Abstract:

Abstract This study investigates the impact of financial development and economic growth on energy consumption by controlling variables such as urbanization and globalization in developing countries of Asia for the era of 1991-2019. Data related to financial development, economic growth, energy consumption and urbanization is collected from World Development Indicator and data related to globalization is collected from Konjunkturforschungsstelle (KOF) index of globalization. In this research Dynamic seemingly unrelated regression model is applied to test the hypothesis. According to the outcomes of DSUR the impact of financial development on energy consumption is positively substantial as increase of 1 unit in financial development brings 3.07% rise in energy consumption, the effect of GDP on energy consumption is positively influential as increase of 1 unit in GDP brings 0.29% increase in energy consumption and the influence of globalization is unfavorable but substantial as increase of 1 unit in globalization brings decrease of 15.57% in energy consumption. Moreover, the influence of urbanization on energy consumption is positive and considerable, as increase of 1 unit in urbanization brings 11.54% increase in energy consumption. Moreover, there is two way connections among GDP and financial development. Moreover, Asian countries should adopt energy conservation policies. Downloads Download data is not yet available. Downloads FULL TEXT Published 2023-05-17 How to Cite Usman, M., Rasheed, K., Mahmood, F., Riaz, A., & Bashir, M. (2023). Impact of Financial Development and Economic Growth on Energy Consumption in Developing Countries of Asia. International Journal of Energy Economics and Policy, 13(3), 512–523. https://doi.org/10.32479/ijeep.14233 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 13 No. 3 (2023) Section Articles License Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication. Most read articles by the same author(s) Aamir Inam Bhutta, Muhammad Rizwan Ullah, Jahanzaib Sultan, Ahsan Riaz, Muhammad Fayyaz Sheikh, Impact of Green Energy Production, Green Innovation, Financial Development on Environment Quality: A Role of Country Governance in Pakistan , International Journal of Energy Economics and Policy: Vol. 12 No. 1 (2022) Faiq Mahmood, Ahsan Riaz, Ayesha Ateeq, Shahid Mahmood, Nimra Riaz, The The Nexus of Human Capital, Information Communication Technologies and Research and Development Expenditure in Promoting Environmental Sustainability: Does Financial Development Matter? , International Journal of Energy Economics and Policy: Vol. 12 No. 3 (2022) Humera Shahid, Faiq Mahmood, Muhammad Usman, Effects of Gasoline Price Changes On Short Term Market Behavior Of Energy And Non-Energy Sector: Evidence From Saudi Arabia , International Journal of Energy Economics and Policy: Vol. 7 No. 4 (2017) Make a Submission Make a Submission Dergi Kapağı

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