Impact of financial development and economic growth on energy consumption: A panel vector autoregressive analysis for the comparison of G7 and top 10 emerging market economies

Onur GÖZBAŞI

The aim of this paper is to investigate the relationship between energy consumption, financial development, and economic growth in the case of the G7 economies and emerging market economies. To this end, the role of the banking sector, as well as data from both the stock and the bond market, are explicitly used to proxy financial development. It is used the panel VAR method for the data period from 1990 to 2015. The results illustrate that there is a positive link between the stock market development and energy consumption in both G7 and top 10 emerging market economies in the long run. Also, ...Daha fazlası