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Effects of financial development on energy consumption: The role of country risks

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  • Chiu, Yi-Bin
  • Lee, Chien-Chiang

Abstract

This study explores the impacts of country risks on the relationship between energy consumption and financial development for 79 countries. By using the panel smooth transition regression model, this study finds non-linear relationships between variables - that is, the relationships differ in higher and lower risk environments. We show that banking sector development has larger impacts on energy consumption than does stock market development. The results of the full sample show under the stable country risk environments that financial development could help to reduce energy consumptions. Lastly, the results offer that different types of financial development and country risk environments have varying impacts on energy consumption in OECD and non-OECD countries.

Suggested Citation

  • Chiu, Yi-Bin & Lee, Chien-Chiang, 2020. "Effects of financial development on energy consumption: The role of country risks," Energy Economics, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:eneeco:v:90:y:2020:i:c:s0140988320301730
    DOI: 10.1016/j.eneco.2020.104833
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    Keywords

    Energy consumption; Financial development; Country risk; Panel smooth transition regression; Principal component analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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