Financial development and energy consumption in Central and Eastern European frontier economies

被引：582

作者：

Sadorsky, Perry ^{[1
]}

机构：

[1] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada

来源：

ENERGY POLICY | 2011年 / 39卷 / 02期

关键词：

Energy consumption; Financial development; Frontier economies; STOCK MARKETS; PANEL-DATA; GROWTH; INVESTMENT; BANKS;

D O I：

10.1016/j.enpol.2010.11.034

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the impact of financial development on energy consumption in a sample of 9 Central and Eastern European frontier economies. Several different measures of financial development are examined including bank related variables and stock market variables. The empirical results, obtained from dynamic panel demand models, show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using banking variables like deposit money bank assets to GDP, financial system deposits to GDP, or liquid liabilities to GDP. Of the three stock market variables investigated, only one, stock market turnover, has a positive and statistically significant impact on energy consumption. Both short-run and long-run elasticities are presented. The implications of these results for energy policy are discussed. (C) 2010 Elsevier Ltd. All rights reserved.

引用

页码：999 / 1006

页数：8

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