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ENERGY CONSUMPTION, FINANCIAL DEVELOPMENT, AND CARBON DIOXIDE EMISSIONS
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ENERGY CONSUMPTION, FINANCIAL DEVELOPMENT, AND CARBON DIOXIDE EMISSIONS
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Journal Article
ENERGY CONSUMPTION, FINANCIAL DEVELOPMENT, AND CARBON DIOXIDE EMISSIONS
2019
Overview
This paper augments the existing literature by testing the moderation effect financial development plays in the energy-carbon dioxide emissions nexus for Ghana using data for the 1971-2014 period. The relationship is analyzed using the autoregressive distributed lag (ARDL) and fully modified ordinary least squares (FMOLS) regression techniques. The empirical results show that in the long run, income, energy consumption, and financial development lead to increases in carbon dioxide (CO2) emissions in the manufacturing and construction sectors while urbanization reduces CO2 emissions. However, financial development recorded a negative moderation effect on the CO2 emissions effect of energy consumption. A further investigation from Toda-Yamamoto causality and variance decomposition analysis were conducted. The implications from the findings suggest the financial sector has the potential to address the problem of CO2 emissions. This requires authorities to put measures in place to make financial institutions more circumspect and prudent in giving credit. Moreover, this study argues that it is time financial institutions in Ghana support research into the development of energy efficiency as well as renewable energy technologies.
Publisher
International Research Center for Energy and Economic Development (ICEED),International Research Center for Energy and Economic Development
Subject
/ R&D
