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Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries

The financial crisis is considered a major economic issue and energy consumption and pollution are believed to be one of the most important environmental concerns in the new millennium. The review on investigation of the nexus among energy consumption, GDP growth, financial development and CO2 emiss...

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Main Author: Ziaei, Sayyed Mahdi
Format: Article
Published: Elsevier Ltd 2015
Subjects:
HD28 Management. Industrial Management
Online Access:http://eprints.utm.my/id/eprint/58422/
http://www.sciencedirect.com/science/article/pii/S1364032114009101
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spelling my.utm.584222022-01-26T05:54:31Z http://eprints.utm.my/id/eprint/58422/ Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries Ziaei, Sayyed Mahdi HD28 Management. Industrial Management The financial crisis is considered a major economic issue and energy consumption and pollution are believed to be one of the most important environmental concerns in the new millennium. The review on investigation of the nexus among energy consumption, GDP growth, financial development and CO2 emission has shown no definitive conclusion. Apart from that, the effects of financial development on energy consumption are not yet understood properly. Thus, this article investigates the effects of financial indicator shocks i.e. credit market and stock market shocks on energy consumption and carbon dioxide (CO2 emissions) and vice versa. Panel Vector Auto Regression (PVAR) models were employed to investigate the relationships in 13 European and 12 East Asia and Oceania countries from 1989 to 2011. Findings emphasize the important role of CO2 emission and energy consumption on explaining each other׳s deviation, with only the degree of effect differing. Although energy consumption and CO2 emission shocks on financial indicators such as private sector credit is not very pronounced in both groups of countries, but the strength of energy consumption shock on stock return rate in European countries is greater than East Asian and Oceania countries. Conversely shocks to stock return rate influence energy consumption especially in long horizon in case of East Asia and Oceania countries. Elsevier Ltd 2015-02 Article PeerReviewed Ziaei, Sayyed Mahdi (2015) Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries. Renewable And Sustaible Energy Reviews, 42 . pp. 752-759. ISSN 1364-0321 http://www.sciencedirect.com/science/article/pii/S1364032114009101
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
topic HD28 Management. Industrial Management
spellingShingle HD28 Management. Industrial Management
Ziaei, Sayyed Mahdi
Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
description The financial crisis is considered a major economic issue and energy consumption and pollution are believed to be one of the most important environmental concerns in the new millennium. The review on investigation of the nexus among energy consumption, GDP growth, financial development and CO2 emission has shown no definitive conclusion. Apart from that, the effects of financial development on energy consumption are not yet understood properly. Thus, this article investigates the effects of financial indicator shocks i.e. credit market and stock market shocks on energy consumption and carbon dioxide (CO2 emissions) and vice versa. Panel Vector Auto Regression (PVAR) models were employed to investigate the relationships in 13 European and 12 East Asia and Oceania countries from 1989 to 2011. Findings emphasize the important role of CO2 emission and energy consumption on explaining each other׳s deviation, with only the degree of effect differing. Although energy consumption and CO2 emission shocks on financial indicators such as private sector credit is not very pronounced in both groups of countries, but the strength of energy consumption shock on stock return rate in European countries is greater than East Asian and Oceania countries. Conversely shocks to stock return rate influence energy consumption especially in long horizon in case of East Asia and Oceania countries.
format Article
author Ziaei, Sayyed Mahdi
author_facet Ziaei, Sayyed Mahdi
author_sort Ziaei, Sayyed Mahdi
title Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
title_short Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
title_full Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
title_fullStr Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
title_full_unstemmed Effects of financial development indicators on energy consumption and CO2 emission of European, East Asian and Oceania countries
title_sort effects of financial development indicators on energy consumption and co2 emission of european, east asian and oceania countries
publisher Elsevier Ltd
publishDate 2015
url http://eprints.utm.my/id/eprint/58422/
http://www.sciencedirect.com/science/article/pii/S1364032114009101
_version_ 1724073238623944704
score 13.211869

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