School of Economics and Management, Southeast University, Jingguan Building, Dongnandaxue Road 2, Jiangning District, Nanjing, 211189, China.
Department of Economics, Karakoram International University, University road, Gilgit, Pakistan.
Environ Sci Pollut Res Int. 2019 Sep;26(25):25500-25512. doi: 10.1007/s11356-019-05752-4. Epub 2019 Jul 1.
Energy strategy has been an essential strand in the view of economists in achieving rapid development process of any country. The recent wave of globalization exerts pressure on energy consumption via financial development which ultimately vindicates economic growth. This paper has covered a period of 1976-2016 using annual data for the empirical analysis and constructed a growth equation as the main equation and the energy consumption equation as a channel equation. The empirical study has been undertaken by performing ARDL and nonlinear autoregressive distributed lag models (NARDL). The bound test result declares a long-run association in both equations. Consequently, energy consumption and economic globalization have significantly enhanced economic growth in the long run. Whereas, financial development index has no influence on the economic growth of Pakistan. The results of channel equation suggested that due to growing the price of crude oil, the energy consumption is reduced in the long run. The increasing imports of energy products and increasing urbanization are conducive for energy consumption in Pakistan. By NARDL model, our empirical findings provide robust support for the existence of asymmetric co-integration linking among underlying variables of the study.
能源战略一直是经济学家在实现任何国家快速发展过程中的重要组成部分。最近的全球化浪潮通过金融发展对能源消耗施加压力，最终证明了经济增长。本文使用 1976 年至 2016 年的年度数据进行实证分析，涵盖了一个时期，并构建了一个增长方程作为主要方程和能源消费方程作为渠道方程。通过进行 ARDL 和非线性自回归分布滞后模型（NARDL）进行了实证研究。边界检验结果表明两个方程都存在长期关联。因此，能源消费和经济全球化从长期来看显著促进了经济增长。然而，金融发展指数对巴基斯坦的经济增长没有影响。渠道方程的结果表明，由于原油价格上涨，能源消费在长期内减少。能源产品进口的增加和城市化的提高有利于巴基斯坦的能源消费。通过 NARDL 模型，我们的实证结果为研究中基础变量之间存在不对称协整关系提供了有力支持。
