Bibi Amina, Li Xiao-Min
Department of Mathematics, Ocean University of China, Qingdao, People's Republic of China.
Environ Sci Pollut Res Int. 2022 May;29(21):31797-31806. doi: 10.1007/s11356-021-17914-4. Epub 2022 Jan 11.
According to economists, rapid economic growth depends on the active energy system of any country. Through financial development, the latest trend of globalization applies pressure on energy consumption, which eventually validates growth in the economy. Therefore, the role of financial development and renewable energy consumption on economic growth is still being questioned. This paper contributes to this issue by raising concerns about the possible asymmetric links among financial development, renewable energy, and economic growth along with capital and labor. Applying a nonlinear autoregressive distributed lag model, our paper demonstrates that neglecting the involvement of nonlinearities leads to confusing conclusions. Results show that variables of interest have asymmetric impacts in short- and long-runs. Our analysis shows that short- and long-run impacts of renewable energy consumption and financial development on growth vary significantly. Notably, this study finds that renewable energy consumption has a positive and significant impact on economic growth in the short- and long-runs, and financial development has a strong, asymmetric, and positive effect on economic growth in the short and negative effects in long-run. The findings also have important implications for policymakers as well as investors in Pakistan's energy sector.
经济学家认为，经济的快速增长依赖于任何国家活跃的能源系统。通过金融发展，全球化的最新趋势给能源消耗带来压力，这最终证实了经济的增长。因此，金融发展和可再生能源消费对经济增长的作用仍受到质疑。本文通过关注金融发展、可再生能源以及经济增长与资本和劳动力之间可能存在的不对称联系，对这一问题进行了探讨。运用非线性自回归分布滞后模型，本文证明忽视非线性因素的参与会导致令人困惑的结论。结果表明，相关变量在短期和长期内具有不对称影响。我们的分析表明，可再生能源消费和金融发展对增长的短期和长期影响差异显著。值得注意的是，本研究发现可再生能源消费在短期和长期内对经济增长都有积极且显著的影响，而金融发展在短期内对经济增长有强烈、不对称且积极的影响，在长期则有负面影响。这些发现对巴基斯坦能源部门的政策制定者和投资者也具有重要意义。
