气候变化领域集成服务门户(CCPortal): The financial Kuznets curve of energy consumption: Global evidence

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DOI	10.1016/j.enpol.2023.113498
	The financial Kuznets curve of energy consumption: Global evidence
	Doytch, Nadia; Elheddad, Mohamed; Hammoudeh, Shawkat
发表日期	2023
ISSN	0301-4215
EISSN	1873-6777
卷号	177 页码:20
英文摘要	In this study, we explore the simultaneous existence of a Financial Kuznets Curve-an inverted U-shape relation between financial development and energy consumption-and Income Kuznets Curve-an inverted U-shape relation between income and energy consumption-for a panel of 85 countries. In terms of the financial Kuznets relation, we compare the effects of three stock market development indicators (i.e., stock market capitalization ratio, stock market value traded, and stock market turnover ratio) with the counterpart effects of three credit market in-dicators (i.e., domestic credit provided by the banking sector, liquid liabilities, and broad money supply. Drawing on the existing literature, we control for changes in country openness, natural resource endowments, and inflation by applying four methods in parallel: the parametric analysis (dynamic system GMM), and the non -parametric (panel quantile regression) as a robustness check. The results for both Kuznets curves are robust to all four methods. They indicate a simultaneous existence of an income Kuznets curve and a Financial Kuznets Curve when the indicators of the stock market development are considered. However, no Financial Kuznets Curve exists with respect to the credit markets' development. When the credit markets are considered, only the income Kuznets curve is detected. The existence of a relationship between the stock market development and energy consumption has implications for national energy policies. Stock markets should be used actively for the pro-motion and funding of green finance industrial projects, encouraging innovation and new technologies for cleaner production. Our findings are also useful for crafting different financial development policies for countries that are seeking to encourage or discourage energy consumption.
英文关键词	Stock market development; Credit market development; Energy consumption; Financial Kuznets curve; Income Kuznets curve
学科领域	Economics; Energy & Fuels; Environmental Sciences; Environmental Studies
语种	英语
WOS研究方向	Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology
WOS记录号	WOS:000955577400001
来源期刊	ENERGY POLICY
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/272376
作者单位	City University of New York (CUNY) System; City University of New York (CUNY) System; City University of New York (CUNY) Graduate School; Ateneo de Manila University; Ho Chi Minh City University Economics; University of Teesside; Drexel University
推荐引用方式 GB/T 7714	Doytch, Nadia,Elheddad, Mohamed,Hammoudeh, Shawkat. The financial Kuznets curve of energy consumption: Global evidence[J],2023,177:20.
APA	Doytch, Nadia,Elheddad, Mohamed,&Hammoudeh, Shawkat.(2023).The financial Kuznets curve of energy consumption: Global evidence.ENERGY POLICY,177,20.
MLA	Doytch, Nadia,et al."The financial Kuznets curve of energy consumption: Global evidence".ENERGY POLICY 177(2023):20.