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Evaluating Technology Improvement in Sustainable Development Goals by Analysing Financial Development and Energy Consumption in Jordan

Author

Listed:
  • Baha Aldeen Mohammad Fraihat

    (Department of Management Sciences, Business faculty, Jerash University, PO. Box 26150, Jordan.)

  • Ahmad Y. A. Bani Ahmad

    (Department of Accounting and Finance, Faculty of Business, Middle East University, Amman 11831, Jordan.)

  • Alrefai A. Alaa

    (School of Housing, Building and Planning, University Sains Malaysia, Malaysia.)

  • Abbas Mohammad Alhawamdeh

    (Department of Management Sciences, Business faculty, Jerash University, PO. Box 26150, Jordan.)

  • Mustafa Mohamed Soumadi

    (Department of Financial and Administrative Sciences, Huson University College, Al-Balqa' Applied University, Jordan.)

  • Ezaalden Ahmad Shutawe Aln'emi

    (Business Faculty, Jerash University, PO. Box 26150, Jordan.)

  • Bashar Younis Subeih Alkhawaldeh

    (Faculty of Business and Management, Universiti Sultan Zainal Abidin, 21300 Kuala Terengganu, Malaysia)

Abstract

Sustainable development has become a crucial goal for policymakers worldwide, with technological progress playing a significant role in achieving this objective. Jordan, a developing country in the Middle East, has been working towards the attainment of Sustainable Development Goals (SDGs) by leveraging technology to promote economic growth while preserving the environment. In this study, we evaluate the impact of technological improvements on SDGs in Jordan by analyzing the relationship between financial development, energy consumption, and economic growth. The analysis covers the period from 1970 to 2021 and employs three econometric techniques, namely the Lee and Strazicich (2013) second-generation econometric approach, the novel Augmented Autoregressive Distributed Lag (AARDL) model, and Frequency Domain Causality (FDC) analysis. The results indicate a positive and significant association between financial development, energy use, and economic growth, with financial development having the strongest impact. Moreover, technological progress plays a crucial role in achieving SDGs by positively affecting financial development, energy consumption, and economic growth. This study highlights the importance of leveraging technology to promote sustainable development and provides valuable insights for policymakers in Jordan and other developing countries.

Suggested Citation

  • Baha Aldeen Mohammad Fraihat & Ahmad Y. A. Bani Ahmad & Alrefai A. Alaa & Abbas Mohammad Alhawamdeh & Mustafa Mohamed Soumadi & Ezaalden Ahmad Shutawe Aln'emi & Bashar Younis Subeih Alkhawaldeh, 2023. "Evaluating Technology Improvement in Sustainable Development Goals by Analysing Financial Development and Energy Consumption in Jordan," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 348-355, July.
    • Handle: RePEc:eco:journ2:2023-04-36
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    Citations

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    Cited by:

    1. Baha Aldeen Mohammad Fraihat & Asma’a Al-Amarneh & Hadeel Yaseen & Miral R. Samarah & Bashar Younis Alkhawaldeh & Ola Buraik, 2023. "Trade Openness, Energy Consumption, and Financial Development Influence on Jordan’s Economy: Evidence from ARDL and Non-Granger Causality Test Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 659-665, November.
    2. Bashar Hammad & Sameer Al-Dahidi & Yousef Aldahouk & Daniel Majrouh & Suhib Al-Remawi, 2024. "Technical, Economic, and Environmental Investigation of Pumped Hydroelectric Energy Storage Integrated with Photovoltaic Systems in Jordan," Sustainability, MDPI, vol. 16(4), pages 1-26, February.

    More about this item

    Keywords

    AARDL; Economic Growth; Energy Consumption; Financial Development; SDGs;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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