Effects of financial developments and income on energy consumption
Effects of financial developments and income on energy consumption
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DOI：
10.1016/j.iref.2014.08.011
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发表时间：
2015-01-01
影响因子：
4.5
通讯作者：
Chang, Shu-Chen
中科院分区：
文献类型：
--
作者：
Chang, Shu-Chen
扩展萨多斯基（Sadorsky，2010），本文重点关注金融发展和收入对能源消耗的非线性影响。利用五种金融发展替代指标，采用面板阈值回归方法重新审视金融发展和收入对能源消费的影响。该分析基于 1999 年至 2008 年期间 53 个国家的样本，显示当使用私人信贷、国内信贷、交易股票价值和股票市场成交量作为金融发展指标时，对能源消耗的单一阈值效应。这意味着样本可以分为两种制度：高收入和非高收入。在新兴市场和发展中经济体，能源消耗随着收入的增加而增加，而在发达经济体，能源消耗随着收入超过经济达到收入阈值水平而增加。此外，在非高收入体制中，当私人和国内信贷都被用作金融发展指标时，能源消耗随着金融发展而增加。然而，当将交易股票价值和股票市场成交量作为金融发展指标时，在发达经济体，特别是高收入国家，它随着金融发展略有下降，但在新兴市场和发展中经济体的高收入国家则上升。 (C) 2014 年作者。由爱思唯尔公司出版
Extending Sadorsky (2010), this paper focuses on nonlinear effects of financial development and income on energy consumption. Utilizing five alternative measures of financial development, it employs a panel threshold regression approach to reexamine the effect of financial development and income on energy consumption. The analysis relies on a sample of 53 countries for the period 1999-2008, showing a single-threshold effect on energy consumption when private credit, domestic credit, value of traded stocks, and stock market turnover are used as financial development indicators. It implies that the sample can be split into two regimes: high income, and non-high income. Energy consumption increases with income in emerging market and developing economies, while in advanced economies energy consumption increases with income beyond a point at which the economy achieves a threshold level of income. In addition, in the non-high income regime, energy consumption increases with financial development when both private and domestic credit are used as financial development indicators. However, when the value of traded stocks and stock market turnover are used as financial development indicators, it slightly declines with financial development in advanced economies, especially in high-income countries, but increases in the higher income countries of emerging market and developing economies. (C) 2014 The Author. Published by Elsevier Inc.