Jafary Faeze, Ashani Ali Nazemi, Afsharirad Majid
Energy Economics, Kharazmi University, Tehran, Iran.
Economics, Faculty of Economics, Kharazmi University, Tehran, Iran.
Heliyon. 2024 Oct 24;10(21):e39331. doi: 10.1016/j.heliyon.2024.e39331. eCollection 2024 Nov 15.
The present study aims to investigate the effect of financial development on energy intensity (EI) at different levels of innovation and technology. In addition, this study seeks to answer whether financial development affects EI and how such effect alters in the presence of varying levels of innovation and technology. To this aim, a panel smoothing transition regression (PSTR) method was used on a sample of OPEC + countries during 2000-20. Sectors of financial development affect EI at various levels of innovation and technology differently. Based on the results, the development of the banking sector and stock market increases EI to a certain level of the threshold variable (0.28 and 0.21 %, respectively), which is research and development (R&D) expenditure as a percentage of gross domestic production (GDP). Total financial development affects EI slightly differently. The above-mentioned process reduces EI up to a certain level of the threshold (0.25 %). Then, the process decreases EI more significantly. The present study aims to assess the specific effect of financial development on EI based on the level of innovation and technology. The results indicate that the behavior of the evaluated countries, which plays a significant role in proven oil reserves, crude oil production, and oil trade in the world, becomes similar to that of developed countries after reaching a certain threshold level of innovation and technology.
本研究旨在考察金融发展在不同创新和技术水平下对能源强度（EI）的影响。此外，本研究试图回答金融发展是否会影响能源强度，以及在不同创新和技术水平下这种影响如何变化。为此，对2000 - 2020年期间欧佩克+国家的样本使用了面板平滑转换回归（PSTR）方法。金融发展的各个部门在不同创新和技术水平下对能源强度的影响各不相同。基于研究结果，银行业和股票市场的发展会使能源强度上升至阈值变量的一定水平（分别为0.28%和0.21%），该阈值变量为研发支出占国内生产总值（GDP）的百分比。总体金融发展对能源强度的影响略有不同。上述过程会使能源强度降至阈值的一定水平（0.25%）。然后，该过程会更显著地降低能源强度。本研究旨在基于创新和技术水平评估金融发展对能源强度的具体影响。结果表明，在世界已探明石油储量、原油产量和石油贸易中发挥重要作用的被评估国家，在达到一定的创新和技术阈值水平后，其行为变得与发达国家相似。
