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On the nexus of financial development, economic growth, and energy consumption in China: New perspective from a GMM panel VAR approach

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  • Ouyang, Yaofu
  • Li, Peng

Abstract

This paper studies the endogenous relationships among financial development, energy consumption, and economic growth in China by applying a GMM panel VAR approach with a panel data of 30 Chinese provinces over the period 1996Q1–2015Q4. Financial development is measured by six individual indicators and by a comprehensive indicator obtained through the PCA method. We also account for regional heterogeneity by dividing our sample into three regions: eastern region, central region, and western region.

Suggested Citation

  • Ouyang, Yaofu & Li, Peng, 2018. "On the nexus of financial development, economic growth, and energy consumption in China: New perspective from a GMM panel VAR approach," Energy Economics, Elsevier, vol. 71(C), pages 238-252.
    • Handle: RePEc:eee:eneeco:v:71:y:2018:i:c:p:238-252
    DOI: 10.1016/j.eneco.2018.02.015
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    More about this item

    Keywords

    Financial development; Energy consumption; GMM panel VAR; Economic growth; PCA;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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