The Effect of Financial Development on Energy Consumption by Using the Generalized Method of Moment
Subject Areas : Financial Economicsمرتضی خورسندی 1 , تیمور محمدی 2 , محمد مهدی خزایی 3 , عارف بهروز 4
1 - استادیار دانشگاه علامه طباطبایی
2 - استادیار دانشگاه علامه طباطبایی
3 - کارشناسی ارشد دانشگاه علامه طباطبایی
4 - کارشناسی ارشد دانشگاه علامه طباطبایی
Keywords: Keywords: Energy Consumption, Financial Development, G.M.M., Developing Countries, JEL Classification: C13, D53, G20, N20,
Abstract :
Abstract In this study, the effect of financial development has examined on energy consumption by using the Generalized Method of Moment (GMM) in two groups of developing countries during 1993-2011 period. The first group includes 14 oil-producing developing countries and the second group includes 19 non-oil-producing developing countries. For each group of countries, two separate models were estimated, the first model by using banking sector variable, and the second model estimated by using capital market variable. The results showed that, GDP per capita in the non-oil-producing countries compared with oil-producing countries has a greater positive effect on per capita consumption of energy. The oil-producing price variable compared with the Non-Oil-Producing developing countries has a greater negative effect on per capita consumption of energy. The ratio of domestic credit variable to private sector (% of GDP) in non-oil-producing developing countries 0.02% and in oil-producing developing countries is 0.009 percent .Comparison of the effects of domestic bank credit variable to the private sector ( as a percentage of GDP) on per capita consumption of energy in the two groups of countries reflects the higher efficiency of the banking sector in the non-oil-producing countries .On the other hand, variable rate of turnover of shares traded in the non-oil-producing developing countries is -0.003 percent and in oil-producing developing countries is -0.009 percent .Statistical analysis of the variable of capital market of shares traded in both developing oil-producing and non-oil-producing developing countries also shows that the effect of capital market development in energy consumption in oil-producing developing countries is more negative and smaller than the non-oil-producing developing countries
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