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The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy

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  • Shahriyar Mukhtarov

    (Department of Economics and Management, Khazar University, 41 Mehseti Str., Baku AZ1096, Azerbaijan
    Department of Economics and Management, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, Baku AZ1141, Azerbaijan)

  • Jeyhun I. Mikayilov

    (King Abdullah Petroleum Studies and Research Center, P.O. Box 88550, Riyadh 11672, Saudi Arabia
    Department of Statistics and Econometrics, Azerbaijan State University of Economics, Istiqlaliyyat Str., 6, Baku AZ1001, Azerbaijan
    Institute for Scientific Research on Economic Reforms, 88a, Hasan Bey Zardabi Avenue, Baku AZ1011, Azerbaijan)

  • Jeyhun Mammadov

    (Department of Economics and Management, Khazar University, 41 Mehseti Str., Baku AZ1096, Azerbaijan)

  • Elvin Mammadov

    (Department of Economics and Management, Khazar University, 41 Mehseti Str., Baku AZ1096, Azerbaijan
    School of Business, Azerbaijan State University of Economics (UNEC), Istiqlaliyyat Str. 6, Baku AZ1141, Azerbaijan)

Abstract

This paper examines the relationship between energy consumption, financial development, and economic growth in an oil-rich economy—Azerbaijan—employing cointegration techniques to the data ranging from 1992 to 2015. The results confirm the existence of a long-run relationship among the variables. Also, we find that there is a positive and statistically significant impact of financial development and economic growth on energy consumption in the long-run. The positive and statistically significant coefficient of financial development and decreasing volatility in the proxy for financial development over time can be considered as improvements in the financial system. Estimation results show that a 1% increase in financial development, proxied by the private credit indicator, and economic development increases energy consumption by 0.19% and 0.12%, respectively. The positive and significant impact of financial development on energy consumption on the backdrop of relatively cheaper energy prices due to rich oil and gas resources, should be considered by policymakers in their energy use, financial development, and economic growth related decisions.

Suggested Citation

  • Shahriyar Mukhtarov & Jeyhun I. Mikayilov & Jeyhun Mammadov & Elvin Mammadov, 2018. "The Impact of Financial Development on Energy Consumption: Evidence from an Oil-Rich Economy," Energies, MDPI, vol. 11(6), pages 1-14, June.
    • Handle: RePEc:gam:jeners:v:11:y:2018:i:6:p:1536-:d:152205
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