scholarly journals Financial Development, Financial Inclusion and Primary Energy Use: Evidence from the European Union Transition Economies

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3638
Author(s):  
Yilmaz Bayar ◽  
Mehmet Hilmi Ozkaya ◽  
Laura Herta ◽  
Marius Dan Gavriletea
Keyword(s):  
European Union ◽  
Financial Development ◽  
Financial Institutions ◽  
Energy Use ◽  
Panel Cointegration ◽  
Primary Energy ◽  
Development Index ◽  
Development Indicators ◽  
Private Credit ◽  
Financial Development Index

The main objective of the research is to analyze the impact of financial sector development indicators and financial institutions access on primary energy use based on a sample of European Union transition members over 20 years period (1996–2017) through panel cointegration and causality tests that allow for cross-section dependence. The causality analysis revealed that the direction of the causality among financial development indicators, financial institutions access, and primary energy use varied among the countries. On the other side, panel cointegration coefficients disclosed that the financial development index positively affected the primary energy use, but private credit did not have a significant effect on the primary energy use. Furthermore, financial institutions’ access had a significant negative impact on primary energy use. However, country-level cointegration coefficients indicated that the financial development index positively affected the primary energy use in Bulgaria, Croatia, Czechia, Hungary, and Slovenia, and private credit also had a positive impact on primary energy use in Bulgaria, Czechia, Estonia, Hungary, Lithuania, Poland, and Slovakia, but the effect of financial development index on primary energy use was found to be very higher than that of private credit. Moreover, financial institutions’ access negatively affected the primary energy use in Croatia, Estonia, Hungary, Poland, and Romania.

scholarly journals Is Tourism and Energy Consumption Linked? Evidence from Australia

2021 ◽  
Vol 13 (19) ◽  
pp. 10800
Author(s):  
Avishek Khanal ◽  
Mohammad Mafizur Rahman ◽  
Rasheda Khanam ◽  
Eswaran Velayutham
Keyword(s):  
Energy Consumption ◽  
Gross Domestic Product ◽  
Financial Development ◽  
Primary Energy ◽  
Domestic Product ◽  
Development Indicators ◽  
Distributed Lag ◽  
Long Run ◽  
Using Data ◽  
Australian Bureau Of Statistics

Tourism contributes to the growth of an economy via earning foreign currencies and employment opportunities. However, tourism also contributes to greater energy consumption because of various tourist activities such as hotel accommodations and transportation. This study investigates the long-term cointegrating relationship between international tourist arrivals and primary energy consumption in Australia. In addition, the roles of gross domestic product, gross fixed capital formation, financial development, and total population on energy consumption are also examined. The study covered the last four decades (1976–2018) using data from the Australian Bureau of Statistics, BP Statistical Review, and the World Development Indicators. Augmented Dickey-Fuller, Phillips-Perron, Autoregressive distributed lag (ARDL) bound tests, Johansen and Juselius, Bayer-Hanck cointegration test, and several key diagnostic tests have been conducted to assess the relationship. The estimated results indicate that tourist arrivals, gross domestic product, and financial development have a significant long-run cointegrating relationship with energy consumption. Policy measures are suggested based on the findings of this study.

scholarly journals The Financial Development And Economic Growth Nexus: The Role Of Saudi Arabian Financial Institutions

2019 ◽  
Vol 4 (6) ◽  
Author(s):  
Adel Bogari
Keyword(s):  
Economic Growth ◽  
Saudi Arabia ◽  
Financial Development ◽  
Financial Institutions ◽  
Generalized Method Of Moments ◽  
Democratic Accountability ◽  
Law And Order ◽  
Private Credit

The purpose of this paper is to assess the effects of the financial development and the financial institutions quality on the economic growth for the Saudi Arabia. Using generalized Method of Moments (GMM) with a dynamic panel framework, this paper employs different measures of financial development namely the Liquid liabilities (LIQ), Private credit by deposit money banks and other financial institutions (CRE) and Central bank assets (ASS), and for financial institutions quality including socioeconomic conditions, investment profile, law and order, corruption, external conflicts and democratic accountability. For the period (1990-2017), our findings strongly support the hypothesis that financial development leads to growth in the Saudi Arabia. Moreover, empirical results support a positive and significant relationship observed between financial institutions quality and growth. The findings of this paper suggest the need to give more support to the financial development for Saudi Arabia banking that have been launched in the country since the last three decades and to improve the role played by the financial institutions to stimulate saving/investment and, consequently, long-term economic growth.  

