Evaluating the Effects of Economic and Financial Development on the Renewable Energy Consumption
https://doi.org/10.38050/2078-3809-2018-10-4-65-76
Abstract
Nowadays renewable energy has become one of the key trends in the energy markets development strategy. The aim of this article is to analyze the impact of economic and financial development on the consumption of renewable electricity. We find that there is a certain set of economic and financial indicators that affects the amount of renewable electricity consumption, but final results depend on the surveyed group of countries. While estimating BRICS we find that there is a positive correlation between economic and financial development and the consumption of renewable electricity. The financial indicator of the share of liquid liabilities in GDP has the greatest impact on the renewable energy consumed.
About the Authors
Polina I. Solovyeva
Lomonosov Moscow State University
Russian Federation
Russian Federation
Bachelor student, Faculty of Economics
Moscow
Anastasia V. Ulitkina
Lomonosov Moscow State University
Russian Federation
Russian Federation
Bachelor student, Faculty of Economics
Moscow
References
1. Arellano M. and Bond S. Initial Conditions and Moment Restrictions in Dynamic Panel Data Models // Journal of Econometrics. 1998. 87 (1). Pp. 115-143.
2. Arellano M. and Bover O. Another Look at the Instrumental Variable Estimation of Error-Components Models // Journal of Econometrics. 1995. 68 (1). Pp. 29-51.
3. Balcilar Mehmet (et. al) The renewable energy consumption and growth in the G-7 countries: Evidence from historical decomposition method // Renewable Energy. 2018. 126. Pp. 594-604.
4. Coban Serap and Topcu Mert The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis // Energy Economics. 2013. 39. Pp. 81-88.
5. IRENA “Global Energy Transformation: A Roadmap to 2050”, International Renewable Energy Agency, Abu Dhabi.
6. Sadorsky P. Financial development and energy consumption in Central and Eastern European frontier economies // Energy Policy. 2011. 39 (2). Pp. 999-1006.
7. Sarcodie, Samuel Asumadu Adom and Philip Kofi Determinants of energy consumption in Kenya: A NIPALS approach // Energy: Elsevier, 2018. 159 (C). Pp. 696-705.
8. Xu S. J. The Impact of Financial Development of Energy Consumption in China: Based on SYS-GMM Estimation // Advanced Materials Research Vols. 524-527. 2012. Pp. 2977-2981.
Review
For citations:
Solovyeva P.I., Ulitkina A.V. Evaluating the Effects of Economic and Financial Development on the Renewable Energy Consumption. Scientific Research of Faculty of Economics. Electronic Journal. 2018;10(4):65-76. (In Russ.) https://doi.org/10.38050/2078-3809-2018-10-4-65-76
Views:
240
Email this article 