Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries
The hydroelectric power sector has significant standing in the global energy mix, and its intersection with financial development and economic progression has substantial implications for realizing sustainable development. To this end, this study aims to unravel the relationship among hydroelectric...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2024-03-01
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| Series: | Energy Strategy Reviews |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2211467X24000464 |
| _version_ | 1797235612922675200 |
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| author | Assad Ullah Betul Altay Topcu Mesut Dogan Muhammad Imran |
| author_facet | Assad Ullah Betul Altay Topcu Mesut Dogan Muhammad Imran |
| author_sort | Assad Ullah |
| collection | DOAJ |
| description | The hydroelectric power sector has significant standing in the global energy mix, and its intersection with financial development and economic progression has substantial implications for realizing sustainable development. To this end, this study aims to unravel the relationship among hydroelectric power generation, financial development and economic growth in the world's largest 10 hydroelectric energy generating countries for the period 1990–2020. The study uses an econometric battery comprising the Westerlund-Edgerton LM bootstrap, the Augmented Mean Group (AMG), panel-corrected standard errors (PCSE) and the Dumitrescu-Hurlin panel causality approaches. The AMG estimations, following confirmation of cointegration among variables, reveal that hydroelectric energy generation has significant positive effect on economic growth and financial development. Besides, a bilateral causality has been observed between hydroelectric power generation, economic growth, and financial development. The empirical estimations validate the feedback hypothesis within the context of selected countries. The study's findings provide policymakers with crucial insights to encourage both hydropower generation and consumption and improve financial markets' depth and accessibility to fuel sustainable and inclusive economic growth across the hydropower belt. |
| first_indexed | 2024-03-07T16:22:46Z |
| format | Article |
| id | doaj.art-8497d3b7d4a34904b7ce38bc1d1f02e6 |
| institution | Directory Open Access Journal |
| issn | 2211-467X |
| language | English |
| last_indexed | 2024-04-24T16:50:44Z |
| publishDate | 2024-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Strategy Reviews |
| spelling | doaj.art-8497d3b7d4a34904b7ce38bc1d1f02e62024-03-29T05:50:00ZengElsevierEnergy Strategy Reviews2211-467X2024-03-0152101339Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countriesAssad Ullah0Betul Altay Topcu1Mesut Dogan2Muhammad Imran3School of Economics and Management, Hainan Normal University, ChinaKayseri University, Vocational School of Social Sciences, TurkeyBilecik Seyh Edebali University, Vocational School of Bozuyuk, Turkey; Corresponding author.School of Finance and Economics, Jiangsu University Zhenjiang, Jiangsu, ChinaThe hydroelectric power sector has significant standing in the global energy mix, and its intersection with financial development and economic progression has substantial implications for realizing sustainable development. To this end, this study aims to unravel the relationship among hydroelectric power generation, financial development and economic growth in the world's largest 10 hydroelectric energy generating countries for the period 1990–2020. The study uses an econometric battery comprising the Westerlund-Edgerton LM bootstrap, the Augmented Mean Group (AMG), panel-corrected standard errors (PCSE) and the Dumitrescu-Hurlin panel causality approaches. The AMG estimations, following confirmation of cointegration among variables, reveal that hydroelectric energy generation has significant positive effect on economic growth and financial development. Besides, a bilateral causality has been observed between hydroelectric power generation, economic growth, and financial development. The empirical estimations validate the feedback hypothesis within the context of selected countries. The study's findings provide policymakers with crucial insights to encourage both hydropower generation and consumption and improve financial markets' depth and accessibility to fuel sustainable and inclusive economic growth across the hydropower belt.http://www.sciencedirect.com/science/article/pii/S2211467X24000464Hydroelectric power generationFinancial developmentEconomic growth |
| spellingShingle | Assad Ullah Betul Altay Topcu Mesut Dogan Muhammad Imran Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries Energy Strategy Reviews Hydroelectric power generation Financial development Economic growth |
| title | Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries |
| title_full | Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries |
| title_fullStr | Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries |
| title_full_unstemmed | Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries |
| title_short | Exploring the nexus among hydroelectric power generation, financial development, and economic growth: Evidence from the largest 10 hydroelectric power-generating countries |
| title_sort | exploring the nexus among hydroelectric power generation financial development and economic growth evidence from the largest 10 hydroelectric power generating countries |
| topic | Hydroelectric power generation Financial development Economic growth |
| url | http://www.sciencedirect.com/science/article/pii/S2211467X24000464 |
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