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The effect of stock market and banking sector developments on energy consumption in BRICS: Evidence from panel vector autoregressive analysis

Author

Listed:
  • Anil Lögün

    (Faculty of Economics and Administrative Sciences, Department of Economics, Atatürk University)

  • Serhat Alpağut

    (Eleşkirt Vocational School, Finance Banking and Insurance Program ,Ağrı İbrahim Çeçen University)

  • Rahman Aydin

    (Faculty of Economics and Administrative Sciences, Department of Economics, Bitlis Eren University)

Abstract

Energy is an important resource in the economic development of countries. While it is used as an input in production, it also has an important usage area in consumption. For these reasons, the factors affecting energy use have been the subject of many studies. This study examines the impact of financial development (FD) on energy consumption (EC) in BRICS countries (Brazil, Russia, India, China, and South Africa). In the study, EC, FD, economic growth, foreign direct in- vestments and total trade (%GDP) variables for the period 1994–2017 were examined with the help of the PVAR (panel vector autoregressive) model. According to the findings, there is a unidirectional relationship from both EC and economic growth to the development of the banking sector.

Suggested Citation

  • Anil Lögün & Serhat Alpağut & Rahman Aydin, 2024. "The effect of stock market and banking sector developments on energy consumption in BRICS: Evidence from panel vector autoregressive analysis," Ekonomski pregled, Hrvatsko društvo ekonomista (Croatian Society of Economists), vol. 75(3), pages 221-240.
    • Handle: RePEc:hde:epregl:v:75:y:2024:i:3:p:221-240
    DOI: 10.32910/ep.75.3.1
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    JEL classification:

    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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