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New emerging market economies and the roles of energy use, financial development and socioeconomic aspects

Author

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  • Sinem Eyuboglu

    (Tarsus University, Department of Customs Management, Faculty of Applied Sciences)

  • Umut Uzar

    (Karadeniz Technical University, Department of Economics, Faculty of Economic and Administrative Sciences)

  • Andrew Adewale Alola

    (Inland Norway University of Applied Sciences, CCREDS-Centre for Research on Digitalization and Sustainability
    Nisantasi University, Faculty of Economics, Administrative and Social Sciences)

Abstract

In recent years, emerging market economies have consistently achieved growth rates above the world average. In this study, the nexus among economic growth, energy consumption, industrialization, financial development, trade openness, and urbanization were tested over the period 1995–2019 for selected emerging countries (Colombia, India, Indonesia, Kenya, Malaysia, Mexico and Poland). The main findings of this study are as follows: The results showed that energy consumption, industrialization, and financial development positively affected economic growth for the entire panel. While trade openness negatively affected economic growth, urbanization was statistically insignificant. The Dumitrescu and Hurlin causality test results indicate bidirectional causality between energy consumption and economic growth. Economic growth and energy consumption are the causes of industrialization. Thus, it can be concluded that a low-cost energy supply will help maintain economic performance with incentive policies such as tax deductions and credits provided for producers in the examined countries.

Suggested Citation

  • Sinem Eyuboglu & Umut Uzar & Andrew Adewale Alola, 2025. "New emerging market economies and the roles of energy use, financial development and socioeconomic aspects," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 27(3), pages 1061-1080, December.
    • Handle: RePEc:spr:jsecdv:v:27:y:2025:i:3:d:10.1007_s40847-024-00385-x
    DOI: 10.1007/s40847-024-00385-x
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