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Financial sector development and energy poverty: empirical evidence from developing countries.

ABSTRACT: This study empirically assesses the significance of financial sector development in determining the energy poverty of developing countries. The study utilizes a sample of 110 developing economies over a period ranging from 1990 to 2020. The analysis is based on the traditional econometric techniques comprising pooled OLS, fixed-effects, and random-effects and Driscoll and Kraay's robust standard error approach for pooled OLS, fixed effects, and random effects. To account for a possible endogeneity problem, the study also uses the system GMM model. Our empirical outcomes verify a positive role of financial sector development in alleviating energy poverty of the sample economies. The findings also provide a supportive role of output growth, foreign direct investment, and urbanization in helping accessibility to energy services. These outcomes have strong policy implications for developing economies.

SUBMITTER: Khan M

PROVIDER: S-EPMC9885915 | biostudies-literature | 2023 Jan

REPOSITORIES: biostudies-literature

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Financial sector development and energy poverty: empirical evidence from developing countries.

Khan Muhammad M Majeed Muhammad Tariq MT

Environmental science and pollution research international 20230130 16

This study empirically assesses the significance of financial sector development in determining the energy poverty of developing countries. The study utilizes a sample of 110 developing economies over a period ranging from 1990 to 2020. The analysis is based on the traditional econometric techniques comprising pooled OLS, fixed-effects, and random-effects and Driscoll and Kraay's robust standard error approach for pooled OLS, fixed effects, and random effects. To account for a possible endogenei ...[more]

PMID: 36715805

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Project 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.

Dataset Information

Financial sector development and energy poverty: empirical evidence from developing countries.

Publications

Financial sector development and energy poverty: empirical evidence from developing countries.

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