School of Management and Economics, Beijing Institute of Technology, Beijing, China.
Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing, 100081, China.
Environ Sci Pollut Res Int. 2018 Jul;25(19):18651-18661. doi: 10.1007/s11356-018-2069-0. Epub 2018 Apr 28.
In the modern era of globalization, the economic activities expand with the passage of time. This expansion may increase demand for energy both in developing and developed countries. Therefore, this study assesses the impact of financial development on energy consumption incorporating the role of globalization in Next-11 countries. A group of panel estimation techniques is used to analyze the panel data and time series data for the time 1990-2014. The empirical results of the study suggest that financial development stimulates energy consumption. Also, globalization increases demand for energy consumption, although the single country analysis suggests that the effect of globalization on energy demand is heterogeneous among N-11 countries. Furthermore, feedback hypothesis is confirmed between financial development and energy consumption. Also, bidirectional causality is found between economic growth and energy consumption. The findings urge for the attention of policymaker in emerging countries to develop a strategy to reduce the consequences of energy consumption by controlling resource transfer through globalization to the host country and by adopting energy conversation policies.
在全球化的现代时代，经济活动随着时间的推移而扩张。这种扩张可能会增加发展中国家和发达国家对能源的需求。因此，本研究评估了金融发展对能源消费的影响，其中纳入了全球化在 Next-11 国家中的作用。本文使用一组面板估计技术来分析 1990-2014 年期间的面板数据和时间序列数据。研究的实证结果表明，金融发展刺激了能源消费。此外，全球化增加了对能源消费的需求，尽管单个国家的分析表明，全球化对能源需求的影响在 Next-11 个国家中是不同的。此外，金融发展和能源消费之间存在反馈假说。同时，经济增长和能源消费之间也存在双向因果关系。这些发现促使新兴国家的政策制定者关注通过控制全球化过程中资源向东道国的转移，并采取节能政策，制定一项战略来减少能源消费的后果。
