Financial development and energy consumption in Central and Eastern European frontier economies
Financial development and energy consumption in Central and Eastern European frontier economies
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DOI：
10.1016/j.enpol.2010.11.034
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发表时间：
2011-02-01
期刊：
影响因子：
9
通讯作者：
Sadorsky, Perry
中科院分区：
文献类型：
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作者：
Sadorsky, Perry
本研究考察了9个中欧和东欧前沿经济体的金融发展对能源消费的影响。金融发展的几种不同的措施，包括银行相关的变量和股票市场变量进行了检查。从动态面板需求模型获得的实证结果显示，当使用银行业变量（如存款货币银行资产与GDP、金融系统存款与GDP或流动负债与GDP）来衡量金融发展时，金融发展与能源消费之间存在正的、统计上显著的关系。在调查的三个股票市场变量中，只有一个，股票市场成交量，对能源消费有积极的和统计上显着的影响。短期和长期的弹性。这些结果对能源政策的影响进行了讨论。(C)2010爱思唯尔有限公司版权所有。
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.