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Impact of financial development on the energy intensity of developing countries

Climate change is an important and urgent challenge facing the world, affecting the survival and development of human beings from multiple dimensions such as environment and economy. Carbon emissions are a barometer of climate change, and energy consumption is closely related to carbon emissions. Re...

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Detalles Bibliográficos
Autores principales: Ma, Yu, Zhao, Yingying, Jia, Rong, Wang, Wenxuan, Zhang, Bo
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9358423/
https://www.ncbi.nlm.nih.gov/pubmed/35958267
http://dx.doi.org/10.1016/j.heliyon.2022.e09904
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author Ma, Yu
Zhao, Yingying
Jia, Rong
Wang, Wenxuan
Zhang, Bo
author_facet Ma, Yu
Zhao, Yingying
Jia, Rong
Wang, Wenxuan
Zhang, Bo
author_sort Ma, Yu
collection PubMed
description Climate change is an important and urgent challenge facing the world, affecting the survival and development of human beings from multiple dimensions such as environment and economy. Carbon emissions are a barometer of climate change, and energy consumption is closely related to carbon emissions. Reducing energy consumption can reduce carbon emissions, thereby optimizing the human living environment. Compared with developed countries, the carbon emissions and energy consumption of developing countries are still growing strongly, so it's significant to study the energy consumption of developing countries. Energy intensity can be reduced through reducing energy intensity, and financial development can have an impact on energy intensity. So, using panel data from 67 developing countries from 1995 to 2018, this study selected six financial development indicators and uses the system Generalized Method of Moments (sys-GMM for short) establishes a dynamic panel model to study the impact of financial development on energy intensity from the six aspects of access, depth and efficiency of financial institutions and financial markets, which are more implementable and more realistic for formulating relevant financial policies to reduce energy intensity. We introduced the index of industrial structure upgrading and studied the interaction between financial development and financial development in the impact of financial development on energy intensity for the first time. The findings revealed that improving financial institutions' access, depth, and efficiency, as well as financial markets' access, depth, and efficiency, might dramatically lower developing countries' energy intensity. The improvement of industrial structure resulted in a reduction in the energy intensity of financial development. Furthermore, the 67 developing countries were grouped from five different perspectives, and the influence of financial development on energy intensity reduction was found to be robust. Therefore, the research results significantly reduce energy intensity for financial development in developing countries.
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spelling pubmed-93584232022-08-10 Impact of financial development on the energy intensity of developing countries Ma, Yu Zhao, Yingying Jia, Rong Wang, Wenxuan Zhang, Bo Heliyon Research Article Climate change is an important and urgent challenge facing the world, affecting the survival and development of human beings from multiple dimensions such as environment and economy. Carbon emissions are a barometer of climate change, and energy consumption is closely related to carbon emissions. Reducing energy consumption can reduce carbon emissions, thereby optimizing the human living environment. Compared with developed countries, the carbon emissions and energy consumption of developing countries are still growing strongly, so it's significant to study the energy consumption of developing countries. Energy intensity can be reduced through reducing energy intensity, and financial development can have an impact on energy intensity. So, using panel data from 67 developing countries from 1995 to 2018, this study selected six financial development indicators and uses the system Generalized Method of Moments (sys-GMM for short) establishes a dynamic panel model to study the impact of financial development on energy intensity from the six aspects of access, depth and efficiency of financial institutions and financial markets, which are more implementable and more realistic for formulating relevant financial policies to reduce energy intensity. We introduced the index of industrial structure upgrading and studied the interaction between financial development and financial development in the impact of financial development on energy intensity for the first time. The findings revealed that improving financial institutions' access, depth, and efficiency, as well as financial markets' access, depth, and efficiency, might dramatically lower developing countries' energy intensity. The improvement of industrial structure resulted in a reduction in the energy intensity of financial development. Furthermore, the 67 developing countries were grouped from five different perspectives, and the influence of financial development on energy intensity reduction was found to be robust. Therefore, the research results significantly reduce energy intensity for financial development in developing countries. Elsevier 2022-07-07 /pmc/articles/PMC9358423/ /pubmed/35958267 http://dx.doi.org/10.1016/j.heliyon.2022.e09904 Text en © 2022 Published by Elsevier Ltd. https://creativecommons.org/licenses/by-nc-nd/4.0/This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
spellingShingle Research Article
Ma, Yu
Zhao, Yingying
Jia, Rong
Wang, Wenxuan
Zhang, Bo
Impact of financial development on the energy intensity of developing countries
title Impact of financial development on the energy intensity of developing countries
title_full Impact of financial development on the energy intensity of developing countries
title_fullStr Impact of financial development on the energy intensity of developing countries
title_full_unstemmed Impact of financial development on the energy intensity of developing countries
title_short Impact of financial development on the energy intensity of developing countries
title_sort impact of financial development on the energy intensity of developing countries
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9358423/
https://www.ncbi.nlm.nih.gov/pubmed/35958267
http://dx.doi.org/10.1016/j.heliyon.2022.e09904
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