesaran, M. H. 2015. Testing Weak Cross-Sectional Dependence in Large Panels. Econometric Reviews 34 (6–10):1089–117. doi:10.1080/07474938.2014.956623.
  • Pizarro-Irizar, C., M. Gonzalez-Eguino, W. van der Gaast, I. Arto, J. Sampedro, and D.-J. van de Ven. 2020. Assessing stakeholder preferences on low-carbon energy transitions. Energy Sources, Part B: Economics, Planning, and Policy 15 (10–12):455–91. doi:10.1080/15567249.2020.1812767.
  • Raheem, I. D., K. O. Isah, and A. A. Adedeji. 2018. Inclusive growth, human capital development and natural resource rent in SSA. Economic Change and Restructuring 51 (1):29–48. doi:10.1007/s10644-016-9193-y.
  • Saud, S., S. Chen, Danish, and A. Haseeb. 2019. Impact of financial development and economic growth on environmental quality: An empirical analysis from Belt and Road Initiative (BRI) countries. Environmental Science and Pollution Research 26 (3):2253–69. doi:10.1007/s11356-018-3688-1.
  • Schwerhoff, G., and M. Sy. 2017. Financing renewable energy in Africa – Key challenge of the sustainable development goals. Renewable and Sustainable Energy Reviews 75 (November2016):393–401. doi:10.1016/j.rser.2016.11.004.
  • Shahbaz, M., M. Zakaria, S. J. H. Shahzad, and M. K. Mahalik. 2018. The energy consumption and economic growth nexus in top ten energy-consuming countries: Fresh evidence from using the quantile-on-quantile approach. Energy Economics 71:282–301. doi:10.1016/j.eneco.2018.02.023.
  • Singh, K. D. P. 2017. Inclusive Growth and Poverty Reduction: A Case Study of India. Indian Journal of Public Administration 63 (4):579–94. doi:10.1177/0019556117726822.
  • Sokhanvar, A. 2019. Does foreign direct investment accelerate tourism and economic growth within Europe? Tourism Management Perspectives 29:86–96. doi:10.1016/j.tmp.2018.10.005.
  • Svirydzenka, K. 2016. Introducing a New Broad-based Index of Financial Development. IMF Working Papers 16 (5):1. doi:10.5089/9781513583709.001.
  • Swamy, V. 2010. Financial Development and Inclusive Growth: Impact of Government Intervention in Prioritised Credit. Zagreb International Review of Economics and Business 13 (2):55–72.
  • Taşkin, D., E. C. Cagli, and P. Evrim Mandaci. 2021. The impact of temperature anomalies on commodity futures. Energy Sources, Part B: Economics, Planning, and Policy 16 (4):357–70. doi:10.1080/15567249.2021.1922546.
  • Thonig, R., P. Del Río, C. Kiefer, L. Lázaro Touza, G. Escribano, Y. Lechón, L. Späth, I. Wolf, and J. Lilliestam. 2021. Does ideology influence the ambition level of climate and renewable energy policy? Insights from four European countries. Energy Sources, Part B: Economics, Planning, and Policy 16 (1):4–22. doi:10.1080/15567249.2020.1811806.
  • Wang, J., and K. Dong. 2019. What drives environmental degradation? Evidence from 14 Sub-Saharan African countries. Science of the Total Environment 656:165–73. doi:10.1016/j.scitotenv.2018.11.354.
  • Wang, R., N. Mirza, D. G. Vasbieva, Q. Abbas, and D. Xiong. 2020. The nexus of carbon emissions, financial development, renewable energy consumption, and technological innovation: What should be the priorities in light of COP 21 Agreements? Journal of Environmental Management 271:111027. doi:10.1016/j.jenvman.2020.111027.
  • Westerlund, J. 2007. Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics 69 (6):709–48. doi:10.1111/j.1468-0084.2007.00477.x.
  • Yu, B., D. Fang, and F. Dong. 2020. Study on the evolution of thermal power generation and its nexus with economic growth: Evidence from EU regions. Energy 205:118053. doi:10.1016/j.energy.2020.118053.
  • Yu, B., and D. Fang. 2021. Decoupling economic growth from energy-related PM2.5 emissions in China: A GDIM-based indicator decomposition. Ecological Indicators 127:107795. doi:10.1016/j.ecolind.2021.107795.
  • Yu, B., D. Fang, H. Yu, and C. Zhao. 2021. Temporal-spatial determinants of renewable energy penetration in electricity production: Evidence from EU countries. Renewable Energy 180:438–51. doi:10.1016/j.renene.2021.08.079.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.