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Finance for renewable energy: an empirical analysis of developing and transition economies

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  • BRUNNSCHWEILER, CHRISTA N.

Abstract

This paper examines the role of the financial sector in renewable energy (RE) development. Although RE can bring socio-economic and environ- mental benefits, its implementation faces a number of obstacles, especially in non-OECD countries. One of these obstacles is financing: underdevel- oped financial sectors are unable to efficiently channel loans to RE produc- ers. The influence of financial sector development on the use of renewable energy resources is confirmed in panel data estimations on up to 119 non- OECD countries for 1980-2006. Financial intermediation, in particular commercial banking, has a significant positive effect on the amount of RE produced, and the impact is especially large when we consider non- hydropower RE such as wind, solar, geothermal, and biomass. There is also evidence that the adoption of the Kyoto Protocol has had a significant positive impact on the development of the RE sector.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Environment and Development Economics.

Volume (Year): 15 (2010)
Issue (Month): 03 (June)
Pages: 241-274

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Handle: RePEc:cup:endeec:v:15:y:2010:i:03:p:241-274_00

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References

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  1. Solomon Tadesse, 2001. "Financial Architecture and Economic Performance: International Evidence," William Davidson Institute Working Papers Series 449, William Davidson Institute at the University of Michigan.
  2. Williams, J.H. & Ghanadan, R., 2006. "Electricity reform in developing and transition countries: A reappraisal," Energy, Elsevier, vol. 31(6), pages 815-844.
  3. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
  4. Christa N. Brunnschweiler, 2006. "Financing the alternative: renewable energy in developing and transition countries," CER-ETH Economics working paper series 06/49, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  5. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  6. Colin Mayer & Wendy Carlin, 1999. "Finance, Investment and Growth," Economics Series Working Papers 1999-FE-09, University of Oxford, Department of Economics.
  7. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
  8. Tharakan, Pradeep J. & de Castro, Julio & Kroeger, Timm, 2007. "Energy sector assistance in developing countries: Current trends and policy recommendations," Energy Policy, Elsevier, vol. 35(1), pages 734-738, January.
  9. Barbier,Edward B., 2010. "A Global Green New Deal," Cambridge Books, Cambridge University Press, number 9780521132022, October.
  10. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1999. "Institutions, financial markets, and firm debt maturity," Journal of Financial Economics, Elsevier, vol. 54(3), pages 295-336, December.
  11. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
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Cited by:
  1. Zhao, Yong & Tang, Kam Ki & Wang, Li-li, 2013. "Do renewable electricity policies promote renewable electricity generation? Evidence from panel data," Energy Policy, Elsevier, vol. 62(C), pages 887-897.
  2. Dutz, Mark A. & Sharma, Siddharth, 2012. "Green growth, technology and innovation," Policy Research Working Paper Series 5932, The World Bank.
  3. Popp, David, 2012. "The role of technological change in green growth," Policy Research Working Paper Series 6239, The World Bank.
  4. Shaikh, Salman, 2013. "Global Competitiveness: Challenges & Solutions for Pakistan," MPRA Paper 53796, University Library of Munich, Germany.
  5. David Popp, 2012. "The Role of Technological Change in Green Growth," NBER Working Papers 18506, National Bureau of Economic Research, Inc.
  6. Dulal, Hari Bansha & Shah, Kalim U. & Sapkota, Chandan & Uma, Gengaiah & Kandel, Bibek R., 2013. "Renewable energy diffusion in Asia: Can it happen without government support?," Energy Policy, Elsevier, vol. 59(C), pages 301-311.
  7. Birte Pohl & Peter Mulder, 2013. "Explaining the Diffusion of Renewable Energy Technology in Developing Countries," GIGA Working Paper Series 217, GIGA German Institute of Global and Area Studies.
  8. Shaikh, Salman, 2014. "Tax Increment Financing in Pakistan," MPRA Paper 53801, University Library of Munich, Germany.

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