Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries
The objective of this study is to examine the association among biomass energy consumption (BEC), economic growth (EG), and financial development (FD). For this purpose, panel data method is employed for the selected 15 countries (Cameroon, Democratic Congo, Tanzania, Nigeria, Haiti, Nepal, Togo, Mo...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2022-11-01
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| Series: | Energy Reports |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2352484722011738 |
| _version_ | 1797901950129274880 |
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| author | Mustafa Kevser Murat Tekbaş Mesut Doğan Selçuk Koyluoglu |
| author_facet | Mustafa Kevser Murat Tekbaş Mesut Doğan Selçuk Koyluoglu |
| author_sort | Mustafa Kevser |
| collection | DOAJ |
| description | The objective of this study is to examine the association among biomass energy consumption (BEC), economic growth (EG), and financial development (FD). For this purpose, panel data method is employed for the selected 15 countries (Cameroon, Democratic Congo, Tanzania, Nigeria, Haiti, Nepal, Togo, Mozambique, Ivory Coast, Niger, Kenya, Cambodia, Myanmar, Zimbabwe, Republic of Congo) utilizing the annual data over the period 1993–2017. The cointegration test results indicate the presence of long-run associations among the variables. Causality tests indicate bidirectional relationships among the variables. According to the causality test results, a bidirectional and positive relationship exists between FD and BEC, as well as between BEC and EG.These results support the feedback hypothesis for the selected countries. Overall results indicate that in the selected countries biomass energy investments can boost economic growth and financial development. Findings of the study yield worthy signals for policymakers. The results may serve as a guide for biomass energy usage policies, and more effective decisions can be made by assessing the impacts of biomass energy consumption on economic growth and financial development. |
| first_indexed | 2024-04-10T09:10:04Z |
| format | Article |
| id | doaj.art-92af137f4e8a4ef3860d8c569807c790 |
| institution | Directory Open Access Journal |
| issn | 2352-4847 |
| language | English |
| last_indexed | 2024-04-10T09:10:04Z |
| publishDate | 2022-11-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Energy Reports |
| spelling | doaj.art-92af137f4e8a4ef3860d8c569807c7902023-02-21T05:12:02ZengElsevierEnergy Reports2352-48472022-11-01883728380Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countriesMustafa Kevser0Murat Tekbaş1Mesut Doğan2Selçuk Koyluoglu3Department of Finance, Banking and Insurance, Bandırma Onyedi Eylül University, Manyas Vocational School, Manyas, Balıkesir, Turkey; Corresponding author.Department of International Trade, Afyon Kocatepe University, Bayat Vocational School, Bayat, Afyonkarahisar, TurkeyDepartment of Business Administration, Afyon Kocatepe University, Bayat Vocational School, Bayat, Afyonkarahisar, TurkeyDepartment of Foreign Trade, Selçuk University, Kulu Vocational School, Kulu, Konya, TurkeyThe objective of this study is to examine the association among biomass energy consumption (BEC), economic growth (EG), and financial development (FD). For this purpose, panel data method is employed for the selected 15 countries (Cameroon, Democratic Congo, Tanzania, Nigeria, Haiti, Nepal, Togo, Mozambique, Ivory Coast, Niger, Kenya, Cambodia, Myanmar, Zimbabwe, Republic of Congo) utilizing the annual data over the period 1993–2017. The cointegration test results indicate the presence of long-run associations among the variables. Causality tests indicate bidirectional relationships among the variables. According to the causality test results, a bidirectional and positive relationship exists between FD and BEC, as well as between BEC and EG.These results support the feedback hypothesis for the selected countries. Overall results indicate that in the selected countries biomass energy investments can boost economic growth and financial development. Findings of the study yield worthy signals for policymakers. The results may serve as a guide for biomass energy usage policies, and more effective decisions can be made by assessing the impacts of biomass energy consumption on economic growth and financial development.http://www.sciencedirect.com/science/article/pii/S2352484722011738Biomass energy consumptionFinancial developmentEconomic growthPanel data analysis |
| spellingShingle | Mustafa Kevser Murat Tekbaş Mesut Doğan Selçuk Koyluoglu Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries Energy Reports Biomass energy consumption Financial development Economic growth Panel data analysis |
| title | Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries |
| title_full | Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries |
| title_fullStr | Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries |
| title_full_unstemmed | Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries |
| title_short | Nexus among biomass energy consumption, economic growth, and financial development: Evidence from selected 15 countries |
| title_sort | nexus among biomass energy consumption economic growth and financial development evidence from selected 15 countries |
| topic | Biomass energy consumption Financial development Economic growth Panel data analysis |
| url | http://www.sciencedirect.com/science/article/pii/S2352484722011738 |
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