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On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: insights from China

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  • Wang Lei
  • Ilhan Ozturk
  • Hafeez Muhammad
  • Sana Ullah

Abstract

One of the strategic objectives of China is to increase renewable energy consumption by reducing non-renewable energy consumption. This motivates us to carefully investigate the asymmetric effects of financial deepening on renewable and non-renewable energy consumption for China, using annual data from 1990 to 2019. The results show that in China, a positive shock in bank deposits and broad money has a significant increasing effect on renewable energy consumption, while a negative shock in bank deposits and broad money has also a significant increasing effect on renewable energy consumption in the long-run. Moreover, positive change in bank deposits and broad money has an inverse impact on non-renewable energy consumption, while negative change has stimulating non-renewable energy consumption in long run. Thus, government and policymaker's policies aimed at promoting financial deepening in China must be persistent and sustainable to foster renewable energy consumption.

Suggested Citation

  • Wang Lei & Ilhan Ozturk & Hafeez Muhammad & Sana Ullah, 2022. "On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: insights from China," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 3961-3978, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3961-3978
    DOI: 10.1080/1331677X.2021.2007413
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    Cited by:

    1. Chaoqun Fan & Ahmed Usman, 2024. "How Does Renewable Energy Respond to Financial Globalization and Information and Communications Technology Trade?," Energies, MDPI, vol. 17(3), pages 1-18, February.
    2. Song, Xiaoxin & Li, Rongrong, 2023. "Tracing and excavating critical paths and sectors for embodied energy consumption in global supply chains: A case study of China," Energy, Elsevier, vol. 284(C).
    3. Nusrat Farzana & Md Qamruzzaman & Yeasmin Islam & Piana Monsur Mindia, 2023. "Nexus between Personal Remittances, Financial Deepening, Urbanization, and Renewable Energy Consumption in Selected Southeast Asian Countries: Evidence from Linear and Nonlinear Assessment," International Journal of Energy Economics and Policy, Econjournals, vol. 13(6), pages 270-287, November.
    4. Yan Lv & Weisong Li & Yawen Xu & Muhammad Tayyab Sohail, 2023. "China’s Pathway to a Low Carbon Economy: Exploring the Influence of Urbanization on Environmental Sustainability in the Digital Era," Sustainability, MDPI, vol. 15(8), pages 1-14, April.

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