Financial Development and Energy Consumption Nexus in 32 Belt and Road Economies

Authors

  • Kudaybergenov Janpolat Yeoju Technical Institute in Tashkent
  • Shoirahon Odilova Yeoju Technical Institute in Tashkent
  • Abdusalomova Nodira ERGO Analytics
  • Raufhon Salahodjaev Tashkent Institute of Engineers of Irrigation and Agricultural Mechanization
  • Anastas Khachaturov ERGO Analytics

Abstract

Current study sheds the light on the financial development-energy nexus in 32 Belt and Road economies during 2000-2015.  Financial development is proxied by domestic credit to private sector. We first examine the order of integration by employing five different panel unit-root tests. Further, we confirm long-term relationship between the variables by running Pedroni and Kao panel cointegration tests. Fully Modified Ordinary Least Squares (FMOLS) regression reveal positive long-term relationship between financial development and energy use. Results of Dumitrescu-Hurlin panel causality test fail to reveal causal relationship between financial development and energy in our sample.

Keywords: energy consumption, financial development, Belt and Road countries

JEL Classifications: G2, O4

DOI: https://doi.org/10.32479/ijeep.10862

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Published

2021-02-01

How to Cite

Janpolat, K., Odilova, S., Nodira, A., Salahodjaev, R., & Khachaturov, A. (2021). Financial Development and Energy Consumption Nexus in 32 Belt and Road Economies. International Journal of Energy Economics and Policy, 11(2), 368–373. Retrieved from https://econjournals.com/index.php/ijeep/article/view/10862

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