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The dynamics between energy consumption patterns, financial sector development and economic growth in Financial Action Task Force (FATF) countries

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  • Pradhan, Rudra P.
  • Arvin, Mak B.
  • Nair, Mahendhiran
  • Bennett, Sara E.
  • Hall, John H.

Abstract

The energy and financial sectors have undergone rapid transformations over the last five decades and these changes have had a major impact on economic growth rates across the globe. In this paper, using a panel vector error-correction model, we study the interactions between energy consumption patterns, financial sector development, and economic growth in 35 Financial Action Task Force (FATF) countries over 1961–2015. We focus on the direction of Granger causality between the variables. Our empirical results show that both energy consumption patterns and financial sector development are significant long-term drivers of economic growth in the FATF countries. Thus, the sophistication of the financial sector and resources to develop the energy sector will contribute to enhancing the economic prosperity of the FATF countries in the long run.

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  • Pradhan, Rudra P. & Arvin, Mak B. & Nair, Mahendhiran & Bennett, Sara E. & Hall, John H., 2018. "The dynamics between energy consumption patterns, financial sector development and economic growth in Financial Action Task Force (FATF) countries," Energy, Elsevier, vol. 159(C), pages 42-53.
    • Handle: RePEc:eee:energy:v:159:y:2018:i:c:p:42-53
    DOI: 10.1016/j.energy.2018.06.094
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    More about this item

    Keywords

    Energy consumption; Financial sector development; Economic growth; Granger causality; FATF countries;
    All these keywords.

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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