Trade Openness, Financial Development Index and Economic Growth

2014 ◽  
Vol 6 (4) ◽  
pp. 362-375 ◽  
Author(s):  
Dogga Satyanarayana Murthy ◽  
Suresh Kumar Patra ◽  
Amaresh Samantaraya
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Trade Openness ◽  
Output Growth ◽  
Domestic Demand ◽  
Policy Implications ◽  
Content Type ◽  
Development Index ◽  
Long Run ◽  
Financial Development Index

Purpose – The purpose of this article is to examine the inter-relationship and direction of causality among three macroeconomic variables such as trade liberalization, financial development and economic growth. Design/methodology/approach – The empirical analysis is based on the principal component analysis as method to construct financial development index (FDI), augmented Dickey–Fuller and Phillips–Perron tests as the unit root test, Johansen’s co-integration test and VECM for direction of causality in the long run among TOP, FDI and economic growth. Findings – The empirical results confirmed that there exists a long-run association among trade openness, financial development and economic growth. This study has also found that there is bidirectional causality between financial development and growth. However, the causality runs from growth to finance is stronger than that from finance to growth. This study also observed unidirectional causality that runs from financial development and economic growth to trade openness. Research limitations/implications – The policy implications that could be drawn from the present study is that, initiation of financial reforms to improve the size of financial system would lead to higher economic growth. Another key implication from this study is that because trade openness has no effect on both domestic financial sector development and output growth, it would be better to deploy the resources into creating a sustained domestic demand rather than concentrating more on the external front in general and trade openness in particular. Originality/value – The study constructs a summary IFD for India by taking into account four broad financial development indicators for the period 1971-2012. The present paper also suggests that it would be better to deploy the resources to create a sustained domestic demand rather than concentrating more on the external front in general and trade openness in particular.

OPTIONS TO IMPROVE THE ENERGY EFFICIENCY OF THE BUILDING OF A PRIMARY SCHOOL IN SŁUBICE

2017 ◽  
Vol 166 (46) ◽  
pp. 36-47
Author(s):  
Marta Skiba ◽  
Natalia Rzeszowska
Keyword(s):  
European Union ◽  
Energy Efficiency ◽  
Energy Use ◽  
Renewable Energy Sources ◽  
Energy Performance ◽  
Primary Energy ◽  
The European Union ◽  
Energy Characteristics ◽  
Current Guidelines

Climate change and sustainable energy use is one of the five long-term objectives of the European Union. The first stage of the activities involving the implementation of this task is to reduce energy consumption of buildings to a minimum by 2020 and, in the case of public buildings by 2019. The purpose of this article is a search for the optimal way of bringing the energy performance of an existing school to a level that enables implementation of the objectives of the European Union energy policy. An analysis of the current condition of the existing school building has been carried out and options of its deep thermal upgrading has been proposed to adjust each parameter the energy performance to current guidelines specified in the technical conditions. One of the possible ways to improve the energy efficiency of the school is the use of renewable energy sources as a means of improving energy characteristics in terms of primary energy PE, the other one - optimization of renovation spending.

scholarly journals Financial Development and CO2 Emissions in Post-Transition European Union Countries

2020 ◽  
Vol 12 (7) ◽  
pp. 2640 ◽  
Author(s):  
Yilmaz Bayar ◽  
Laura Diaconu (Maxim) ◽  
Andrei Maxim
Keyword(s):  
Economic Growth ◽  
Energy Consumption ◽  
Co2 Emissions ◽  
Financial Development ◽  
Carbon Dioxide Emissions ◽  
Panel Cointegration ◽  
Financial Sector ◽  
Primary Energy ◽  
Primary Energy Consumption ◽  
Financial Sector Development

Carbon dioxide emissions are on the rise, posing a serious global issue. Therefore, it is important that policymakers identify the exact causes of these emissions. This paper investigates the influence of financial development, primary energy consumption, and economic growth on CO2 emissions in 11 post-transition European economies. The assessment was made for the 1995–2017 period using panel cointegration and causality analyses. The causality analyses did not reveal significant connection between financial sector development and CO2 emissions, but rather a two-way causality between primary energy consumption and economic growth, on one hand, and CO2 emissions on the other. Meanwhile, long-run analysis disclosed that financial sector development and primary energy consumption positively affected CO2 emissions. Our results seek to grab the attention of policy makers, who could work towards creating country-specific strategies that balance the relationship between financial development and CO2 emissions. These long-term policies could ensure both development of the financial sector and environmental protection.

scholarly journals The impact of ICT on financial development: Empirical evidence from the Gulf Cooperation Council countries

2019 ◽  
Vol 11 ◽  
pp. 184797901987067 ◽  
Author(s):  
Faris Alshubiri ◽  
Syed Ahsan Jamil ◽  
Mohamed Elheddad
Keyword(s):  
Money Supply ◽  
Financial Development ◽  
Gulf Cooperation Council ◽  
The Internet ◽  
Development Index ◽  
Gcc Countries ◽  
Internet Users ◽  
Domestic Credit ◽  
The Impact ◽  
Financial Development Index

