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The Influence of Fiscal Progress on Energy Consumption in Kazakhstan

Author

Listed:
  • Azamat Zhanseitov

    (Academician Y.A. Buketov Karaganda State University, Universitetskaya st. 28, Karaganda, Kazakhstan.)

  • Gulnur Raikhanova

    (Academician Y.A. Buketov Karaganda State University, Universitetskaya st. 28, Karaganda, Kazakhstan.)

  • Sagynysh Mambetova

    (Academician Y.A. Buketov Karaganda State University, Universitetskaya st. 28, Karaganda, Kazakhstan.)

  • Serik Daribekov

    (Academician Y.A. Buketov Karaganda State University, Universitetskaya st. 28, Karaganda, Kazakhstan.)

  • Yerbolsyn Akbayev

    (Academician Y.A. Buketov Karaganda State University, Universitetskaya st. 28, Karaganda, Kazakhstan.)

Abstract

Among the strategic goals of the European Union (EU) is to upsurge the consumption of green energy in its member states, bringing together financing, technological, and innovations around customer engagement. Most researchers have been conducted around the green economy in Kazakhstan, but petite examination has been done on the influence of the fiscal sector on renewable consumption of energy. This research paper centers on the link between energy usage, economic progress, fiscal expansion, and energy prices in Kazakhstan using the Vector Error Correction Model Technique. The valuation results revealed a positive and substantial influence on economic and financial development on the consumption of energy. Prices of energy represented by the Consumer Price Index had an indirect influence on the consumption of energy. These two analyses are in tandem with theoretical findings and expectations. Further, the findings depict that a percentage increase in fiscal and economic growth leads to increased energy usage by 0.11% and 0.39%, respectively.

Suggested Citation

  • Azamat Zhanseitov & Gulnur Raikhanova & Sagynysh Mambetova & Serik Daribekov & Yerbolsyn Akbayev, 2020. "The Influence of Fiscal Progress on Energy Consumption in Kazakhstan," International Journal of Energy Economics and Policy, Econjournals, vol. 10(5), pages 344-347.
    • Handle: RePEc:eco:journ2:2020-05-39
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    Cited by:

    1. Henrique Oliveira & Víctor Moutinho, 2021. "Renewable Energy, Economic Growth and Economic Development Nexus: A Bibliometric Analysis," Energies, MDPI, vol. 14(15), pages 1-28, July.

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    More about this item

    Keywords

    financial development; economic progress; energy consumption; renewable energy;
    All these keywords.

    JEL classification:

    • Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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