The globalization revolution has led to many countries considering advancing technology, which has led to electronic finance becoming an important aspect in all economic and financial sectors. This study aims to investigate the impact of information and communication technology (ICT) on the financial development index of six Gulf Cooperation Council (GCC) countries from the period 2000 to 2016. The results are reported in terms of two main ICT variables: fixed broadband and Internet users as a proxy of ICT and domestic credit to private sector as a percentage of gross domestic product (GDP) and broad money supply/GDP as two proxies of the financial development index. This methodology used fixed effects (FEs) estimations, and the results show that an increase in fixed broadband has a statistically significant and positive effect on both proxies of financial development. In terms of domestic credit as a percentage of the GDP proxy, the positive effects of ICT (broadband) are greater than the one from Internet users. A 1% increase in fixed broadband leads to approximately 2% increase in financial development, but the Internet user variable resulted in about a 0.09% increase. The other money supply proxy increased by 0.40% when ICT increased by 1%. Additionally, money supply increased by 0.11% when the Internet user ratio increased by 1% .To control for the endogeneity problem, the study used a generalized method of moments estimator, and the results confirm the previous results of the FE. Moreover, the negative impact of economic growth and natural resources was found to be valid and significant, while urbanization and trade openness were found to significantly and positively affect both financial development proxies. The main conclusion of the study is that GCC countries should take action in building an effective joint information system to help construct efficient economic sectors.

scholarly journals Pakistan's Growth Empirics and Foreign Direct Investment: An Assessment of the Role of Domestic Financial Sector

2021 ◽  
Vol 7 (2) ◽  
pp. 357-367
Author(s):  
Noreen Safdar ◽  
Ruqia Shaheen ◽  
Fouzia Yasmin ◽  
Naureen Afzal
Keyword(s):  
Economic Growth ◽  
Foreign Direct Investment ◽  
Financial Development ◽  
Direct Investment ◽  
Time Series Data ◽  
Financial Sector ◽  
Series Data ◽  
Development Index ◽  
Financial Development Index

Purpose: This reseach endeavours to investigate the role of fiancial sector in determining the foreign direct inflows in pakistan. Design/Methodology/Approach: Autoregressive Distributed Lag Model is applied to conclude the nature of linear association among the variables, in this study, we have used time series data over the period 1980-2019 of Pakistan. A financial development index has been created to illustrate the financial development by using Principle Component Analysis (PCA). Robustness of the relation among variables is also checked, and incorporated this in the empirical model. Findings: The findings described very interesting implications, by exhibiting a positive association among FDI and economic growth in the presence of financial sector indicators. These conclusions hold notwithstanding in the presence or absence of Financial development Index. Therefore, the presence of strong financial sector is necessary to attract FDI and to smoothen the economic growth process.Implications/Originality/Value: The role of fiancial sector is indespensible in determining the economic activity. In addition to this, research at hand explore the inclusive nature of the relationships among foreign direct investment (FDI), Financial sector, and economic growth. It exhibits a reflection of the various sources of economic growth.

scholarly journals The evaluation of economic development index of Poland and Lithuania in the context of the European Union

Equilibrium ◽  
2016 ◽  
Vol 11 (3) ◽  
pp. 437
Author(s):  
Jadvyga Ciburiene Ciburiene
Keyword(s):  
European Union ◽  
Sustainable Development ◽  
Economic Development ◽  
Empirical Analysis ◽  
The European Union ◽  
Development Index ◽  
Development Indicators

The purpose of this research is to characterize and evaluate the results of economic development of Poland and Lithuania. In order to analyze the changes of economic development, the index of economic development as share of sustainable development is used. Empirical analysis for the years 2005–2012 is conducted. As a result of the research – the country’s main macroeconomic development indicators are unified in order to create a development index.

scholarly journals FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: PANEL CROSS - COUNTRY STUDY

2016 ◽  
Vol 04 (01) ◽  
pp. 09-21
Author(s):  
Syed Fareed Ullah ◽  
◽  
Shahid Mansoor Hashmi ◽  
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Banking Sector ◽  
Panel Cointegration ◽  
Credit Recovery ◽  
Economic Growth Rate ◽  
Credit Booms ◽  
Private Credit ◽  
Credit Boom ◽  
Efficiency Indicators

This study aimed to examine the effect of financial development (FD) and private credit booms on economic growth. This study used the data of 58 countries (27 DCs and 31 LDCs), from the period 1973 to 2012, by applying the method of Panel Cointegration. This study involved the FD index made of four indicators of banking sector depth, activity, and efficiency indicators. The estimation results showed that LDCs gave more positively significant response to FD than DCs. This is because the LDCs’ financial systems are dominantly Bank based or their banking sector is more developed than other institutions and markets. Whereas, the credit boom to private sector (which is taken as indicator of FD) inversely affect the economic growth rate. Such relation can be caused by lack of credit recovery, more defaulting loans, insolvency, and huge public debt, that hence leads to a financial crash like that of 2008 financial crisis.

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